Firmo
Firmo
Token: FRM


Financial Infrastructure for the Crypto Economy

ICO dates
Start date: 2018-08-14
End date:

Registrated in: Denmark

Platform: Ethereum
Type: ERC20

PREMIUM ICO

Firmo categories
Platform
Video
Firmo token sale
KYC passing required Yes | Whitelist Yes | Restriction for countries USA
Price 1 FRM = 0.158 USD
Acceppting ETH
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Content:
1.0 Introduction
3
2.0 The Firmo Protocol Stack
5
2.1 Composition of a smart derivative
6
3.0 The Forward Contract
6
3.1 FirmoLang Definition
7
4.0 Community Use Cases
8
4.1 The European Vanilla Option
8
4.1.1 FirmoLang Definition
9
4.2 Vanilla Interest rate swap
10
4.2.2 FirmoLang Definition
11
5.0 Collateral Accounts and Margins
12
5.1 Full Coverage
12
5.2 Variable Collateral Coverage
12
6.3 Zero Coverage
12
6.0 Data Feeds and Oracle Integrations
14
6.1 Proof-of-Authenticity with Oracles
14
7.1 Language Objectives
15
7.2 Simplicity is security
15
7.3 The FirmoLang Syntax
15
8.6 An agnostic framework
17
8.0 The Ethereum Virtual Machine Bytecode Compiler
18
8.1 Specifications
18
9.0 Concluding Remarks: Future Work
19
Acknowledgements
20
<...

1.0 Introduction
Bitcoin introduced the concept of a decentralized, digital currency, paving the way for the social
acceptance of a decentralized monetary system. [1] Ethereum introduced the idea of extending
the decentralized monetary system with a virtual machine, supporting smart contracts on
blockchain technology. [2] Firmo attempts to augment the development of a decentralized
economy by introducing secure and automated financial contracts without the involvement of
trusted third parties.
Firmo is in the process of creating an alternative infrastructure for financial contracts [which
is/will be] transparent, fair and trustless. In our view, the application of financial services is a
particularly interesting use case for distributed ledgers. Financial assets are abstract products,
deriving their value from the ongoing price-discovery mechanism on the markets. Indeed,
financial operations are essentially a series of transfers of value between counterparties, at
selected time intervals, governed ...

The Firmo Protocol enables users to create what we call smart derivatives, a secure type of smart
financial contract, offering products including but not limited to, futures, loans, options and
swaps. The Firmo Protocol is designed to operate with a diverse selection of external liquidity
providers and exchanges. Smart derivatives are non-fungible and can be traded on any regulated
exchange which supports the Firmo Protocol. With the introduction of the Firmo Protocol, Firmo
is paving the way for the logical evolution of the emerging crypto markets.
4
...

2.0 The Firmo Protocol Stack
The Firmo Protocol enables any business or individual user to create secure and automated smart
derivatives using the domain specific programming language; FirmoLang. Any smart derivative or
alternative financial contract that uses FirmoLang can be compiled to the Ethereum Virtual
Machine (EVM). The Firmo Protocol Stack consists of 4 general groups of processes which are set
out in the table below:
Fig. 2.a The Firmo Protocol Stack
Any person or entity that is tokenizing an asset class using an ERC20 format, can utilize the Firmo
Protocol to create secure smart derivatives or other financial instruments in the proprietary
programming language; FirmoLang. Firmolang is a versatile programming language with a broad
scope of applications. This makes the Firmo Protocol an obvious choice for cryptocurrency
exchanges, financial institutions or individual users looking to create secure and automated
financial contracts on distributed infrastructure.
A.
Individual...

C.
Financial Institutions:

Traditional financial institutions can utilize the Firmo
Protocol to achieve significant reductions in costs associated with the clearing and
settlement of derivatives. By eliminating intermediaries and automating clearing
processes, financial institutions can further expand their offering with exotic
variations of commonly standardized instruments.
2.1 Composition of a smart derivative
All smart derivatives are formulated in the formally verified language, FirmoLang. Initially, Firmo
will offer two solutions for users to engage with the Protocol:
A.
Deployment of Template Contracts:

In collaboration

with partnering exchanges or other
platforms, Firmo will offer a set of template contracts. The template contract will be
written in FirmoLang and customized to the service offered by the partner institution. In
some cases this might be future contracts, in other it might be forward contracts for
peer-to...

This section introduces the initial use case for the Firmo Protocol, available in the beta version:
The forward contract. The Forward Contract gives the buyer the

obligation

to buy an underlying
asset at a specified time in the future, with

physical settlement
of the underlying asset. The
Forward Contract is traditionally used for hedging against perceived risk in volatile commodity
markets. Forward contracts are often used both to secure supply of essential raw material for the
production of consumer goods or to secure a certain currency rate at the market for international
trade in the Forex markets. Today, the closely related futures contract (where only the price
difference, not the underlying asset is settled) are issued on publicly listed exchanges as
NASDAQ, the CME and the CBOE.
Fig. 3.a A forward contract as a smart derivative
3.1 FirmoLang Definition
7
...

The Forward contract is defined in FirmoLang as the following:
translate(
days(30),
both(
scale(
50,
50,
transfer(BNT address, alice, bob)
),
scale(
400,
400,
transfer(GNT address, bob, alice)
)
)
)
4.0 Community Use Cases
FirmoLang is a versatile language with an intuitive syntax. This section describes two potential use
cases for the Firmo Protocol for how exchanges or other service providers can use the Firmo
Protocol to enhance their offering to their user base.
4.1 The European Vanilla Option
The European vanilla option gives the buyer the option, not the obligation, to buy an asset at a set
price at a predetermined date. Options are frequently used to hedge or speculate on volatile assets
in various industries. When counterparties engage in a call option defined as a smart derivative,
the buyer pays the seller a premium. Depending on the perceived valuation in t2, the buyer can
trade the option on an ex...

Fig. 4.a An Option contract as a smart derivative
4.1.1 FirmoLang Definition
An example of an option contract defined in FirmoLang could be the following:
translate(
months(3),
scale(
100,
max(obs(int, datafeed address, BNT) - 3, 0),
transfer(BNT contract address, alice, bob)
)
)
9
...
Omri Ross
Omri Ross CEO & FOUNDER

Ariel Laub
Ariel Laub CO-CTO

Gury Tarub
Gury Tarub CO-CTO

William Dashan Gan
William Dashan Gan SENIOR SOFTWARE ENGINEER

Anders Sommer-Larsen
Anders Sommer-Larsen SENIOR SOFTWARE ENGINEER

Martin Thiele
Martin Thiele FULL-STACK DEVELOPER

Mads Gram
Mads Gram SENIOR COMPILER DEVELOPER

Thorkil Værge
Thorkil Værge SENIOR COMPILER DEVELOPER

Ruby Edelstein
Ruby Edelstein FRONT-END DEVELOPER

Johannes Jensen
Johannes Jensen CHIEF ECONOMIST

Elad Shabi
Elad Shabi BUSINESS DEVELOPMENT

Guy Shoham
Guy Shoham COMMUNITY

Martin Elsman
Advisors Martin Elsman ADVISOR

Michel Avital
Advisors Michel Avital Advisor

Cosmin Oancea
Advisors Cosmin Oancea Advisor

Kourosh Rasmussen
Advisors Kourosh Rasmussen Advisor

Sebastian Stupurac
Advisors Sebastian Stupurac ADVISOR

Jacob Knobel
Advisors Jacob Knobel ADVISOR

Stas Oskin
Advisors Stas Oskin Advisor

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Community manager
Ruby Edelstein
Ruby Edelstein
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STRATEGY ADVISOR
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Advisor
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