Fusion is literally combinations of atoms leading to formation of heavier atoms which of course lead to the release of energy.
The blockchain growth
The blockchain is the second internet revolution after the web that the world has witnessed. It is the fastest growing technology of decentralized longest series of blocks which are linked and secured using cryptography capable of recording transactions across computers so that record cannot be altered just by a component.
Since it is a platform (building block) that serves as foundation to many technologies, many fields are building on the blockchain technology already. Since it gives flexible freedom to whosoever would build on it, many building on the technology have invented various tokens with different values which is determined by the different market forces.
The Blockchain Anomaly
Sequel to the development discussed earlier, we have different cryptocurrencies like Bitcoin, Ethereum, Litecoin, Ripple, Zash, IOTA, Dogecoin, Cardano just to mention a few. Going by this, if these currencies are not integrated or harmonize, the problem with the conventional money and value systems with gaps existing between conventional currencies is definitely inevitable and so already happening on blockchain technology.
Looking at the disparity between US Dollars, British Pounds and other developed nations of the world in comparison with the developing countries, there is a great lacuna especially when it comes to trading between the developed and the developing countries. There is usually a loss of value on the side of the developing nations whose currencies are of lower values.
Another illustration I can give is to consider Mr. Jones who receives one thousand naira as wages in Nigeria. At the end of a working week, he has one thousand Naira (Nigerian currency), travelling to USA. On getting to USA, he needs to change his naira notes to US Dollars so as to be able to perform transactions. In an attempt to make transaction with the one thousand naira, Mr. Jones will lose value for his one thousand naira since the worth for which he has been paid is in naira and not in dollars.
Essentially, just as stated above, similar experiences comes into being when one on blockchain technology receives a token from a particular establishment which he/she intends to spend or make purchase with from a different platform. Take for instance, I have 100 Steem earned from Steemit and trying to use the same for transaction by transferring or exchanging it with other tokens on the blockchain technology.
Because of the occurrences, there is need for interplay to exist so as to breach the lacuna that exists between these tokens on blockchain technology. In lieu this problem, I introduce you to Fusion a non-government organization based in Singapore that will integrates the cryptocurrencies existing today and those to be introduced in the future.
The challenge with the traditional system of transferring values
My neighbour has a son in the United States who has been carrying the burden of the family for long as the family has invested greatly on him. Therefore, to whom much is given, much is expected. One day, the mother of the boy fell ill and needed a huge amount of money for surgery. It was an emergency, so they contacted the son in America.
The boy was discomforted by the news of the mothers illness and had to gather the sum of eighty hundred and seventy five thousand naira (#875,000) which is about $2,937. The money was sent home, the bank said they have to wait for about three working days (72hours) before the fund can be accessed. Time was not on their side, money was needed urgently to make quick move. Unfortunately, before they could cash the money sent from US on the expiration of 72 hours, the woman died in pain.
Thats how bad the traditional system of sending valuables across border and how the delay it brings can be very injurious or grievous. What if there was internet of value then?
The internet of Values
Internet of values has to do with the exchange of values on the blockchain via the internet. Just like information is shared on the internet within an unimaginable speed. Internet of values enables one to share not just money but also valuables like securities, votes, flyers, scientific discoveries, intellectual properties, etc.
Looking at the traditional method of transferring money and other valuable across the globe, there are usually a trans-border charges usually expensive, procedures that are time taking and that are unreliable at times but with the introduction of blockchain technology, there is therefore a platform on which internet can be used to share valuables just like it is used to share pictures, music, videos among others.
Buying and selling of assets involves intermediaries (the middleman) which are usually banks, market place, credit card etc. but the blockchain, the middleman is now removed thereby making it possible for an instant, faster, reliable, cheaper, validated means of transferring money and other valuables on the internet. Now we have a frictionless means of transferring money globally using the power of the blockchain technology.
What is Fusion and Why is Fusion Important
Fusion is platform-level application for this cryptofinancial era that will help connects values by fusing the fragmented pieces of crytocurrencies and endow them with complete financial functions.
With the help of fusion, values can now be converted across time and space thus, helping to fulfil the functions of the traditional finance in a distributed way that is cost effective and efficient.
The promising aspect of the internet of values is the aspect of enabling individuals to manage values as if they are information. This can only achieved if the values of the internet make progress in 3 distinctive ways which are:
1. Interoperability:
Internet of Values need public chains or something that can communicate with different blockchains, centralized organizations, different data sources that can transfer values and as well perform smart contracts. Internet of values must progress in such a way that will enable it to communicate values on different blockchains and even on off-chain to share values and data.
2. Scalability:
This involve the application or use of the internet of values in an imagined sequence of possible events or set of circumstances by different organizations like finance, manufacturing and government management. The progress in interoperability will make it less difficult to map the actual application scenarios involving multiple organizations and multiple data sources making it scalable.
3. Usability:
This deals with the ability of variety of applications to run smoothly within the ecosystem in order for developers to be able to develop applications on the system which users can easily access and use. Development in this aspect will enable it to support heavier projects.
The place of Fusion
Fusion is aimed at bringing all kinds of contracts together in a powerful way that will lead to a release of energy. As there are in existence fragmented pieces of cryptocurrencies on the blockchain, fusion will create a complete ecosystem in which a public chain can be used to distribute nodes to control the private keys of various tokens. By so doing, blockchain tokens can be easily mapped and paving way to smart contracts. Fusion will also provide an interface where off-chain organizations and datasources can communicate so as to improve the interoperability and scalability of the current internet of values.
In this pursuance, there will be multi-token interaction as well as stronger relationship between tokens, financial functions and triggering conditions.
Conclusion
Bringing people closer around the world for business transaction with open doors to new businesses and industries, small banks can now have access to fund transfer globally; individuals are now empowered to make validated transaction. With the power of Fusion, smart contracts can be easily executed on blockchain in a cheaper, faster, reliable, effective and efficient way when compared with the traditional fibance. What a lovely experience.
All diagrams in this submission were sourced from Fusion White paper
This is my submission for @Originalworks Weekly contest
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