Fusion, the foundation that focuses on creating a cryptofinance platform to break down the barriers hindering widespread use of blockchain in finance, has completed its crowdsale by raising more than 126,000 ETH ($109 million at time of writing).
This ‘crowdsale’, where tokens are offered to early buyers through Initial Coin Offerings (ICOs), hit its cap in the first 24 hours and has concluded the ICO with an oversubscription of 2.5 times of its hard cap.
Fusion is creating a system that can connect a variety of cryptocurrency tokens enabling complete financial functionalities that have not yet been explored using blockchain.
The Fusion Foundation has a strong commitment to support and foster its community by what the company calls a new ICO mechanism.
This so-called ‘Fusion-type ICO’ not only allows everyone who would like to participate to do so but also eliminates ‘Gas Wars’ and supports a balance between small and large investors.
Contributions to the ICO came from more than 7,000 unique addresses and 13,000 people from more than 130 countries registered prior to the ICO with Fusion’s Community Partners Program.
Fusion says it is the first public blockchain to ‘provide a tangible solution for all digital currencies’, thereby constructing a connected financial ecosystem and helping blockchain progress from theory to practice.
Dejun Qian is the founder of Fusion and talks about the compatibility of cryptofinance and why he wants smart contracts to interact with various parties despite the variety of tokens used to form them.
Monty Munford: What makes Fusion especially relevant right now?
Dejun Qian: The rise of blockchain means the centralized bookkeeping node can be replaced by distributed ledgers. People’s handwriting and signatures can now be replaced by crypto signatures and paper contracts can be automatized by smart contracts.
Current blockchains, however, have only partial financial functions and smart contracts have three problems: the problem of lacking multi-token support, the lack of a multi-trigger mechanism and inefficiency.
These problems make smart contracts unable to run automatically, connect off-chain data and run smoothly.
We have solved these problems by using technologies such as the Distributed Nodes Control technology, the Hierarchical Hybrid Consensus Mechanism and the Calling list mechanism.
Fusion’s public chain has complete financial functionalities, which means we can program multiple tokens in space and time… and be able to automate almost all financial instruments.
What is the bigger picture here for Fusion?
Fusion will provide a cryptofinance infrastructure to support the development of Internet of Value. It brings a new idea of ‘risk-free’ that was impossible in the traditional finance market.
On Fusion, each financial smart contract defines a certain cash flow/token flow and the counter-party risks are zero because the cash flow/token flow is guaranteed by code.
By making ‘risk-free’ online and leaving risks offline, future cryptofinance will be broader, more efficient and extremely cheap.
You decided to raise your ICO on Ethereum. Why not Stellar or other platforms as others have done?
The Fusion’s Voluntary Participants Program is very creative, but also more complex and has a heavier demand for security. The Ethereum mainet has proved its robustness by running stably for years.
Ethereum’s smart contract is Turing-complete and can express complex logic. It also has a rich ecosystem and been widely used as a platform for ICO. On Ethereum, we only used 323 lines of codes to deliver what we believe to be the fairest ICO in the world.
What are you going to do with the money you’ve raised?
Technology development is no doubt the most important area where we will invest the most. At the same time, there are many tasks such as focusing on helping the Fusion community launch the mainnet as soon as possible, improve its protocol and foster the ecosystem of applications.
We also want to create an inclusive, interoperable, independent, intelligent, innovative and independent (5i) public chain under the guidance of distributed, democratic, disintermediate, decentralized, democratic, disappeared (5d).
We will build the Matrix Community Program to foster the Fusion community for the next five years and we will also pursue a goal of having more than $10 billion equivalent of cryptocurrencies and tokens and digital assets running on our platform by the end of this year. We hope we can double its size every year over the following four years.
Last and not least, The Fusion Foundation will help the Fusion public protocol be adopted by existing mainstream financial institutions.