Ferrum Network Secures Kusama Parachain
Ferrum Network has secured Kusama Parachain Slot 2274 for Quantum Portal Network — The Foundation of Ferrum’s Mainnet Infra.
Today, I am excited to share that we have secured parachain slot 2274 for a critical part of Ferrum Network’s mainnet infrastructure; The Quantum Portal Network. In this article, I will cover the following:
- Background
- What is the Quantum Portal Network?
- Why did we go for a slot on Kusama?
- Why not just launch Ferrum Network on Kusama and migrate to Polkadot?
- What’s Next?
Let’s dive in…
Background
At Ferrum, we believe in and avidly follow the Lean Methodology. In general, this means that we favor getting products into the hands of the users early with limited features and focus on improving and adding to these products through Build, Measure, and Feedback loops, as described in the Lean Startup Method.
This approach ensures we don’t waste time and resources building features and solutions that may not have demand or provide any benefit to users.
It wasn’t always like this at Ferrum Network. We have worked over the years to learn from our various initiatives, product launch iterations, and market cycles to find the optimal strategy to continuously find product-market fit for each of our new solutions while remaining a lean organization.
What is the Quantum Portal Network?
Technically speaking, Quantum Portal Network is the prototype version of Ferrum Network. All of the architecture defined for the Ferrum Network mainnet is first implemented in a prototype phase and prepared for a production-ready mainnet. Our goal in this prototype phase is to give the Web3 community access to the architectural features and infrastructure of Ferrum’s mainnet, then iterate over these features through Build, Measure, and Feedback loops.
This practice will allow us to get the features we have already created into the hands of real users, developers, builders, and project owners. It will also ensure we can refine the feature set, solutions, and architectural implementations as we launch the refined Ferrum Network mainnet on Polkadot post the next Bitcoin halving event.
Curious about Quantum Portal and its core features?
Check out the Quantum Portal docs here:
Why did we go for a slot on Kusama?
Ferrum is launching the first iteration of it’s mainnet infra as Quantum Portal Network (QPN) on Kusama. Unlike other networks that have attempted to utilize Kusama as a true mainnet testing and refining environment, we are not issuing a new token as we launch this iteration. Instead, the existing FRM token will be utilized for fees on QPN.
According to Gavin Wood, this is Kusama’s original vision: “Kusama is a network built as a risk-taking, fast-moving ‘canary in the coal mine’ for its cousin Polkadot. It’s a living platform built for change agents to take back control, spark innovation and disrupt the status quo.” Most implementations of the two-network approach so far have failed to realize the full benefits of the mainnet testing playground that Kusama provides. I don’t know of any network utilizing the two-network approach in line with the original vision.
Ferrum Network’s approach is the first known attempt to truly harness the benefits and power of Kusama’s mainnet playground without getting buried in the minutia of two tokens, two markets, and two economies or the technical debt associated with migration. We are treating QPN on Kusama as a mainnet staging playground for Ferrum’s mainnet deployment on Polkadot. Essentially a deployment and go-to-market pipeline, where we refine features on QPN deployed on Kusama and push the most in-demand features to Ferrum Network deployed on Polkadot.
Another benefit of this approach is primed traction for Ferrum’s mainnet. By the time we launch the Ferrum mainnet, we expect to have garnered traction on Quantum Portal Network (QPN) for the various refined use cases that Ferrum’s mainnet will support going forward on Polkadot. The features that garnered the most demand on QPN will then be implemented on the Ferrum mainnet that will be deployed on Polkadot as a parachain.
Why not just launch Ferrum Network on Kusama and migrate to Polkadot?
Kilt was the only known network to migrate from Kusama to Pokadot and come close to successfully implementing the original vision of Kusama without introducing the complexities of multi-network economies. However, even Kilt’s approach brought a lot of lessons learned, specifically relating to technical debt associated with the migration of an entire token and its economy to a new network.
Ferrum Network has chosen not to commit to a network migration. Instead, as specified in our deployment plan, we are utilizing Kusama as part of our overall deployment pipeline. This means at a point in the future, when we launch the Ferrum Network mainnet on Polkadot, we can review the viability of keeping QPN live or choosing to retire it as part of the plan rollout the next phase of our Ferrum Network mainnet deployment plan. We don’t have to decide this today, it would be premature to do so, we can rely on the data and evolution on QPN over the next few quarters and then assess this decision with data points closer to the deployment of Ferrum’s mainnet.
The DotSama ecosystem gives us the perfect structure to support a two-phased launch that aligns with our Lean Methodology of building products and solutions. We can launch QPN now, improve and iterate, then launch a refined Ferrum Network mainnet post-bitcoin-halving, a time when the market is positioned to appreciate the full value of Ferrum’s mainnet.
What’s Next?
