Human cooperation drives development, progress of human has been based on the development of markets and organization.
Renowned world economist Ronald Coase discovered that the market is very costly, in addition to transportation, information and other cost, The lacks of trust in the market seems to be the costliest item on the market.
French economist, Thomas Picketty wrote a book titled capital in the 21st century
Thomas said
Centralized organization have numerous problems, problems ranging from resources as Thomas said, lack of trust and finally a point of failure
Yes, centralized organization was needed in the race for human development and civilization. But the problem of trust as earlier mentioned cannot be discarded, even though centralized market has helped us achieved a lot in the development of mankind, it has become a major obstacle to achieving a higher level of development.
Here we are with the word trust, we need to be solve the problem of trust and invent or design the machine that will align centralized organization with distributed markets.
Here comes the solution, blockchain may play an important role in solving the trust issues we all are having, blockchain AKA machine of trust, the machine of trust has given humans a complete solution to the issue of trust.
Mr. A can finally trade without a relationship of trust, Mr. A can finally make their transactions automatic through smart contracts, depending on the machine of trust has now opened doors to creating a more advanced civilization
Capitalist, William Maugayor calls blockchain the second significant overlay on the internet
The internet of value has with value being exchanged as quickly as how information or data are being exchanged, information moves around the world at an instant rate but value in the other hand is slow, unreliable and expensive and sometimes error occurs in the exchange of value. With the internet of value, a value transaction happens instantaneously, just like you send emails, videos, images, audios etc
Internet of value just does not have to do with money, it includes any assets whatsoever as long as it holds value, before now selling and buying of these assets that holds has required a middle man such as banks etc. blockchain technology allows asset or value to be transferred to one another without an intermediary, and added to that it can be transferred instantly, just like how information is transferred.
The world has transformed from the age of internet of information to internet of value.
Internet of value consist of three characteristics, which are
- Interoperability
- Usability
- Scalability
We discussed earlier of having the internet of information and the internet of value, internet of information enables the transfer of videos, audios, images etc. while the transfer of value in different blockchain is still a major problem for internet of value, since blockchains does not have the ability to operate within one another, therefore tokens cannot trade with each other.
Currently blockchains cannot operate or mingle with external centralized organization and this makes blockchain exist as an island like organization because it cannot coexist with other blockchain.
Limited interoperability as mentioned above affects the internet of value in terms of scalability, i.e. it blocks the movement of off chain value to Internet of value
A lot of hard work is involved in the internet of value, internet of value can barely support very heavy projects. Works involved in this aspect are standardization, anti-quantum attacks etc.
Of the three characteristics, interoperability, scalability and usability. Interoperability seems to be the most important and by slightly enhancing this, we should be able to transfer value between different blockchain and therefore solves our problem
What is fusion ?
fusion is a new era, a new stage of cryptofinance for the internet of values. fusion is a public blockchain that provides the platform and design for a full, adequate and efficient financial function on the blockchain
We have learnt that the rise of blockchain has led to quite a lot of breakthrough in the concept of internet of value, but thee are still problems that’s needed to be solved, such as interoperability, scalability and usability, solving these problems are highly complex which makes it difficult for the internet of value to support between blockchain value transfer, smart contracts etc.
A total Solution to these persistent problems have yet to appear. There seems to exist a cross chain technology known as side chain technology. but I believe this is far from the solution.
I believe a public chain (general chain) has to be built, so numerous tokens can be mapped to the general chain, so multi token smart contracts can be enabled, after achieving this, the problem of interoperability would have been defeated, values will now be communicated easily on different blockchain.
The general goal of fusion is to use the technology behind blockchain to build and design a platform that runs crypto financial applications on this platform. different kind of tokens will be utilized to interact through smart contracts to achieve interoperability in the internet of value.
fusion has come to solve herculean problems and tasks such as
The design of a public/general chain to control the private key of different numerous tokens, by utilizing this method. Cross chain smart contracts will be attained
fusion will improve interoperability and scalability of the internet of value by implementing different interface to communicate with off chain organization
fusion has offices in Tel Aviv in Israel, Singapore, shanghai, New York
In between the fusion team exist a vast number of years of experience and all is dedicated to ensure the project’s goal. Dejun Quan is the head and founder of fusion
The rest of my thought on fusion is shared in the video below also explained some of my thought on some use-cases for fusion
my personal thought on video
dtube
https://steemit.com/dtube/@kay1/bpg7s6cx
fusion2018
This is a contest held by originalworks, here is the link
Thanks for reading