Fusion AMA Recap

FUSION AMA Recap!

CryptoDiffer team

Can you introduce yourself to the community? What is your background and how did you come to the idea to create your project?

DJ Qian
Founder/CEO

Ha, well. My name is DJ. Not a real music DJ, but a crypto DJ

I have been in this industry since 2013 after I made my decision to leave traditional IT company to start business. To be honest, this industry is really exciting.

My company BitSE started 2 project , QTUM and Vechain before I personlly kicked off project Fusion

It is interesting that since I started project fusion, I could see world “fusion everywhere”. But the reason we named our project “fusion” is because we target to build a platform to fuse/connect all blockchains together to serve the finance world.

To some extent, finance has not changed a lot in the past 100 years. But blockchain is born to solve finance problem.

 

John Liu
CPO

Hello, i am the CPO of Fusion, having spent about 19 years in insitituational finance.  Joined Fusion to help realize DJ’s vision of building the financial fabric of teh digital economy.

 

Yona Takac Community Manager

Here is a little bio of DJs – I’m Dejun Qian, you can call me DJ though. I graduated from Fudan University, Shanghai with a Bachelor Degree in Computer Science. I worked at IBM for over 12 years, serving as Regional Branch General Manager and Client Unit Executive before founding BitSE. In 2017, Fusion was born.

I first heard about blockchain from a work colleague. I was curious, and read the bitcoin whitepaper. I found the use of technology, especially game theory, highly creative, and became a little obsessed with the possibilities this could bring.

After leaving IBM, I founded BitSE in late 2013, originally to design ASIC chips to mine Bitcoin – it went on to incubate various blockchain related projects, including the earliest and largest mining center in China, and both QTUM and Vechain’s origins were within the BitSE portfolio too.

 

CryptoDiffer team

Can you briefly describe what is Fusion in 3-5 sentences?

 

Yona Takac Community Manager

I would like to focus on the following 3 points.

1. Fusion has developed a complete blockchain interoperability solution known as Distributed Control Rights Management (DCRM). DCRM enables tokens from otherwise disconnected blockchains to seamlessly interact.

2. Fusion developed a suite of easy-to-use features that enable financial transaction on the Blockchain. Time-lock allows the ownership of a digital asset to be expressed over time, serving as the foundation for asset rentals, licensing agreements, financial instruments and more. Quantum Swap facilitates any two digital assets to be exchanged with control in the hands of the user and no additional fees. With the Create Asset feature, user’s can create assets and extend assets with attributes (to create non-fungible tokens) without needing to program any smart contracts. This is just a few examples of what Fusion is already available on Fusion.

3. By combining the technologies mentioned in point 1 (interoperability) and point 2 (rich set of financial features), many interesting and cost-saving business solutions can be developed on top of Fusion. entertainment licenses, asset-backed bonds, house rentals, value extraction from future revenues, foreign exchange trading are just a few examples of use-cases already being explored on our platform.

 

DJ Qian
Founder/CEO

Thanks Yona. However, in short, fusion is building the fabric of future finance. Our technology could support 1. blockchian connection with blockchain and centralized database 2. financial instruments self-creation 3. decentralized custody and decentralized financial assets exchange.

 

CryptoDiffer team

What are the major milestones you achieved since ICO?

DJ Qian
Founder/CEO

The most exciting moment was June 30th. Our main net goes live. I have to emphasize that our main net is not a simple main net which only have token transfer function. We achieved most of the functions in our white paper. Please feel free to access our github, website and myfusionwallet.com to experience it.

Of course, before main net, I would also like to mention another exciting moment.

Dec 2018, we launched DCRM technology which did the first cross chain token transfer in the world in Julyl 2018 and currently, our dcrm.network is the only product in the world which ppl could experience interoperability.

Till today, we have more than 40 parnerships in the world in real business world. Even before our main net, there are already 12.28 billion USD value of assets are pledged to lock into fusion network. Today, it might be also another exciting moment. We get listed on huobi today (2 August). First hour, only in huobi, traiding volume is more than 3 million USD

 

John Liu
CPO

To supplement, i was blown away by our quick ramp to 300+ nodes since launch, 400k+ transactions with no issues to mainnet.  Speaks to how well we tested in stage and the help of our community.

 

CryptoDiffer team

Can you name your competitors? What are the main competitive advantages of Fusion?

