Ferrum Network Token (FRM) API and Price Oracle
Ferrum Network Token
What is Ferrum Network Token (FRM)?
Ferrum Network Token (FRM) is a utility token that powers the Ferrum Network ecosystem. It was founded in 2018 by Ian Friend and Naeem Master. The network aims to connect different blockchains and enable fast and cheap transactions. FRM enables users to participate in the network, access services, and receive rewards. The name 'Ferrum' means iron in Latin, symbolizing the strength and security of the network.
Ferrum Network Token (FRM) functions on the Ethereum blockchain, utilizing the ERC-20 standard. It serves as the native token for the Ferrum Network, a decentralized interoperability platform that aims to connect various blockchain networks and enable seamless transfer of assets.
At its core, Ferrum Network Token aims to address the limitations and inefficiencies of the existing blockchain ecosystem. It achieves this by leveraging a technology called Directed Acyclic Graph (DAG), specifically Ferrum Directed Acyclic Graph (FDAG). DAG allows for swift confirmation of transactions without relying on a single blockchain.
Through its DAG technology, Ferrum Network aims to eliminate network congestion, reduce transaction fees, and significantly enhance transaction speed. Additionally, Ferrum Network Token is designed to power the network's ecosystem, enabling users to perform various activities such as participating in staking, governing the network, and accessing special features and perks.
The underlying technology of Ferrum Network Token is based on a multi-chain architecture, enabling it to connect with other blockchains. This interoperability ensures compatibility with a wide range of assets and smart contracts from different networks.
In summary, Ferrum Network Token operates on the Ethereum blockchain utilizing the ERC-20 standard. Powered by DAG technology, it aims to improve transaction speed, reduce fees, and enhance interoperability across different blockchain networks.
Ferrum Network Token (FRM) offers several benefits compared to its direct competitors.
One key benefit of FRM is its interoperability. Unlike some of its direct competitors, FRM is designed to be compatible with multiple blockchains. This means that users can easily transfer their assets across different networks without encountering compatibility issues. This interoperability feature enhances usability and convenience for FRM holders.
Another advantage of FRM is its low transaction fees. Compared to some of its competitors, FRM offers lower fees for conducting transactions on its network. This can be particularly beneficial for users who frequently engage in transactions and want to minimize their costs.
Moreover, FRM provides a decentralized governance model. This means that holders of FRM tokens have the power to influence decisions regarding network upgrades, protocol changes, and other important matters. This democratic approach gives users a sense of ownership and control over the network.
Additionally, FRM is built with a focus on privacy and security. It utilizes advanced cryptography and encryption techniques to protect user data and transactions. This added layer of security sets FRM apart from its competitors and can be appealing to users who prioritize privacy.
In summary, Ferrum Network Token (FRM) offers benefits such as interoperability, low transaction fees, decentralized governance, and enhanced privacy and security compared to its direct competitors. These features contribute to FRM's attractiveness within the blockchain ecosystem.
The Ferrum Network Token (FRM) serves multiple purposes within the Ferrum Network ecosystem. It is primarily used as a utility token to facilitate various functions and operations within the network.
One common use case of the FRM token is to pay for transaction fees within the Ferrum Network. Users who wish to transfer digital assets or execute smart contracts on the network must use FRM tokens to cover the associated costs. This ensures that the network remains secure and decentralized while incentivizing token holders to actively participate in the ecosystem.
Another important use case of the FRM token is as a governance token. Token holders can use their FRM tokens to vote on proposals and decisions related to the future development and direction of the Ferrum Network. This allows the community to have a say in the decision-making process and ensures a more democratic governance structure.
Moreover, FRM tokens can be staked to earn additional rewards and benefits. By locking up their tokens in a staking mechanism, users can contribute to the network's security and stability while being rewarded with additional FRM tokens or other incentives.
One specific case where the FRM token is utilized is in the Ferrum's UniFyre Wallet ecosystem. This decentralized wallet allows users to swap and transfer different assets seamlessly across multiple blockchains. To access the full range of features and benefits in the UniFyre Wallet, users are required to hold and use FRM tokens. This incentivizes token ownership and drives the overall adoption of the Ferrum Network.
