Meet "Fusion"- A Paradigm Shift In The Financial System Of Cryptocurrencies.
Shortcomings Of The Current Financial System.
"Lack of trust between organizations, coupled with the conflicts of concepts, different orga- nizations fall into brutal competition, years of wars and even nuclear terrorism. Second, resources have become more and more concentrated in the hands of a few people and the gap between classes is becoming increasingly clearer, which is what the book Capital inthe Twenty-First Century by French economist Thomas Piketty speaks of. Finally, there is “single point of failure”. Since a large amount of resources including power, capital, talents and data have been monopolized by a few agencies, once they have renegaded or been hacked, the consequences will be disastrous."
The advent of blockchain system has however put an end to the issue of power centralization and its associated problems. But despite this feat, the blockchain system is still ladened with the issue of usability, scalability and interoperability out of many others. This implies that; the system restricts the number of financial tools that can be built on it and also lacks the capability to interact and function with others without any access or implementation restrictions.
Nevertheless, the problem of scalability and interoperability is about to be put to an end by FUSION. Fusion is building technologies to help transition the financial system toward greater decentralization and democratization of finance. It will also ensure that financial transactions are private and secure. Indeed, this is a new era of cryptofinance.
Fusion And Its Way Of Changing The World Of Cryptofinance.
Fusion is basically a public blockchain which provides cross-chain, cross-organization, and cross-datasource smart contracts via an inclusive cryptofinancial platform. With Fusion, there will be an evolution of new era of cryptofinance for the Internet of Values. Fusion is however, building a broad financial ecosystem on the blockchain by cooperating with financial institutions, cryptocurrency companies, third party app developers, academia, and in a broader sense, the cryptocurrency community.
Its sole aim is to merge various cryptocurrencies onto the Fusion blockchain and build a smart contract that enables its users to swap, exchange, and interact with any cryptocurrencies thereby solving the aforementioned problems.
To tackle these issues, Fusion will map multiple currencies as well as their transaction logic. An exchange between two different unrelated cryptocurrencies can be very expensive and also involves multiple and tedious steps; fusion, however, will make such an exchange simple, accurate and cheap. It will also allow the two to directly work together as it relates to finance, lending, etc.
To help understand this, the primary market that Fusion is targeting has to be put into proper consideration, and this is basically the financial markets. However, the focus here is specifically a complex financial modelling. The problem with current blockchain solutions is that they are unable to issue of multiple derivates, or tokens. So what Fusion is trying to provide is a multi token, cross chain, and a financial modelling tool. In addition to this, there will be an expansion on the current smart contract structures.
However, the Current limitations are the lack of core inclusive off-chain data, and very few triggering mechanisms which is currently limited to transactional triggers only. To help facilitate this, Fusion is adding time based, and event based triggers which their combination allows financial institutions to easily model their existing business into a blockchain solution, thereby facilitating the ease and adoption for insurance, derivatives, loans, and other corporate services, as well as using the new mechanism to create a whole new industry of financial products.
Things we don't even know will be possible yet.
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In terms of security, the platform implements a proprietary piece of technology called Distributed Control Rights Management>>>DCRM which helps to distribute the control of private keys throughout the public blockchain.
This ensures that no single entity can access the complete private key, and therefore no single node can take full control of the network’s digital assets.
Benefits Of Having A Cross Chain Financial Platform
● Interoperability
The platform will be equipped with some basic tools which would make possible, a direct interaction between two or more different blockchains, thereby, promoting interoperability.
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Obviously with this in place, consumers are really going to derive great benefits as the technologies will enable user-friendly services, since Cross chain allows financial transactions of multiple or various currencies to be possible within the platform in a very secure and more efficient manner, while still maintaining the integrity of the blockchain in term of security. This helps to solve the issue of fragmentation the blockchain is already faced with.
● Highly scalable
The ability of Fusion to compute financial processes and transactions are made possible by using a Turing-complete virtual machine. However, this provides more financial opportunities across different blockchains and tokens thereby making it highly scalable.
● Accessibility
Also, since the transaction can easily be executed anywhere in the world and on any device; smart phones, laptops etc., with better security than traditional banking by creating connections among billions of unbanked individuals to the global economy, virtually everybody in the world will be enabled to generate wealth and improve their quality of life far beyond what is possible today.
In a broader sense, it will enable the implementation of virtually all financial functions, and thereby creating trust and effective and smooth cooperation.
● Inclusiveness
Not only would the operation of the fusion platform be restricted to the decentralized entity but also the centralized entity inclusive, that is, the on-chain and the off-chain assets/ traditional financial products outside the virtual world are connected. While doing this, it ensures the authenticity and anonymity between the platform and its users.
● Convenient Portfolio Management
With the use of cross chain financial platform, users are allowed to store all of their digital assets in one common wallet. This platform will provide a universal, convenient location for the storage and exchange of crypto assets , thereby, enabling users to simply carry out their cross-chain transactions as well as the exchange of tokenised assets, fiat currencies and derivatives from one convenient portfolio management platform.
● Innovative
Fusion allows the mapping of cross-chain, cross-organization, and cross-datasource into its blockchain, thereby connecting the centralized and decentralized financial systems.
