September 09, 2019
On Tuesday, July 30th, we had an AMA session with Fusion Foundation, the technology environment that offers a new forward-thinking application or cost-saving solution for business, in our Telegram Chat. Our guests were Dejun (DJ) Qian, Fusion Founder, John Liu, Product Officer, and Yona Takac, Community Manager. Here are the essential points of the session:
Please, welcome Dejun (DJ), John (J), Yona (Y) and the questions from our Telegram chat members (Q).
Q: What Fusion does in crypto world?
DJ: Fusion is providing a protocol and infrastructure of future finance. Finance institutions could use fusion to connect value and create financial instruments easily, even some self-created financial instruments.
Q: How your platform works? Please explain your economic model?
Y: Fusion is a non-profit foundation. The Fusion network is powered by our native token ‘FSN’, which is used as the gas for transactions. The FSN token is also used to secure a DCRM license for projects that want to use DCRM technology off the Fusion Blockchain.
Q: What separates Fusion from other projects?
Perhaps we can start from the beginning, how did you guys come to be and what core problems are you seeking to solve?
DJ: Good question! From the very beginning, we asked ourselves, what is the biggest problem in the financial industry? Any transaction in today’s financial world needs centralized custody. The stock exchange needs custody, selling house needs custody, bond trading needs custody as well. Even our today’s crypto exchange, we also need to deposit our crypto to those exchanges. What if we could build a decentralized custody service? No one or no institution could hack it. Any two parties, they want to exchange two types of assets, they don’t need intermediary anymore. Then we build DCRM, and that’s the base of fusion.
Q: How can we earn rewards by setting up a Fusion node? What is the average rate of return that we can expect with our staked assets? Will we be able to stake by using wallets, such as Atomic Wallet ($AWC)?
DJ: setting up a node is not that difficult, the return rate is really impressive. currently around 44% annually.
Q: Does fusion personally plan on expanding on use cases such as the OTC derivatives market, or do you hope someone creates a DApp on the fusion protocol?
Y: We are actively looking for partners to extend out both the OTC and OTC derivatives market. It is one of our strategic product goals in Q4 as the quantum swap + time lock market is already a full-fledged, decentralized OTC market.
Q: Your focus is on integrators, who help you increase adoption and bring new users and clients to the blockchain. How do you ensure anyone can use your blockchain? Any new approach you are taking here? There is a lot of startups, investment and innovation in various cryptocurrency and blockchain technologies. What is the low hanging fruit and who’s playing the long game against regulatory institutions?
DJ: This is a very good question! Adoption is very important for blockchain industry. However, it is the biggest challenge to blockchain industry as well. In house engagement adoption team might also be useful. Fusion does have our own engagement team. Meanwhile, I believe blockchain requires a totally new way for adoption. I am not sure if you are aware of our new innovative licensing model. Actually, we are not using licensing model to charge adoptors fee but offer partners a way to own fusion’s technology and grow together with fusion. In this way, they don’t need to spend money on research and development but immediately they could own technology of interoperability. I believe it will be very interesting and attractive. You could check our website for more information.
Q: What is your advantage from the other projects? XLM, NEO, etc, have already the Lightning fast blockchain solution – what is it that makes your solution better?
Y: Fusion has custom-built an innovative blockchain for decentralized finance. Fusion’s network employs a unique Proof of Stake consensus algorithm that is currently used to support consensus on Fusion’s MainNet that is running smoothly with more than 300 nodes participating in consensus. We can look more precisely at some of our main features:
- Interoperability protocol is known as DCRM: Fusion’s cutting-edge DCRM (Distributed Control Rights Management System) technology achieves unprecedented interconnectivity between blockchains and traditional systems. Any digital asset can be integrated with Fusion’s ecosystem and achieve unrestricted compatibility.
- Time-lock: Fusion makes it simple to recreate time-based financial transactions on the blockchain with its revolutionary Time-Lock feature. Time-lock enables users to extract the time-value out of digital assets and can also be used to easily represent financial instruments and time-based contracts on the blockchain.
- Quantum Swap: Seamlessly swap any digital asset with any exchange pair and maintain complete control over all of the swap parameters. The swap is efficiently executed within a single transaction with zero additional fees, the only associated cost is the gas price for sending the transaction.
Other exciting functions include a simple ‘create asset’ feature that removes the role of smart contract writing from digital asset creation. Asset enhancement feature to create non-fungible assets and enhance assets with data and changeable supplies. Multi-swap to facilitate the peer-to-peer exchange of many-to-many assets. Short account number, 3-6 digit number to replace long and cumbersome public addresses. And many more exciting innovations!
Q: How will Fusion help the Automotive eXchange Platform?
Y: Fusion will be the blockchain protocol for everything that AXP is building, from digitizing vehicles and personal identities through to insurance, loans, and purchases. We are starting with digitizing loans and packaging those into asset-backed digital securities. they have real customers, an existing network of dealers, and partnership with Signal Auto Lenders.
Q: Do you have any future plans to expand your project globally or launch it in the international market?
DJ: We are already executing a plan for expansion globally. Currently, our team are distributed in America, Asia, Europe and Africa. And India is full of talents. We are looking into it.
Q: What is your outlook on the future of cryptocurrencies? What can we do to keep increasing adoption? How can FUSION help to achieve it?
J: Clearly, we have believed that digital assets (aka cryptocurrencies) are the next era of evolution. It’s why we started Fusion. The hurdles of “legitimizing” digital currencies or mainstream adoption are already being crossed by the many public (European governments – Liechtenstein, Malta) and private entities (JPM, Facebook) and the various payment (Credit/debit) solutions springing up.
The biggest problem we see and have seen since beginning, is the interoperable aspect. A blockchain is only as powerful as the reach of its network. If these assets become wildly successful in their network, but can’t interact with other networks–then we haven’t unlocked the potential of digital assets.
Q: How Fusion is going to change crypto world?
DJ: I want to mention one keyword: connection! Actually, the value in today’s financial world is very siloed. That’s why we see so many OTC market for different financial instruments. Fusion is building protocol to connect them together.
The team is working very hard on DCRM. We will announce when it is ready.We were glad to host Fusion Foundation (Twitter – https://twitter.com/FUSIONProtocol) on our Telegram. Thanks to the team and all members of the session!Be always aware of our next AMAs and other project with Atomic Wallet Twitter, Telegram, Facebook and Reddit, and see you soon!