FirmaChain (FCT) is a blockchain project that aims to provide immutable digital identities and smart contract functionality. The goal of FirmaChain is to bring trust and transparency to digital agreements and verify digital identities in a decentralized manner.
FirmaChain uses a delegated proof-of-stake (DPoS) consensus mechanism that allows transactions to be validated quickly while still maintaining security. The FCT token is used to pay for transactions fees on the network.
In this in-depth article, we will take a close look at FirmaChain’s technology, use cases, team, roadmap, and long-term potential.
The FirmaChain blockchain is built using Cosmos SDK and Tendermint consensus. This allows it to benefit from the modular framework of Cosmos SDK while still maintaining high transaction speeds enabled by Tendermint’s DPoS consensus.
Some key technical features of FirmaChain include:
- Support for creating immutable digital identities that can be verified on-chain.
- Smart contract functionality to create, execute and settle complex agreements.
- Fast transaction speeds and low fees enabled by DPoS consensus.
- Modular architecture that can be expanded through Cosmos SDK modules.
By leveraging Tendermint and Cosmos SDK, FirmaChain aims to create a high performance blockchain tailored for digital contracts and identities. The team believes this sets it apart from general purpose smart contract platforms.
FirmaChain is designed to be used in a variety of digital agreement and identity verification scenarios. Here are some examples:
- Digital signatures — Documents can be cryptographically signed and stored on the FirmaChain blockchain to prove authenticity.
- KYC/AML — Digital identities can be created and validated on-chain for know-your-customer and anti-money laundering processes.
- Supply chain — Product origins and transit can be tracked and verified on the blockchain.
- Certifications — Educational, professional or product certifications can become digital assets on FirmaChain.
- Legal contracts — Complex multi-party contracts can be written as smart contracts and executed trustlessly.
The common thread across these use cases is leveraging FirmaChain’s immutable audit trail for both documents and identities. This brings new levels of transparency and trust to processes that typically rely on traditional paper trails.
Team and Advisors
FirmaChain was founded in 2018 by Eugene Kim, the project’s CEO. Kim studied computer science and previously founded another blockchain startup called CPDAX.
Other key team members include:
- Yongkwon Kim, Chief Blockchain Engineer — Over 10 years of experience in blockchain and cybersecurity. Previously worked at Daishain and Hancom.
- Dr. Younghoon Kim, Chief AI Engineer — PhD in physics from POSTECH. Led AI and encryption projects at Daishain.
- Changan Yun, Chief Architect — Veteran software architect with over 15 years of experience. Previous roles at Samsung and LG Electronics.
The project also has a robust advisory board including blockchain lawyers, Fintech professors, and digital identity experts. This reflects the specialized domain knowledge required to effectively execute on FirmaChain’s vision.
Overall, the team brings together technical blockchain expertise with experience in AI, security, and enterprise applications. This diverse skill set improves the odds of successfully building out and commercializing the platform.
Roadmap and Recent Developments
FirmaChain launched its Genesis mainnet in Q1 2019 after completing a series of testnets. This marked a major milestone for transitioning from an idea to live network.
Since then, the team has continued shipping regular network upgrades to add new features and fixes. For example, version 1.1 added support for fee delegation and version 1.2 introduced optimizations like parallelized transaction execution.
On the adoption side, FirmaChain has partnered with companies like CUBE and B-square to explore using its technology for identity management and supply chain solutions. As more partnerships materialize, it will drive ecosystem growth.
Upcoming milestones on FirmaChain’s 2021/2022 roadmap include:
- Redesigning the incentive model to improve token economics.
- Integration with external chains via bridges.
- Enhancing the cross-chain identity management system.
- Improving tooling for blockchain developers.
Delivering on these roadmap objectives will help take FirmaChain to the next level in terms of functionality, interoperability, and accessibility for developers.
The FCT token is integral to FirmaChain’s ecosystem serving several purposes:
- It is used to pay fees for executing transactions and utilizing network resources.
- FCT will be used as collateral and staking to participate in network validation and governance.
- Application providers will need to reserve a certain amount of FCT based on usage.
Initially, 300 million FCT tokens were minted during the genesis block creation. Transaction fees are burned to gradually reduce the circulating supply over time.
FCT utilizes a delegated proof-of-stake model. Token holders can stake their FCT to become validators and take part in block production and governance.
The project plans to revise its staking design to create stronger incentives. This will encourage more participation in the validator process while rewarding long-term holders.
Overall, FCT tokens represent stakes in the FirmaChain network — almost like shares in a blockchain company. With strong utility and upgraded staking incentives, the value of FCT is likely to trend upwards as adoption grows.
Some competing blockchain platforms with a similar focus on digital contracts and identities include:
- Ethereum — Supports smart contracts and asset tokenization through rich developer tools. However, suffers from poor scalability currently.
- IoTeX — Also utilizes DPoS and has developed a blockchain-based identity management system. Not as feature rich as FirmaChain yet.
- Ontology — Shares a vision of decentralized identity and trust. More focused on public blockchains than enterprise use.
- NEM — Modular enterprise blockchain with identity management and smart asset capabilities. Not specialized for contractual agreements.
While these alternatives exist, FirmaChain stands out for its singular focus on serving large enterprises with contractual processes and regulatory compliance needs. The team’s experience in South Korea’s heavily regulated business environment is a differentiator here.
FirmaChain aims to provide the benefits of blockchain technology — digitization, immutability, and decentralization — to systems of record like identities and contracts. By creating verifiable digital versions of these assets, enormous efficiencies can be unlocked in terms of cost and trust.
With continued technical development, enterprise adoption, and favourable token economics, FirmaChain appears poised to become a leading blockchain solution for agreements and credentials. The project shows long-term promise and upside potential for FCT investors.