 

DJ Qian
Founder/CEO

To be honest, we don’t see any existing blockchain projects or companies to be fusion’s competitor. Fusion’s mission is connection. So we have to be inclusive. And any projects we could collaborate with them and help them connect with each other. But in terms of interoperability, a lot of ppl might have heard project cosmos or polkadot. They are also claiming to be focusing on solving interoperbility problem. However, the technology method we are using is totally different from polkadot or cosmos.

 

John Liu
CPO

I answer this question a lot, and really, given the breadth of market and how early we are, we don’t have competitors, just collaborators, each with their own nice approach at solving problems.  

Having said that, certianly wtih interoperability, people think of Cosmos.  A big difference is that Cosmos offers a compatibiliyt standard, versus Fusion is true interoperability–being able to control assets directly in their external chain.  More importantly, DCRM offers decentraized custody–that is a product we are eager to test with the industry in Q4 of this year.

 

CryptoDiffer team

What are your plans for the nearest year in terms of marketing and business development? How do you plan to expand the network, community, partnerships, etc? What’s your vector?

John Liu
CPO

Marketng front, think of us from moving awareness into adoption stage.  Peoplle now know of Fusion, and know of time lock.  But how can it be used?  I have been in deep talks with wallet, custodians, exchanges on way time lock can practicaly be exchanged and unlock value even in tokens today–expect some thought piees from us in coming weeks as we help the industry understand the value that is currenlty not fully extracted from their token.

On OTC front–our quantum swap alrady represents a fully functioning p2p exchange with advanced features such as public/pvt orders, time lock(!), and also fok/partial fills. So we have been talking to OTC providers on how to integrate with them.  Especially the OTC trades that still take place on bulletin boards/chats.

Looking ahead, we are already looking for forward instituations (banks, custodians, exchanges, wallets, OTC) to join our DCRM beta as we show off not just the interopearbility side, but the decentralized custody + efficient (cheap) dark pools that can be created.

Partnerships , we are talking to various governemnts (which always take a long time), but very exciting for me, our presence in the UN has resulted in many interesting engagemetns with companies looking to enable blockchain solutions for Latam and Sub Saharan Africa.

CryptoDiffer team

Cool! Let the community ask questions now!🔥

Cryptodiffer Community

As far as I can see, one year has passed, and you still haven’t Launched Mainnet yet to help maximize the use of the FSN in Fusion’s ecosystem. So the question here is when will it be officially completed?

Fusion’s roadmap for development in 2019 is not mentioned. It is really worrying when the project does not develop in any way. And the question is, why hasn’t there been any announcement yet? If you want more investors to pay attention to fusion, then that’s your weakness

 

Yona Takac Community Manager

1. MainNet went live on June 30 and today has more than 300 active nodes participating in concesnsus, more than 400K transactions executed and PoS rewards are approx 39% per annum.

2. High level technical roadmap

2019 Q3

Wallet Improvements

Swap Features

Gateways

DCRM Optimization

Commercial Adoption

 

2019 Q4

Wallet Improvements

DCRM RELEASE 

Integration

Supreme Nodes

Loan Module

Productizing Time-Lock, Asset Generation, Swapping Platform Agnostic

2020

Multi-trigger Smart Contract

Decentralized Oracles

Cryptodiffer Community

“License your song” is an interesting use case of Fusion that i just know. But, do you think it can compete with other famous paid-services music listening like Apple Store or Spotify while blockchain technology is still in early stage?

John Liu
CPO

This is the biggest challenge that royalty platforms are experiencing.  That is why they are approaching from independent artists first.  Some of the royaltly platforms have existing relationships with DSPs (like spotify), and in these cases, the most important step is just to seamlessly replace technoloyg with blockchain without disrupting current business model. Offer benefits to the content producers by solving their pain points (such as unclear contracts/profit sharing).

Cryptodiffer Community

How is Time-Lock function is a revolutionary innovation to the FUSION blockchain and how it will serve as a foundational component of cryptofinance?

John Liu
CPO

We will be sharing more in the coming weeks on the practical aspect here. But using Fusion token asna example, today I can take the front-end time of FSN token to stake, leaving me with back-end to trade as a future.  Imagine that with any other token.

Cryptodiffer Community

1.What would success look like in 3 years for Fusion Network project?

2.How are you going to incentivize users required to share computing power and how are you planning to onboard these users?

3.How did you choose/end up with a name “Fusion”? What was your thoughts back then, so you decided with “Fusion”?

