Fusion: Everything you need to know about it
What is Fusion?
Fusion is a financial data capture plugin designed to simplify the integration of on-chain Bitcoin and off-chain Lightning transactions directly from your Bitcoin/Lightning node into your existing ERP/accounting system. It streamlines the process of capturing, reconciling, and managing financial data for Bitcoin companies, eliminating the need for multiple tools and manual processes.
With Fusion, businesses can seamlessly integrate all node transaction data, in the currency of their choice or denominated in SATs, while also gaining the ability to create and pay invoices and track payouts directly from their existing accounting system. This ensures accuracy, security, and efficiency in financial operations.
Additionally, Fusion (FSN) aims to solve the problem of interoperability across blockchains and other networks. The Fusion protocol allows developers to build applications that can freely interact with other protocols and technical systems. By providing finance-focused APIs, Fusion makes blockchain development easier and more accessible.
Fusion’s innovative approach and robust features have the potential to distinguish it from numerous other projects. It also offers a unique solution for seamless financial data management and interoperability in the blockchain space.
History of Fusion
The Fusion Project was founded by Dejun Qian, the CEO of BitSE, an incubator company also responsible for the creation of VeChain and QTUM, two other successful blockchain projects. With offices in Singapore, Shanghai, and New York, Fusion is truly a global operation.
The Fusion team comprises 15 members with expertise in various technological, business, and finance fields. Additionally, the project benefits from the guidance of five influential blockchain pioneers who serve as advisors. Dejun Qian, the CEO and founder of Fusion, was a branch manager at IBM before creating BitSE and holds a Bachelor’s degree in computer science from Fudan University. The Chief Technology Officer and Chief Blockchain Architect, Bret Schlussman, previously served as CTO and co-founder of mibi Inc. and is an advisory board member for the CUNY Institute for Software Design.
Fusion is an open-source blockchain protocol designed to onboard mainstream users and builders into the blockchain sector of modern finance. Developed and deployed by the Fusion Foundation, the protocol saw a successful mainnet launch on June 30, 2019. Fusion’s blockchain is optimised for easy on-chain application development. It offers a variety of finance-oriented tools, such as quantum swap and time lock functions. The Fusion Foundation emphasises that Fusion is “moving ever closer to a globally accessible system for the free exchange of values.”
How does it work?
Fusion simplifies the complex world of Bitcoin and Lightning transactions, bringing precision and efficiency to financial data management. This innovative solution empowers businesses to seamlessly integrate on- and off-chain transaction data without the need for multiple tools or extensive manual processes.
Fusion integrates seamlessly with your Lightning node, giving you full control over your infrastructure and offering recommendations for trusted partners if you seek cost-effective, full-service node solutions. By eliminating the tedious process of capturing and reconciling Bitcoin and Lightning transactions, Fusion saves time and resources. It also ensures data accuracy and eliminates human errors.
Utilising Distributed Control Rights Management (DCRM), Fusion enables complex crypto-financial smart contracts to interact with various digital assets. It also offers multi-token and multi-role capabilities. This allows for defining relationships between assets and supporting multiple account types within a single contract.
Additionally, it separates the ownership and use of digital assets, enabling independent financial transactions, a feature traditional smart contracts lack. Overall, Fusion provides a streamlined, precise, and flexible approach to managing financial data in the evolving blockchain landscape.
Features of Fusion
Fusion integrates several features to create a connected ecosystem for financial transactions. Here are some of them:
Interoperability:
It employs Distributed Control Rights Management (DCRM) technology to connect different blockchain networks. This allows for seamless asset movement and interactions across multiple chains, enhancing flexibility and integration within the blockchain ecosystem.
Cross-Chain Connectivity:
It actively links various blockchain platforms and aims to expand this network further. The technology supports secure communication and composability across thousands of blockchains, broadening its usability and reach.
Temporal Capabilities:
Fusion’s technology enables users to divide assets into time-based fragments. This feature allows for optimised financial strategies and provides security for temporary arrangements, adding a new dimension to asset management.
Identity Technology:
Fusion incorporates advanced digital identity solutions to ensure secure, tamper-proof user verification. This enhances security and protects sensitive information, reducing the risk of identity fraud.
Over-The-Counter (OTC) Technology:
It introduces innovative OTC solutions, such as decentralised escrow and quantum swaps, that facilitate secure and efficient peer-to-peer transactions. This makes direct trade more reliable and streamlined.
Decentralised Finance (DeFi) Ecosystem:
Fusion’s DeFi framework includes Automated Market Makers (AMM), liquidity rewards, and cutting-edge decentralised exchanges (DEXs). These features redefine traditional finance, offering new ways to engage with financial markets and enhance overall financial operations.
Conclusion
Fusion stands out as a significant player in the blockchain space, thanks to its innovative approach to integrating diverse digital assets and enhancing scalability. With a strong foundation built by a team with a successful track record from projects like QTUM and VeChain, Fusion is well-positioned to address key challenges in blockchain interoperability and asset management.
By focusing on seamless asset transfers and improved connectivity across multiple blockchains, Fusion is addressing a growing need in the financial and tech sectors. Although the future remains uncertain, the demand for Fusion’s services and its forward-thinking technology suggest a promising trajectory for the platform. As it continues to evolve, Fusion’s impact is expected to grow, potentially leading to increased value and widespread adoption of its tokens.
