After 2 years in stealth, 60+ full time contributors now collaborating to develop global open source platform that will launch the “Internet of People”
In a recently released White Paper, the Fermat organization outlines its vision of a mobile platform that will enable users to connect with each other, without the need for a third party intermediary (company or centralized marketplace) providing “matching” services. Fermat users will be able to chat, get a taxi, rent apartments, find a date, publish and search classifieds, find a job, hire or provide freelance services, get digital coupons, vouchers, and discounts, pay with fiat or cryptocurrency, and much more. In addition, Fermat is cryptocurrency-enabled to allow for the global exchange of value. Peer-to-peer by design, Fermat features built-in privacy controls for all transaction types.
The result is a peer-to-peer platform that eliminates intermediaries and enables ownership and monetization of digital content and personal information.
The Fermat vision calls for the development of a large library of sharing economy mobile applications through this platform. To achieve this goal, Fermat proposes a new software development model that allows for collaboration and increased efficiency. It introduces the concept of component ownership on large, open source projects, incentivizing creators with a stream of recurring micropayments paid by end users and enforced by the system itself. These reusable software components can be combined and recombined across an ever-expanding library of highly customizable commercial applications, always preserving the component property rights and the revenues of their owners.
Begun in 2014, the Fermat project has already drawn specialized contributors from all corners of the globe, including academic PhDs, cryptographic experts, bitcoin entrepreneurs, teams of developers and business world luminaries from Australia to the United States and from Europe to South America.
The most popular Sharing Economy apps are being ported into Fermat in a p2p format. Fermat p2p apps will finally provide consumers with a choice to either use existing services with now- traditional business models or to take advantage of Fermat’s more efficient “middleman-free” matching engines which could dramatically shave costs. By its design, Fermat will become a catalyst in the evolution of the current “sharing economy” to a more robust “p2p economy” across multiple industries.
Fermat consists of a p2p network, framework and an ecosystem of apps, all built with Java programming language to enable multi-OS compatibility. Fermat is designed to be blockchain-
enabled and fully censorship-resistant, ensuring that each individual user is in direct control of their own personal digital footprint.
Fermat’s network consists of specialized nodes that enable devices to communicate with each other to securely and autonomously exchange information, while Fermat’s framework sits on top of a device’s OS like an extension that supports the ecosystem of Fermat apps. This ecosystem is formed, like a complex organism from a network of cells, from a vast set of interconnected, reusable atomic components, with several of them being the user interface (a Fermat app).
Fermat has developed an application token system to incentivize the development of infrastructure and applications. Tokens called fermats will incentivize node operators to provide hardware and bandwidth and to compensate developers for writing code and crafting components. The Fermat system is designed to outsource the handling of token transactions to the secure and distributed Bitcoin network. While the Fermat blockchain will record the transactions of newly issued tokens, value transfers from user to user will be handled directly by the Bitcoin network.
CEO and Founder of Fermat, Luis Fernando Molina, said that he envisions a future where people are more important than legal entities like corporations. He notes, “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.”
“The most challenging aspect was to architect a system to deliver that future in the least amount of time possible. With that in mind a system of massive collaboration emerged when we introduced the concept of component ownership and a monthly stream of micro-payments for their owners,” Molina added.
Philip Farah, Member of Fermat’s Board of Directors and former Global Head of Financial Services Consulting at Cisco Systems, said that Fermat will take the peer-to-peer economy to the next level. “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,” said Farah.
For more information on Fermat, visit www.Fermat.org.