Fermat, a decentralized and Blockchain-enabled modular app platform two years in the making, today announced the publication of a landmark white paper describing an extraordinarily ambitious project intended to revolutionize peer-to-peer economy and mobile software development.
After 2 years in stealth, 60+ full time contributors now collaborating to develop global open source platform that will launch the “Internet of People”.
The app framework, which incentivizes collaborative, component-based design and shared ownership tracked and paid over the Blockchain, is now in alpha testing and has already received critical acclaim from industry heavyweights. In a recently released White Paper, 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 (company or centralized marketplace) 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. The result is a peer-to-peer platform that eliminates intermediaries and enables ownership and monetization of digital content and personal information.
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, always preserving the component property rights and the revenues of their owners.
Started in 2014, the Fermat project has already drawn specialized contributors from all corners of the globe, 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 most popular Sharing Economy apps are being ported into Fermat in a p2p format. Fermat p2p apps will finally provide consumers with a choice to either use existing services with now-traditional business models or to take advantage of Fermat’s more efficient “middleman-free” matching engines which could dramatically shave costs.
By its design, Fermat will become a catalyst in the evolution of the current “sharing economy” to a more robust “p2p economy” across multiple industries. 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 Blockchainenabled and fully censorship-resistant, ensuring that each individual user is in direct control of their own personal digital footprint. Fermat’s network consists of specialized nodes that enable devices to communicate with each other to securely and autonomously exchange information, while Fermat’s framework sits on top of a device’s OS like an extension that supports the ecosystem of Fermat apps. This ecosystem is formed, like a complex organism from a network of cells, from a vast set of interconnected, reusable atomic components, with several of them being the user interface (a Fermat app).
Fermat has developed an application token system to incentivize the development of infrastructure and applications. 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. CEO and Founder of Fermat, Luis Fernando Molina, said that he envisions a future where people are more important than legal entities like corporations.
“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.”
“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.
Philip Farah, Member of Fermat’s Board of Directors and former Global Head of Financial Services Consulting at Cisco Systems, said that Fermat will take the peer-to-peer economy to the next level.
“Beyond the obvious advantages to the developer community, Fermat will deliver significant benefits to end users and businesses. For end users, it will lower transaction costs for both buyers and sellers and give back user control over one’s personal information and digital content. For businesses, it will provide access to low cost digital marketing and distribution channels and a platform to deliver value-added services such as market research and insurance,” said Farah.
For more information on Fermat, visit www.Fermat.org.
- Comcast’s Advanced Advertising Group And Participants Announce Blockchain-based Technology Platform - June 22, 2017
- Online Platform for Gamers to Release a Cryptocurrency for In-game Skins Trading; Launches an ICO - June 22, 2017
- Colu Launches Digital “Local Pound, East London” Currency to Empower Local Economies - June 21, 2017
- bitJob.io is Building a Student Employment Program on the Ethereum Blockchain – Launching ICO - June 21, 2017
- Blockchain Project Waves launches landmark USD gateway - June 21, 2017
- Status.im Raises $270m in Three Hours – Shattering Token Raise Record - June 21, 2017
- World’s First Mobile Data Exchange DENT Seeks to Disrupt Telco Market with Blockchain - June 20, 2017
