FUZEX: ENABLING CRYPTOCURRENCY FOR ALL PAYMENTS
OVERVIEW
Over the years, the emergence of the blockchain technology has impact the way we interact with each other and has opened the floodgates for incredibly innovative solutions through the transparency, security and decentralization brought about by the currency developed through the advanced system of blockchain called ‘cryptocurrency’ such as Bitcoin which is the pioneer cryptocurrency of the blockchain technology, Ethereum and other major cryptocurrencies which has lead to the wide adoption of the blockchain technology by companies, organizations, co-operations, organizations and individuals has caused many businesses to have significant wealth tied to cryptocurrency.
However the difficulty of translating the wealth accumulated in digital assets of cryptocurrency to real life experience is a major challenge for cryptocurrency owners as the activities of purchasing, transferring and exchanging cryptocurrencies to widely accept international and local fiat currencies are in most cases complicated, difficult, slow and sometimes impossible eventually debilitating the experience of digital assets owners.
Additionally, so many companies have attempted to tackle the challenge of real-world usability problems with some contenders in the space coming up with a seemingly logical prepaid plastic card solution but their use cases are limited to just a few cryptocurrencies and acceptances are limited to just a small number of Merchants, thus, hampering wider adoption .
With the current challenges discussed above it is however essential to proffer a lasting solution to provide digital currency owners the opportunity to purchase, transfer and exchange their digital assets for fiat currency in both local and international currency with convenience .
INTRODUCING FUZEX ECOSYSTEM
FuzeX is a blockchain powered ecosystem that provides the opportunities for cryptocurrencies to be spent and used as ‘money’ since they all posses the characteristic features that defines money such as Scarcity, Durability, Portability, Divisibility, Authenticity Verification, Easy Storage, Fungible, Difficulty Counterfeiting and Usability hence providing digital assets owners the ability to fully utilize their assets in fiat currencies.
However the Usability characteristic of cryptocurrencies in comparison with fiat currencies is currently fraught with a number of challenges where the purchase, transfer and exchange of cryptocurrencies to fiat currencies is difficult.
The vision of FuzeX is to proffer a lasting solution to the ‘nice to own, but difficult to spend’ problem associated with cryptocurrency and bring its journey as widely recognized and accepted form of money to completion solving the usability issues of cryptocurrency by combining the FuzeX experience in payment solutions and blockchain technology with the technical know-how in software and hardware development.
In solving the usability problem of these cryptocurrencies, certain features has been integrated with the FuzeX Ecosystem such as The FuzeX Card, The FuzeX Wallet and The FuzeX Exchange which make up the FuzeX Ecosystem.
THE FUZEX CARD
The Fuze Card are smart e-cards which are magnetic strip and barcode enabled that enable users to embed up to 30 credit, debit or reward cards in one and with the FuzeX expertise having already successfully developed, brought to market, sold and shipped 30,000+ Fuze Cards.
Similarly, The FuzeX Card will have all the features of the Fuze card with the additional benefit of cryptocurrency integration. Additionally, the FuzeX Card is designed to be similar in size and thickness to a standard credit or debit card and it also have the features of an EMV chip, a dynamic magnetic strip, an e-Paper Display, three input/option buttons, a rechargeable battery and a charging terminal. These features gives the holders and user of the FuzeX Card the ability to pay with their FuzeX Card without the trouble of using their smartphones once users have connected their various accounts such as credit, debit, rewards or cryptocurrency to the FuzeX Ecosystem through their FuzeX Wallet App which makes the FuzeX Card and the FuzeX Wallet work hand in hand.
Additionally, the FuzeX Card also functions as a hard storage of private keys pairing with the FuzeX Wallet. Fragmented private keys are encrypted and stored between the FuzeX Card and the FuzeX Wallet and the private keys are accessed by unlocking the FuzeX Card and the FuzeX Wallet via a pin on the card and via an account password respectively.
The two-factor authentication process involved payments with the FuzeX Card also helps combat frauds and provide a secured payment solution for users and With the FuzeX Card working in conjunction with EMV POS terminal standards the elimination of unreasonable overhead required for each cryptocurrency company to establish contracts with each separate vendors.
THE FUZEX WALLET
The FuzeX Wallet allows users to store, send, receive and transfer tokens and also serves as the hub for FuzeX Card and account management. The FuzeX Wallet enables for the registration for the Fuzex Ecosystem which includes KYC, registers and manages different cryptocurrencies and Check account balances, transaction history and exchange rates.
Other features of the FuzeX Wallet include :
Sending, receiving and exchanging cryptocurrency where cryptocurrency amount and the fiat currency worth is displayed with real time exchange rates.
The ability to track the address last location that the FuzeX Card was used (prior to Bluetooth disconnection) using the interactive map to help users locate their lost FuzeX Card.
The two factor authentication that is, the pin on the FuzeX Card and the password on the FuzeX Wallet which is connected through Bluetooth provides secured private key management.
Additionally, only registered devices can access the FuzeX Wallet to ensure security and the FuzeX Wallet has Android and iOS applications for smartphones.
THE FUZEX EXCHANGE
The FuzeX Exchange is the core, backend platform of the FuzeX Ecosystem to bring the world-wide cryptocurrency adoption to reality. The goal of the FuzeX Exchange is to allow users to spen their cryptocurrencies on their FuzeX card just like they would do on the credit card and Merchants can get their payments in different fiat currencies of USD, Euro, GBP, Yen and other local currencies as they currently do without any slight difference.
This is accomplished by enabling the cryptoccurency slected by the users of the FuzeX Card to be released in respective fiat currencies to issuers based on the current market exchange rate.
In order to bring to the existing crypto market the FuzeX solution for cryptocurrency usability sooner, FuzeX will first partner with existing exchanges and issuers [Q2] and the FuzeX Card will offer a unique solution that streamlines cryptocurrency adoption and increases the user base of the partner exchanges.
For the Issuers on the other hand, the FuzeX Card provides new access to an expanding, billion dollar industry after which FuzeX will then build its own Centralized FuzeX Exchange following the development.
The FuzeX Exchange will offer any excess cryptocurrencies received from users to the market wthrough other exchange partnerships to maintain proper reserve funds for transactions. This is to maintain a balance of reserve cryptocurrency and fiat currency funds in the FuzeX Exchange and the revenue generated from selling and appreciation of cryptocurrencies in FuzeX Exchange’s ownership will be used to hedge currency fluctuation risks.
THE FUZEX ECOSYSTEM UTILITY TOKEN
The utility token of the FuzeX Ecosystem is ‘FXT’ and it is accepted for all payments, transactions and exchanges in the ecosystem. It can be sent, received, stored and transferred on the FuzeX Wallet and can be used for payment on the FuzeX Card.
CONCLUSION
The incredible features embedded in the FuzeX Ecosystem such as the FuzeX Card, The FuzeX Wallet and the FuzeX Exchange proffer a lasting solution to the barrier of fully utilizing cryptocurrency like fiat currencies for digital asset owners. However, the FuzeX Card can be used all over the world for payments just like the credit card and the Merchants can get their payments in the fiat currency they so desire just like they currently do without any slight difference.
For more information on FuzeX kindly visit the following links;
Website: https://fuzex.co/
Whitepaper: https://fuzex.co/wp-content/uploads/2018/01/FuzeX_whitepaper.pdf
Telegram: https://t.me/FuzeX.
Author
Steemit Username : eyezberg1