Posted 5 months ago | by @devadmin

Recently Bitboy Crypto interviewed Fuse.io for the Bitsquad; here is the full transcript of that conversation that was in Telegram.

The AMA was hosted by the only Cat in crypto, yours truly Catoshi Nakamoto.

Cat: Hello, and welcome all today we have a real treat @MarkSmargon of Fuse.io is here to tell the Bitsquad about his DEFI project. I am your AMA host and friendly Cat Admin (the only cat in crypto) Catoshi Nakamoto. How are you doing today, Mark?

Mark, [03.11.20 11:03]
Hi everybody!

Mark, [03.11.20 11:03]
I am doing great – happy to be here πŸ’ͺ

BitBoy Crypto, [03.11.20 11:03]
Thanks for joining us!

Cat, [03.11.20 11:03]
So tell us all a bit about Fuse network and what your goals as a company are for those unfamiliar with Fuse?

Cat, [03.11.20 11:04]
[In reply to Mark]
Happy to have you! Welcome to the Bitsquad!

Mark, [03.11.20 11:07]
We started Fuse last year with a group of developers that go way back to 2013 and had a very long mileage in crypto. Our background is crypto, payments and ecommerce and we are based in Tel Aviv.

Mark, [03.11.20 11:07]
We were always fascinated about the possibility of crypto infrastructure to replace cash/visa payments.

Mark, [03.11.20 11:08]
Fuse is building a software stack that allows any entrepreneur to launch a payment service anywhere in the world and for fraction of the cost. The world is going cashless and mobile payments are exploding our objective is to take a bite out of this industry

Cat, [03.11.20 11:09]
[In reply to Mark]
We 100% agree that we are entering a new digital era or as @BitBoyCrypto calls it a digitalization revolution. So what does the Fuse token enable users themselves to do on the Fuse.Network?

BitBoy Crypto, [03.11.20 11:11]
great question

Mark, [03.11.20 11:11]
We see crypto as part of a larger and longer term trend in which our society experiments with alternatives to traditional 600~ years old fiat money

Mark, [03.11.20 11:12]
This trend is accelerated by new internet technologies that lower barriers for people to experiment with digital money

Cat, [03.11.20 11:12]
[In reply to Mark]
Ahhh yes the dinosaur capital

Cat, [03.11.20 11:13]
[ πŸ˜‚ Sticker ]

Mark, [03.11.20 11:14]
Fuse network and token are intended for non-technical individuals to launch those services and power them on the back-end. Instead of paying Visa/Stripe/Square/Paypal 2.9% for every transaction. You pay only 1 cent fixed fee with the Fuse token

Mark, [03.11.20 11:14]
Fuse is a DPoS blockchain optimized to replace traditional payments with a radically better model

Cat, [03.11.20 11:15]
[In reply to Mark]
Very nice!

Cat, [03.11.20 11:15]
I was reading a bit about Fuse and saw that users can mint their own tokens on the network and you have an Ethereum bridge to your own blockchain. How does this integration help fuse for utilization?

Mark, [03.11.20 11:19]
It’s helps us very much – our approach was to not try and replace Ethereum ecosystem with our own but to integrate with it and it paid off so far. We are using Ethereum stablecoins, fiat ramps, tools, wallets etc… Ethereum is becoming a standard for digital assets and as such our goal is to utilize it to for our community business needs.

Mark, [03.11.20 11:19]
There are some stuff like buying coffee or milk at the grocery store which will never work on Ethereum, this is where Fuse comes in

Cat, [03.11.20 11:19]
[In reply to Mark]
Very true all the “Ethereum killers” have failed thus far.

Cat, [03.11.20 11:20]
[In reply to Mark]
Try doing that with Bitcoin as @BitBoyCrypto would say.

