Electronic contract platform FirmaChain announces partnership with NEST Protocol Oracle solution

Firmachain x Nest

Blockchain-based global electronic contract platform FirmaChain announced today it’s partnership with NEST Protocol Oracle solution. The main purpose of this partnership is to collaborate on FirmaChain’s overseas market entry. Along with this, NEST Protocol will utilize FirmaChain’s blockchain based electronic contract service, support its usage to affiliates.

FirmaChain seeks to replace all written contracts governing social and legal issues through the use of electronic contract platform based on FirmaChain’s data blockchain. Since traditional written and electronic documents are easy to forge, and the verification procedures are complicated, the decentralization of blockchain is used to solve the problem. FirmaChain can check the validity of the contract through its own hash function that can be verified in an independent node. This verification process can be used as a means to resolve legal disputes. Blockchain is an effective technology that eliminates the risk of forgery of such documents, which is applied to FirmaChain’s blockchain technology-applied electronic contract solution, DONUE.

NEST Protocol is a decentralized price oracle network that provides price reference data into DeFi service. Currently, NEST Protocol’s virtual asset ‘NEST’ is listed in many prominent virtual asset exchanges, including HBTC, where Apple’s co-founder Steve Wozniak’s blockchain startup, Efforce’s token ‘WOZX’ was first listed, and Huobi Global, Huobi Korea, Gate.io, Coinone, and more.

The NEST protocol provides price information decentralized to DeFi services, using the ‘quote mining’ mechanism, an incentive system in which off-chain price information is directly reflected in the online chain to solve the problems of existing Oracle projects.

NEST Protocol, along with the Maker Foundation, Compound and dydx exchanges, is a founding member of the Global Alliance led by Huobi DeFi Labs, a decentralized finance unit of the Huobi Group. The Global DeFi Alliance is working together to research and develop DeFi, promote best practices, and to develop cross-border cooperation and ecosystem between the East and the West.

Young Yoon, CEO of FirmaChain said, “We expect to develop mutually through our partnership with NEST Protocol. The surging price of Bitcoin has brought spotlight to the blockchain market more than ever. Along with this, FirmaChain will also accelerate its business in 2021 worldwide.”

FirmaChain Overview

FirmaChain seeks to replace all written contracts governing social and legal issues through the use of electronic contract platform based on FirmaChain’s data blockchain. Since traditional written and electronic documents are easy to forge, and the verification procedures are complicated, the decentralization of blockchain is used to solve the problem. FirmaChain can check the validity of the contract through its own hash function that can be verified in an independent node. This verification process can be used as a means to resolve legal disputes. Blockchain is an effective technology that eliminates the risk of forgery of such documents, which is applied to FirmaChain’s blockchain technology-applied electronic contract solution, DONUE. 

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