INTRODUCTION
It is no secret that when Bitcoin blockchain was developed in 2009 by Nakamoto, it's objectives didn't include wide spread usage. Cryptocurrency on blockchain technology was design to eliminate the highly volatile centralized way of currency. It was an effective process to make sure that there is an ecosystem where users and nodes are equal without any master figure.
Fortunately, digitalization became more and more popular with the introduction of new and innovative technologies designed to take advantage of the new world revolution. Cryptocurrency became the face of a digitalized economy through its secure and decentralized system and was touted to lead the world out of its over reliance on fiat currency.
Usability Limitations
Unfortunately, large crypto giants like Bitcoin and Ethereum were not really prepared for what was about to happen and this led to wide scale poor adoption of cryptocurrency. It was discovered that using cryptocurrency was limited to a few online merchants, who has to go through painstaking exchange operations while incurring lots of transaction charges in the process. This whole limitation increased the number of individuals that can boast of having one cryptocurrency or the other but cannot be able to use it for real life transactions like buying and selling of commodities in the local market.
Hence, this implies that cryptocurrency has all the characteristics of a normal fiat currency with the exception of one very important detail; Usability. The inability of cryptos to be usable prevented its progress on a community scale and proper commercialisation by commercial banks. For instance the Bitcoin transaction system is still rife with issues of identification and lack of AML and KYC and banks are definitely not going to touch it, not even with a very long stick.
The need to solve this issue of apparent lack of usability led to collaboration of companies to come together to develop a life changing platform with multiple currency adaptations known as FuzeX.
THE FUZEX SOLUTION
The FuzeX project is aimed at solving the usability limitation of cryptocurrency through an innovative user friendly way of integration. The FuzeX team is focused on making all forms of currency both fiat, rewards and otherwise usable at any time and anywhere regardless of the market place.
The FuzeX project wants to remove the unwanted tag of "great to own, but harder to spend" name for all cryptocurrencies. This is done by having a wide range of currency integrations both crypto, fiat and otherwise. Now let's have a look at the FuzeX platform framework.
The FuzeX Framework and Mechanism
The FuzeX Card:
Just as one can be able to make payments and withdraw money using the Automated Transaction Machine card (ATM), FuzeX has undergone a wide scale production of magnetic strip and barcode enabled Fuze cards. From the start of manufacture till date, they've managed to produce a minimum of 30,000 cards. The smart cards are properly coded with more than 30 credit, debit and rewards cards all fused in as one.
The FuzeX cards will possess the entire features of the Fuze card with the addition of multicryptocurrency integration making it a very interoperable ecosystem. The FuzeX cards looks and appear the same as contemporary credit and debit cards with the features of an EMV chip, a dynamic magnetic strip, an Electronic paper display(EPD), 3 input buttons with a unique rechargeable battery and charging terminal.
In order to use it, users will have to connect their various accounts to the FuzeX network using their FuzeX wallets and then they can be able to make transactions without the need of using their smartphones.
The FuzeX cards and the FuzeX wallet goes hand in hand and are interconnected to perform the task of a hard wallet storage of private keys. These private keys are fragmented and are stored in a secure, encrypted connection between the FuzeX cards and wallets. This is done to properly beef up their security while undertaking transactions. The private keys permissions lies with the FuzeX card through a pin code access and the FuzeX wallet through an account password access. This serves as a 2 Factor Authentication to battle fraud or scam while running transactions and also to properly secure multicryptocurrency integration of the FuzeX network.
The FuzeX Wallet:
The FuzeX wallet is a savant for the FuzeX card and account management as well as having the ability to receive, store and perfect token transfer operations. The FuzeX wallet features includes.
- KYC registration is enabled for the FuzeX ecosystem to prevent Money laundering.
- The registration and Management of various cryptos.
- Helps in the reception, storage and exchange of mutiple currencies regardless of whether they are fiat, crypto or even rewards like guff cards.
- Helps in validation of records like checking balance and transaction history.
- Does not accept unregistered devices.
- Maps out location of the usage history of the FuzeX card for proper retrieval of the cards in rare cases of card loss or theft.
- It has user friendly DApps for Android and IOS.
- A 2 Factor Authentication security for secure transactions.
The FuzeX Exchange Platform:
The FuzeX Exchange Platform is all about interoperability of different cryptos. It allows the usage of cryptocurrency using the FuzeX card just as it's done in any normal fiat based transaction. It also allows merchants to do their exchange with crypto while receiving various currencies like USD, Pound sterling and Yen in return.
This operation is done when the respective currency has been chosen by the merchant and their corresponding fiat equivalents are released to issuers based on the current exchange value. FuzeX will also partner with several POS platforms to improve scalability and do transactions in real time. FuzeX is also partnering with some exchangers and issuers to improve the issue of market usability and wide scale adoption of cryptocurrency.
The FuzeX Setup
In order to use the FuzeX platform, a new user will have to download the mobile app from the network and then register an account with the platform after which he can place an order for a FuzeX card.
The user then imports the required cryptocurrency he wants to use to the FuzeX wallet from an external wallet.
Upon receiving the FuzeX card, the user now registers it for transaction using the FuzeX wallet. Once all the steps are concluded, then the user is ready to fully use the platform.
Transaction Flow
When it comes down to making use of the card for transaction, the user selects his desired cryptocurrency from the FuzeX card using the built in options customized on them.
The user can then check his crypto balance using the card from his cryptocurrency of choice and translates it to the fiat value using the current exchange rates.
If the amount deducted is sufficient , the user hands the card over to the merchant who swipes it or inserts it into the payment terminal.
The authorization is then received by the merchant and the payment is deemed to be completed. The purchase receipt data is now received by the user through his wallet.
The FuzeX Exchange Transaction Flow
When it comes it to making exchange transactions on the FuzeX platform, the user approves the particular transaction and sends the cryptocurrency choice to the FuzeX Exchange Platform which has the ability to do transactions in a whole range of cryptocurrencies of any user's choice.
The FuzeX FXT Utility Token
The FuzeX platform issues tokens to its users for a whole range of operations. The FuzeX platform has partnered with certain issuers to make it usable in the short term. In the short term, the tokens can be used to pay for the FuzeX cards that are issued on registration.
They are also used to pay for the annual membership fee which helps in the issuance of Bank Identification Number(BIN) for its users.
Finally the tokens can be used to increase the transaction limits placed on merchants by the platform to avoid money laundering. The tokens are given to registered users of the platform who can use them to increase their limits for large scale transactions.
FXT tokens will be used in the long term to fully integrate partnership with a whole range of service partners by changing the FXT tokens to partner tokens. In conclusion, the FXT tokens is the gateway to the FuzeX ecosystem framework.
CONCLUSION
The cryptocurrency world has really grown and expanded more than was originally expected. Billions of USD had already been spent by early 2018 but without proper usability to cap it off. The FuzeX platform is a gateway to solving all these usability issues. It's interoperability makes it unique and comfortable to operate and use.
Team Behind FuzeX project
For more information on the FuzeX project please visit
Official website: https://fuzex.co
Whitepaper: https://www.google.com/url?q=https://www.google.com/url?q%3Dhttps://fuzex.co/wp-content/uploads/2018/01/FuzeX_whitepaper.pdf%26amp;sa%3DD%26amp;ust%3D1534527822760000&sa=D&ust=1534527822863000&usg=AFQjCNFRXHqVYjO55aiz_-e22RkAyJSVVg
Telegram: https://t.me/FuzeX