Smarter language for smarter contracts

Blockchain has already had an impact on multiple industries, including real estate, travel, logistics, healthcare, online gaming and many others, but first and foremost, of course, finance and banking. In fact, there is no doubt that, sooner or later, it will disrupt our financial world as we know it.
And the derivatives market is one of the biggest in the finance world. So how come it barely exists in crypto world?
This is where Firmo comes into play.
Firmo is building an alternative infrastructure for financial contracts.

The future in futures

But first things first: What is a financial derivative, how do they work, and what are they used for?
A financial derivative is a contract between two parties that derives its value from the value of an asset or index known as the ‘underlying’ asset. That’s to say, derivatives have no direct value; their value depends on the future price fluctuations of the underlying asset. Yes, it is a sort of guessing game, but although they are generally associated with speculation, derivatives can also serve a crucial role in helping businesses to reduce risks in the market, controlling volatility in their raw material or energy source cost. Four most common types of derivative are forward contracts, futures contracts, options and swaps, and simply put, derivatives can also offer companies an opportunity to settle on the price of something today and pay for it later. Airlines or logistics companies, for example, use derivatives to protect themselves against the risks of volatility in fuel prices.

FirmoLang: Smarter Language for Smarter Contracts

As we all know, the extreme volatility, regardless of whether it is good or bad, is the name of the game in the crypto space today. So, why not use these financial tools in the crypto world?
The answer is agonizingly simple: Because they were not securely available in the crypto economy until Firmo has stepped in with FirmoLang.
Again, as we all know, Solidity, the programming language used by Ethereum smart contracts, is not smart at all and vulnerable to attacks. In fact, we all witnessed to these vulnerabilities in the DAO and Parity Wallet hacks.
Firmo, on the other hand, bypasses this by using a formally verified, domain-specific language, FirmoLang. Armed with these features used to make sure planes, trains and satellites operate securely, FirmoLang ensures the highest level of security.

”We support most derivatives traded on the traditional markets. This includes options on a variety of underlying futures and swaps on digital assets. The importance of running such products on the blockchain is that it will offer a decentralized solution for these markets”. –Omri Ross, CEO and Founder of Firmo Network

But there is more to it than that. FirmoLang is not only secure, but also astonishingly simple. Besides it has a simple syntax that can be easily learned to code your own contracts, ready-to-use templates are also available on the platform.
Last but not least, FirmoLang is compatible with any blockchain protocol. It already works with Ethereum, but is currently exploring strategic partnerships with other major blockchains like Neo, Cardana and Qtum.

“At the first stage, we will support any asset that is tokenized on the Ethereum platform, meaning anything that can be represented as an ERC20 token. This allows us to represent traditional asset classes, such as the USD, through the Maker Dai or other stable coin. –Omri Ross, CEO and Founder of Firmo Network

Decentralized economy is exciting – and it is a reality for the first time in history. Now, Firmo is taking an important step to foster the development of a decentralized economy by launching a protocol for truly secure financial contracts. Introducing what they call ‘smart derivatives’, a secure and automated financial contracts, Firmo enables businesses to combat the volatility in the crypto world, and this is not a small step at all!

Token generation event will take place in June this year.
And here is the road map:

^{*This submission does not offer any sort of investment advice. It is written for the writing contest held by @OriginalWorks.}

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