'Internet of the People' Platform Fermat Exits 'Stealth Mode'
A global blockchain project that has been developed for two years in “stealth mode” called Fermat is publishing its white paper today introducing a true peer-to-peer internet and an online economy free from middlemen. The mobile application is currently in alpha testing and project says it has gained attention from “industry heavyweights.”
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Fermat White Paper Released Today
The Fermat project is quite ambitious and aims to revolutionize the mobile application atmosphere with a collaborative based P2P economy. Fermat will allow its user base to connect with each other and provide “matching” services without the need for a central or third party intermediary. Services include freelance, digital coupons, vouchers, apartments rentals, dating, publishing, classifieds, and many more. Members of the Fermat community can pay with fiat or cryptocurrency and the entire network includes built-in privacy controls for all transaction types. The CEO and founder of Fermat, Luis Fernando Molina, explains the vision for the project:
At its very core, Fermat is about freedom. The whole design orbits around the concept of users determining the level of privacy they prefer; whether they choose to have intermediaries or not; which currency they prefer to use and so on. Fermat was designed to empower an ‘Internet of People’ in contrast to a ‘Web of Companies’ and to advance the P2P era and economy.
Molina says the development of this kind of architecture was challenging but the system is focused on a “massive collaboration, which introduces the concept of component ownership,” and a monthly stream of micro-payments for their owners. Fermat has had a development team made up of 60+ full-time contributors working in stealth mode on an open source “Internet for the people.”
100% User Control
The company says it will provide a web solution without third-party interference, which gives the platform several advantages. Privacy, cost and the removal of “arbitrary rules” gives community members of Fermat the ability to do business and exchange directly with themselves.
The project is also blockchain powered and gives users sovereign ownership of their digital footprints. The network uses nodes that securely and autonomously communicate with each other. A token asset called Fermats that offer incentives for node operators and token transactions will be distributed over the Bitcoin network.
Philip Farah, a member of Fermat’s Board of Directors, said the blockchain based platform offers 100% true user control that’s completely different than anything out there. He explained:
Beyond the obvious advantages to the developer community, Fermat will deliver significant benefits to end users and businesses. For end users, it will lower transaction costs for both buyers and sellers and give back user control over one’s personal information and digital content. For businesses, it will provide access to low cost digital marketing and distribution channels and a platform to deliver value-added services such as market research and insurance.
The project is determined to bring a mobile experience like no other that incentivizes both average users and developers across the network. Fermat’s team says it “strives to eliminate intermediaries and enable ownership and monetization of digital content and personal information on a scale unachievable today.”
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Images courtesy of Fermat