The Ferrum Network To Integrate With Algorand Blockchain (ALGO)

April 27, 2022 1:32 pm Comments

The Ferrum Network is a blockchain project that aims to solve interoperability issues that many other blockchain projects today have and has recently announced that it has successfully integrated with the Algorand blockchain.

Through this new integration, all of the products that were on the Ferrum Network, such as their Staking-as-a-service solution, is now also available on Algorand.

This is the first time the Algorand network has been able to utilize a staking-as-a-service solution by another third-party provider and investors believe that this will add value to the ecosystem due to the growing popularity of staking as a passive way to generate more capital for coin holders.

The integration will also allow Algorand have access to any other future projects that the Ferrum Network is working on such as the development of a multi-chain token bridge.

Yahoo reports:

This integration is deemed a breakthrough advancement for blockchain interoperability, allowing seamless bridging and swapping of assets from a multitude of EVM-compatible chains to Algorand and other non-EVM compatible networks.

Once completed, this integration will position Algorand as the first non-EVM compatible network to be fully integrated with Ferrum’s interoperability protocol.

This, in turn, will make the Algorand Virtual Machine (AVM) fully interoperable with not only the diverse network of Ethereum Virtual Machine (EVM)-compatible chains but also with other individual blockchains, thereby laying the foundation for a multi-chain ecosystem.

“We’re excited for Ferrum’s go-live on Algorand, this release allows users to select a staking pool based on their time preference and acquire juicy rewards” said Daniel Oon, Head of DeFi at the Algorand Foundation.

The integration is considered mutually beneficial for both parties as the Ferrum network will also be able to take advantage of Algorand’s ecosystem to achieve their goal of achieving Interoperability 2.0 which could be a trend that all blockchain projects might pursue in the future.

This happens to be the first time that they have been able to integrate with a non-EVM compatible network which means Algorand is one of the earliest projects to benefit from this.

Now that Algorand will be able to achieve EVM and AVM Interoperability, its infrastructure will now be able to support many more dApps and projects which it might not have been able to do before.

As a result, it is expected that this will drive organic growth and increase Algorand’s developer community which brings it closer to mainstream adoption.

AcceessWire reports:

Founded in 2018, Ferrum Network is ushering in the era of Interoperability 2.0.

Employing the Ferrum Network, any organization or individual can build and deploy solutions on one network and instantly enable multi-chain functionality for managing a multi-chain infrastructure for their dApps and projects without steep technical requirements.

Ferrum Network’s mainnet nodes and related infrastructure, powered by the Quantum Portal, are designed to deliver value, data, and functional interoperability to every chain in the blockchain ecosystem.

Algorand created the world’s first pure proof-of-stake foundational blockchain designed for the future of finance.

Beyond the elementary requirement of an open, public network, Algorand’s technology powers a set of high-performing Layer-1 blockchains that provide security, scalability, complete transaction finality, built-in privacy, co-chains, and advanced smart contracts.

Potentially, this could be the first of many different integrations that the network will be pursuing which will contribute to ALGO’s value.

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