BitBoy Crypto, [03.11.20 11:20]
What social platforms are your communities the most active on? So people who want to get involved know where to go

Cat, [03.11.20 11:20]
[ πŸ˜‚ Sticker ]

Mark, [03.11.20 11:22]
[In reply to Cat]
One of my first companies in crypto was doing BTC payments and it worked wonderfully only no one want to spend BTC πŸ™‚

Mark, [03.11.20 11:22]
[In reply to BitBoy Crypto]
First the best place to get updated is our TG channel https://t.me/fuseio

Mark, [03.11.20 11:22]
Which is going to have an interesting update today

Cat, [03.11.20 11:23]
[In reply to Mark]
Well I doubt personally anyone wants to pay a $20+ fee for a $1-2 coffee when BTC is super congested like that of the end of 2017 early 2018.

Mark, [03.11.20 11:23]
Also feel free to go to our website and create a community fuse.io we have a youtube channel and documentation and our support team can help setting you up

Cat, [03.11.20 11:24]
[In reply to Mark]
[ 😱 Sticker ]

Cat, [03.11.20 11:24]
Anything you can provide the Bitsquad as a sneak preview?

Mark, [03.11.20 11:24]
[In reply to Cat]
Yes but even if transactions were free and fast it’s still like paying for coffee with gold or a Tesla stock – people see them as investment and prefer cash.
There is also a small friction point called taxes which are always paid in fiat πŸ™‚

Cat, [03.11.20 11:25]
[In reply to Mark]
Good point. 😜

Mark, [03.11.20 11:26]
[In reply toΒ  Cat]
Yep, we are about to launch FuseSwap, currently onboarding to a closed beta and it will be launched in a few days.
The goal is to give mainstream audiences (non-crypto users) a way to use DEX’s without friction. So a gas-less Uniswap is our solution https://medium.com/fusenet/fuseswap-available-for-beta-testing-2253f1dd8681

Cat, [03.11.20 11:27]
[In reply to Mark]
Wow that’s awesome news! So this will work with Ethereum ERc20s?

Mark, [03.11.20 11:28]
[In reply toΒ  Cat]
Yes! every user can move their assets to Fuse to enjoy free and fast Uniswap experience. This of course will be even better on mobile with the Fuse wallet. And will provide any community with more tools like token swap which is a highly requested feature

Cat, [03.11.20 11:29]
This all sounds very interesting indeed given the fees on Ethereum and Uniswap for swapping tokens.

Cat, [03.11.20 11:29]
Now when users move ERC-20 tokens to the Fuse chain this unlocks a range of features and plugins that brings out different available functions not on ERC20s. Can you explain what some of these functions that separate ERC20s from Fuse tokens are to the Bitsquad?

Mark, [03.11.20 11:30]
Yes – first tokens on Fuse are automatically given capabilities that allow non-crypto users to interact with them

Cat, [03.11.20 11:31]
[In reply to Mark]
What do you think of this @BitBoyCrypto?

Cat, [03.11.20 11:31]
[In reply to Mark]
How so can you explain further?

Mark, [03.11.20 11:32]
Some things are more on the back-end like special API’s, Liquidity, intefaces and some are consumer facing like fast verification, fee abstraction (the user doesnt need to pay ETH for gas) social recovery, fiat ramps, different types of rewards

Mark, [03.11.20 11:32]
The objective is to provide building blocks for communities that don’t require a lot of development – plug and play

Mark, [03.11.20 11:33]
Usually building wallets is a very complicated effort – with our Studio, people can reach customers fast

Mark, [03.11.20 11:33]
And manage the customers and add functionality as they go

BitBoy Crypto, [03.11.20 11:34]
[In reply toΒ  Cat]
i think solutions to Uniswap issues is going to be a big niche. It already is. People who are building these solutions have a great chance to be first movers.

Cat, [03.11.20 11:34]
[In reply to Mark]
Sounds innovative

Cat, [03.11.20 11:36]
Now earlier you said that Fuse uses the consensus of delegated Proof of Stake (DPoS). Can you tell us the type of staking offered for users and rewards for participating?

