This is my submission for the contest organized by @originalworks for fusion You can join by clicking this link: https://steemit.com/crypto/@originalworks/370-steem-60-bonuses-sponsored-writing-contest-fusion
The enormous power of centralized financial systems cannot be overemphasized. However, the limitations of having everything in this world centralized - including the money systems - is there for all to see. Cryptocurrency has come to stay and it is a welcome development. Its use continue to expand as various organizations work hard to implement blockchain technology into their organizational structure. How can we transfer the experience of centralized financial systems into a brand new blockchain technology ecosystem to better handle our finances in a decentralized manner? The answer is: FUSION.
WHAT IS IT?
Fusion is a brand new invention in cryptofinance that aims at creating a platform to better handle our finances in a decentralized manner using blokchain technology. Fusion is an attempt to remove the barriers and challenges of exchanging our cryptocurencies from one type to another while conserving the real value of cryptocurrencies in the original form. By ensuring that no values are lost in the process of making exchanges in blockchain technology, Fusion hopes to improve interoperability and create a complete decentralized financial system that opens up unlimited possibilities for all.
The huge benefits of a cross chain financial platform is there for all to see. There are huge setbacks when it comes to transferring the value of a crptocurrency into another. One is the time frame. Because the many blockchain technologies available today are not efficiently integrated, it takes much time to change one cryptocurrency into another. This delay results from trying to harmonize the activities of the different blockchain technologies involved in the transaction. This creates a sort of lockup. Fusion hopes to remove this bottle-neck by creating a platform that brings all the tools needed to exchange cryptocurrencies to one platform. In essence, it becomes a more straight-forward activity to transfer values of one system to another using Fusion.
Another benefit of Fusion as a cross chain financial system is that it saves cost. Considerable cost is paid to exchange one cryptocurrency for another. For every transaction, a transaction charge is charged and taken from the transacting parties. When Fusion is finally realized, these charges are removed since every transaction is done on one platform. This creates a standard and cost effective means of transferring values using the blockchain technology.
How will Fusion help propel forward the "Internet of Values"?
when everyone begins to see that considerable value is lost in the current exchange systems, they will appreciate that conserving values make sense. Fusion hopes to create a standard, decentralized system for the accurate transfer of values across blockchain technologies. With Fusion, we create an efficient means of conducting financial transactions where values are not lost in the process of exchange. In this way, Fusion will help propel forward the internet of values.
What are some use-cases for Fusion?
A practical use case of fusion is in the crptofinance industry. We can think of a big-time manufacturer who imports raw materials through his local bank. With the bank system, the manufacturer pays money into his bank, who will in turn change the money to the local currency of the raw materials dealer on the other side. The actual money paid to the bank by the manufacturer loses some value after the exchange to the local currency of the raw materials dealer. The result is that the raw materials dealer ships less quantity of goods because he was paid less while the manufacturer did not get the complete value in goods for the money paid to the bank for the transaction. But with Fusion replacing the bank, Fusion links the manufacturer directly to the raw materials dealer and allow them to make use of values or token created on Fusion to do the transaction. In this way, the manufacturer receives the exact value in goods paid for and does not lose any money while the raw materials dealer sells more because no money was lost in the transaction.
How does the ability to map chains and transaction logic improve interoperability?
This improves interoperability since it creates a streamlined and standard procedure for exchange of crptocurrencies while enhancing the security of the blockchain technology. Because Fusion creates unique tokens for each transaction, security is ehanced since everything happens inside a single system unlike today's models where the operation could involve two or more blockchain technologies where security couldbe breached in either one of them.
What are the benefits of being able to use traditionally bank-operated financial tools in a decentralized manner between cross chain users?
- It saves cost
- It maintains the already established standards in centralized systems while transforming them to a better model using decentralized technology.
- It reduces ambiguity which happens when separate centralized systems duplicate the same resources and function.
- It enhances the security of the system.
More information is available here:
Fusion Official website
White Paper
fusion2018
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