FUSION: The Dawn of the Era of Cryptofinance
The Internet of Values (IoV)
Before the advent of the blockchain: the trade and transfer of finances was slow, expensive and unreliable. This was true even with the internet—where online transactions was made possible. Transferring finances either offline or online would usually requires a middleman like banks. Making the process very tedious. But all of this changes with the arrival of the blockchain. The blockchain opens the door to a system of collaboration not possible before.
With the blockchain, transfer of finances like; for example bill payments, can happen in an instant and void the need for a middleman to complete. But the blockchain is not limited to just this. The technogy has potentials that goes beyond financial transactions. Known people and organizations in the cryptocurrency world calls this "the Internet of Values" derived from the "Internet of Informations" (IoI).
So what is "the Internet of Values" exactly?
The "Internet of Values" enables the trading and exchange of money and any assets that has value or what is deemed to be valuable by the market. This can be almost anything: images, movies, musics, applications, ledgers, flyers, stocks and even something like scientific discoveries can be tokenized and then traded.
Yes, tokenized.
All trades in the blockchain is done through cryptocurrency tokens. Tokenization is actually a counterpart of traditional securitization in the cryptofinancial world. Almost all assets can be tokenized, not just digital assets but physical assets like diamonds, gas, and oils. When many assets are tokenized and programmed by smart contracts, the "Internet of Values" will be gradually formed.
Another thing to note is that the transfer and exchange of these assets are instantaneous and relatively cheaper than when it goes through institutions like banks and marketplaces.
But to the blockchain is not perfect and is plague by issues that prevents its full potential to be realized. To solve these issues and make full use of its capability as a tool for collaboration and finance; a powerful platform is needed. A platform that can address known issues like: interoperability, scalability, and usability that plagues various blockchain ecosystems.
A platform for cryptofinance like... FUSION.
What is FUSION?
FUSION like the name implies; is a platform that aim to create a new system of value transfer infrastructure based on various tokens. It can convert values across blockchains and has almost all the functionality of traditional finance institutions—only more distributed, efficient and cheaper.
FUSION will fuse all of the fragmented pieces of cryptocurrencies and endow them with complete financial functions. FUSION has capabilities that sets it apart from traditional finance institutions and even other finance platforms on the blockchain. It wants to create a new system that will lead to a new era. "The era of cryptofinance".
FUSION is a platform totally independent of 3rd party interference. So organizations or individual can feel safe knowing that their mapped assets are secure within the FUSION blockchain.
The FUSION protocol has APIs that enables mapping of different crytocurrency tokens and off-chain data into their blockchain. Thus allowing dApp developers and individuals to create their very own cryptofinance world on the FUSION blockchain.
To achieve this goal, FUSION will need to establish a public chain that utilizes and control private key for various tokens using distributed network nodes. Thus allowing this inclusive cryptofinance platform to break the bottleneck of interoperability, scalability and useability.
Three blockchain Issues that needed to be solved
As I've mentioned on this article. There are three issues that must be resolved to make way for "the era of cryptofinance". And unless this issues are solved, such era would only remain a dream.
These three issues are:
Interoperability
Scalability
Usability
Interoperability
Interoperability had plague and stump the blockchain for years. There had been many attempts to address this glaring issue but the results have been minimal so far.
The FUSION project's way to solve this issue is to create a public chain that would put the control of private keys of FUSION's distributed node. FUSION's cross-chain, cross-organization and cross-datasource input allows mapping on its blockchain, thus enabling different tokens to have interoperability on the same blockchain.
Scalability
Another issue that needed to be resolved is scalability. This is one of the issue that several blockchain platforms tried solving with little success.
The FUSION project's answer to this issue is to provide interfaces of tokenization for off-chain assets and data. Then by putting them under the control of centralized organizations and blockchain smart contracts, therefore allowing communications between real world values and data.
Usability
What is a technology if it isn't useable? A mere concept. To allow the "Internet of Values" to be real and not just be some concept; the issue of usability must be resolved.
FUSION's answer to this problem is surprisingly straightforward: its to improve FUSION performance by making full use of its distributed nodes to do distributed parallel computing. This then allows FUSION to accomodate and handle large numbers of tokens mapped in it.
Technologies
FUSION platform have three known technologies that supports its functions and growth.
These technologies are:
Distributed Control Rights Management (DCRM)
Multiple Triggering Mechanism (MTM)
Hierarchical Hybrid Consensus Mechanism (HHCM)
Distributed Control Rights Management (DCRM)
The Distributed Control Rights Management (DCRM) is the technology that secure and protects all locked-in cryptocurrency assets on the FUSION blockchain. This is done by distributing and sharding of private keys, ensuring that no one has access to a complete private key and no single node can access all digital assets.
Multiple Triggering Mechanism (MTM)
Another one of FUSION's technology is Multiple Triggering Mechanism (MTM). MTM is a time and event based triggers for smart contracts. It is a mechanism that is composed of three triggers made specially to meet various scenarios for complex smart contracts.
Hierarchical Hybrid Consensus Mechanism (HHCM)
The Hierarchical Hybrid Consensus Mechanism (HHCM) is the concrete realization of FUSION system consensus layer. Its functions are to ensure the unpredictability and bookkeeping of the system, realize parallel computations, as well as achieve balance between PoS and Pow—then combine the advantages of both.
Aftethoughts
FUSION promises to create the "era of cryptofinance" and from the look of thing, might just realize this promise. The day may come where some traditional financial system becomes obsolete and peer to peer transactions becomes the norm.
I for one am very excited of the prospect that FUSION promises and is looking forward to its fruition.
Reference and Resources
This article is an official entry to @originalworks writing contest. Anyone interested in joining can refer to this FUSION contest link.
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Technology of the fusion seems good
nice post!
Submitted.