Fuse - a decentralized finance (DeFi) project that was launched in 2019. It is a financial company that is trying to connect daily payments to the blockchain, using the DeFi infrastructure, to create a platform for entrepreneurs and enable them to turn their communities into valuable economies.
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What is Fuse?
Fusе Network - a decentralized public blockchain, compatible with the Ethereum Virtual Machine (EVM). It powers the Fuse Network platform and ecosystem. Fuse is fully compatible with Ethereum, which means that Ethereum smart contracts can be deployed there and run on top of the fuse network.
Most importantly, Fuse - an adapted blockchain code that allows for simple and low-cost transactions and a more efficient alternative to traditional cash or cashless payments. The Fuse blockchain uses delegated proof of stake (dPoS) to reach consensus. Consensus is secured by 59 independent validators, only one of which is managed by the core Fuse team. Fuse validators are also responsible for the most important type of Fuse management: accepting network protocol changes through Fuse Improvement Proposals (FIPs).
Blockchain update
2021 was a breakthrough year not only for the cryptocurrency/blockchain space as a whole, but perhaps even more so for the Fuse platform and ecosystem. This year has brought with it a number of positive developments, including:
| # | Description |
|---|---|
| 1 | Expanded decentralization of the platform (by creating FuseDAO and partnering with Pocket Network). |
| 2 | First centralized exchange listings (including Gate.io, MEXC, and Bittrex). |
| 3 | Growth in usage of the platform and its native FUSE token. |
New major products and tools were also launched, including Fuse Cash, Fuse-Binance Smart Chain Bridge. In 2021, the company acquired many major partnerships and integrations with leading players in the crypto and blockchain space.
FUSE native token
The FUSE token is the native token of the platform. This is an ERC-20 token and can be easily moved between Ethereum and the Fuse network by using a bridge. The token has several utilities:
- network fee - used to pay the network fee for confirming transactions;
- staking - users who own at least 100 thousand FUSE tokens, can manage other hardware or software requirements, can become network validators by staking their tokens;
- delegation - users who hold less than 100k can delegate their FUSE tokens to a validator and receive rewards. The delegation feature was activated in the third quarter of 2020;
- voting - token holders can take part in governance activities (network upgrades or other governance changes). The more tokens a user holds, the greater their voting power.
FuseDollar (fUSD) - a USD-pegged stablecoin, minted on the Fuse blockchain. It was created in order to lower the barriers for mainstream users to use this new type of asset just like cash. FuseDollar can be moved between accounts in the Fuse Cash app. Users can exchange fUSD for other currencies and have a savings account with a yield. fUSD supports USDC, a fully supported and regulated stablecoin, minted by Circle.
