At 2PM (UTC) on October, 21 2020, VBC hosted the AMA show with FUSE project, whose representative for this AMA is Mr.Mark Smargon – CEO of FUSE.
Brief introduction of Fuse and Mr.Mark:
Hi I am Mark Smargon from Tel Aviv Israel, been in the crypto space for the last 8 years. I am an entrepreneur like to build companies and the first company i started when i was 14. It was ecommerce provider in Israel which my brother manages today. In 2013 i first bought some Bitcoin and this is what i do full time since. I started a Bitcoin exchange in Israel Bitgo.co.il Then started Colu which was building the Colored Coins protocol on Bitcoin back in 2015 before Ethereum even launched. And last year we opened Fuse – now we believe the technology is ready for mainstream adoption and we can take all the trial and error we had in the past few years and put it to the test
Below are some typical questions that the community has asked the guest:
Question 1: How does the Fuse team plan to raise awareness about the blockchain and the Fuse project for new and new users about Fuse? Where is the market Fuse headed for? Your own assessment of the Southeast Asian market in general and the Vietnam market in particular?
Answer: We plan to raise awareness for blokchain by making it transparent to the user and remove any friction that it creates. If we want more adoption we have to stop selling blockchain to regular peoples – we need to give them benefits that blockchain can provide instead of the blockchain itself. This is a tool for us to replace Visa/ Stripe/ Square/ Paypal etc…
Southeast Asia is an underserved group in the payment sector. China has WeChat and North America has Venmo and Stripe. There need to be solutions that can be customized for each market, product, community and currency.
Question 2: What are the benefits that FUSE really brings to the community? What is the motivation for the project development? In the near future, what is your plan to attract more users?
Answer: In Israel when Mark was working at Colu he had the “the Felafel test” we would ask if a normal person who is selling Felafel can use this app. Vietnam can have “the Banh Mi test” if the person selling Banh Mi can accept payments with our applications we will have reached mainstream adoption!
Personally, my motivation is financial freedom and access to tools that can benefit SMBs to build sustainable products. We have team members in Vietnam. While the world is worried about Covid Vietnam is struggling now with floods! Fuse is aware of this and other problems around the world. We have worked with projects like http://wikibank.eu/ to distribute donations in Seville, Spain.
You can check out a video here:
We want to find local operators in Vietnam and other countries who can benefit from the tools we are building in order to support their communities during times of need. Please reach out or play around with our studio https://studio.fuse.io/ if you have an idea of a project that would benefit the Vietnamese ecosystem!
Fuse has a social impact budget and is actively in touch and interested in more projects that are supporting communities in need. Feel free to reach out to our community managers in the Vietnamese group about any possible collaborations or ways we can support the different communities!
Question 3: What problems is FUSE NETWORK trying to solve to make it easier for Crypto users? Please let us know how evolving the roadmap is right now. What will happen this year and in the future?
Answer: Great question! But actually, “incorrect” 😂 Fuse does not aim to solve problems for crypto users but for everyday users. Why pay for karaoke machine with VND when you can build an app with reputation and payments quickly and for FREE with Fuse.
Our roadmap is right on track with that, we are in touch with operators around the world (many of them “non-technical”) in Trinidad, Curacao, Liverpool, South Africa, Vietnam, Peru….
Our Mesa Liquidity release is happening TOMORROW and you can read more info about it here:
After that we will be supporting the launch of FuseSwap as well as easier onboarding processes for companies that want to build on Fuse.
Question 4: What innovations will FUSE do, will FUSE re-launch the “color coin” idea by becoming a more optimal and mainstream platform to help create community tokens?
Answer: The Bitcoin protocol and the community are not correct for the mainstream adoption and traction we seek to fulfill in the market today for payments.
Using ETH bridge for access to different projects and Stablecoins Fuse can focus on a payments first protocol and toolkit. In short, Fuse does the heavy lifting for a now optimal decentralized network that is secure, scalable, and fast.
Question 5: To achieve a good performance the interoperability is absolutely necessary, so can you tell me how is possible to Fuse have that Awesome interoperability? Which is the technology responsible of this?
Answer: Fuse is exploring a variety of opportunities in the market from Substrate to Cosmos to AVA etc.
The real question is when there will be solutions available that are battle-tested enough that we can trust this for our users.
While many companies fight to spend millions in order to build “the most innovative way to do X”, Fuse focuses on helping REAL people build products that need to run and operate TODAY! 💪
Question 6: What is your Approach to the Blockchain Trilemma?
Or the Scalability + Security + Decentralized all at the same time?
Answer: For the first time in 2020, we are able to have all 3 at the same time. Additionally, people are not comfortable with Fiat cash and prefer mobile payments. This is the reason after 7 years since Colored Coins Mark and the team were finally ready for a public liquidity release
Question 1: What form of partnership is Fuse taking to strengthen the stablecoin ecosystem, is it partnering with the best platform available today?
Answer: Yes, Fuse is actively onboarding new stablecoins around the globe. Offering a “1 stop shop” for all the infrastructure needed for issuing your own stable coin or utilizing an existing one to build an economy around your community is what Fuse was built for!
Question : Partnerships are crucial for Adoption, so can you tell us what partners you have currently and future partnerships?
Answer: Sure, you can check out a few of our partners
https://www.gooddollar.org/ is a popular UBI platforms and is run on the Fuse Blockchain.
http://wikibank.eu/ as i mentioned earlier is in Seville Spain.
https://digitalrand.co.za/ is in South Africa and a liquidity provider and stablecoin issuer
https://www.paywise.co/ is working on licensing and onboarding local merchants in Trinidad.
Question : Can I stake $FUSE token ?
What are your Staking criterias
Answer: Fuse uses Delegated Proof of Stake (DPOS) delegation will be active in the next few weeks and is going through voting shortly. You can read more about becoming a validator (100k Fuse+), but there will also be easy to use 1 click delegation after the vote is approved.
Question : As Personal Data is very Impotant, How will You provide total security?
Answer: Fuse does not share or store any data! That is probably one of the most important differentiators between Fuse and other mainstream projects like Visa, Shopify, Stripe…