FUSION, a risk free loan system on Blockchain
What will it be like to be able to have all your cryptocurrencies saved in the same wallet?
One without the hassles of saving numerous passwords for several wallets when you want to invest in other tokens. Well that’s what fusion is all about.
Fusion is an inclusive public blockchain that provides the infrastructure and architecture for fully fledged financial functions on the blockchain.
Simply put, Fusion combines all existing cryptocurrencies in one ecosystem with the sole aim of connecting centralized and decentralized organizations. This means that the problem faced by insufficiency in interoperability of the Internet of value (IoV) will be solved.
Take this case scenario, Mr Tosin is a big-time investor in Ethereum but with, the current state of the rise and fall in market prices of various tokens, he wishes to switch to other tokens. He does his research and finds out that despite the fall in prices of cryptocurrencies there is the propensity of Steem rising in the nearest future due to a proposed SMT. Thus, he wishes to invest in steem seeing a possible bloom when such SMT is launched. Ordinarily, he would have to create a Steemit account for example on Blockchain where he can save his Steem gotten while on the other hand he runs his Ethereum wallet separately.
Tedious work, I must say. But with the advent of fusion, he can have both Ethereum and steem as well as any other token he wishes to invest in, in that same Blockchain.
This is what Dejun Qian, founder of fusion hopes to achieve; a Blockchain which will enable blockchain developers build new models for the world of cryptofinance that give room for multi-token contracts.
FUSION’s vision is to establish a platform-level public chain in the crypto-financial era that as a key infrastructure for value transfer can connect all kinds of values, provide complete financial functions, communicate diverse communities and tokens, and bridge the centralized and decentralized organisations to bring the Internet of Values as early as possible.
Limitations of FUSION
Although activities involving Internet of Values have just begun, it will enable people to manage values as though they were information. But progress has to be made in certain areas, one of which is interoperability, seconded by scalability and lastly usability.
Interoperability
It is well known that values exist in various blockchain, data centres and centralization organisations. But for fusion to be possible, there has to be communication between these systems which the Internet of Values requires and thereby promoting not only the transfer of such values but also efficiently running smart contracts; a revolutionized global credit system.
So, what is the whole idea about interoperability? A cited example should clarify.
Mr Jimmy needs a loan to finance his business. He is also an investor in cryptocurrency. With Fusion, it would be possible for him to obtain a loan in one form of cryptocurrency say Bitcoin and pay back in another, say Steem. This is all due to FUSION’s interoperability features.
Scalability
Scaling progress is necessary with the number of users of these transactions that take place on Blockchain, with several reaching their full transaction capacity. Although many off-chain transactions are hindered by heavy computations and unreliable cross-chain communications solution despite the efforts being made. Until efficient mapping of all off-chain values is carried out, then this problem would continue to suffice.
Usability
How utilisable is Fusion? Considering how the relative computing speed, storage capacity and processing power of the Internet of Information has been able to meet the demands of data management to a measure on Blockchain technology, the Internet of Value still has a long way to go, it still being in its infancy stage.
There is a lot of work to be done creating standards, building functioning platforms, as well as the problem of interoperability amongst others. With time, through programming, cryptography and advancement in tokenization technologies, the problem of usability should be greatly minimised.
Cryptofinance and its drawbacks
cryptofinance is the relation between off-chain and on-chain activities on the Internet of Values. crptofinancial assets involving values on the IoV will be divesified. Such assets can be controlled through private keys.
- Its drawbacks.
- Underdeveloped cryptofinancial markets
- Interoperability
- Programmability; unautomated smart contracts
The fusion Blockchain cross-platforms (that is cross data, cross organisation and cross chain) into one public chain to make it possible for people, centralized organisations and Blockchain communities to assist, benefit each other and the world at large
The Distributed Control Rights Management (DRCM)
The private keys necessary to operate each cryptocurrency on the FUSION Blockchain would not be stored in a single place. they would be distributed all over the entire system and also such private key would be split into smaller nodes. This profers security from wannabe crypto-theft.
The Hierarchical Hybrid Consensus Mechanism (HHCM)
The fusion blockchain implements the PoW and Pos protocol for maintaining a mutual agreement across the fusion Blockchain. This is made possible by developing an algorithm which improves distributed governance and prevents power or wealth hashing.
FUSION Whitepaper pg.16: Fusion Architecture
Benefits of having a cross chain financial platform.
Fusion reduces the hassles of cryptocurrncy exchange in the sense that because of token mapping, all Blockchains integrated communicate with each other and thus losses incurred due to conversions from one cryptocurrency to another is greatly reduced. The barriers chains dropped
The Fusion Team
The fusion project is spearheaded by CEO, Dejun Qian alongside other blockchain veterans working day and night to bring the project into limelight.
Click here for more info on the team Fusion team
In summary,the main aim of fusion is to establish a credible financial sytem and initiate by improving a finncial system already existing. Fusion's strategy is to create a rapid growth of the Internet of Values.
Here is an exclusive interview of fusion CEO, Dejun Qian
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