FUZEX: UTILIZATION OF CRYPTOCURRENCIES FOR DAY-DAY TRANSACTIONS MADE EASY

Emerging in 2009, the cryptocurrency Bitcoin and its core operating technology, blockchain, laid the foundation for a new era of digital peer-to-peer transactions. It also paved way for how networked systems, web services and digital communities of the future are to be designed and built. While Bitcoin introduced one specific application of blockchain technology, a peer to peer electronic cash system that enables online payments, the advent of the Ethereum introduced software platform, with the aim of to realizing the broader potential of blockchain technology beyond Bitcoin. Together, Bitcoin and Ethereum have so far proven that blockchain technology, decentralized systems, and global collaborative communities can work. However, current blockchains suffer from several limitations that are inhibiting its massive adoption. These include challenges associated with usability, exchange of cryptocurrency assets for fiat currencies, delay in completion of blockchain transaction and many others. To tackle these problems and create an avenue for cryptocurrencies usability and massive adoption, a platform names FuzeX has emerged.

Fuzex is a platform which leverages on blockchain to proffer solutions to problems associated with real-life utilization of cryptocurrencies, which has limited several sectors from adopting cryptocurrency as part of their operational means of exchange. Fuzex realizes that as easy as it is to own cryptocurrency, utilizing them for day-to-day purchase and spendings has been a bone of contention for investors, hence their technological innovations.

THE FUZEX ECOSYSTEM
The Fuzex ecosystem is made up of the following:
• The FuzeX Card
• The FuzeX Wallet
• The FuzeX Exchange

THE FUZEX CARD
The Fuzex card taps into innovations from the Organization’s already existing products known as Fuze cards. Fuze cards are smart E-cards that “fuses” upto 30 credit, debit and reward cards into one, hence users can make use of any of the embedded cards by using FUZE card. FUZEX cards can be described as a blockchain-based Fuze cards in that it possess all the features of the fuze cards, coupled with integration of blockchain technology.

DESCRIPTION
The fuzex card has the appearance of a regular credit/debit card. It possesses in-built buttons for power regulation (to turn it/off), to enter pin codes, to make selections and to authorize payments transactions done by using the card. It consists of an E-paper display (EPD) which is used to display balances of the embedded accounts and to view QR codes of blockchain addresses. It also consists of an EMV chip, a rechargeable battery and features a remote wipe technology that can be used to clear data from the FuzeX card.

THE FUZEX WALLET
The FuzeX wallet serves the purpose of managing the accounts embedded in the FuzeX card. It allows for storage, spending, receiving and transfer if funds and tokens. Users connect the Fuzex card with the FuzeX wallet in order to make usage of the card for the purpose of making payment easy. Also, to enhance security, the duo (FuzeXcard and wallet) combines to form hard wallet storage for securing private keys. These private keys can only be accessible by unlocking by unlocking the Fuzex card with a pin from the card as well as unlocking the wallet with the use of the account password. Furthermore, there is a bluetooth connection between FuzeX Card and FuzeX Wallet which enhances security, users can securely lock the FuzeX Card by disconnecting the bluetooth connection. The FuzeX wallet can be downloaded on android and iOS smartphones.
Other functions of the wallet include checking of account balances, transaction history and exchange rates. It also enables users perform registration on the FuzeX ecosystem.

THE FUZEX EXCHANGE
This is the main feature that carries out the aim of the FuzeX project which is to enhance usability of massive adoption of cryptocurrency. FuzeX intends to partner with existing cryptocurrency exchanges and issuers. By partnering with exchanges, FuzeX makes it possible for their tokens to be utilized for payments for purchases through the FuzeX Card and FuzeX wallet. When this is achieved, users would be able to spend cryptos on their FuzeX card and via the in-built button on the card, they would be able to select which cryptocurrency they want to make payment with, the corresponding amount in fiat based on the present market exchange rate will then be released to the seller or merchant.
Fuzex will later build their own centralized cryptocurrency exchange which will hold varieties of reserve cryptocurrencies and fiat to make real-time exchange between the two currencies possible. The FuzeX exchange will integrate with Issuers/Legacy Payment Networks such as MasterCard, Visa etc. to confirm that the fiat equivalent cryptocurrency balance in users account is sufficient for payment after which it releases fiat payments to Issuers.

HOW THE FUZEX PLATFORM OPERATES
First step is account set up
• Users downloads FuzeX wallet mobile app and sets up an account on the exchange, after which he orders a FuzeX card.
• User then transfers cryptocurrencies from his other external wallet to the fuzex wallet
• After receiving the FuzeX card that was ordered, he activates the card via the FuzeX wallet app

Next, Conduction of transactions:
• Users make transactions and purchase by using the in-built buttons on the card to select his choice of cryptocurrency out of the embedded ones. After that, he is able to view the balance of the chosen cryptocurrency (via the E-paper display) and corresponding fiat value as given in real time exchange rates on the FuzeX Card.
• The User gives the seller/Merchant his FuzeX Card for indertion into his POS machine. The Merchant’s POS terminal sends a request to the relevant issuer to verify the user and authorize the payment. The partnered Issuer (integrated with the FuzeX Exchange) checks the User’s account to ascertain that the chosen cryptocurrency will be sufficient for the purchase after its conversion to its equivalent amount in fiat currency. After confirmation, the Issuer authorizes the payment which at the same time locks the spent amount of cryptocurrency from the user’s account. If there is an insufficient amount, the payment is denied by the user.
• The Merchant then receives an authorization that the transaction has been completed
• Summary of purchase notification then reflects on User’s FuzeX Wallet app.

For more information about FuzeX, kindly visit:
Website: https://fuzex.co/
Whitepaper: https://fuzex.co/wp-content/uploads/2018/01/FuzeX_whitepaper.pdf
Facebook: https://www.facebook.com/FuzeX.co
Telegram: https://t.me/FuzeX
Twitter: https://twitter.com/FuzeX_co
Writer: Crypto4ruby
Writer’s bitcointalk URL: https://bitcointalk.org/index.php?action=profile;u=1788350