Fusion Wants To Build The Future of Financial Functionality
The world of cryptocurrency is probably one of the most exciting spaces to be in right now with so many projects trying to disrupt each and every industry with the use of blockchain. While projects in spaces like AI, IOT and dApps have taken much of the spotlight.
But what about the boring old financial market? Can we have all this revolutionary tech but we still try to finance and set into play agreements using an old system of banking? Fusion doesn't think so & has the ambitious plan of revamping the traditional style of banking and finance.
What is fusion?
To me, Fusion is a network for financial exchange. Fusion allows for parties to do business regardless of your currency, your location and your needs of either party involved. Fusion aims to simplify trade across various fianncial markets and become a plug and play system for various financial instruments to be used on top of.
How does fusion work?
Fusion can be used for digital derivatives like mortgages, bonds, invoices contracts, futures and much more. It will allow traditional banking to migrate into blockchain and offer a platform for institutional money to be placed into cryptocurrency which will lead to greater investor confidence and new opportunities to expand the market and the technology.
How does fusion aim to make this work?
Fusion aims to accomplish this goal by making the following features a priority
Inclusiveness
The FUSION Protocol provides APIs to enable different cryptocurrency tokens, off-chain values and data-sources to be mapped onto the FUSION blockchain. This allows for adaptability and easy integration with any centralized or decentralized organization, blockchain community, Dapp developer or individual is welcome to build a new world of crypto-finance on the FUSION blockchain.
Interoperable
FUSION looks to solve the interoperability limitations plaguing the current generation of cryptocurrencies by offering a multiple token management solutions. This allows tokens to be mapped onto the FUSION blockchain, enabling the separation of ownership, usufruct and multi-token smart contracts.
Smarter smart contracts
The FUSION Protocol aims to take “smart” contracts to a new level by developing of multiple triggering mechanisms in the calling list, an interoperability solution and functional scalability, providing the architecture for complex financial smart contracts on the blockchain
Independence
The FUSION public blockchain is absolutely independent of third-party interference and will also run nodes to provide consensus on the blockchain. Along with the Distributed Control Right Management layer securely protects all locked-in cryptocurrency assets on the FUSION blockchain. By distributing and sharding private key mapping FUSION ensures that nobody can access the complete private key, making sure that no single node can obtain the control of digital assets. This reduces the event of a 51% attack that we've seen hit other cryptocurrencies in recent months.
A brief introduction to fusion
You can find additional videos on fusion here
When will fusion be released?
Fusion plans to expedite its testnet by this year and a month later they aim to release their mainnet which is pretty substantial if you compare it to the likes of Tron and EOS who took months before even get settled with a testnet.
What I think of Fusion?
I think it is a worthwhile endeavour and its iterations on the current shortcomings within cryptofinance and smart contracts are something I feel the industry needs. Theres are areas where crypto is hemiraging large amounts of money each month and these gaps need to be plugged in order to retain finds, keep accountablity and bring a more stable investment platform that allows for trust and reliablity in a decentralised environment.
Additional information
If you would like more information on the project or feel I didn't touch on important topics you like to look at as a potential investor
Or see what the community has to say on the project by checking out their Bitcoin Talk Forum or Reddit
This is a submission for the @originalworks writing competition found here
fusion2018
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hi @chekohler
Great piece of work. Indeed we can witness "so many projects trying to disrupt each and every industry with the use of blockchain."
Fusion seem to be a great project, but Im personally scared of investing in any crypto related to financial markets. Those will most likely be controled very well by goverments and major banks and every crypto in this market I would consider high risk investment. But that's just personal opinion.
obviously upvoted
Yours
Piotr
I personally share your view on it, anything thats going directly for the current financial system must be ready to conform to some sort of regulation and centralisation that will ultimately hamstring the project or try to compete against a wave of backlash. Its an idealistic approach but those who benefit from the current system are not going to like it. Very high risk indeed the road blocks arent really mentioned in their content its like everyone is just going to adopt it because its a great idea lol, thats not how the world works
thank you @chekohler for taking the time to reply to my comment.
appreciate :)