DJ Qian
Founder/CEO

1. Along with all functions well developed in fusion protocol, our focus is mainly in real business adoption. I believe in three years. Fusion would get her deserved place in finance and blockchain world. I personlly would use how much value (like GDP) is running on fusion to be our KPI. We are looking forward to get a portion from current financial world.

2. Actually, fusion network relies on nodes (using POS consensus) to keep the ledger for the entire network. They will get FSN rewards. It is quite attractive right now: around 45% yield. And we are about to kick off developer program soon with huge incentive as well to encourage individual or companies to develop financial products using fusion network.

3. I answered that question. We want to fuse all blockchain and value together.

Cryptodiffer Community

What´s your outlook on the future of cryptocurrencies? What can we do to keep increasing adoption? How can  FUSION help to achieve it ?

DJ Qian
Founder/CEO

I foresee there will be many many chains and many many digital assets co-exist in the world. That’s why we need a protocol to connect them all. Fusion’s DCRM is not only able to connect blockchains but also connect blockchains with banks’ core banking systems

Cryptodiffer Community

What is Fusion’s advantage comparing with other cross chain projects such as Cosmos and Polkadot?

Yona Takac Community Manager

The short answer is that Cosmos and Polkadot who also have interesting  tech to achieve interoperability use a model that we like to call ‘compatability’. They require tokens to be issued in a certain standard so they can enter their interoperable ecosystem. Fusion approaches interoperability differently, DCRM works at the protocol level to enable assets from different blockchains to interact without needing to confirm to a particular standard. Any digital asset controlled by a private and public key pair (99% of digital assets today) will automatically be compatible with Fusion without any changes to their underlying standard. DCRM uses a very complex balance of maths and cryptography to achieve decentralized custodianship that gives way to interoperability.

Cryptodiffer Community

Your focus is on integrators, who help you increase adoption and bring new users and clients to the blockchain. How do you ensure anyone can use your blockchain? Any new approach you are taking here?

Native integration should be compared with much cheaper mid-term alternatives. For example, you could build a two-way?

Would you like or would like to introduce the threshold number scheme (TSS) in general in order to increase the security of a single signature and multiple signature?

John Liu
CPO

now that our mainnet is launched, we approach problems in standard two ways (no secret here): 

1) educate people to build against our library and provide tools (which our dev is working on) for people to more easily connect such as different SDK + documentation and 

2) build our solution onto other platforms or using other protocols.  

It’s both a push and pull effort.

Also, we continue to refine our POC with AXP and others, so that those modules can become out of book tools for integrators to use.

 

Yona Takac Community Manager

On top of working with integrators, I would also like to add that we are super focused on increasing the size of our developer community. This is a difficult challenge, the first step is to provide easy-to-use documentation to build with our APIs. A lot of what Fusion has built has been specifically designed with devs in mind, we have reduced the need to rely heavily on smart contract development with our rich suite of API functions, create and enhance asset, time-lock, swap etc. We will also run competition to incentivize participation and app development.

Cryptodiffer Community

What do you think  FUSION can bring the most change in real world scenario?

DJ Qian
Founder/CEO

1. fusion could provide “decenrtralized assets custody” which is essential to the entire financial world

2. user on fusion could use single short account number to receive, transact, store any type of assets, including BTC, ETH, Stable Coin, or a token representing a house

3. users could swap any type of assets with others without any intermediaries.

4. fusion’s could enable any individual to create your own financial instruments to extract time value upon underlying assets

5. fusion could be used by financial institutions to get today’s bank to be connected with each other.

Cryptodiffer Community

How do you maintain a large digital asset ecosystem, and maintain any connections between entire digital asset protocols without competition?

DJ Qian
Founder/CEO

This is great question. we have an innovative licensing program. we offer any players in this industry to use our technology, own our technology and grow together with fusion. If anyone wants to acqurie interoperability features, they don’t need to spend money but be a subscriber of fusion innovative license. for details, please check fusion.org

Cryptodiffer Community

What separates Fusion from other projects? Perhaps we can start from the beginning, how did you guys come to be and what core problems are you seeking to solve?

How will you encourage developers to create applications in your blockchain?

What future developments would you expect would be most appealing to larger institutions?

DJ Qian
Founder/CEO

1. in today’s financial world, any trade/exchange need to rely on centralized custody. eg: stock exchange, house exchange, bond exchange. this causes inefficiency and high cost…..Originally, we are looking for a technology to realize decentralized custody to minimize the cost and maximize the efficiency.