● Reduction of Liquidity Risk
In the previous time, it has always been very difficult and tedious to perform trades involving cross-chain and this has scared away certain institutional market players. However, cross-chain solution will undoubtedly increase transactability, subsequently boosting liquidity and attracting more and more participants into the marketplace as a reduction in liquidity risk is observed . Eventually, this will create more crypto-assets and enhance the market growth.
● Relatively Cheap
The cost of carrying out cross-chain trades as compared to the traditional system of trading is relatively cheap or done at no cost. This brings about a boost to the system as more people will be participating.
● Intelligent
Based on the fact that the transactions which are to be carried out on Fusion will be done via smart contracts, there won't be any need of human intervention for the execution of such transactions, since there are incorporation of multiple triggering mechanisms in the Fusion protocol.
● Assurance Of Security
This is possible through the use of
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How Fusion Will Catalyze The Prospect Of Internet of Values
source
Just like information can easily and quickly be transferred from one place to another, the vision of fusion is to create an easy and also a fast way for the exchange of value. The speed at which information moves around the world is infinitesimal, however, a single payment from one country to another is very slow, expensive and cannot be relied on.
I could clearly remember when a brother of mine who resides in the US wanted to send an amount of money to me in my home country. It took like 3-5 days to settle. In my findings, I learnt the transaction is prone to an error rate of at least 5% and an average cost of $42. >Worldwide, there are $180 trillion worth of cross-border payments made every year, with a combined cost of more than $1.7 trillion a year.
With the Internet of Value, a value transaction
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Fusion is particularly interested in finding ways to make a proper and an efficient use of smart contracts to enhance the adoption of cross-chain transactions. Smart Contracts on Fusion will be able to pull and render data from different data sources online, on-chain, and off-chain, and the Smart Contracts will have the capability to render different kinds of contextual logic in execution.
With all these in place, Fusion will be able to speed up or catalyze the prospect of Internet Of Value and eventually bring it to success.
Use Cases
The fusion team provides three different cases where there is possibility of using the platform;
Case 1: Risk-free Token Loan
The platform allows it's users to request for and be granted loans without any form of collateral. However, a fusion based Smart contract will manage this process.
See video below
Case 2: Risk-Free Contract Market
Just like the traditional banks, fusion risk free smart contract brings buyers and lenders into a close relationship.
See video here
Case 3: Mortgage Smart Contracts
This can be used to mortgage properties and other belongings using the provided smart contracts.
video below;
Others; Using Myself As An Example.
Right from the time I started participating in various ICOs, I've always wondered why I have to rely on third parties to get Ether and also pay a certain amount of fee to get things done. However, if I was to adopt the use of Fusion blockchain, I would have found it easy and convenient to send any token of my choice to the FUSION smart contract which the startup company would be able to either convert to any cryptocurrency that was mapped, stored or deposited onto the Fusion blockchain instantly via atomic swaps.
The Improvement Of The Ability To Map Chains and Transaction Logic On Interoperability
Interoperable chains open up a world where moving assets from one platform to another, or payment-payment and payment-delivery schemes, or accessing information from one chain inside another ; for example, "identity chains" and payment systems may be a plausible link. However, this becomes easily implementable by third parties without the requirements of any additional efforts from the operators of the base blockchain protocols. So far the notion of chain interoperability requires not one, but two or more, already existing, stable and sufficiently powerful blockchains to build off of, the idea of mapping of chains will go a long way in its improvement.
Benefits Of The Adoption Of traditionally bank-operated financial tools in a decentralized manner between cross chain users
source
Undoubtedly, bringing traditionally bank-operated financial tools to the decentralized world between cross chain users have limitless number of benefits which has been discussed in the previous sections.
There will surely be an elimination of third party between or among cross-chain users. The removal of a third party leads to more efficient processes, faster transactions, also low transaction fees which results in huge savings.
The implementation of smart contracts will ensure perfect executions of instructions depending on the programming commands provided.
Basically, it's just like modernizing the old way of financing and bulking it up with some new features. A revolutionary change in the world of finance is expected from this.
Meet The Team
The team is led by Dejun Quan who is the
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ROADMAP
Summary & Conclusion
Having gone through the various problems of the traditional system of financing and that solution which is yet to be brought to the cryptofinancial system, it could be inferred that the centralization of the traditional system has been greatly compromised, and this might pose a lot of damages on its users.
However, if the attempt of the Fusion team to incorporate the system into the cryptoworld using the mapping chains and transactional logic is successful, it would really go a long way in the world of crypto as it will create an easy means of exchanging various cryptocurrencies while eliminating the risks and high fee incurred in the traditional system. Various forms of financial tools will also be adopted, and this enhance the growth and development of Internet Of Value.
FUSION believes that its innovative kind of smart contract will have applications in insurance, wealth management, banking, lending, and in other financial arears. Interestingly, Fusion has created the FUSION (FSN) token to be used to facilitate the proof of work (PoW) and Proof of Stake (PoS) processes on the platform.
All these will go a long way and bring a paradigm shift in the financial system of crypotocurrencies.
For More Information & Resources:
Fusion Website
Fusion Summary
Fusion WhitePaper
Fusion Telegram
Fusion Twitter
Fusion Reddit
Fusion BitcoinTalk
Fusion Medium
Fusion Videos Page
Fusion Linkedin
Fusion Facebook
Fusion Github
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