Hello,
In my recent article, I discussed about the component of the FuzeX ecosystem and how they plan to achieve their vision of being “future of payment”.
Now, I will be writing on the Ecosystem setup and transaction flow.
FuzeX Setup
The setup is in 3 easy steps.
- User download the FuzeX wallet app on their smartphone. The app is available for both Android and iOS. When this is done, create an account to join the FuzeX exchange and make an order for a FuzeX card. This card can only be purchased using the FXT token which is the first utility of the token.
- After the first step, user transfers from an external exchange to his FuzeX wallet his desired amount of cryptocurrencies.
- When he receives his FuzeX card, it is activated using the FuzeX wallet app.
FuzeX Transaction Flow
Once the card has been setup successfully, then it can be put to use to make purchases. Here are the flow steps;
- The FuzeX card has multi cryptocurrency option so there is need to make a selection when making purchases. A built-in button on the card is used to select preferred cryptocurrency from the FuzeX card.
- The FuzeX card gives information about the selected cryptocurrency and equivalent fiat balance given in real time exchange rate.
- Give the FuzeX card to a merchant who will use the card just like any POS terminal. The issuer will check for sufficient cryptocurrency and equivalent fiat balance. If the fund available is enough for intending transaction, the transaction will be approved, if not, then it will be declined.
- If approved, the transaction goes through and you will be notified by your wallet (FuzeX) and get the summary.
FuzeX Exchange Transaction Flow
When payment is approved by a user on the FuzeX card, the cryptocurrency is sent to the FuzeX exchange which is a reserve for multiple cryptocurrencies and fiat currencies to facilitate payment.
The FuzeX exchange has two primary functions which are;
- To settle issuers by sending to them the fiat equivalent of the cryptocurrency amount by users from the fiat currency reserve.
- In case of excess cryptocurrency reserve, it is sold to partner exchanges.
The FuzeX Token
The token for the FuzeX ecosystem is the FXT token which is an ERC-20 token. It is a utility token and with a limited use cases. It will initially serve as a membership token. Hodlers of FXT will be able to do the following;
- FuzeX card purchasing
- Transaction limits
- Annual membership fees
This is the short term utility of the FXT token.
The long term utility of the token is aligned with the long term goal of the project is for the platform to own its own exchange “the FuzeX Exchange”. When this is achieved, then the token will be used to serve a more robust function.
Once other tokens are listed on the FuzeX exchange, FXT tokens can be converted to this partner’s tokens. This implies that all FXT token hodlers will be able to access partner’s services using FXT tokens.
Benefits to FXT Token Holder
Hodlers can access various services offered by the FuzeX ecosystem using their token. This will come fee free and also save time. Tokens can also be exchanged free with the FuzeX exchange to other partner’s token.
As the ecosystem grows and the platform becomes robust, token hodlers stands to benefit from the increase in the value of FXT tokens.
FuzeX Team & Advisors
The FuzeX project is backed up by a team of 40+ employees. The team consist of blockchain specialists, skilled engineers, programmers, experienced marketing and business professionals who are dedicated and committed to make the project a success and bring future technology closer to us.
The team has made some laudable achievements which includes;
- Successfully developed over 30,000 Fuze cards which has already been shipped out. Fuze cards are smart e-cards which are magnetic strip and barcode enabled. Users can embed up to 30 credit, debit or reward cards in one Fuze card.
- Raised $2.2 million in 2017 via the Indiegogo platform which put them in the top 0.01% of global crowdfunding.
- In 2017, the Ministry of Trade, Republic of Korea presented then with the “Industrial Convergence Leader 2017”.
- Specially recognized by the Korea Technology Finance Corporation when the developed the “Smart Multi-eCard 2016” technology.
Conclusion
Going through the project whitepaper, I am convinced that this project will be useful to everyone who trades or keeps cryptocurrencies. The card set up is easy and secured coupled with the fact that the project is backed with seasoned and experienced professionals.
Point to note, the project has already partnered with Coinbase and Bithumb as partner exchange prior to the launch of the FuzeX exchange.
I’m bullish on this project and I encourage you to lay hands on some of the tokens before price skyrocked.
Official FuzeX Links -
WEBSITE: https://fuzex.co
WHITEPAPER: https://fuzex.co/wp-content/uploads/2018/01/FuzeX_whitepaper.pdf
E-MAIL: [email protected]
SLACK: https://fuze-slack-inviter.herokuapp.com
MEDIUM: https://medium.com/fuzex/news
FACEBOOK: http://www.facebook.com/FuzeX.co
TELEGRAM: https://t.me/FuzeX
AUTHOR: Miracle24
LINK: https://bitcointalk.org/index.php?action=profile;u=1231391