Fusion’s Dejun Qian explains cross-chain technology and how all the blockchain companies must work together to form the “blockchain of blockchains”
“We build too many walls and not enough bridges” (Isaac Newton)
The blockchain industry has veered from Satoshi Nakamoto’s vision of Bitcoin as harbinger of perfect financial functionality.
Back in 2009, Satoshi Nakamoto launched Bitcoin for a more trusting, open world. It was one year after the global financial crisis. Banks were in turmoil, people distrusted financial institutions with their money. Bitcoin provided a decentralized, transparent ledger that reached billions of unbanked people, evaded government corruption, and handed you control of your funds.
Nine years later, the blockchain industry has more than one thousand different cryptocurrencies, each wheeling its own isolated platform.
So what has blockchain accomplished up-to-date?
- It stores your data and valuables more securely than does any centralized cloud service.
- It remits money anywhere, at any time, faster and cheaper than standard payment gateways do. In this way, blockchain reaches two billion unbanked people.
- It saves you the cost of hiring third-party intervention, since you contract directly.
- It restores your confidence when accomplishing your financial functions, since you see what’s happening to your money.
On the other hand, blockchain is a fragmented chain where each startup forms its own huddle and where tokens on one mostly cannot be run on another.
Back in 2016, McKinsey and Company described the blockchain as having the potential to “revolutionize the world economy.” With its present fragmentation, the blockchain industry disproves that prediction.
Certain companies like Dejun Qian’s Fusion work to help all currencies collaborate.
Dejun Qian, founder of BitSE, QTUM and VeChain, created, what he calls, the Internet of Value, an ideology that aims to fuse all cryptocurrencies on one platform. Qian told me he believes that “the best way to tell the future is to make the future.” Qian’s future is no less and no more than to make financial functions more effective and cheaper for everyone in the world.
To that end, Fusion aims to harmonize all currencies – fiat and digital – into one system. Fusion.
As Qian told me:
“There are three major areas we focus on: 1) Off-chain technology. Delivering a highly reliable, flexible, and high performance public blockchain that could support a full range of present and future finance functions. 2) Run all types of digital and fiat currencies on Fusion – every type of coin present and future. 3) Influence governments and financial institutions to adopt Fusion.”
So, on Fusion, you can create smart contracts that accept and dispense payments in more than one kind of token. For example, you could set up a smart contract for a retirement account that accepts Ripple, Ethereum, and Bitcoin, and remit using these same cryptocurrencies or using Dash and TrueUSD (for instance). Or, you can apply for a loan from Fusion’s Risk-Free Loan system in one form of token, and repay your loan with another type.
The point is, Fusion ‘fuses’ all currencies to help Blockchain achieve its full innovative potential.
Comparison of Cross-Chain Companies
Fusion’s competitors are Ripple, BTC-Relay, Polkadot, Cosmos, Lightning Network, and WanChain.
See how each compares and contrasts on this Table:
Multiple token smart contract – A smart contract that handles cross-chain tokens (like Eth, BTC, Dash, even TrumpCoin or BananaCoin).
Parallel computing – A type of computation in which many calculations or the execution of processes are carried out simultaneously. So Qian described to me how he divides miners into batches, by a method called “sharding”, to work on different aspects of the smart contract. Miners use this hybrid consensus of proof-of-work (PoW) and proof-of-stake (PoS) to make the system faster and more scalable.
Multiple triggering mechanisms – Where data, like time and event, are programmed into the smart contract to trigger response.
Each of these cross-chain companies help you swap, exchange, and interact with any cryptocurrency. All have their own methods. Fusion is the only one with multiple smart contracts, parallel computing, multiple triggering mechanisms, and off-chain data support. With the last, Fusion helps you store data off the main chain, reducing cost and block size.
Qian came to blockchain during his stint as IBM regional general manager: “The minute I read the white paper of bitcoin, I felt it opened another window in my mind of how humans could collaborate.”
In time, Qian realized, all the thousands of blockchain entities had to collaborate first for blockchain technology to achieve its potential.
According to Bob Lee, founder of crypto-investment firm Bleecoin and one of Fusion’s investors, cross-chain industries like Fusion solve the single largest problem in the crypto-ecosystem.
You could call these remarkable companies a disruption. They are the “blockchain of blockchains”. Or, they are the mega blockchain of the future.