FirmaChain is aiming to address any and all discrepancies people are facing with paper contracts, as well as keeping legal expenses at a minimum through the use of a DApp. The state of intellectual property rights is messy at best, which can’t be said about the FirmaChain’ interfaces for creating and deploying E-Contracts or finding storage space to rent. All of that falls is backed by an impeccable approach to the infrastructure, the ecosystem of service providers, the technology and tokenomics.
Ushering Bureaucracy in the Digital Era
Standard paperwork is becoming deprecated in the globalized world of today and written contracts barely fit the purpose. Digital contracts are the same in the eyes of the law, but people still trust the physical as evidence, just as they trusted fiat currency in paper form. FirmaChain utilizes blockchain technology for E-Contracts to act as a witness because of its immutable nature.
FirmaChain saves costs by providing a unilateral framework and the option to pay for agreements in cryptocurrency, making fiat exchange fees a thing of the past. On the other hand, the FirmaChain DApp creates an environment for securing rights to the patent or intellectual property on an international level easier and more effective. Alas, E-Contracts powered by D.L.T. can’t be forged, tampered with, misplaced or changed as there is a record of all versions of the contract.
FirmaChain Proprietary Blockchain Technology
In a bottom-up approach, the first layer of FirmaChain consists of a decentralized storage core data core, offered by the miners, who are rewarded for their effort by FDR tokens. The resources can be acquired by parties through a dashboard according to the storage space needed, but also includes a reputation system consisting of the miners’ uptime. FirmaChain utilizes the zk-SNARKS, or zero-knowledge protocol, so any miner on the blockchain can confirm the contract is still stored for the parties involved, while consensus is reached through Proof-of-Storage.
The application layer is where contracts are created to be written onto the blockchain network. As FirmaChain miners store data, they don’t actually mine blocks, however, they be awarded a block creation reward for storing files of clients. With a fair treatment of miners who upkeep the network, users can rest assured the quality of service will remain at a high level.
At the time being, FirmaChain uses FCT, an ERC-20 token, for maintenance of the DApp as well as permanent data storage for data critical for operation. The primary purpose of using two tokens is offloading the main network and assuring smooth operation throughout. A well-researched, optimal configuration of the infrastructure enables FirmaChain to store bigger files alongside contracts, such as the contents of the IP the E-Contract is meant to protect.
Token Use Cases & Allocation
While FCT is mainly used to keep the main net functioning at a high level, it can also be exchanged for FDR at a 1:1 ratio. The FDR token serves as payment for miner services, giving customers a bonus for using FirmaChain, while miners can use it to increase their ratings within the system. To keep the amount of FCT in circulation interchangeable to FDR, the latter may be burnt, which will maintain equilibrium in the system and enable FCT to serve as a cryptocurrency on exchanges.
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