Fusion: Making Interoperability and Scaling problems a distant memory in cryptofinance/Internet of values.
With the future comes advancement and better ways of tackling issues.
The world is a very different place from ten years ago, and it’s mind boggling to imagine what the crypto space will look like, even five short years from now.
Fusion dreams of a world where cryptofinance is made available to everyone, thereby, making issues such as scalability and interoperability a distant memory.
Simply put, Fusion is building a financial framework for next generation financial markets. It hopes to build this around the Internet of Values concept, which is still pretty new, and many are unfamiliar with.
The idea of deploying smart contracts to transfer value from one blockchain to another seems impossible, but this is what Fusion makes possible.
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We can look at cryptocurrencies as smaller parts of a unit, functioning in their own little circle. But being part of the Fusion framework, these cryptocurrencies across different blockchains come under one umbrella, and are able to function as a unit.
Fusion makes use of a technology known as Distributed Control Rights Management (DCRM) to manage private keys. This innovative solution ensures that no one node has private keys in its entirety, rather, they are distributed across multiple nodes.
It creates the reality where different tokens can be mapped to a public chain; (Fusion) this enabling multi-token smart contracts functionality. As a result, it creates interfaces with off-chain organizations to improve scalability of the Internet of Values.
A process of distributed nodes will also be used to control private keys of multiple tokens on Fusion. This would ensure that a single node does not have every single detail of private keys, in it’s entirety.
SOME FEATURES/TOOLS OF FUSION
Time-Lock: This enables a token to be split into two parts; the first part can be set from the present to a set time in the future, and the second part is set from that time till forever.
Short Address Notation: This is simply a digital address or acts like one. Bitcoin and Ethereum have pretty long addresses, which are difficult to memorize. However, these are short, and users can easily memorize the addresses. The longer addresses will still be in use, and they will be linked to this, to function as one.
Fusion Token (FSN): Theses are the tokens that power the platform, and will be used to transfer value. They will support financial contracts that run on the platform.
EasySwap:This is the process of swapping Ethereum based tokens (mapped onto Ethereum by tokenization mostly) for Fusion tokens (FSN).
**BENEFITS OF HAVING A CROSS-CHAIN FINANCIAL PLATFORM** Organizations that make use of the Fusion platform will be able to leverage financial applications created within. Different cryptocurrencies will be able to transfer value from one blockchain to the other. This will lead to less transactional times and costs.
The future contract is now a possibility.
**USE CASE SCENARIO’S OF FUSION** **Use case One:** Risk-free Token Loan Smart contracts add a layer of trust, and as a result of this risks attached to loans are eliminated.
Use Case Two: Risk free contracts market
Fusion infrastructure/platform creates an enabling environment for peer-to-peer traded financial contracts.
Use case Three: Mortgage smart contract.
House owners can leverage on this to exchange houses on the market for a fixed value. Third party mortgage institutions can take on these risks, in exchange for Residual Revenue. The system also allows for investors to get a return on their investments (risk free, while the buyer is provided a mortgage plan for the house, which becomes his/hers, on successfully completing payments. In the event that he/she defaults, the mortgage institution will have some terms in place to possess the property.
Traditional financial institutions could leverage what Fusion has created to develop financial applications that are more efficient and involve less costs. Leveraging on traditionally bank operated tools in a decentralized manner will also ensure that they get off-chain solutions that are however smarter, and can execute transactions between multiple parties as well as commands being executed exactly as they were programmed.
Solutions such as effecting payments without middle men and low transaction costs are other benefits users stand to gain.
Having the lock-in and lock-out features ensures that Fusion is a sidechain for other blockchains. They can all map their tokens to Fusion. Creating a number of financial applications on the platform that organizations will find useful and more efficient than traditional solutions will ensure that more organizations and development partners will be eager to get locked-in, ensuring the growth and development of the platform. Thus, being a successful ambassador of cryptofinance and propelling the gospel of “Internet of Values”, this new way of handling financial issues will replace the old.
As time goes on and Fusion learns from experience, we hope to see a more robust platform and also the implementation of more functionalities.
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