The Fusion Foundation has announced its payable stage network (PSN) to allow testers to see how the network enhances blockchain interoperability. Blockchain interoperability is fundamental to the continued success of the DLT industry.
At present, there are many disparate blockchains in niche areas, each with unique characteristics. For a hyper-efficient world built on DLT, there needs to be an additional layer providing seamless blockchain interoperability so the benefits of each can be combined for greater collaborative functionality.
The payable stage network
The PSN enables cross-ledger, cross-border, and cross-asset transactions. It is the precursor before launching on the main network. The PSN genesis block balance will begin at Ethereum block 6,868,000. The network will use P-FSN tokens for the testing of a wide range of functional requirements. Fusion is built on the Ethereum ERC-20 blockchain and rewards will be paid to the testers when the main network goes live. The P-FSN is the testing token, and the native token is the FSN. Further details about the token swap and testing payment are to be released at a later date. The four stated goals of the PSN are –
- Platform validation
- Testing features and functionality
- Proving FSN token utility
- Validating security of platform for token swap.
What is Fusion?
Fusion has been described as a “blockchain for blockchains,” and it was founded by DJ Qian, who also founded Vechain Thor and Quantum, two highly successful organizations. It raised USD 50 Million in its recent crowdfunding round and is partnered with Talao in a bid to create a new paradigm for the work on demand economy (there are currently over 100 million freelancers who use centralized platforms to showcase their work, often paying heavy fees). According to DJ Qian –
“The world is going freelance, and freelancing talent need new inclusive financial services: multi-currencies escrow services to secure the payment of their client, loans based on their professional reputation and abilities to deliver their work. FUSION will provide the infrastructure for such new services, and Talao will help us make them a reality. ”
Fusion is not the only blockchain interoperability platform available, and notable competitors include Laser XYZ who provide a service layer solution to facilitate cross-chain support. However, few Fusion competitors offer parallel computing, multiple triggering mechanisms, off-chain data support, and multi-currency smart contract inclusivity.
Digital Nomad with an interest in Zen and Blockchain technology.
Law graduate with 3 years experience as a consultant in the capital markets industry and 4 years experience freelancing on UpWork as a Creative Writer.