Welcome to The Cryptographer’s lair once again. Join me as we dig deep to decipher another brand new blockchain project!
Under the spotlight today is Fuzex, who offer an intelligent approach to storing and sending cryptocurrency. These guys have already completed their token sale, with their token FXT currently available and trading on the market.
In Brief (the section for those too lazy, or busy, to read on)
Cryptocurrency is now one of the most rapidly growing accepted forms of value exchange. Bitcoin, Ethereum and other types of cryptocurrencies are utilized for transactions all over the world, but Fuzex wants to bring true real-world utility to the use of cryptocurrency.
This is made possible through the creation of their Fuzex ecosystem centred around their smart e-card- this sleek card is used to transfer, update, purchase as well as exchange cryptocurrencies. Users can buy things online and offline with their Fuzex e-card. Transfer and exchange of tokens will be carried out as part of the Fuzex mechanism and the card can be used on any usual ATM. FuzeX makes use of its token, FXT token, as an integral part of user interaction with the solution.
What are the specific problems Fuzex is looking to tackle?
Cryptocurrency may be becoming increasingly accepted as a medium of exchange, but the truth is- it still doesn't have the privilege money has. It is still not very easy to spend, compared to physical currency. This limited utility makes cryptocurrency much less usable and accessible to many, and many people still do not even understand what cryptocurrency is. Not everybody has access to cryptocurrency- the fact that it currently can't be spent like fiat money makes its functions limited and partly prevents adoption.
Security is another serious problem facing wallet owners everywhere. The rate at which wallets of all kinds are being hacked and funds stolen is an alarming part of the blockchain space, and taking precautions to keep your funds safe is more important than ever.
How does Fuzex intend to tackle these issues?
(From the Fuzex white paper: https://fuzex.co/wp-content/uploads/2018/01/FuzeX_whitepaper.pdf)
Fuzex firstly promises to make cryptocurrency properly spendable. This is to be achieved with the creation of a specifically designed e-card, the Fuzex smart e-card. Transactions are made with this card easily and efficiently, and when making payments from crypto to fiat the exchange is carried out automatically within the Fuzex ecosystem. In my view this alone will represent a huge step forward in presenting the real-life utilities of cryptocurrency to the public, helping to spread awareness and adoption.
Fuzex also allows users to link other accounts to their Fuzex wallet- credit, cryptocurrency, reward and debit accounts. Users can make payments, check balances, change PINs and much more using the Fuzex card. The card has a built-in rechargeable battery and physical buttons to press to directly interact with the device. It also has a display which shows the balance on your accounts- a truly next generation currency storage and spending solution.
Moreover, in order to protect users’ funds, three security keys are generated for all users whenever they create a wallet on the Fuzex platform. Transactions can only be made when all of the security keys are entered, making it much harder for a potential hacker to be successful, and providing a very secure way to protect wallet owners from fraud and theft.
Meet the Team
The Fuzex team consists of many experienced individuals; Andrew Bae is the Chief Executive Officer of Fuzex, Michael Park is acting as CTO and Steven Oh is the Chief Operational Officer, while Song Jeon is Fuzex's Strategic Planner, and Minho Cho is in charge of making sure the Card OS is fit for purpose. This is just a snapshot of the team, who are experienced and varied in their fields. You can find more about the team on the Fuzex website.
(From the Fuzex website: https://fuzex.co)
The Cryptographer's verdict
Fuzex's vision is an incredible one for the cryptocurrency space overall, which promises to hugely improve the way cryptocurrencies are being stored and handled today. Credit and debit cards have made a huge difference to the way money is handled since their exception, and similar e-cards such as that from Fuzex hold a lot of potential for improving the crypto spending experience.
Fuzex’s solution reduces money laundering and makes utilising cryptocurrency in the real world much easier. I know people personally who are interested in the concept of cryptocurrencies, but because they won't be able to fully utilise their funds tied up in crypto in the same way as cash, this makes them uneasy. With Fuzex’s solution, the situation is completely changed, and cryptocurrency assets become spendable like cash in a way never before seen.
Read more about the Fuzex project at their website: https://fuzex.co/ and if you have any questions the best place to ask is their Telegram group: https://t.me/FuzeX
White paper: https://fuzex.co/wp-content/uploads/2018/01/FuzeX_whitepaper.pdf
Happy hunting!
PLEASE NOTE THIS IS NOT FINANCIAL ADVICE. YOU MUST ALWAYS DO YOUR OWN RESEARCH AS WELL AS READING OTHERS’ OPINIONS, ESPECIALLY IN THIS SPACE.