https://www.firmo.network

Formally verified smart contract language and on-chain derivatives protocol.

Token metrics

unknown

Market opportunity/Competitive analysis

• No existing market leader in the formally verified smart contract language space
• No existing market leader in the decentralized derivatives space
• Competitors include dYdX (launches in spring 2019) and Market Protocol, both of which run on Ethereum only.
• Firmo’s extensible compiler means a single Firmo contract can be deployed onto various chains.
• Firmo supports derivatives with full, variable, and zero collateral coverage. unlike Market Protocol.
• Market Protocol supports a collateral pool consisting of ERC20 tokens, and all settlement will be done with these tokens rather than the underlying asset. This means Market Protocol supports non-crypto assets as long as there is an oracle updating the asset’s price.
• dYdX supports fully covered options as well (but details on collateral are light in the whitepaper)
• dYdX works with 0x to immediately work with several exchanges.
• Difficult to write complex and bug-free code
• Competitors only work on single blockchains
• Firmo’s formally verified domain specific language(DSL) is mathematically proven to be bug free. It’s not turing-complete and each feature is proven.

Team/Advisors/Partnerships

Team

• Dr. Omri Ross (CEO/Founder)
  • Assistant CS Prof. @ University of Copenhagen - DIKU
  • University of Cambridge: PhD ‘13, Financial Mathematics
  • Experience: Finance, engineering, quant, blockchain consulting
• Gury Traub (VP R&D, Co-CTO)
  • Cofounder of Remarkable, a game company
  • Full stack node, web, phone gap dev
  • Implemented a STP clearing suite for a brokerage
• Ariel Laub (Co-CTO)
  • Cofounder of Remarkable, a game company
  • CTO of several startups
  • Responsible for dev of a EMS backend
  • Supervised a liquidity portal product
• Dovev Goldstein (CMO)
  • VP Digital at Reshet.tv
  • CEO of moment.me (sold to Wix)
  • Founded several other companies that have exited
• Mads Gram (Senior Compiler Developer)
  • Københavns Universitet: BS ‘18 Computer Science
  • Microsoft Intern: implementation of the C/AL programming language
• Thorkil Værge (Senior Compiler Developer)
  • Bitcoin Suisse AG: develop solutions for asset management, Bitcoin, Ethereum, in C#
  • Sirius Money: Bitcoin trading and consulting 2013-2016
  • https://github.com/HIPERFIT/hipermark
  • Københavns Universitet: MS ‘16 Computer Science
• Elad Shabi (VP Business Development)
• William Dashan Gan (Senior Software Developer)
  • Danmarks Tekniske Universitet: MS ‘16 Mathematical Modeling and Computation
• Anders Sommer-Larsen (Senior Software Developer)
  • Københavns Universitet: MS ‘16, Mathematics-Economics
• Johannes Jensen (Chief Economist)
  • Copenhagen Business School: MS ‘18 Cand. Merc. Phil Information Systems and Distributed Financial Arch.
  • wrote MVP for Maersk Shipping Lines utilizing IPFS for versioned content addressing and timestamped entries on Ethereum by sending the content hashes to EOA addresses in Metamask.
• José Parra Moyano (Partnerships)
• Idan Bar Shalom (Finance)

  Advisors

• Professor Martin Elsman
  • Functional and high-level programming languages
• Professor Michel Avital
  • Blockchain transformation and development
• Professor Cosmin Oancea
  • Computer Science and functional languages
• Professor Kourosh Rasmussen
  • Mathematical optimization and financial engineering
• Sebastian Stupurac
  • Co-founder at Wings.ai, blockchain ecosystems
• Jacob Knobel
  • Co-founder at Densou, automation engines, Forbes 30 under 30
• Stas Oskin
  • Co-founder at Wings, R&D and architecture design
• Nadav Dakner
  • CEO of Inbound Junction, marketing and PR
• Ran Neu-Ner
  • CNBC Cryptotrader, Founder ONCHAIN Capital, Top 10 most influential people in blockchain
• Shelly Hod Moyal
  • Founder and co-CEO of iAngels
• Amos Meiri
  • Co-founder and CEO of Colu, local currencies and economies

Strategic partners

• Partnership with Bancor, which has the potential to become a partnership to provide user-friendly way to deploy futures contracts. Additional exchange partners would increase significant value to this project.
• Deloitte Israel

Competitive Advantage

• 2 years of work already
• TODO

Tokenomics and Token Utility

• Firmo tokens are sent to Firmo when code is run through the compiler.
• Firmo tokens can be used as collateral in the derivatives smart contract. I have some concerns here regarding Firmo token volatility, considering it will fluctuate against the reference asset. The Firmo team is aware of this and is actively discussing potential solutions, as of 06/12/18.
• Section 9.0 in the whitepaper says they are currently writing a full chapter on the FRM token model. In my call (06/12/18), the team said they would update me with their token model within 2 weeks.

Code

Firmo was kind enough to share their private code with me over a video call. I was impressed, based on the 10+ repos I saw - and the team walked me through each one proving that they had spent at least 2 years on this project. While I can’t go into specifics until they release the code publicly, here is an overview of what already exists:

• compiler
  • simplistic design, but does the job. Optimizations possible but since this is a non-turing-complete DSL this is fine)
• prototype compiler
  • Oh hi Haskell.
• formal proofs for compiler, written in Coq
  • Written by the 2 compiler specialists on the team. Not my expertise, but the code I saw looked clean and understandable. And there was a LOT of code.
• ERC-20 smart contract for FRM token
• website frontend, in React
  • Nice and clean. Tests included (great sign)
• beta website for users to try the Firmo compiler
  • Nice and clean. Tests included (great sign)
• demo website for users to see example use-cases of the Firmo protocol
• demo website backend
• telegram bot service to manage spam and welcome new users
• dYdX fork
  • Competitive analysis is great to see!

Many of the compiler commits were done by https://github.com/shrewbi. He has a compiler repo in his account from 2015 that looks like a university project.

TODO - more team member github analysis!

Other Info