- Financial Inclusion Company Everex Takes Home RemTECH Award For Ethereum Apps - June 18, 2017
- SONM Raises $42 Million in Token Raise - June 18, 2017
- WISeKey partners with the Blockchain Interface company RIDDLE&CODE to develop innovative solutions for securing IoT via Blockchain technology and crypto-hardware - June 17, 2017
- Bancor Announces $153 Million Raise, Largest Token Generation Event in History - June 17, 2017
- CORION Announces Final Coin Sale Details to Build its Revolutionary Platform & Stable-Rate Currency - June 17, 2017
- Enhancing the value of history with ZenDao – ICO announcement - June 16, 2017
- FunFair Announces Token Creation Event on June 22 for World’s Fastest Blockchain Casino Platform - June 15, 2017
- Blockchain Technology Venture Nimiq Announces Token Sale - June 14, 2017
- Outlier Ventures Makes Multi-Million Dollar Investment in Distributed IoT Marketplace ‘IOTA’ Through Major Token Purchase - June 14, 2017
- Bancor Token Allocation Event Smashes Record – Raises over $150 Million - June 13, 2017
- Consensys Introduces Omega One - June 12, 2017
- MetaX and DMA Join Forces to Launch adChain: a Blockchain Solution to Digital Advertising Fraud - June 12, 2017
- Aeternity Raises $24 million Over Phase Two of Token Sale - June 12, 2017
- HyperChain Capital announces Collaboration and Investment in CoinDash - June 12, 2017
- Community-Driven Cryptocurrency Credits Announces First Public Release - June 12, 2017
- Bancor Protocol Foundation Announces New Partners Before Upcoming Token Allocation Event - June 12, 2017
- Investors from Russia are launching a venture fund formed on blockchain - June 12, 2017
- Bancor Adds Heavyweight Advisory Team to their Foundation – Token Allocation Event Kicks off Today - June 12, 2017
- Bancor Protocol Foundation Adds Author and Euro Designer Bernard Lietaer as Chief Monetary Architect - June 10, 2017
- Russian Billionaire Announces Business Incubator on Waves Platform - June 9, 2017
- Bancor Launches Crowdfunding Valuation And Promotion Via Wings Dao On Ethereum - June 9, 2017
- Coinsilium invests in Indorse.io Decentralised Professional Network - June 8, 2017
- Cofound.it Breaks Pre-Sale Record, Selling Out With Priority Pass Before Public Token Sale - June 7, 2017
- Cofound.it Token Pre-Sale Reaches $5 Million Threshold Within Three Hours, Announces First Three Projects - June 5, 2017
- Blockchain Startup DECENT Testnet #2 Launched! - June 4, 2017
- Blockchain Challenge Dubai Announces Winners- Awarded $45,000 - June 4, 2017
- Waves Ceo Sasha Ivanov: Blockchain Will Lead To Rapid Progress Not Only In State Administration, But Also In Business - June 4, 2017
- Exscudo ICO Successfully Concluded – $5M Dollars Raised - June 1, 2017
- Aventus launches Ethereum-based Event Ticketing Solution - June 1, 2017
- Brave Token Sale Blasts Records With $35 Million in 30 Seconds - June 1, 2017
- Japanese Blockchain Startup releases VALU – Social Media Value That Can Be Traded - May 31, 2017
- MetaX and ConsenSys Announce adToken Sale June 26, 2017 - May 31, 2017
- Blockchain Indy Production Start Up to make a TV Series about the Bitcoin Revolution. Fans invest to help tell the story! - May 31, 2017
- Chat Platform Kik to Integrate Kin Token as First Mainstream Adoption of Cryptocurrency - May 31, 2017
- VPN Blockchain Startup Mysterium Network Raises 68,629 ETH ($14,358,975 USD) in under 45 minutes - May 30, 2017
- XinFin Introduces Blockchain-based Institutional Financing Marketplace Alongside Pre-ICO Token Sale - May 30, 2017
- European Energy Companies to Test Peer-to-Peer Trading Over The Blockchain - May 30, 2017
- Everex Announces Mobile Blockchain-powered Microfinance And Fiat Transfer Platform - May 28, 2017
- $3.7 Million Collected in ICO on the Waves Blockchain Platform for Construction of Production Facility in Russia - May 28, 2017
- Blockchain Startup Aeternity to Launch Phase Two of Contribution Campaign on May 29th, 2017 - May 28, 2017
- Founder and CEO of eToro, Yoni Assia, Joins Bancor Protocol Advisory Board - May 25, 2017
- Blockchain Startup Exscudo Rolls Out EON Source Code On GitHub - May 24, 2017
- Blockchain Startup Binded Raises $950k in Seed Round to Democratize Copyright - May 24, 2017