The Fuse Network has just unveiled Fuse 2.0 which is aimed at overcoming a key barrier to widespread acceptance that cryptocurrencies must overcome. Providing a technological stack that is mobile-friendly to securely allow for new SaaS business models in Web3.
Currently used digital payment rails process billions of transactions per day. Fuse believes that providing a low-cost, adaptable, and straightforward way to deal with any company on the earth would increase the adoption of digital payments and cryptocurrencies.
In order to help businesses that may not be as crypto- or tech-savvy as others provide a simple, quick, and secure blockchain-powered user experience, Fuse has introduced a payments network tailored to widespread adoption.
“To drive widespread adoption, we must focus on competing with the dominant players like Visa, Mastercard, and Stripe rather than Ethereum or any other blockchain. So we built a fully interoperable and open-source one-stop shop to help businesses uncover the value added from the decentralization of finance,” says Fuse Network CEO Mark Smargon.
The Web3 payments firm, which debuted in 2019, has spent years working with ecosystem partners to establish a strong network, develop and provide business-specific Ethereum-level tooling, and crucially discover which elements of business are not desirable to decentralize.
Fuse 2.0 places a lot of emphases on offering every component needed for companies to explore Web3 payments, from the network to the core infrastructure for enterprises and white-label mobile wallets. Most notably, proposing the idea of Operators and Power Validators to provide a network framework for Fuse 2.0 suitable to scale Web3 payments.
Increasing Crypto Adoption via Everyday Transactions
Smargon describes how the Fuse vision introduces the idea of Power Validators and Operators. By emphasizing how this structure may promote long-term development and provide scalable, decentralized Web3 business infrastructure that is simple to use and build.
The network is now divided into three tiers, with merchants, operators, and validators providing services to each layer. The Charge platform, part of the Fuse tech stack, is used by retailers to create Web3 apps for their customers. Fee abstraction is an effective technique in this situation to simplify blockchain operations and provide customers with an interface comparable to Web2 financial applications like Venmo or Revolut.
Operators, not end users, handle transactions and pay fees in order to do this. This creates the organizational layer and, eventually, the layer that may propel widespread cryptocurrency adoption through standard Web3 payments.
Power Validators are the last component of the puzzle. They provide the node architecture and oracles that Operators need to create functional Web3 applications. The Operators satisfy the demand side by acquiring these services to resale to their clients.
With the Freedom Wallet serving as the core of the value offer, Bitazza is one Operator who has already shown the potential of the Fuse tech stack. A number of small to medium-sized enterprises in Southeast Asia already utilize the Freedom Wallet, a mobile wallet that runs on the Fuse Network and was developed utilizing Charge’s API.
Fuse is certain that the new strategy can highlight Operators like Bitazza, spur the next wave of adoption, and put cryptocurrency in the hands of new consumers without having it come across as speculative. While assisting small and medium-sized firms to increase their competitiveness in the global market.
From February 1st through the 9th, the annual ETH TLV will take place, and Fuse will be there in a big way as one of the event’s major sponsors. This coming week, Fuse will make a live broadcast from its Tel Aviv headquarters to reveal its new logo, website, and overall mission. Additionally, during Q1 2023, Mark Smargon will make additional Fuse 2.0 announcements.
In keeping with the rebranding, Fuse published a new White Paper that sets the stage for an innovation renaissance. The much-awaited 2.0 Roadmap and thorough technical documentation for the developer community will come next.