2274 is live! However, it is not currently producing blocks. In our next iteration, we will be launching some of the following items:
- Governance and Democracy
This is a mechanism that will enable a multisig DAO-based process to upgrade the binary for the parachain. In the first iteration, we are able to update the parachain from a single wallet. This was done to secure a slot when it was most economically viable. As a security enhancement to the upgrade process, we are introducing the Substrate democracy and governance pallets, so upgrades go through a governed and secure process. - Block generation
Due to the limitations mentioned in point 1 above, we have only uploaded a shell binary to secure the parachain slot. A requirement of applying for a slot is to have a functioning binary, so an mvp version was used for this purpose. The next iteration will be updated after integration of the Governance and Democracy pallets, and it will begin generating blocks on QPN. - Account to Account Transfers
With block generation, we will also enable basic functionality such as account management and account-to-account transfer of tokens. This will be needed to ensure the governance and democracy process is actually able to function as intended. It will also enable a token economy and a potential OTC market on the network among other use cases. - Explorers
Of course, to monitor, view and track the transactions that occur on the network we will need an explorer. For this purpose, we will make the standard polkadot.js explorer available. Additionally, we are also releasing the first iteration of the Quantum Portal Multi-Chain explorer that monitors QPN transactions that have occurred across networks for multi-network transactions.
Future iterations will include the deployment of Ferrum’s core tech elements, such as:
Multi-chain tokens
Ferrum Network’s Quantum Portal Nodes and Quantum Portal Smart Contracts can be used to launch a multichain token with supply on multiple networks such as Ethereum, BSC, and other EVM networks. Additionally, non-EVM networks such as Algorand can be added. The supply of the token can be managed across networks without the need to utilize a bridge.
Multi-chain staking
A use case of multi-chain staking powered by Ferrum Network and Quantum Portal is to enable users to stake on a secure network like Ethereum and earn high yield rewards in lucrative new networks where security might not be as established yet. This allows users to maximize their earnings potential while mitigating risks associated with investing in newer, less established networks.
For example, a user could stake their assets in a smart contract on the Ethereum network, locking in their funds for a specified period. The staking rewards are earned in a separate, less secure network, such as new EVM or non-EVM chains, which may offer much higher yield rates due to their less established network security.
Build Once, Deploy Everywhere
Ferrum Network and Quantum Portal’s unique solution allows projects to build smart contracts and applications once and use Ferrum Network and Quantum Portal to deploy them everywhere.
Launching an ERC20 token on Ethereum, BSC, and Polygon would require building and deploying an ERC20 contract on each chain separately. For example, to launch an ERC20 token on Ethereum, a developer would need to create and deploy an ERC20 smart contract on the Ethereum network. Similarly, for BSC and Polygon, separate contracts would need to be built and deployed on their respective networks. Managing the supply of the token across all these networks would prove to be a challenge as any change in the token supply on one network would require changes to be made on other networks via bridges. This could be a time-consuming and costly process, and keeping track of all the changes across multiple networks can quickly become complicated and prone to errors.
However, with Multichain token and Ferrum’s solutions, developers can build one token and deploy it across multiple chains with a connected supply that is easily managed and kept up to date. With Ferrum’s Quantum Portal, developers can use the same contract code to deploy on multiple chains. For example, a developer can create an ERC20 contract that can be deployed on Ethereum, BSC, and Polygon using Ferrum’s Quantum Portal. Once the contract is deployed, the same token can be accessed and traded on all these chains, and its supply can be easily managed through a single interface.
Interested in learning about use cases?
Checkout the docs here:
Conclusion
In conclusion, Ferrum Network’s securing of the Kusama Parachain Slot 2274 for the Quantum Portal Network signifies a key milestone in the deployment of Ferrum’s Mainnet Infrastructure. Embracing the Lean Methodology, Ferrum Network is set to iterate and enhance the Quantum Portal Network by fostering user interaction and feedback, enabling it to provide a robust and effective prototype for the Ferrum Network mainnet.
Choosing Kusama as the testing ground not only aligns with its original vision as a “canary in the coal mine” for Polkadot, but also removes the complexities associated with token migration and multiple economies. By using the existing FRM token on the Quantum Portal Network, Ferrum ensures a seamless experience and maximizes the utilization of Kusama’s mainnet testing capabilities.
The decision to deploy on Kusama first, while planning for a future deployment on Polkadot, allows Ferrum Network to continue refining its features and offerings before finalizing its mainnet. This approach ensures that the most effective and in-demand features are included in the Ferrum mainnet, allowing it to hit the ground running upon launch.
With multiple features and improvements on the horizon, ranging from basic functional elements such as the introduction of Governance and Democracy, Block Generation, Account to Account Transfers, Explorers, to more disruptive elements part of Ferrum’s core tech, Ferrum Network is positioned to continue to disrupt the status quo and spark innovation.
Through the power of Quantum Portal’s multi-chain token capabilities, Ferrum Network is transforming the process of token deployment and management, thus providing a valuable resource to developers and users alike.
With these strategic decisions and constant innovation, Ferrum Network showcases its commitment to providing seamless and efficient solutions to users, developers, and builders. As we eagerly anticipate future updates, we believe Ferrum Network’s pioneering approach will reshape how we interact with blockchain technology, bolstering the transition to a more interconnected, secure, and efficient multi-chain ecosystem.
About Ferrum Network
Ferrum is Pioneering Interoperability 2.0 — a new era of interconnected blockchains. Powered by a multichain messaging engine known as Quantum Portal, Ferrum Network’s mainnet will bring value, data, and functional interoperability to every chain in the industry.
Utilize Ferrum Network to build and deploy solutions on one network and instantly enable multichain functionality without the burden or technical debt that comes with managing a multichain infrastructure.
