In the year 2009 Bitcoin came to reality to present a new possibility for the future of finance. Many thought it would soon become the definitive successor of common currencies, creating financial independence against traditional banking systems and financial institutions.
Ten years later, it is not what we see. The biggest rivals of cash still are credit cards and payment apps. Cryptocurrencies have still not yet reached their ideal level of use (obviously) and are far from being an obvious option for everyday payments.
Fuse Network aims to bring a payment solution to introduce blockchain in everyday people’s lives.
How Does It Work?
Fuse Network is a permissionless public ledger designed for easy integration of everyday payments.
It works by building a bridge between Ethereum and the native Fuse-chain, allowing any token to move freely among the two.
It uses the non-barriers blockchain ecosystem to empower mobile payments, lowering friction and costs to ensure companies have the best crypto-based payment solution.
Fuse allows its’ users to mint their own branded token for their company or community. They start by defining a community using a smart contract. These smart contracts give users the ability to set the rules and add plug-ins as they wish.
After this, users can pick a currency. Any ERC20 token (Ethereum-based) is supported by the platform, thus users can whether choose a stablecoin such as DAI or even mint their own.
Then, it is time to finally reach customers, by using a special link to share access to the community with them, so more and more people come in and start to transact with each other.
Dig into It:
Users’ data is stored by users themselves on their devices, so only they can decide who to share it with by using standard web3 interfaces.
Each community has smart contracts that define their data, as well as governance policies. Both individuals or organizations can run communities, as the platform is fully open-source, public, and transparent for everyone.
At the core of the network, Fuse has the open-source stack suited for individuals/organizations that want to integrate the blockchain-based payment solution. The software stack is divided into three main components: Fuse Chain, Fuse Studio, and Fuse Wallet.
Fuse Chain fits the more technical side of the idea, as it serves as a bridge to Ethereum mainnet.
Fuse Studio is the feature responsible for the transaction community’s creation.
Last, there is Fuse Wallet. It works as an open-source wallet that supports any ERC20 token and gives users the ability to store their data on their devices. It was launched on Google play, also being the first Flutter Ethereum wallet launched to Github.
This native wallet has several benefits, such as fast verification times and abstraction of fees. It is highly customizable, and also frictionless (which makes onboarding easier).
The Fuse Token:
The platform has its native tokens, called FUSE. As the network is connected directly to the Ethereum chain via a bridge, users can transfer FUSE tokens between the two ecosystems whenever they want.
The FUSE tokens are ERC20 tokens.
After each Cycle (set of blocks of transactions in the ecosystem) is completed, these tokens are automatically minted and locked in the bridge contract, specifically on the Ethereum end.
What Is the Impact of the Project in the DeFi world?
Seems that Blockchain has somehow strayed further from its’ initial purpose. In the beginning, the main plain was that cryptocurrencies would gradually substitute cash, but over time it became more a type of investment niche in itself than a main competitor to the traditional banking system.
The integration of digital payments is essential for the DeFi future if we want it to become universal.
Fuse Network has a remarkable role in that transition to the mainstream, as it gives users the ability to create an app that has digital payments integrated, which empowers entrepreneurs and service providers with the endless possibilities brought by the blockchain.
Fuse Network is one of the main projects that are paving the way for DeFi to reach the mainstream public.
The network is a permissionless public ledger that allows people to easily integrate everyday payments.
It dramatically reduces costs for operating and launching payment means using devices, having the blockchain as the core background.
Through this network, anybody can create a transaction community using smart contracts, where every participant can make payments based on ERC20 tokens.