Fern is decentralized protocol based on smart contracts that makes private blockchain networks trusted and secure. Fern protocol aims to bring a solution for scalability problem in the blockchain by connecting private blockchains and making them secure and trusted.
Fern protocol aims to solve that problem by implementing:
Decentralizing private blockchains that can scale is a solution that will bring the blockchain one step closer to the main adoption.
Fern protocol has a great idea, a strong team, good advisors, some partnerships and a working demo, but still not much hype. Fern protocol is a project that started to build just 4 mos ago, and their roadmap is quite rough.
Positive side is that team already has mutual working experience from their parent company Applied Blockchain so they have relevant experience in this field and they have a good chance to make something great.
Negative side is there are many new blockchains trying to solve scalability problem, so there is a question when Fern team deliver their solution, will there already be a working solution for blockchain scalability that is widely adopted? Their hard cap is quite high ($33,5M) for a protocol solution, especially in this bear market conditions.
Fern has already more than few partnerships:
BABB – a platform that brings opportunity to anybody in the world to open a P2P UK bank account leveraging blockchain and biometrics,
APPII – a platform for blockchain career verification,
Nuggets – solution for ID and payment without the need of sharing private data,
Bartr – The Cryptoeconomic Operating System for Global Telecom Networks,
Satoshi Systems – trade and finance platform to commodity supply chain,
OpenBrix – decentralized and distributed digital property portal,
ComplyAdvantage – helps firms make intelligent choices with regulations relating to sanctions, money laundering and terrorist financing, Lexcosystems, Super Money, and InvenTrust.
No familiar competitors for now.
Still, there is no much hype about this project. For now, they have about 3900 TG members (9/7/2018) and gaining about 70 members per day.
40% Token sale,
20% Team & Advisors,
5% Partnerships, Grants, and Bounties.
Fern team has decided to allocate funds in this manner:
40% Software development.
40% Community development,
10% Legal, Regulatory, and Unexpected.
Fern team has 8 members, some of them are:
Adi Ben-Ari | Founder & CEO | Has a B.S. in C.S. from University of Bristol and MBA, at Tel Aviv University. Adi is also a Founder of Applied Blockchain- it brings blockchain solution to their clients (parent company of Fern) for over 3 yrs now, and a Co-Founder at APPII for 2,5 yrs. Previously worked at Vodafone as Data Scientist, Integration Architect and Design Authority for more than 4 yrs combined. Recently Adi was an Advisor for BABB (a blockchain decentralized company that offers UK bank account to everybody in the world). Adi has a rich experience in various company’s related to the blockchain.
Richard Short | COO | Has a Bachelor in Commerce at The University of Edinburgh. Working as COO at Applied Blockchain for 5 mos. Richard worked for UBS as Executive Director for over 4 yrs. Gain a lot of experience as Director – Equity Operations in Deutsche Bank for 8 yrs and as Programme Manager for 1,5 yr.
Francesco Canessa | CTO | Francesco is presently a CTO at Applied Blockchain for over 4 mos., and he has working experience as Bitcoin/Ethereum App Developer for over 2,5 yrs in the same company. Francesco is an expert in software developing – has more than 14 yrs. experience in various companies.
Fern team has 5 advisors:
Chris Adelsbach | Managing Director at Techstars | Chris worked at GE Money for 12 yrs and 4 yrs of that time he worked as a Director. He was CEO and a Board member at Black Tip Capital for 3 yrs. Also has an experience as Executive Director at Marlin Financial Group. Chris is a member of the Advisory Board for Quant Network.
Brian McNulty | Managing Director at R3 | Brian is a Founder of APPII (platform for blockchain career verification) for over 2,5 yrs, Co-founder and Managing Partner of DBFS (financial service with 100 + employees ) since 1996. DBFS had various clients like JPMorgan, BNP Paribas, etc. Brian is also a co-owner and Director of Tradermade International for 2 yrs.
Aylon Morley | Director at Wentworth Hall | Aylon worked as Senior Analyst at Thomson Reuters for 3 yrs., Mentor at Startupbootcamp FinTech for 2 yrs., and as Mentor at Techstars for 2,5 yrs. Aylon is also an Investor and Team member at Akropolis.io (Blockchain solutions for pension industry)
Nadav Rosenberg | Founder/partner at Entrepreneurs First | Nadav worked as Advisor and Europe General Manager at Taboola for 3 yrs., Regional Director at Groupon for 2 yrs. and as an Associate at McKinsey & Company for 2 yrs.
Paolo Tasca | Executive Director at UCL Centre for Blockchain Technologies | Paolo has Ph.D., Business at Ca’ Foscari University and ETH Zurich. He is a Co-founder of Quant Network. Worked as Research Associate and Professor for multiple yrs at Sogang University, University of Cape Town, Goethe-Universitat Frankfurt and The London School of Economic and Political Science. Also worked as Lead Economist – P2P Finance at Deutsche Bundesbank for 2 yrs.
Development started in Q2 this year (2018) and from than the team made Identity oracles (PoC), ability for add/remove nodes to a private network, reward agent that rewards providers for activity on the network and a Parity bridge integration. Currently, the team is working on Proof of Stake, Identity oracle, Upgradeable smart contracts, Reputation system and Parity bridge configuration. By the end of this year, they plan to deliver Data privacy oracles, Key recovery service providers, Distributed services, Transparency services, Dashboards (Private network, Fern marketplace) and Marketplace launch. Next year they plan to integrate with more various technologies like Polkadot, Cosmos, Hyperledger Fabric, Quorum, and R/3 Corda.
Fern protocol has a working demo product which is available on their website: http://poc.fern.network/
The fern demo was built for Proof of Concept (PoC), that is a dashboard where a private network can view their network activity.
The top row provides standard info on the network – last block mined, time since the last block, avg block time, etc.
The tables below shows real-time activity running through the network:
– Reward Events shows the last 5 rewards issued based on network activity e.g. KYC checks, blocks mined,
– Oracle Events shows the most recent oracle service activity,
– Authority Nodes shows the rewards issued to the node providers based on their activity,
– Service Providers shows the rewards being issued to the service providers based on their activity.