The payment system is now broken. Over the decades, it has been structured and restructured to power the centralized technology and financial oligarchs who handle most of the world’s payments.
Blockchain and cryptocurrency have given us the potential to lay the groundwork for a new financial system, which helps end users. Fuse is a mobile payment platform that leverages these technologies to repair flaws in our payment infrastructure.
Rather than keeping its system siled on a strict “blockchain interface” and providing a single, rigid service to its customers, Fuse promotes the concept of creating micro-economies on an open source platform. Fuse customers can easily create their personalized mobile wallets and also exclusive currencies without delving into the technical details of development or payment regulations.
But why do we need Fuse when there are already enough payment providers?
The problem Fuse aims to solve
As the internet reached the most remote areas of every country, digital payments became the norm. But even on the Internet, the egocentric fundamentals of payment providers have remained intact.
Today, companies like PayPal and Stripe charge anywhere from 3% to 6% for every payment businesses receive using their platforms. And even with such high fees, there is little room for personalization on these traditional payment platforms.
The only option businesses have to use a more efficient payment system is to create one for themselves. But as it is, in most cases, it’s not a lucrative option; or, at least, it was only with the advent of Fuse.
Fuse, which uses blockchain as the core technology and cryptocurrencies as a means of payment, can be much cheaper and more flexible for businesses and communities of all sizes. Let’s dive deeper.
How does the fuse work?
Blockchain and cryptocurrencies are often seen as complex technologies that are out of the league for ordinary people. They have the potential to solve the main problems of our current financial system and our payment applications. But the current solutions remain complex for the majority population.
The real value of new technologies, however, lies in the problems they can solve for people without requiring users to understand the technical aspects. Fuse aims to do just that with blockchain and cryptocurrency – letting people get the most out of it, whether or not they understand how it works underneath. The Fuse team calls it the “Veiled Crypto” design philosophy.
Fuse is a payment app built on top of the Fuse chain, which is an Ethereum side chain developed to specifically meet the payment needs of businesses and local communities. The fuse chain uses the distributed proof-of-stake consensus algorithm – a variation of the proof-of-stake consensus – which currently has 70 validators. Each member must wager a certain number of Fuse tokens to become a validator on the network.
The Fuse app is tailor-made to bring the benefits of blockchain and cryptocurrency to businesses of all sizes as well as local and large-scale communities, even if they are unfamiliar with these technologies. It is indeed one of Fuse’s main value propositions to bring the benefits of these technologies without compromising the user experience of the application.
There are two main services within the Fuse app – Fuse Wallet and Fuse Studio – through which Fuse aims to reduce barriers for entrepreneurs looking for better digital payment solutions.
The Fuse Wallet is a decentralized and user-friendly Ethereum-based mobile wallet for iOS and Android. While it is running on the Fuse chain, it can be connected to all blockchains that are compatible with Ethereum virtual machines.
Neither the owners of the company nor the validators of the Fuse Network have any control over these portfolios. They are designed so that individual wallet users have full control over funds and data. It is stored in the user’s personal storage and he must sign the transactions with his private keys stored on his local device. This adds additional security to user funds and data
The Fuse chain is also anchored to the Ethereum network, which makes it possible to use and transfer the standard ERC token between Ethereum and Fuse wallets.
The Fuse Studio is a self-service smart contract platform from Fuse that enables businesses and communities of all sizes to create personalized micro-savings without retention. This means that anyone can create custom payment wallets on Fuse and add a custom token of their choice to them. Members of the micro-economy can then use the token as a means of transaction within the ecosystem.
Companies or communities wishing to develop their own portfolios do not need technical expertise to do so. Fuse Studio provides a user-friendly interface where one can create a wallet and a token without having to write a single line of code. Tokens are automatically issued on the Ethereum network and transferred to the Fuse chain by a bridge between the two networks.
The creators of micro-economies have the freedom to define exclusive characteristics of tokens and to add rules to manage and use them. In addition, wallets and tokens comply with regulatory requirements, removing another major hurdle. Here are some of the benefits of the micro-savings built through Fuse Studio’s offerings:
– Specify roles and add users, administrators and companies as needed.
– Minimize transaction costs for users
– Build custom transfer and bonus rules
– Integrate Fuse’s white label portfolio
– Build personalized bonus programs and customer loyalty programs
– Add plugins and fiat payment options such as credit / debit cards and direct bank transfers
– Integration with web3.0 services of the DeFi ecosystem
– Log in to the local dApp store
Fuse Studio reduces the time and costs of deploying a personalized wallet and payment ecosystem while dramatically increasing the benefits for creators and users of micro-savings.
Other Benefits of using Fuse as a mobile payment solution
Traditionally, companies would pay between 3% and 6% to payment providers. This is because they act as intermediaries and charge for their services. On the contrary, Fuse is a decentralized platform with no central authority or intermediary involved. It charges the higher of $ 0.01 per transaction.
Custom wallet, currency and community
Companies can create their own portfolio that resonates with their brand and community image. They can also deploy their own crypto tokens with a unique business model, creating a business-specific micro-economy. Fuse provides a wide range of plugins to ensure maximum use of the wallet. It is also possible to integrate credit card payments with Fuse’s personalized wallets.
Once a company creates its own wallet and chooses or deploys a token, it can create a community of users on the platform by sending a special invite link.
Support for crypto and Fiat currency
Fuse Wallet and the micro-economies created using Fuse Studio support crypto and fiat currencies to bring the best of both worlds on one platform. This allows maximum flexibility to its customers both to make a payment and to receive it.
Control of funds and data
Unlike banks, Fuse operates on decentralized infrastructure. It has no control over users’ funds or their data. When users have more control over their funds and data, confidence in the business process increases.
Is the fuse worth it?
Fuse certainly solves a huge challenge by providing a much simpler, cheaper, and customer-centric payment solution. The fact that it allows customers to store both crypto and fiat currencies will be a major factor that all organizations can comfortably choose Fuse over other payment providers and mobile payment apps. It also goes without saying that Fuse can offer the highest level of security to its customers because its core technological blockchain is itself a security system.
The content presented may include the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication assumes no responsibility for your personal financial loss.