Mark, [03.11.20 11:37]
Yes – we have LP rewards that are live: https://rewards.fuse.io/
You can see the APY for providing liquidity on Fuse

Mark, [03.11.20 11:38]
And in the next few days we are launching delegation! which means that any Fuse holder can enjoy a passive income with a cool new UI we are about to launch in the next few days as well

Cat, [03.11.20 11:39]
I read about validator nodes how can The Cat get his paws on this?

Cat, [03.11.20 11:39]
[ 😳 Sticker ]

Mark, [03.11.20 11:40]
All you need is 100K Fuse as a minimal staking requirement – our token is on Uniswap

Cat, [03.11.20 11:40]
[In reply to Mark]
[ 😎 Sticker ]

Mark, [03.11.20 11:41]
Running a node is easy and delegation is even easier, there are currently 78 nodes https://explorer.fuse.io/

Cat, [03.11.20 11:41]
[In reply to Mark]
Now with delegation does that mean users dont have to hold 100K tokens and can instead delegate tokens to another user so they can pool for rewards?

Mark, [03.11.20 11:42]
Yes – once our delegation UI is live any token holder will be able to participate in the governance and rewards by staking their Fuse to a validator

Mark, [03.11.20 11:42]
And earn rewards

Cat, [03.11.20 11:42]
Very awesome!

Cat, [03.11.20 11:43]
Now I was going through your partnerships and I have some final questions about those before we jump to audience questions.

Cat, [03.11.20 11:44]
One that stood out to me is a partnership with the Rupiah Token or the first Ethereum-based stablecoin pegged to the Indonesian Rupiah (Rp).

Indonesia is the 4th most populated country in the world, however they are currently suffering financial inclusion. How does this partnership benefit Fuse?

Cat, [03.11.20 11:44]
[In reply to Mark]
Cat likes rewards almost as much as @BitBoyCrypto likes Steak(ing.)

Cat, [03.11.20 11:45]
[ πŸ• Sticker ]

Mark, [03.11.20 11:47]
We are looking to work with every stable coins issuer any where in the world. Once there is a big enough stable coins ecosystem (and not only for $) services like Fuse are really going to be needed. In Indonesia there are already several stable coin issuers and on top of their services anyone can launch a local payments services. Small retailers will be able to compete with larger retailers. People will have more banking services in places where there is less access to banks… Stable coin issuers are integrating crypto to traditional fiat – The possibilities are endless once on-ramps/off-ramps are in place

Cat, [03.11.20 11:49]
[In reply to Mark]
Very intriguing mindset on stable coins. One more question before I open up the floodgates for Bitsquad members to ask you questions.

BitBoy Crypto, [03.11.20 11:49]
[In reply to Cat]
lol its true

Cat, [03.11.20 11:49]
So you recently partnered with Elrond one of the more high profile blockchain projects. How does this partnership benefit both projects?

Cat, [03.11.20 11:50]
[In reply to BitBoy Crypto]
[ πŸ₯³ Sticker ]

BitBoy Crypto, [03.11.20 11:51]
[In reply to AC The SoMee Ceeker Presearcher Hiveian LBRY Bitchute(TUBE) Cat]
Elrond is a great project

Cat, [03.11.20 11:52]
[In reply to BitBoy Crypto]
[ πŸ˜‰ Sticker ]

Mark, [03.11.20 11:54]
[In reply to Cat]
What we built is very versatile and could be plugged in to any ecosystem which is mature enough – we don’t plan to focus only on Ethereum although this is by far the biggest ecosystem for finance in the crypto space. But we see Elrond as a promising upcoming ecosystem. We see that in crypto there is much more collaboration between projects than traditional finance because everything is open source, so we are happy to partner and build a bridge to Elrond and port Elrond assets to Fuse in the future

Cat, [03.11.20 11:55]
[In reply to Mark]
Incredible news thanks for your time and letting the Bitsquad learn a little more about your project. I am going to open the floodgates for user questions now.

Mark, [03.11.20 11:55]
Sure – thanks!

FUSE the token for the Fuse.network is currently trading at [FIAT: $0.04596064] UP 0.9% in the last 24 hours according to Coingeco at the time of this report.

Image credit: Boxmining.com