2. Yes, big reward is being arranged.

3. DCRM integrate with banks’ HSM

Cryptodiffer Community

What is the consensus algorithm used by the project and how was it picked ?

What future developments would you expect would be most appealing to larger institutions ?

As you are operating in a highly competitive sector of the market how do you plan to get ahead of your competitors ?

If people would like to verify your testnet is there a way for them to do so ?

Yona Takac Community Manager

1. Fusion uses a PoS consensus algo that has been powering MainNet for the last month and is supported by over 300 active nodes from the community.

2. DCRM interoperability solution, time-lock to support creation of financial instruments, quantum swap, HSM module for banks. 

3. Build awesome tech, by being the most connected ecosystem in the crypto landscape and work with out partners to build real business solutions.

4. You can test all our functionality on our MainNet or testnet!

Cryptodiffer Community

1✓ Can you explain how value of the token is tied to the value of the Fusion Network. Basically what is the incentive for a tokenholder to hold the tokens (except run a node)?

2✓ What are Fusion Network top 3 priorities until the end of 2019?

3✓ What is you biggest challenge did FSN facets right now?

DJ Qian
Founder/CEO

1. price of token is tied to how much value is running on fusion. How many business is using fusion, and how many ppl is using fusion

2. Adoption, Adoption and Adoption

3. Biggest challenge is TIME

Cryptodiffer Community

How did the community bring you new opportunities as a business and how did you utilize these opportunities to build the Fusion?

John Liu
CPO

Our community constantly shows us interesting projects, alliances to review.  Some have contacted us direclty with projects in industries they care about (such as sports), and all have been helpful for us to prioritize and contact.  Most importantly, community has invaluable in testing and giving us feedback on our features.

Cryptodiffer Community

Q1: Do you think that the mentioned scalability of the network is also the main problem for corporate solutions – not necessarily financial?

Q2: In addition to partnerships with stock exchanges, do you talk with some large companies to implement your technology in everyday use? I think that the project will win the market, implementing the “blockchain with a human face” solution ? 

Q3: Most people learned of the name “Fusion Network” relatively recently. What are the biggest obstacles to the mass adaptation of this solution?

DJ Qian
Founder/CEO

1. Yes, totally agree. But my view is in the future, centralized database will not disappear. Any high thruput could remain in centralized databse, however, when it needs to be connected to the world, they could use fusion.

2. Of course! I agree with you

3. Mass adoption might just come overnight. But before that, it might stay silence for a very very long time. One thing is for sure, fusion is ready in tech, we are engaging many parties for adoption, real business adoption!

Cryptodiffer Community

Everyone has a wild, What is your wild dream about your project and how you make your dream come true?

DJ Qian
Founder/CEO

I am dreaming of 30% of world finance is running on fusion.

Cryptodiffer Community

Can you please explain the Interoperability Function of Fusion? How $Fusion solve Liquidity and Security, and scalability problems?

Yona Takac Community Manager

Here is some DCRM relevant content, the first link is to the video explainer that DJ is referring to:

• https://www.youtube.com/watch?v=g8oj-2JLiX8&t=3s 

• DCRM explained Part 1: https://medium.com/fusionfoundation/blockchain-technology-breakthrough-pushes-the-global-financial-revolution-forward-3ec1c6630c52 

• DCRM explaind Part 2: https://medium.com/fusionfoundation/realizing-the-internet-of-value-now-closer-thanks-to-new-blockchain-technology-breakthrough-7246c80167e6 

• Highly esteemed cryptographers join Fusion to enhance DCRM technology: https://cryptobriefing.com/fusion-foundation-enlists-cryptographers/ 

Cryptodiffer Community

Q: Fusion is already in mainnet stage. So, how is its mainnet token role in the whole Fusion ecosystem compared to the old ERC-20 FSN?

Q: How did FUSION platform performance in the last year? Did it get positive comment from users/ community/financial partners?

DJ Qian
Founder/CEO

1. FSN is starting to act as a gas for functions on fusion network. eg, if you want to get a Universal Short Account Number, it costs you 0.1 FSN. and it goes to miners.

Cryptodiffer TEAM

John Liu (@johnl1), Dejun Qian (@djqian) and Yona Takac (@YonaTak) thanks a lot!

It was a pleasure to conduct an AMA with such a cool project like Fusion. Thank you for your time!

If you want to ask more deep questions and receive detailed answers, you are welcome to do it in Helis Chat – @HelisNetworkIf you have unanswered questions jump here👉  https://t.me/FUSIONFoundation

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