Meet “Fusion” - Breaking barriers between different blockchains

Complex finances go hand in hand with increasing prosperity

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Throughout our entire history, we have been innovating in all sort of ways to improve our civilization and with it, increase the overall well being of the people in general, and this not only applies to our technological gadgets or science discoveries, but also to the way we manage our finances and deal with the inherent value of our possessions.

Primitive societies like the ones with indigenous people, had barter as their way of doing commerce, which is currently defined as “an act of trading goods or services between two or more parties without the use of money”. | Source. And as we observe other more advanced civilizations, each one of them had a financial system gradually becoming more complex as time pass.

Right now, we have all sort of financial instruments and ways of moving value from one entity to another, that the average person is probably not even aware of the immense possibilities available in modern societies when it comes to doing businesses.

It is fair to say that as civilization becomes more advanced, its financial instruments also get more complex allowing for a much higher versatility when handling all the possible transactions people can do. The trend is clear, the more advanced the financial system, the higher the technological level of that society, and therefore, the better quality of life for the people.

Blockchain technology is capable of disrupting everything

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In the last few years we have seen the massive increase in popularity of blockchain technology in general because people are realizing the advantage of running decentralized platforms compared to centralized ones when it comes to the security and reliability of the information they have registered.

Blockchain technology basically allows for a wider array of options for the individual which means more freedom and enables a completely new generation of tools to come into existence by leveraging all the advantages of said technology.

The distribution, securing and registering of all types of data could eventually be enhanced by using blockchain technology, and this applies of course to financial transactions like insurance contracts or loan agreements.

Since the information stored on a blockchain is immutable and its functioning is much more efficient than the traditional system, it is just a matter of time until until the majority of transactions are done on a blockchain rather than in a centralized platform.

Besides, giving its superior versatility, it could potentially automate a lot of the current administrative tasks that are for the moment, still done manually. Blockchain will make everything go faster, increasing our worldwide productivity, and therefore making our civilization even more advanced than what it already is.

Nevertheless, in the blockchain industry there is a problem and it consists in the fact that different blockchains have no way of easily operate with one another, like if each one of them were present in their own universe, making it close to impossible to make complex financial transactions involving 2 or more cryptocurrencies, especially when a single smart contract needs to register information in their corresponding blockchains.

Here we can see the lack of financial instruments in the crypto industry compare with traditional finance
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As of now, in order to make a simple transaction for exchanging one cryptocurrency or token and another, the person will have to use an exchange which is something that requires the payment of fees, besides being a tiresome process.

Because of this, it is clear to see the current need in the blockchain industry of developing a way to allow complex financial transactions between different blockchains, in such a way that it is easy to do for absolutely everyone, and that is exactly what Fusion is bringing to the table.

Fusion takes cryptofinance to the next level

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What Fusion is offering the market, is a platform in which every type of financial transactions we can imagine will be possible, and not only that, we will be able to use several cryptocurrencies with no problem whatsoever.

This will allow for the possibility of making different cryptocurrencies work together when triggering the actions according to a particular smart contract that requires it.

But not only that, it also allows the possibility of connecting smart contract between each others, each one of them with their own specifications which will empower the user to participate in complex transactions that were until now impossible to accomplish in the blockchain industry resulting in the simplification of the interoperability between different blockchains, as well as creating bridges that make it possible for the users to interact between them by doing transactions easily, without the need to go through a regular exchange.

On the left we can see a graphical representation of the current shortcomings in the crypto industry, and on the right we can see Fusion's solutions

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The benefits of a platform like this are obviously huge, because the usability of the entire industry will have a considerable boost and the possible new implementations and new financial instruments that could be developed as a result are unimaginable. Just as today we have financial instruments that are surely too complex for an individual from a past civilization, the financial instruments a platform like this could allow will surely be something futuristic and something we have never seen before. It will certainly be a natural evolution in the way we do finance.

This platform also allows for information from outside the blockchain to be taken into consideration when triggering the corresponding smart contract, adding new possibilities of how to set up different types of negotiations, while always being secured and properly backed by blockchain technology.

In order to verify the information coming from outside the blockchain, the consensus mechanism will be used for security purposes and it consists in the following:

consensus is a dynamic way of reaching agreement in a group. While voting just settles for a majority rule without any thought for the feelings and well-being of the minority, a consensus on the other hand makes sure that an agreement is reached which could benefit the entire group as a whole. | Source

Being able to include information coming from outside the blockchain make certainly make it possible to expand even further the capacity of the Internet of Values, which is nothing more than the possibility of transmitting value over the internet with no limits whatsoever. Hence the importance of being able to work with every cryptocurrency there is.

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A potential use case could be a insurance contract, in which through the use of a smart contract, the person agrees to certain terms, sends the tokens to acquire said insurance, and the risk could be taken by users all over the world who will have to cover the costs of that insurance if something happened to the insured user.

How could these participants come to an agreement when it comes to actually cover the costs of the insured user if everyone one of them lives in different countries and have no way of seeing each other in person?

Thanks to the possibility of taking into account information coming from outside the blockchain, it could be possible to automatically confirm if the insured user really suffered an accident by checking the records in the corresponding hospital, which would trigger the smart contract and the insured user will receive the resources to cover his accident. All done automatically.

This will make types of administrative and accounting tasks to go much smoother resulting in an increase in efficiency and productivity all around the world.

Summary

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Having more versatile financial transactions comes as the result of increase the technological level of our society. Right we are going to a digital revolution in which blockchain technology will take over any industry there is, including of course, our finances.

The problem with finances in the blockchain is the lack of options there is compared with the traditional system, and this is mostly due to the difficulty of making different blockchains easily interact between each other and make complex transactions involving different cryptocurrencies.

Fusion aims to solve this problem by offering to the community a platform in which everyone can participate through the use of smart contracts in every type of financial deal we can imagine. Effectively building bridges between all cryptocurrencies and tokens there are, and increasing the freedom of every individual involved in this new revolution.