**Aaron starts beatboxing**
Mike *stands up from couch holding whiskey bottle*
“Been a while since we had a freestyle,
One major issue is interoperability,
Yes, that is our main responsibility,
If only there was a way we can be one,
Some sort of new way of FUSION”
Yes, folks, another cringy intro to the review of the day: Fusion. Chosen by popular demand via Twitter, Telegram, and email.
Let’s dig in…
Fusion (ticker: FSN)
Wtf is this shit?
Fusion is aiming to solve the interoperability problem (the fact that blockchains and crypto assets are not easily cross-compatible). They are focused on financial applications but are still thinking big. While there are ERC-20 tokens and native cryptocurrencies, there are other token standards such as ERC-721 (Cryptokitties) or perhaps soon to be STO's (security tokens).
Wouldn’t it be great if all of these tokens (which have a market value) can be directly traded for one another and sent across various blockchains and systems?
The answer is “yes, do I own a shitcoin guys, it would!”
Great, glad we’re on the same page.
The Fusion team uses the phrase "Internet of Value" in their whitepaper but it is nothing remarkable, it is simply their expression of basic cryptocurrency related matters and how all data which has value (tokens, money, etc) should be transferable and tradeable, openly and easily. They plan to bring the Internet of Value to the standard they feel it should have - an open and fungible space.
The Fusion team plans to solve interoperability by deploying a public-chain (their own mainnet...although they started as an ERC-20 token, meh and had mainnet delays, meh). The public chain will connect and communicate with various blockchains, map various tokens to it, allow for multi-token smart contracts, and provide user-interfaces that centralized businesses and individuals (with off-chain data) can use to communicate with the decentralized world.
Fusion has pretty extensive explanations of the tech, but in our eyes, the main feature that breaks down the interoperability wall is their LILO (lock-in and lock-out) mechanism, which incorporates most of their technology and broader vision. LILO is one of the main features of the Fusion mainnet.
Basically, users can lock-in assets into Fusion, which enables new capabilities for those assets. They will focus on mapping (enabling compatability) with the major coins first, such as Bitcoin, Ehtereum, all ERC-20 tokens, USDT, etc.
The Lock-in process kicks in their DCRM (distributed control rights management) system and all mappings for “key-managed tokens.” Basically, DCRM is the system which allows individuals or businesses to hand over control of their assets to the Fusion node network, which generates and distributes keys, locking in your assets - and this is recorded on the blockchain so nothing can be tampered with. The private keys are sharded across different nodes for optimal security.
At any time, users can choose to lock-out their assets, returning the assets to the original address and all keys/management rights to the owner.
So..in essence, the method of locking-in value, in turn, gives users full access to what can be done on the Fusion blockchain, swapping between assets or directly swapping assets with another user - as one example.
We can keep going deeper into the tech, but per usual, we like to give you the gist, but enough so you can visualize wtf the vision is. The vision for Fusion is to offer a completely open ecosystem where crypto assets can be freely swapped and traded between all blockchains - breaking down the interoperability barrier.
OH! Consensus: PoW and PoS - dual baby, take that as you will.
Who tf is behind this shit?
Dejun Qian - the CEO of BitSE is behind this, and frankly, he knows his shit. This means he is also behind the efforts of QTUM and VeChain.
All in all, mid-tier shitcoin, while we think the idea great and ambitious, with a solid team, we think it may be quite a few years ahead of its time unless we start seeing more practical DEMAND for interoperability. While we know this is an issue, it has yet to be a practical pain point, in our opinion.
Hope you learned some shit, and go follow us on Twitter!
- Mike and Aaron