Introduction
Since the creation of the internet, it has been a goldmine for information making people call it in its early days , the Internet Of Information (IoI) but in these times with its growing application in many areas of life especially in the financial aspect, the Internet is slowly acquiring the status of Internet of Values (IoV) because it has found to be aiding and abetting transfer of values in the form of cryptocurrencies and digital assets whose values are determined by the economic market through the use of the blockchain technology which offers decentralized value structures..The value or cryptofinance system sounds very intriguing and innovative but has been shortcircuited by issues like interoperability between these blockchain platforms and also an effective trust mechanism that will ensure secure and unhitched financial transactions giving upcoming “newbies” the equal chance to prove themselves and compete with “bigger” parties before they are unjustly neglected.
Now, to erase the issues of interoperability, security and trust issues comes
Fusion
Fusion is actually a decentralized platform (a blockchain) that aims to revolutionize the cryptoEconomy by allowing developers to create DApps that allow tokens of different cryptocurrencies to be used to implement a smart contract which means people can perform c value exchange with any token or cryptocurrency on the Fusion blockchain.
Source
Hence , Fusion comes from the fact that it is providing a “cocktail” of DApps that are multi-token based allowin crosschain(across blockchain) transactions. Building a cryptofinance architecture with a backdrop of a distributed service (DSrv) layer
Fusion Changing the world of cryptofinance
Source: FUSION Whitepaper
This image shows the shortcomings of the cryptofinance
Since the introduction of cryptoFinancial, the world’s economic structure has been to a progressive tilt to the internet of values structure because what every wants in the end is for all wants and needs to be satistified in the fastest, easiest and most secure way possible. Blockchain platforms like bitcoin and ethereum have been able to service the world of cryptofinance with their decentralized and smart contracts based structure which completes transfer of digital assets. But they are working together apart meaning they are collectively growing the cryptofinancial sector but their differences does not make for an efficient and speedy growth of the sector. Fusion as the name rightly suggests
aims to fuse all these blockchain platforms allowing digital assets to be transferred
amongst users regardless of their tokens.
To achieve said goals, the fusion platform uses the following tools:
Hierarchical Hybrid Consensus Mechanism ( HHCM) which is a process that ensures that all computations performed on the FUSION are done in an orderly manner. It uses the PoW and PoS mechanisms to decide nodes that carry out the application execution and generation of blocks to avoid dependence on a central computing power.
Distributed control rights management ( DCRM) which is a method of improving security and decentralization by collating all control of digital assets and storing in a decentralized node management system and assigned a private key meaning the key to controlling these assets does not exist or rely on one machine. It is spread across different nodes so that no one node can claim control over an asset. The DCRM uses two method to accomplish this: Key Sharding and Distributed storage.
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Source Key Sharding involves breaking the public key into different parts (like breaking glass into different pieces) and using the process of distributed storage to store these pieces on different nodes so in the event of malicious node attack, control of an asset will not possible.
CryptoFinancial Smart Contract (CSC)
Smart contracts as we know are the entities that used to govern transactions of digital assets between multiple users on the blockchain. Also called CryptoFinancial Smart Contract (CSC), has limitations that affect the effectiveness of crypto-economy. On Fusion, the digital assets are mapped by their Lock-in which allows Fusion’s smart contracts to define transactions involving multiple digital assets.mOn Fusion, accounts are either user accounts or contract accounts; in CSC, contract participants are allowed to use multiple user and contract accounts. On Fusion, CSC will have 3 key attributes ; Multi-role, multi-token and separation of Usufruct. These smart contracts also multi-triggering mechanisms and contract nested calls embedded in them.
Fusion Propelling the world of Internet Of Values
Now the internet of value is named so because of its ability to allow transmission of value from point to another as easily as information is. This is been carried out with the traditional financial structure with trading of various assets like land, phones, cars and so on but the blockchain has made it more secure and flexible. Every digital asset, cryptocurrency, token has a value and now that more of the world is partaking in this internet of values , a more scalable platform for the growing population is going to be needed which is where FUSION helps.
By implementing HHCM, the FUSION achieves parallel processing which allowing for expanding number of node competing for bookkeeping rights, all it does is to keep regrouping nodes as they come and keep up paralleling processes. The randomness of
these grouping ensures that there is no concentration of computing power make the
transmission of values more cost effective and encouraging more participation.
Some Use-Cases
For example, consider two companies UNOtech and Samba Industries . UNOtech uses Ethereum and Samba Stores uses Bitcoin tokens; now UNOtech wants to supply a new fingerprint technology to Samba industries which manufactures phones .
Ordinarily payment to UNOtech has to be done via Ethereum blockchain but for that to be possible some third party conversions have to be done and some extra cost incurred. To avoid all these costs and peform this transactions with ease and security, all the two companies have to do is join FUSION and make use of its multi-token smart contracts convenience and perform a direct transaction of their values.
FUSION can also be used in an organizations where its multiple triggering mechanism can be used to pay workers using a time triggered smart contract or even to pay light or phone bills in the event that they have been used to a certain amount, an event triggered smart contracts will be used to clear all bills.
FUSION on the InterOP
Source
Interoperability means the ability of a blockchain to transfer of values from one node to another regardless of blockchain, organization or data source.
First, there will be an interface to allow communication between these blockchain or
organisations to allow interoperability. To further this cause, FUSION will be using a mapping mechanism to align various tokens to the public chain of distribute nodes. Every token or digital asset has a private key generated by the blockchain on request of a transaction which is an encrypted random number that gives control of that asset to whoever holds that key. Now, FUSION shard these key among the distributed nodes on the chain using the consensus mechanism which have the multi-token smarts contracts so that any transaction to be made with the asset will be using all these nodes thereby promoting interoperability
Benefits of bank related tools on the cross chain platform
Loans and credits system in the bank is very hostile to consumers as banks are reluctant to give out money to random individuals but with this blockchain especially with cross blockchain platform that FUSION is providing , anyone can raise money from anyone at anytime without the need of all the excessive paperwork common to traditonal banks
Trading Stocks requires a lot of research, storage and in-depth knowledge of who owns what. This could be very complex as time progresses especially with e-banking. So most of the bookkeeping and management of assets is given to an external party. Blockchain has records of all transactions and so bookeeping is less of a problem but its limited when it comes to cross chain transactions. FUSION's multi token smart contracts makes stocks seem almost like a piece of cake.. little or no paperwork, efficient accounting and even speedy transactions
Conclusion
If FUSION is used as a cryptofinancial solution, the idea of “islandic” blockchains or organizations will be eliminated and there will be inclusiveness and orderliness on the Internet of Values (IoV).
The Fusion Team is headed by Dejun Quan
Dejun Quan is the CEO and founder of FUSION and he also founded a cryptocurrency called Vechain which has a marketcap of over 2 billion US dollars.
The other members of the management team
Source
For more information on the FUSION, check:
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