Menu

Search

  |   Digital Currency

Menu

  |   Digital Currency

Search

Global Blockchain Project Fermat Releases Whitepaper And Alpha Version

Fermat, a decentralized and blockchain-enabled modular app platform, has published its whitepaper that describes the project that aims to revolutionize peer-to-peer economy and mobile software development.

Started in 2014, the Fermat project has already received contribution from specialized experts including academic PhDs, cryptographic experts, bitcoin entrepreneurs, teams of developers and business world luminaries from Australia to the United States and from Europe to South America.

The app framework, which incentivizes collaborative, component-based design and shared ownership tracked and paid over the blockchain, is now in alpha testing (available at Play Store) and has already received critical acclaim from industry heavyweights.

In the whitepaper, the Fermat organization outlines its vision of a mobile platform that will enable users to connect with each other, without the need for a third party intermediary providing “matching” services. Fermat users will be able to chat, get a taxi, rent apartments, find a date, publish and search classifieds, find a job, hire or provide freelance services, get digital coupons, vouchers, and discounts, pay with fiat or cryptocurrency, and much more. In addition, Fermat is cryptocurrency-enabled to allow for the global exchange of value. Peer-to-peer by design, Fermat features built-in privacy controls for all transaction types.

“At its very core, Fermat is about freedom. The whole design orbits around the concept of users determining the level of privacy they prefer; whether they choose to have intermediaries or not; which currency they prefer to use and so on. Fermat was designed to empower an ‘Internet of People’ in contrast to a ‘Web of Companies’ and to advance the P2P era and economy”, said CEO and Founder of Fermat, Luis Fernando Molina.

Thus, Fermat is a peer-to-peer platform that eliminates intermediaries and enables ownership and monetization of digital content and personal information.

Library Of Sharing Economy Mobile Applications

The Fermat vision calls for the development of a large library of sharing economy mobile applications through this platform. To achieve this goal, Fermat proposes a new software development model that allows for collaboration and increased efficiency. It introduces the concept of “component ownership” on large, open source projects, incentivizing creators with a stream of recurring micropayments paid by end users and enforced by the system itself. These reusable software components can be combined and recombined across an ever-expanding library of highly customizable commercial applications, while preserving the component property rights and the revenues of their owners.

“The most challenging aspect was to architect a system to deliver that future in the least amount of time possible. With that in mind a system of massive collaboration emerged when we introduced the concept of component ownership and a monthly stream of micro-payments for their owners,” Molina added.

P2P Apps

The most popular Sharing Economy apps are being ported into Fermat in a p2p format. With Fermat p2p apps, consumers can either use existing services with now- traditional business models or benefit from Fermat’s more efficient “middleman-free” matching engines which could substantially cut costs.

“Fermat consists of a p2p network, framework and an ecosystem of apps, all built with Java programming language to enable multi-OS compatibility. Fermat is designed to be blockchain-enabled and fully censorship-resistant, ensuring that each individual user is in direct control of their own personal digital footprint”, Fermat said.

Token System

In a bid to incentivize the development of infrastructure and applications, Fermat has developed an application token system. Fermat’s network consists of specialized nodes that enable devices to communicate with each other to securely and autonomously exchange information.

Tokens called “fermats” will incentivize node operators to provide hardware and bandwidth and to compensate developers for writing code and crafting components. The Fermat system is designed to outsource the handling of token transactions to the secure and distributed Bitcoin network. While the Fermat blockchain will record the transactions of newly issued tokens, value transfers from user to user will be handled directly by the Bitcoin network.

  • ET PRO
  • Market Data

Market-moving news and views, 24 hours a day >

April 28 21:00 UTC Released

MXFiscal Balance (Pesos)*

Actual

340.61 bln MXN

Forecast

Previous

-1.93 bln MXN

April 28 21:00 UTC Released

CNFiscal Balance (Pesos)*

Actual

340.61 bln MXN

Forecast

Previous

-1.93 bln MXN

April 30 01:00 UTC 9191m

CNNBS Non-Mfg PMI*

Actual

Forecast

Previous

55.10 %

April 30 01:00 UTC 9191m

CNNBS Manufacturing PMI*

Actual

Forecast

51.6 bln $

Previous

51.8 bln $

April 30 23:30 UTC 14411441m

AUAIG Manufacturing Index

Actual

Forecast

Previous

57.5 %

May 1 00:00 UTC 14711471m

KRExport Growth Prelim*

Actual

Forecast

15.3 %

Previous

13.6 %

May 1 00:00 UTC 14711471m

KRImport Growth Prelim*

Actual

Forecast

21.0 %

Previous

27.7 %

May 1 00:00 UTC 14711471m

KRTrade Balance Prelim*

Actual

Forecast

Previous

6.27 bln $

May 1 00:30 UTC 15011501m

USNikkei Mfg PMI

Actual

Forecast

Previous

52.8 %

May 1 00:30 UTC 15011501m

JPNikkei Mfg PMI

Actual

Forecast

Previous

52.8 bln $

Close

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.