Image credit: Ferrum Network
There seems to be a trope in the blockchain space that a single blockchain network is needed and it must reign supreme. This blockchain maximalism is detrimental to the entirety of the blockchain ecosystem, which is why projects like Polkadot are all about ending it. Now, Ferrum Network is looking to join Polkadot’s bet against blockchain maximalism by creating an environment in which developers can deploy multi-chain Dapps by leveraging Substrate.
The blockchain maximalist argument is well-known: “X” network is destined to carry the blockchain space on its shoulders. While long gone are the days of Ethereum and Bitcoin being the only “viable” networks out there, it is not uncommon to hear every major network being evaluated depending on its potential to be an Ethereum or Bitcoin “killer.”
Polkadot was born from former Ethereum CTO Gavin Woods’ belief that interoperability should be the foundation of Web3, a term Mr. Wood coined himself. As such, Polkadot aims to become the “blockchain of blockchains” with their Layer 0 network framework. By creating their parachains using Substrate, developers can ensure complete and seamless compatibility with Polkadot and other Substrate-based chains.
Having found Polkadot’s vision of the network close to its own, Ferrum Network looks to enable the same level of seamless compatibility between Substrate based chains and both EVM and non-EVM-compatible networks. Powered by the Quantum Portal engine and secured by Value Constrained Multichain Rollups (VCMR) and Multichain Validator Staking (MVS), Ferrum Network’s mainnet nodes, and related infrastructure aim to bring value, data, and functional interoperability to every chain in the industry.
To achieve this, something they're calling Interoperability 2.0, Ferrum Network will look to secure both Kusama and Polkadot parachains. Once obtained, these two slots will allow the project to run the Ferrum X Network as a Kusama parachain and the Ferrum Network InfinityLayer mainnet as a Polkadot parachain.
The past years have seen many projects join the Kusama and Polkadot ecosystems. However, most of those projects were born in the DotSama (Polkadot-Kusama) ecosystem. On the other hand, Ferrum looks to start a new trend of legacy projects migrating to Substrate.
Ferrum Network will certainly face challenges when transitioning to Substrate. Not only will the development team have to take the necessary steps to ensure this legacy project is fully operational in Substrate but it will also adapt its tokenomics to ensure its currency and the growth of the network is not negatively affected. Fortunately, the team already has a clear strategy to deal with both challenges, ensuring a smooth transition.
The Ferrum Network team launched its “We Bought Dot'' initiative earlier this month. Ferrum plans to allocate a significant portion of its revenue toward acquiring well into 6 figures worth of DOT in the coming weeks and months. This will facilitate the project's efforts to acquire the Polkadot parachain slot by funding the auction largely on its own. The Kusama slot will be attained through the more traditional approach of an entirely community-funded crowd loan.
“Aside from having one of the best communities in the space backing us, Ferrum is a well-established project that has been generating revenue for 3 years now. As a result, we are uniquely positioned to supplement a crowd loan by funding much of the parachain auction ourselves.” Nick Odio, EVP Partnerships & Growth at Ferrum Network said of the initiative. “This is something that pre-revenue projects do not have the luxury of doing, forcing them to turn solely to crowd loans to secure their slot.”
Ferrum Network’s decision to join the DotSama ecosystem reflects an increasing trend in the blockchain space. With Web3 gaining momentum, interoperability has become a priority for projects, investors, developers, and users alike. Establishing projects like Ferrum supporting leaders like Polkadot in the movement will help mass adoption become a reality, bringing benefits to all parties involved. And while legacy projects do face some challenges in removing barriers to entry to the thriving DotSama ecosystem, there may also be some advantages, as evidenced by the efforts of Ferrum Network.
The “We Bought DOT” initiative is just the beginning for Ferrum and their push toward Substrate and the DotSama ecosystem. They have a lot of exciting things in the works. Ferrum will release MultiSwap this quarter, a multi-chain smart routing aggregator enabling cross-chain swaps by aggregating liquidity across native DEXs on multiple networks. MultiSwap will also be one of the first Dapps on their mainnet. Stay tuned for their upcoming whitepaper and updated tokenomics.
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