Build Your Own Payments & Incentives Using Elrond Assets via Fuse Network
We’re excited to announce that Elrond assets will be usable on the Fuse Network in payments, business & community incentives, and loyalty programs. Fuse operates a public ledger for easy integration of everyday payments and has an intuitive interface for customizing and using tokens as incentives, rewards & payments.
The collaboration will focus on integrating the Elrond mainnet with the Fuse Network and enable assets issued on our blockchain to be usable in the Fuse app, which you can download on App Store and Google Play. Users will be able to create & manage business incentives, custom rewards, payments, and other related scenarios using eGLD, BUSD, and other tokens issued on the Elrond mainnet.
“The Fuse products suite abstracts technology and complexity in a way that makes the blockchain use case compelling for the regular person. This kind of user experience can be a powerful catalyst for Elrond assets to be utilized in business scenarios on a daily basis.” said Beniamin Mincu, Elrond CEO.
Fuse Network is a public ledger intended for fast and inexpensive digital asset transactions from different chains, with an intuitive interface. The Fuse Studio allows anyone to set up a community or incentive program using new or existing assets, and the Wallet offers easy onboarding, fast verification times, merchant support, and other functionalities aimed at the regular consumer.
Fuse has already been deployed in a number of scenarios in Spain, South Africa, and Indonesia, and it is being researched as a component of a Universal Basic Income solution.
“The Elrond infrastructure and Fuse network & UX complement each other to form a powerful set of payment instruments. Both Fuse and Elrond are aligned on the vision of pushing for mainstream adoption of this tech toolkit.” said Mark Smargon, Fuse CEO.
The integration brings additional utility to eGLD and other Elrond mainnet assets through exposure to a large user-base which will use them in business scenarios on a daily basis, creating more value for the ecosystem.
Elrond is a new blockchain architecture, designed from scratch to bring a 1000-fold cumulative improvement in throughput and execution speed. To achieve this, Elrond introduces two key innovations: a novel Adaptive State Sharding mechanism, and a Secure Proof of Stake (PoS) algorithm, enabling linear scalability with a fast, efficient, and secure consensus mechanism. Thus, Elrond can process upwards of 10,000 transactions per second (TPS), with 5-second latency, and negligible cost, attempting to become the backbone of a permissionless, borderless, globally accessible internet economy.
About Fuse Network
The Fuse Network is tailor-made for direct use and used to power day-to-day mobile payments for any person with a phone. It’s designed to be a very low-cost alternative to traditional cash or cashless payments. It lowers the barriers of entry for entrepreneurs to launch wallets, payments services, loyalty programs, and any other systems that were previously powered by paper.
Moving money on Fuse costs a fixed fee of up to US Dollar 1 cent (max $0.01) per transaction. The network is designed to have an easy to use and understandable model that is ready for mainstream adoption and far more effective than existing alternatives.