Full description of Fusion
Fusion is a public
Blockchain (?) devised to create an inclusive crypto-financial platform with a protocol providing API to include tokens of different blockchains and delivering interblock smart contracts. Fusion
Coin (?) was established in 2017 with a concept to create a forward-thinking cooperative device. The company standing behind the project is the Fusion Foundation Ltd., a non-profit organization based in Singapore.
Fusion is trying to solve the problem of blockchains’ isolation as the team aims to create a platform where digital assets are interlinked and can be easily exchanged between each other. The capability of their free interaction enables effortless integration with other technical systems and businesses.
The financial ecosystem was initially established on the Ethereum platform but has migrated to its own blockchain once the mainnet was launched on June 30, 2019. It provides a cross-chain
Exchange (or Cryptocurrency exchange) (?) of tokens and allows users to control their private keys during the execution of smart contracts.
The goals of the project
There are numerous blockchains with their own ecosystems, but they are not connected. It’s a bit strange and even ironic that their digital assets are decentralized, but are at the same time isolated from each other.
All benefits of the Internet of Values are suppressed due to these barriers and complex interactions. The scalability and usability of different blockchain ecosystems also suffer and thus interfere with technological progress. There is no way to convert one type of asset or
Cryptocurrency (?) to another without the need for a centralized exchange. The mission of the Fusion network is to remove these obstacles.
The Fusion blockchain solves the interaction problem by providing API for any type of cryptocurrency that allows you to instantly exchange tokens. Thus, you can distribute and store any cryptocurrencies on the Fusion blockchain, as well as create smart contracts that will facilitate the conversion, exchanging and interaction processes.
The Fusion platform
There is incredible potential in such a system connecting different tokens. It helps to grow a powerful, fully-featured financial ecosystem. Fusion allows developers to create financial
dApps (Decentralized Application) (?) and deliver financial services.
Also, the platform provides a multi-currency loan system. Users can apply for loans and get funds in one type of tokens available on the platform. It’s possible to repay the loan with different cryptocurrencies on a due date.
Other benefits of Fusion include faster payments in BTC in case both parties have Fusion accounts. Also, cross-chain atomic payments make transactions much easier when customers have cryptocurrencies different from those required by merchants. For that, it’s enough to initiate a smart contract for a cross
Token (?) payment.
The Fusion technology
Fusion uses the following technologies to achieve its goals.
Atomic transactions. It is an analog of the Lightning network where instant transactions are conducted off-chain and are attached tot he main chain all together once the channel is closed;
Hierarchical Hybrid
Consensus (?) Mechanism (HHCM). It enables a combination of Proof of Work and Proof of Stake algorithms. This method also employs parallel computing via the mechanism of nodes grouping;
Off-chain data storage. It’s expensive to store data within the main blockchain. Fusion offers an API tool for storing data reducing the cost of storage;
Crypto Financial Smart Contract (CSC). The Fusion smart contracts are used for transactions between different cryptocurrencies.
Distributed Control Rights Management (DCRM). It’s a security layer protecting assets, which have been locked in smart contracts. It employs sharding and distribution of private keys storage;
The Multiple Triggering Mechanism (MTM). The smart contracts can be more sophisticated with MTM. Time-based and event-based triggers were added to traditional ones.
The list of tools also includes Fusion
Wallet (?) for managing digital assets, Quantum Swap Sandbox for swapping of digital assets and many more.
The Fusion ICO
The company raised the amount of 110 million dollars (126.000 ETH) within 24 hours during the
ICO (Initial Coin Offering) (?) that took place from January 31st to February 9th, 2018. The demand exceeded supply as there were 2.5 times more investors than the project initially required. The community partner program included over 13,000 people from more than 130 countries before the crowd sale.
With the total supply of 57,344,000 FSN, the tokens were distributed in the following way:
10% - for the development team;
10% - to the angel investors;
10% - saved for the future funding of cross-blockchain cooperation;
10% - given away to selected ICO participants;
25% - for funding of the project’s development;
5% - held in case of specific need;
30% - went to a POW/POS reward fund
FSN is a utility token used as gas on the native platform as it fuels smart contracts. It’s possible to buy FSN on Bitfinex, Bibibox, IDEX, and Coinall exchanges. The best wallets for FSN are Ledger Nano S, Trezor, and Exodus.
Fusion Team
The head of the project is Dejun Qian who is simultaneously the CEO of BitSE, a start-up incubator, which helped such projects as VeChain and QTUM.
The other key figure of the project is Bret Schlussman, CTO and Chief Blockchain Architect, with the prior experience in the Mibi Inc.
The company headquartered in Singapore with additional offices in Shanghai, New York, and Zurich. The employees have extensive experience in the areas of technology, business, and finances. Besides, the significant figures who were pioneers of blockchain technology are mentioned as advisors. The esteemed panel of advisors includes, for instance, Dr. Najam Kidwai and Daniel Petrozzo, former CIO of Fidelity Investments.
In 2019, the company announced a partnership with Morpheus Labs to grow an open-source community. It also partners with Realio, Yad Capital, Bankex, Zeux, TokenPlace, and many other companies.
Fusion Foundation was recognized as the “Best Real-World Application of Blockchain” among 200 applicants at the prestigious FAT Awards Ceremony in China on January 9, 2020 (FAT stands for Finance and Technology).
In September 2019, one of the wallets containing 10 million FSN tokens was drained. The criminal case was opened by Chinese authorities. The stolen assets were detected after suspicious activity on the cryptocurrency platforms. The remaining part of stolen assets was frozen and destroyed on the wallet of the thief.
- Exchange symbol (?): FSN
- Cryptocurrency type (?): Token (?)
Fusion for developers
Fusion social sites
Source: NOMICS
