- Summary:
- Fuse Network will use Fuse 2.0 to establish a strong foothold in the Web3 payments ecosystem. We tell you what it entails.
The Fuse Network has launched an upgraded platform, Fuse 2.0, a public blockchain that is decentralised and interoperable with the popular Ethereum Virtual Machine (EVM) platform. According to the company, this improvement aims to address a major barrier that cryptocurrencies must address in order to realise mass adoption. The network says that Fuse 2.0 is a comprehensive solution that will enable organisations to better understand the value delivered by the DeFi ecosystem.
What’s new with Fuse 2.0?
Fuse 2.0 places a strong emphasis on delivering all the necessary components for businesses to experiment with Web3 payments. This includes their network, core business-ready infrastructure, and white-label mobile wallets. As part of its package, it comes with a payments network that is tailored to mass adoption by enterprises. This will enable businesses that may not be as crypto-or technically equipped to offer seamless, instant and safe blockchain-powered user experience.
In the new design, there are three tiers of the Fuse Network: Merchants, Operators and Validators. Merchants, utilising Fuse’s technology stack and, in particular, the Charge platform, play the role of creating Web3 applications for consumers. Here, thanks to fee abstraction, the platform promises users an experience on par with popular Web2 money transfer services like Venmo and Revolut.
With the introduction of fee abstraction, Operators, rather than customers, are responsible for paying transaction fees. This is the business layer, and it can facilitate widespread crypto adoption via everyday Web3 transactions. Service providers (Power Validators) provide backed infrastructure like nodes and oracles. These tools are necessary for Operators to create functional Web3 applications. The demand side is met when Operators buy these services and sell them to their clients.
Key to scalability for Web3 payments is the fact that Fuse 2.0 introduces the concept of Operators and Validators. This framework has the potential to support sustained expansion. At the same time, it is able to furnish an open-source, scalable and user friendly Web3 corporate infrastructure.
Fuse Network will be one of the lead sponsors of this year’s ETH TVL event, taking place from February 1st to 9th. During that week, a live broadcast from Fuse headquarters in Tel Aviv will introduce the network’s new plans and mission. Fuse Network CEO Mark Smargon will give out more details on a continuing basis during Q1 of 2023.