We’ve undeniably living in the age of cryptofinance. Whether or not you own bitcoin or even know what a bitcoin is, in the near future everyone is going to be affected by the rise of blockchain technology. Blockchain, which is considered the biggest development in technology since the creation of the internet, offers unparalleled opportunities to change the financial world.
So what is cryptofinance? Cryptofinance is basically everything you’ve been reading about in the news lately–Bitcoin, blockchain, Ethereum, ICO–it’s all related. In short, cryptofinance is the term to describe this new digital era that we are entering, an era where people ditch cash and credit cards for tokens and cryptocurrencies. In 2017, we witnessed the historic rise of these cryptocurrencies, thousands upon thousands which exist now. There’s a Tel Aviv token, another to help you stay sober, even Trump has his own namesake coin. But how will all these tokens interact in the future? No one really has been able to answer that question, until now.
The FUSION Foundation addresses the compatibility issues associated with digital currencies, and promises to usher in a true age of cryptofinance with its new public blockchain. The FUSION blockchain can support both tokens that already exist, and those that will be issued in the future. In short, the FUSION blockchain will ensure that any token in any blockchain system, even tokens generalized in centralized organization, can be interoperated with each other. Because of all the different tokens out there, some people have Bitcoin, others have Ethereum, and some even hold the Trump coin in their wallets. Locking these tokens in the FUSION network ensures that they can interact and interoperate with other tokens on FUSION, in essence making smart contracts actually smart.
Besides solving the issues of interoperability among the various tokens, The FUSION public blockchain advances the functionality of traditional finance and offers a suite of features using the FSN token. Unlike other multicoin wallets which are limited to trading between tokens based on the same technology, a crypto wallet based on FUSION will be able to store all different values of tokens. This allows the platform to offer a multi currency risk-free loan system: using smart contracts, by which users can apply for a loan in one form of token, and pay it back with another.
While the promise of change and accessibility that FUSION aims to bring to the crypto world is great, I can’t help but wonder if it will actually be necessary. Yes, Bitcoin is all over the news recently, not only because of its meteoric rise, but also the disastrous crashes that have occurred over the years. Because there is no way to ensure stability when it comes to the price of bitcoin, it’s still a risky game for many mainstream users. So while FUSION could make digital currencies more efficient, will it all be for nothing if crypto disappears. The idea behind FUSION is great, but if bitcoin is deemed illegal tomorrow, it won’t be able to serve the purpose it was created for.
FUSION recently completed a successful ICO, raising over 126,000 ETH (worth $104 million at the time), and hitting the crowdsales cap in the first 24 hours of starting. Proceeds raised will go towards the creation of the system that will connect a variety of tokens, enabling complete financial functionalities that have not yet been explored using blockchain technology.
FUSION hopes to create an inclusive cryptofinance platform to solve the barriers hindering the widespread use of blockchain technology in finance. And while this would be the next step in making a truly connected cryptofinance system a reality, it’ll take some time to see if FUSION can pull it off. The successful ICO and huge support from the community, does highlight the strength and viability of the FUSION blockchain, and I’m hopeful that FUSION will help blockchain technology progress from a great theory to a practical system.