In summary, the Ferrum Network Token (FRM) has various use cases within the Ferrum Network ecosystem, including covering transaction fees, participating in governance, staking for rewards, and accessing the features of the UniFyre Wallet.
DIA's Ferrum Network Token API is one of the API endpoints provided by DIA that offers real-time price feeds of various crypto assets. These price feeds are constructed using raw data obtained from over 85 on-chain and off-chain cryptocurrency and NFT exchanges, resulting in a comprehensive and reliable data source for developers and users in the blockchain ecosystem.
DIA provides free API endpoints for developers to test and explore. These free price feed API endpoints are available for different assets, and developers can access them on the asset's detail page on the DIA App. These API endpoints follow a standardized format and are made public for informational purposes, offering a convenient testing solution for developers.
However, DIA's custom feeds are the highlight of their API offerings. These custom feeds can be tailored based on specific requirements, including sources, methodologies, update mechanisms, and more. Users can request a custom feed by contacting DIA via Discord or Telegram. These custom feeds provide more flexibility and customization options, making them highly beneficial and useful for users with specific needs.
The applications of DIA's API are diverse and cater to various use cases in the blockchain ecosystem. Some potential DeFi applications include derivatives, options and futures, lending and borrowing markets, collateralized stablecoins, synthetic asset issuance, and money markets. Additionally, there are potential NFTfi applications, such as peer-to-pool NFT lending and borrowing, on-chain NFT derivatives, NFT renting, NFT fractionalization, and more.
In summary, DIA's Ferrum Network Token API offers both free and custom API endpoints that provide real-time price feeds. While the free feeds serve as a convenient way to access standardized data, the custom feeds offer a more personalized and tailored experience for users with specific needs in the blockchain ecosystem.
DIA's Ferrum Network Token price oracle is a smart contract that provides real-time price feeds of cryptocurrencies. Integrated with 35+ layer 1 and layer 2 networks, DIA can deploy price oracles in multiple blockchains. DIA's price feeds are created by sourcing data from over 85 on-chain and off-chain cryptocurrency and NFT exchanges, including billions of individual trades. This extensive data collection sets DIA apart from other web3 data providers.
While DIA offers (free) demo oracles for developers to test in their documentation, these demos are meant for testing purposes only and cannot be integrated into production applications. However, DIA also provides the option of building custom price feed oracles for users. Custom feeds can be tailored to specific requirements, including sources, methodologies, and update mechanisms. To request a custom feed, users can reach out to DIA via Discord or Telegram.
DIA's custom oracles offer users a greater level of flexibility and customization, making them highly valuable for various blockchain use cases. These can include derivatives, options and futures, lending and borrowing markets, collateralized stablecoins, synthetic asset issuance, money markets, as well as peer-to-pool NFT lending and borrowing, on-chain NFT derivatives, NFT renting, and NFT fractionalization, among others.
In the context of blockchain, an oracle is an external information provider that supplies verified data from outside the blockchain to smart contracts. Blockchain oracles play a crucial role in bringing real-world data into the blockchain ecosystem, enabling the execution of smart contracts based on accurate and up-to-date information.
DIA's FRM API and FRM Price Oracle offer a range of benefits for users in the blockchain ecosystem. With DIA's technology, users can access accurate and reliable price data for cryptocurrencies and NFTs. One key advantage of using DIA's API or Price Oracle is the high level of customisation available to users. Each oracle and API endpoint can be tailored to suit the specific needs of decentralised applications, including the configuration settings for data sources, data cleaning filters, pricing methodologies, and update mechanisms. This customisation ensures that the data and oracle are robust and resilient to market conditions, providing a tailored solution for every user.
Transparency is another major benefit provided by DIA's API and Oracle feeds. Users can expect full and granular transparency throughout the entire data journey. DIA also offers various tracking and monitoring tools to closely monitor their oracle and API feeds, ensuring transparency and accountability.
Overall, the combination of customisation and transparency provided by DIA's FRM API and FRM Price Oracle makes them invaluable tools for users in the blockchain ecosystem. By leveraging DIA's technology, users can access reliable price data and customize it to meet their specific needs, while maintaining transparency throughout the process.