Introduction
Technological innovations have been the order of the world since time immemorial, and these technologies were discovered and created in a bid to make life easy and also enhance productivity. The internet is one technology that has broken a lot of limitations and thus created several opportunities for the creation of more technological innovations, including the blockchain technology which has proven to be an insightful and revolutionary technology. Blockchain which is a secured distributed ledger technology was created to bring some disruptions to the financial market which was operated in a centralized way, and it sort to do this with the introduction of cryptocurrencies.
Bitcoin was the first cryptocurrency, and with it came some unique features like security, decentralization and transparency among other features, and thus with constant development of the technology, more innovative business solutions have been created, especially with the introduction of smart contracts, and platforms like the Ethereum networks that pioneered the creation of decentralized applications suitable for use in our everyday lives. Despite the advantages the blockchain technology and cryptocurrencies bring to finances, there still lies a problem of the inability of cryptocurrency owners to seamlessly enjoy the wealth earned from the ownership of cryptocurrencies. At the moment the processes that involve the purchase, transfer and exchange of cryptocurrencies to fiat currency is unstable, slow and has various complications.
In light of the various problems aforementioned, some companies have sort out ways to solve the problems, and one way they are going about it is via the creation of cryptocurrency cards that look and function like credit/debit cards. However, these cryptocurrency cards come with limitations like either being able to function with a particular cryptocurrency or a select few cryptocurrencies, and also subject to acceptance by very few merchants, and this has done nothing but prevent further adoption of the technology.
FuzeX was created to deal with the problems by going well beyond the tactics employed by the cards, and they also intend to ensure that the problems associated with the real-world usability of the cryptocurrencies by the implementation of a different system that will improve user experience with its innovative approach. FuzeX was created with a vision to eliminate the problems of not being easy to spend cryptocurrencies, and thus also solve the issue of the global adoption of cryptocurrency as an alternate form of money, and they hope to achieve this by combining the use of the blockchain technology with the vast knowledge and experience in the development of software and hardware, all as a function of their expertise in payment solutions.
Fuzex Business Model
The Fuzex Card
The FuzeX card is an innovative solution from FuzeX that will enable the seamless use of cryptocurrencies for real-world purchases and payments. Over 30,000 Fuze cards have already been created, sold and shipped. Basically, the card will allow users have reward, debit, and credit card facilities in one card. Another major attraction the card has is the fact that it has the ability for being used with a wide range of cryptocurrencies. The credit card-sized card is made up of a charging terminal, a rechargeable battery, an EMV chip, three input buttons, an E-Paper display, and a magnetic strip.
FuzeX Card Features
- EMV chip to facilitate payments in multicurrency
- Near Field Communication for debit and credit card payments
- 3 buttons for entering pin codes, power on/off, authorizing payments, and making selections
- Storage of up to 30 accounts (cryptocurrency, debit, credit, and reward)
- E-Paper Display (EPD) for visual display of account balances, blockchain address QR codes, and barcodes
- Bluetooth connectivity between the card and the FuzeX wallet
- 45-60 days battery life
- Clear data with a remote wipe technology, etc.
The FuzeX Wallet
In addition to the FuzeX card, another important part of the FuzeX ecosystem is the FuzeX wallet, which grants users the ability to receive, transfer, spend, and store tokens.
FuzeX Wallet Features
- Facilitates registration as a part of the FuzeX ecosystem
- Registration and management of different cryptocurrencies
- Available as an iOS and Android application
- For transaction history, account balances, and exchange rates
- Two factor authentication security feature
- A map to indicate the last location where the FuzeX card was used, etc.
The FuzeX Exchange
The FuzeX exchange is at the center of the FuzeX ecosystem, and functions as a backend structure that will facilitate the global adoption of cryptocurrency. The aim is to create a platform where users will be able to spend the cryptocurrencies on their FuzeX cards the same they would with a regular credit card, and also make it possible for merchants to get paid in and receive fiat currencies. The implementation of the FuzeX exchange involves the partnership of the company with an existing exchange (Q2), before having its own exchange in the near future.
Setup
Setting up an account to facilitate the use of the FuzeX services is intuitive an straightforward, all that is required is downloading the mobile app wallet (FuzeX wallet), and creating an account that will grant the user access to the FuzeX Exchange, where the FuzeX card can be ordered. After going through the processes of joining and setting up the wallet, the next step is the transfer of cryptocurrencies to the FuzeX wallet from an external wallet. After receiving the FuzeX card, the user can then activate it with the FuzeX wallet mobile app.
FXT
FuzeX card and the ecosystem will be functional while employing the FXT token utility, however, its use cases will be limited. Holders of the token will have the ability to do the following for short term utility:
- Purchase of the FuzeX card
- Increase of transaction limits
- Annual fees as members.
Conclusion
There are endless possibilities with using the FuzeX card, wallet, and exchange. It is hoped that this will further hasten the global adoption of the use of cryptocurrencies for real-world payments and purchases. The platform is backed by a team of brilliant and visionary members.
Useful Links:
- Website: https://fuzex.co/
- Whitepaper
- Facebook: https://facebook.com/fuzex.co
- Telegram: https://t.me/FuzeX
- Twitter: http://www.twitter.com/fuzex_co