Fuse Network is a protocol aimed to effectively merge everyday finance with the blockchain industry. This system is designed in such no cost effect on users while maintaining its decentralization, accessibility, and user-friendliness.
With the advent of blockchain technology, many DApps have risen to prominence with their easy-to-use, customer-specific designs that make transactions easier for users. One of such apps is Fuse Network Network.
Fuse Network was developed in 2019 to allow entrepreneurs to turn their communities into valuable economies. Here, users would easily be able to build their own DApps to digitize their financial transaction processes.
Fuse Network is led by Mark Smargon, who was the VP and co-founder of Colu. Smargon has a long history in the crypto and blockchain space.
His team members are professionals who have made their names on the field with years of Sterling result and output to attest for their expertise, knowledge and experience.
What is Fuse Network?
Fuse Network is a project that aims to connect day-to-day payments to blockchain while leveraging the processes provided by DeFi. It is a boon for businesses and entrepreneurs willing to transform their local digital community into a thriving one through efficient payment methods.
Fuse Network’s seamless framework allows businesses to focus more on reaching and expanding their clients and customers while they spend less time and efforts on IT. The network is an adapted design for local communities that allows for easy and low-cost transactions. It is a more efficient alternative method for traditional cash or cashless payments.
Fuse Network’s aim is to democratize finance and increase the volume of open-source transactions.
Fuse Studio is a dApp that is being used for the interface that users of the token operate with. The studio runs on both Ethereum and Fuse Network. The studio allows a user to access a plethora of activities like setting up a community with the underlying conditions by using a smart contract.
Users can mint their own tokens for their communities share them to their networks. The studio also allows for the launch of new features and services that may not hitherto be present on the network.
It is linked with Fuse Wallet which is non-custodial. The wallet allows for real-time transfer of transactions into the blockchain. Furthermore, it supports Ethereum-based tokens and can be used for a variety of functions like verification and onboarding.
Traditional means of payments are not easily accessible to the masses since they require middleman to mediate transactions. The Fuse Network chain is an Ethereum sidechain that replaces long traditional processes and boosts transaction security.
Validators on Fuse operate the network and are paid in the Fuse Network token. These validators are organizations that run the nodes that execute smart contracts and validate transactions. The integration of smart contracts makes it impossible for validators or anyone to interfere with payments.
The organization acting as a validator must take part in building the Fuse software. However, before these companies can become validators, they have to wager a certain amount of Fuse token. To complete the qualification process as a validator, they also have to become a long term stake-holder in the network.
And to participate in managing the Fuse Network network, anyone holding a Fuse Network token can delegate the token to a validator. Basically, what keeps the system growing is the DPoS (Delegate Proof of Stake) mechanism — which also reduces risk for fraud by allowing validators to be invariably changed via elections.
The Fuse Network has enjoyed tremendous growth, as other entrepreneurs can easily build on the platform to make great products. As a result, entrepreneurs can launch wallets, customized payment services, loyalty programs, etc. to overcome the barriers to entry when launching these services. Furthermore, integrating Fuse Network into businesses has helped entrepreneurs launch effective and sustainable products that utilize mobile payments.
Since the network is based on blockchain technology, it means transactions will be transparent, easy, inexpensive, automated, and secure.
Costs and Other Features
Unlike other existing networks that use dynamic costs, Fuse Network charges a fixed amount of $0.01 for each money-transfer. It is designed to be a convenient and low-cost approach for mobile transactions. The decentralized micro-economic service leverage blockchain processes to provide quick services for almost everyone, including technical and non-technical persons: such services could include:
- launching a community on Fuse Network,
- understanding the technical know-how of the network,
- learning about the Wallet and its benefits,
- integrating Fuse Network as a developer, and many more.
Fuse Network lowers the costs of launching and maintaining local communities by providing seamless microeconomic transactions that leverage smart contracts. It is a cheap alternative to cloud computing and provides open-source tools for better, faster and frictionless transactions.
Entrepreneurs can build and customize their wallets, and mint custom branded currency for their company. With the help of Fuse Network studio, entrepreneurs and businesses can choose their favorite stable coin. The Fuse Network wallet supports any ERC-20 token on Ethereum and can help community members store various currencies and tokens including fiat and cryptocurrencies.
What Makes Fuse a Better Payment Alternative?
- You can connect it to a decentralized system with many available options for spending
- Moving money requires a fixed low cost of about 1 cent ($0.01) without any hidden charges
- It lowers the barrier of entry for technology entrepreneurs to provide far-reaching services to their clients.
Fuse Token (FUSE)
Fuse network has a utility token that plays a pivotal role in how the platform operates. The fuse token can be used to carry out all forms of transactions on the network and for staking activities.
Holders of FUSE would have to stake a minimum of 100,000 tokens to become a validator. Validators help in the governance of the protocol as they are able to vote on important issues that concern the network, which has a plan of integrating a delegation function that would allow token holders to delegate their tokens to Validators with the hope of earning a reward.
Use Cases of Fuse Network
Thanks to the flexibility of Fuse Network, a lot of reliable products can be built on the platform. Several parties can benefit from launching their economy on Fuse Network. For instance, a community leader can provide secure mobile payment options to their community members. Also, business owners can customize their tokens to provide discounts to clients. Other products and services that can be built from Fuse Network include:
- Stablecoin based economies
- DeFi integration
- Payment services
- shared community ownership
- Credits, points, loyalty systems
Since Fuse Network is convenient and can literally be used by anyone who can operate a mobile phone, many businesses have built upon this platform to develop powerful products that attend to the needs of smaller communities. Many of such great products are:
Seedbed is a platform that allows users to explore various tools and infrastructure to create their community currency. This in turn will give users the autonomy to transform their community into a self-sufficient and far-reaching economy and perform various processes like launching community pools, minting new tokens, and managing monetary policies.
Rendering humanitarian services online has become better with Wikinbank — an organization based in Spain. This amazing service has transformed how people make donations online through its extreme transparency. Wikibank has taken online donation services a step further by easing the lives of those in need. This model allows for donations that can easily be traced by the donor to the recipient eliminating potential frauds. These funds are sent directly to the Fuse Network wallets of those who need the money.
The Digital Rand Stablecoin is a South African product that helps to reduce the volatility commonly faced by digital assets. It provides South Africans with secure and quicker ways to store, transfer, and exchange digital assets. To achieve this, the crypto asset’s value is backed in an equivalent 1:1 ratio by the value of the fiat South African Rand.
PayWise is a digital wallet based on the Fuse Network and is operated by a local payment provider in Trinidad. The PayWise platform works based on a reward program system that allows users to pay for purchases at local shops using the PPP (PayWise Points Programme).
The Fuse Network network has redefined payments and exchanges, making them easier and more accessible for anyone in the world. This makes it possible for more businesses to build reliable and scalable products that are serving local communities worldwide.
Leveraging the features of Fuse Network enables business owners to invariably grow their businesses and improve their products’ reachability and visibility. The network has many accessible tools that make it possible for anyone to launch and manage new networks.
The future of transactions is noncustodial, transparent, and borderless. Hence, leveraging platforms like Fuse Network can increase transaction flow captured by peer-to-peer networks.