FUSION – Creating trust on the ‘Internet of Values’
This is my second entry in an @originalworks sponsored writing contest. You can find the post introducing the contest here:
This article is about FUSION.
"FUSION is an inclusive public blockchain that provides the infrastructure and architecture for fully fledged financial functions on the blockchain."
Some say that the Internet of Values is the only logical result of the Internet of Things. Money, value, loans, control measures, exchanges suddenly have new meanings. Where is it all going?
We all understand how things work IRL (in real life). We trust that the system will work because it has always worked. Especially in the world of finance where we have a bond for our house, a loan for our car and a credit card for our holidays. The risk inherent in these things is acknowledged and then ignored because we trust that it will work and that it will keep on working if we do our bit and stay away from the crooks.
The Internet of Information did not transform the postal system. It brought about a whole new thing called ‘email’ that accomplished the same goals better, faster and cheaper.
How do we create the same universal trust on the Internet of Values that we had in our previous (current) financial system? Cooperation and trust in this age of technology are just as important as in any previous age. FUSION brings us a ‘trust machine’ that will make the ‘era of cryptofinance’ possible.
How will FUSION change the world of cryptofinance!
An exchange between two different unrelated cryptocurrencies can be expensive and involve multiple steps. Fusion is a platform that will make such an exchange simple, accurate and cheap. It will also allow the two to directly work together as it relates to finance, lending, etc.
What are the benefits of having a cross chain financial platform?
A cross chain financial platform will allow implementation of a fuller and broader scope of financial functions creating trust and effective smooth cooperation.
How will FUSION help propel forward the "Internet of Values"?
"FUSION is opening a new era of cryptofinance by establishing a public blockchain as an inclusive cryptofinance platform that, by breaking the bottlenecks of interoperability and scalability, can provide complete financial functions, leading us to an exciting new era of the Internet of Values."
There are currently three bottlenecks in FUSION's vision to help propel the Internet of Values forward.
Interoperability
The schlep, complexity and cost of exchanging one token for another create widening gaps between different tokens. This, in turn, limits a specific token’s value to its specific environment. Fusion is the bridge across these divides.
Scalability
It is now possible to realize to realize cryptofinance across different blockchains and tokens. This opens possibilities that were previously impossible enabling the Internet of Values to be used in different scenarios, including finance, manufacturing and government management.
Usability
The Internet of Information can support just about all the demands of information management regarding computing power, synchronous speed and storage capacity, this is not the case for the Internet of Values.
Standardization, platformization, application ecology, etc are still things to be accomplished by the Internet of Values.
What are some use-cases for FUSION?
These videos on their website are great. Nothing I can say here will be better. Please take a look. The videos are not long.
FUSION Use Case 1: Risk-free Token Loan
FUSION Use Case 2: Risk-free contracts market
FUSION Use Case 3: Mortgage smart contract
How does the ability to map chains and transaction logic improve interoperability?
Currently, tokens on different blockchains cannot trade with each other. There are already thousands of tokens, but each token can only move freely on a single blockchain. Blockchains cannot interoperate with other blockchains.
“FUSION utilizes distributed network nodes to control various types of tokens’ private keys and, in this way, it connects various values by establishing a control and management layer on top of all types of blockchains. At the same time, it becomes feasible to build cross blockchain smart contracts. To further expand interoperability and scalability, FUSION will also provide interfaces for centralized organizations and off-chain data sources.”
What are the benefits of being able to use traditionally bank-operated financial tools in a decentralized manner between cross chain users?
Each blockchain is creating value in its own ecosystem in the form of tokens. Breaking down the barriers between the different tokens creates value that can benefit the user wherever he chooses to apply that value, cheaply and easily. Smart contracts create trust and cooperation. It is great that we are decentralized. It is not so great that we are separated. This technology builds a bridge and makes cooperation cost-effective and trust available.
Thank you @originalworks. This is a great competition and good exposure for your sponsors.
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Submitted.