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.
- Sun Exchange Raises $1.6 Million Seed Investment to Catalyze Global Shift to Solar Power - October 22, 2017
- Brickblock And Nakamo.to Announce Partnership To Fuse Real-world Asset Trading With The Potential Of IOTA’s Tangle Network - October 22, 2017
- Wirex inks deal with SBI Holdings to establish Asia focussed joint venture – Japanese cryptocurrency payments card expected soon - October 22, 2017
- CrowdWiz successfully raises over $5 million in its pre sale to bring democracy to investing by cutting out the middleman - October 22, 2017
- Soma – launches ICO to tackle marketplace fraud and disrupt the $1.7 trillion global second-hand goods industry - October 22, 2017
- LiveEdu.tv Launches ICO and Announces Presale - October 22, 2017
- Yetta announces ICO of European Commission funded Blockchain Research and Development - October 22, 2017
- Pulsar Venture Capital Holds ICO to Raise Money Using Blockchain - October 19, 2017
- Dash Expands Reach In Asia Through Cooperation With Rising Fintech Company QUOINE - October 19, 2017
- Hacken and Neuromation Partnership Launched to Stomp out Blockchain Cybercrime - October 19, 2017
- Playkey Brings in $1 Million in Pre-Sale Campaign and Welcomes Dillon Seo as VR Advisor - October 19, 2017
- SolarCoin Founders Introduce New Blockchain-Based Network for Global, Decentralized Energy Trading - October 19, 2017
- Kazakhstan’s Lendex.io plans ICO in early 2018 - October 19, 2017
- Swissborg – The Blockchain Era of Swiss Private Banking – Announced ICO - October 19, 2017
- Bank4YOU Group’s launches ICO end of October – Investors Call to Action - October 19, 2017
- Live Pre-sale of Trive: Fights Fake News Using Cryptocurrency and Crowdsourced Research - October 19, 2017
- A New Ozone Layer? Arcona Plans for Augmented Reality Layer to Cover Earth Surface in new AR project - October 19, 2017
- Cofound.it Introduces Seed Program for Early Blockchain Startups - October 19, 2017
- LOOMIA Announces Collaboration With Storj Labs, Introduces Smart Fabrics and Consumer Data to Blockchain Technology - October 19, 2017
- DECENT Launches Beta Release of DECENT GO, The First Decentralized Marketplace for Digital Content - October 19, 2017
- Orebits Corporation, Inc. Announces Orebits Pool, LLC and Orebits.AU Eco-System - October 19, 2017
- Pareto – the Peer to Peer Financial Content Marketplace Announces Token Sale - October 19, 2017
- Appsolutely Launches the LoyalPlatform, LoyalCoin and LoyalWallet; Using Blockchain to Usher in the New “Loyalty Economy” - October 19, 2017
- Eidoo Raises $27.9m In Successful ICO To Bridge The Cryptocurrency Gap And Open The World Of Digital Currencies To The Masses - October 19, 2017
- Malta-based RoboAdvisorCoin (RAC) Launches Token Sale for Robo-Advisor Dedicated to Cryptocurrencies and Digital Assets - October 19, 2017
- BLOCKv Announces the Availability of VEE Tokens Through Its Upcoming Token Generation Event – Open to Public on October 19, 2017 - October 19, 2017
- The Fundchain initiative starts again this year with new Research & Development roadmap for the investment fund industry - October 19, 2017
- Digital Cryptocurrency Vault DigiPulse Reaches $1 million in Token Sale - October 19, 2017
- Tickets Cloud Kicks off crypto.tickets ICO - October 19, 2017
- Ex-JP Morgan Vice President Dr Joseph Chen-Yu Wang Joins Ambrosus as Project Manager - October 19, 2017
- Russian Wood for Cryptocurrency – Timber! - October 19, 2017
- Proof Suite Announces Token Sale for Blockchain Platform Designed to Tokenize and Insure Real World Assets - October 19, 2017
- DataWallet Announces Blockchain-Based, Consumer-to-Business Data Exchange - October 19, 2017
- IEEE Releases Findings from First Detailed Study of Blockchain Adoption in the Pharmaceutical Enterprise - October 19, 2017
- Horizon State Launches Token Sale to Modernize Global Voting and Collaborative Decision Making - October 19, 2017
- Metaps Plans to Launch Time Marketplace ‘Timebank’ Token Sale on COMSA - October 19, 2017
- Lykke Vanuatu brings Binary.com tokens to Lykke Vanuatu Exchange - October 19, 2017
- After raising $15M in a pre-sale, BitClave is ramping up for its Nov 8 crowdsale, and its plans to redefine the search experience - October 19, 2017
- Kazakhstan Is About To Launch The First Cryptocurrency, Directly Backed By Fiat Money - October 19, 2017
- Positive.com launches to protect Initial Coin Offerings from cyber attack - October 19, 2017
- Latium Launches LATX Cryptocurrency Token Sale for Participation in AI-Based Tasking Platform - October 18, 2017
- IBM Announces Major Blockchain Solution to Speed Global Payments - October 18, 2017
- Launch of SMSCHAIN, a Blockchain-based SMS Gateway - October 18, 2017
- Streamr Concludes a 30 Million CHF Crowd Contribution Period to Build Decentralized Real-Time Data Economy - October 18, 2017
- Publica Building New eCommerce Platform for the Publishing Ecosystem – Token Sale Coming Soon - October 18, 2017
- BLOCKv Partners with Storj Labs to Provide Decentralized Storage Architecture and New Toolsets to Power Next Generation Digital Objects - October 18, 2017
- Coinme Announces the Start of the UpToken Sale Today With Over $40 Million USD in Pre-Registration Signups - October 18, 2017
- Blockbid Announces Launch Of ICO Backed By Multi-Cryptocurrency Trading Platform - October 18, 2017
- SportyFi – Decentralized Sports Investment Start-up Endorsed by Soccer Superstar Roberto Carlos - October 16, 2017
- Acronis Joins Runa Capital and Parallels In Accelerating Innovation and Supporting Blockchain Initiatives in Malta - October 16, 2017