FUSION: Towards a Global CryptoFinancial System

Synopsis

As a child, I have always wondered how my father paid for goods he purchased from the United States in dollars with his Nigerian Naira account. It actually took me a while to understand that there is a communication between the his bank in Nigeria and the seller abroad. It is more like both people are on the same ‘chain of money’ so it was easier for bank to debit the Naira equivalent of the item, and then send this to the seller who in turn receives the dollar equivalent of the naira debited from my dad’s account. Although there are several processes involved in that but that Is what happens ostensibly.

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BlockChain Evolution/Short Comings.

Since the arrival of bitcoin in 2009, several other blockchains have started to appear. One major competitor with the bitcoin blockchain is the Ethereum blockchain. Since then, several startups have been searching for solutions to integrate blockchain technology almost all spheres of life. However, this two blockchains are like islands of their own with not communication. They contain their own eco-system. As a result, the tokens on this blockchains, are somewhat centralized.

One of the reasons why cryptocurrency is yet to be globally accepted is the issue of interoperability. As I earlier mentioned, my dad In Nigeria is able to pay for items he bought from the US comfortably, without doing any dollar transfer for simply making an online payment of the dollar equivalent from his NGN account. Coming down to cryptocurrency, if I want to pay for an item on a cryptocurrency based shop, I have to own a currency that was developed on the blockchain the online shop was built on. For instance, buying from an online shop that was built on the Ethereum blockchain, I need to have a wallet on that blockchain, or a cryptocurrency built on the Ethereum blockchain. This is somewhat very inconvenient. Two of the most popular blockchain technologies are bitcoin and Ethereum even have this issue of interoperability one cannot perform transaction on the bitcoin blockchain with a cryptocurrency based on the Ethereum blockchain. To perform transaction 0n a particular blockchain, you have to own a cryptocurrency that belongs to the same crypto – eco system. i.e. Blockchain Isolation; so much for a decentralized system.

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FUSION TO THE RESCUE:

Making Using Cryptocurrency easier FUSION is a blockchain that aims to be between all other block chains. See FUSION as the trade center, where exchange of all currencies in the world take place. Say you want to perform a contract on the bitcoin blockchain, and I have a token that is on the ethereum blockchain; The fusion blockchain solves the interoperability issue by providing a tool(API) for any kind of cryptocurrency to be exchanged with one another instantly. You are able to map/store/deposit any cryptocurrency onto the fusion blockchain and build a smart contract that you are able to swap, exchange, and interact with any cryptocurrency. Let us take a look at a quick example. Since the past, in order to participate in ICOs, not only you relied on third parties to get Ether, but also you paid the fee. Using the fusion blockchain, on the other hand, you are able to send any token of the choice to the fusion smart contract, the startup/company is able to either convert to any cryptocurrency that was mapped/stored/deposited onto the fusion blockchain instantly via atomic swaps, like the lightning network.

Cross Chain Support

This is why fusion is also known as a blockchain that supports cross chain. Surely, this sounds every interesting, but fusion has its own public blockchain. You are able to store and interact/communicate(perform business) with other blockchains using its smart contract. It radically changes the entire crypto-ecosystem by providing tools to interact/communicate with other blockchains.

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FUSION’s Technology

On top of the cross-chain support of the fusion blockchain, it brings revolutionary tools to the table.

The Distributed Control Rights Management (DCRM)

Like the file storage system of Torrent, Private keys for every cryptocurrency on the fusion blockchain are not stored in a single place, they are distributed across the entire network. On top of that, privates are sharded. In other words, the keys are split and stored onto many nodes. It is to prevent an attacker from obtaining the control of the private key via conquering one node.

Atomic Transaction

An atomic transaction is what is used in the Lightening Network. You are able to exchange assets from two different blockchains, say Bitcoin and Ethereum. The transaction occurs instantly and is able to scale indefinitely. The transaction is not delayed, rather it is spontaneous.

The Hierarchical Hybrid Consensus Mechanism (HHCM)

The fusion blockchain both implements the PoW and PoS protocols for maintaining consensus across the fusion blockchain. Its algorithm improves distributed governance by preventing potential attacks from dominating hashing power or wealth.

Off Chain Data Support

Storage data onto the main blockchain is expensive. A 2GB movie onto the Ethereum blockchain costs more than one million US dollars. fusion provides its own API/tool to store data off the main chain, reducing cost and block size.

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APPLICATION

It is no doubt that fusion is set out to revolutionize the blockchain industry. With fusion, you would be able to interact with other cryptocurrency across time and space.

Sales/Merchant

Before fusion, sellers had to reduce the number of tokens they accepted due to wallet issues etc. But now, they can transact business freely without being isolated to specific tokens, sellers would be able to receive any token and then store them of the fusion blockchain and convert this tokens to any other token they deem fit via Atomic Swap.

Lending

When a lends money out, he/she expect that when he is being paid my money, it comes back with interest. with fusion, this become very possible, the lender can charge interest rate for any cryptocurrency through smart contracts.

The FUSION TEAM

Fusion is not only attempting to solve the most prevalent problem of cryptocurrency since its advent in 2009, but also has a very capable team led by Dejun Qian.

Dejun Qian

Mr. Qian finished from Fudan University China. An institution that ranks 4th in China. At Fudan, he obtained a bachelor of Science Degree in Computer Science. He is the founder/CEO of BitSE which created two successful blockchains: VeChain and Qtum. He is often referred to as the Steve jobs of Crypto. A man like Mr. Qian is the kind of leadership that the crypto world desires

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FUSION – Blockchain Stock Exchange

Fusion is far beyond the internet of values, since fusion connects several blockchain, it means that if I want purchase a goods that is valued in bitcoin, I can smoothly pay for it in Steem Dollars (SBD). This is surely a very outstanding feat for the blockchain industry, it would give cryptocurrency the wider acceptance it has clamored for, since 2009. Buying products using cryptocurrency will become the norm. Years ago, cryptocurrencies were associated with hackers, scams and illegal trades; even in the 1950’s when credit cards first appeared, using them instead of cash seemed extremely far fetched. Fast forward till today, cards now account for more than 50% of purchases in the world. Accepting cryptocurrency for payment has several advantages over accepting cash, such as privacy for customers, fewer worries about customers canceling payments, etc.

Cryptocurrency payments becoming predominant in the world is still quite a long road, before fusion, it was a question of if it would be possible, but with fusion, it is a question of when it will happen.

Fusion is to blockchain what the stock exchange is to Money.

For more information
Fusion Website
Fusion Summary
Fusion WhitePaper
Fusion Telegram
Fusion Twitter
Fusion Reddit
Fusion Medium
Fusion Videos Page
Fusion Linkedin
Fusion Facebook
Fusion Github

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