Digital currencies have been booming on the global scale since the past few years. More and more people have been getting involved in this world day in and day out. Bitcoin and ethereum have revolutionized the modern financial market. But with all these advancements being made in the world of crypto, one thing still remains a difficulty. How to use these currencies for everyday payments and money transfers more easily? Great convenience has been provided by the digital currencies but their little acceptance has made using them on a commercial scale easily an issue. More and more people have wealth attached with cryptocurrencies but the issue of their usage for performing user/merchant like transactions still remains somewhat unsolved.
Our vision at FuzeX is to break down the “nice to own, but difficult to spend” problem with cryptocurrency and help bring to completion its journey as a widely recognized and accepted form of “money”. We seek to solve this usability issue of cryptocurrency by combining our experience in payment solutions and blockchain technology with our technical know-how in software and hardware development.
The FuzeX Ecosystem
Led by Andrew Bae, the Korean project, FuzeX, provides an ecosystem for providing a secure and easy to use framework for storing and spending digital cryptocurrencies. FuzeX token (FXT) is also provided under the framework. The complete FuzeX cryptocurrency ecosystem is explained below.
1- The FuzeX Card
The FuzeX card provides an environment to embed up to 30 credit, debit or reward cards in just one smart e-card. The biggest advantage that the FuzeX card provides is the ability to store multiple cryptocurrencies in just one card. This can be of ultimate use for the cryptocurrency users. Regarding the structure and shape, the card provided by FuzeX is similar in size and thickness to normal credit or debit cards. It contains an integrated EMV chip, a dynamic magnetic strip, an e-paper display, input/output buttons, a charging terminal with a rechargeable battery.
Some features of the FuzeX card include authorization of payments on FuzeX card itself. As we know that FuzeX cards are able to support multiple accounts, an e-paper display can be used to view balances across accounts. QR codes for blockchain addresses can be viewed on the EPD. The bar codes can be displayed for reward card scans. EMV chip can be used for multi-cryptocurrency payments. NFC is also available on the card for credit and debit card payments. P2P transfers can be made through QR codes for cryptocurrency wallet addresses. Bluetooth connectivity for FuzeX card and FuzeX wallet can be provided for ensuring security. Card battery life is approximately 45-60 days.
Users can connect to the FuzeX ecosystem through the FuzeX wallet app and can pay through FuzeX card without having to use a smartphone at all. The convenience provided by the FuzeX card in this regard is of great value for the user.
In order to provide a complete safe and secure environment, two-factor authentication is provided by the ecosystem. This helps in preventing financial frauds of any kind.
The demo for the use of FuzeX card is shown in the video.
2- The FuzeX Wallet
In order to fully provide a secure environment for storing digital currencies, FuzeX platform provides its own FuzeX wallet. The wallet can be used to store, spend, receive and transfer tokens. Multiple cryptocurrencies can be managed on the wallet. To ensure complete security, only registered devices can access the wallet. In case of FuzeX card displacement, prior to bluetooth disconnection, the last location where the FuzeX card was used can be obtained. In order to provide a complete security fabric, a pin is used to access FuzeX card and a password is used for accessing FuzeX wallet.
3- The FuzeX Exchange
The main backbone in this entire ecosystem is the FuzeX exchange. It brings about the reality of users spending their cryptocurrency through the FuzeX card, as they would normally do on a regular card, and the respective merchants receiving their payments in the form of USD, Euro, Yen or any other local exchange. The major attractive thing in this entire pipeline is the fact that merchants don’t even know what framework is being employed behind the curtains. They get their payments as they usually do.
Based on the relevant market exchange rate, the cryptocurrency selected by the user on the FuzeX card is issued in the form of the respective fiat currency. The entire framework is aimed at expanding the user base of digital currencies. FuzeX exchange is aimed at holding multitude of cryptos and fiat currencies in order to perform real-time exchanges. If the user loses its user key, a new account can be created by the exchange upon verification and confirmation. Balance can then be transferred to the new account in accordance.
Setup in the FuzeX ecosystem can easily be done. The user can download the FuzeX wallet app and create an account. This account can be used to connect to a FuzeX exchange and order a FuzeX card. Desired amount of cryptocurrency can be transferred in the respective FuzeX wallet by the user. After receiving the FuzeX card, FuzeX wallet app can be used to activate the card, and in this way, the FuzeX ecosystem is fully established for the user.
Following is the procedure for making transactions using the FuzeX pipeline:
- Using the built-in buttons on the FuzeX card, specific cryptocurrency can be chosen by the user to make the purchase.
- Based on the real time exchange rates, user can see the chosen crypto balance and the respective fiat currency value.
- Merchant can then perform the required swipe or insert to carry on with the proceedings of payment.
- Authorization of the payment is received by the merchant and the purchase procedure is completed.
- FuzeX wallet app can be used to view the summary of the purchase by the user.
The extensive roadmap for the entire ecosystem is completely elaborated on FuzeX’s official website. The goals for Q1 2018 included the establishment of partnerships with issuers and completing the development of the FuzeX card prototype.
Some of the Q2 goals included the integration of FuzeX walllet with partner exchanges and receiving certifications from payment networks like Visa, Mastercard etc. Beta testing of FuzeX card and wallet was also included in the goals for Q2. Listing of FXT tokens on partner exchanges was also one of the goals.
Q3 goals included the launch of FuzeX card and FuzeX wallet. Integration of additional cryptocurrencies was also aimed for Q3 2018. Partnerships for co-branding was another goal for Q3 2018.
Future goals include the integration of more cryptocurrencies, acquiring additional financial licenses, launch of FuzeX wallet 2.0, and launch of FuzeX Bio for providing fingerprint verification in the ecosystem. FuzeX centralized exchange is also aimed for the future.