Fuse Network launches Web3 payments network to bolster crypto adoption
To help businesses that may not be as crypto– or tech-savvy as others provide a user-friendly, quick, and secure blockchain-powered experience, Fuse Network has introduced a payments network tailored to mainstream company adoption.
On February 7, Fuse which seeks to be the most business-friendly blockchain environment for the mainstream adoption of Web3 payments, the release of Fuse 2.0 to address obstacles cryptocurrencies face on the path to widespread adoption, as per a press release shared with Finbold.
Specifically, Fuse 2.0 provides a technological stack that is compatible with mobile devices in order to open up new Software as a service (SaaS) business models in Web3 in a secure manner. Given digital payment rails are responsible for the completion of billions of transactions each day, Fuse is confident that by providing a solution that is low-cost, adaptable, and easy to use, it will be possible to do business with any company on earth, which will further propel the use of digital payments and cryptocurrencies.
Fuse Network CEO Mark Smargon:
“To drive widespread adoption, we must focus on competing with the dominant players like Visa, Mastercard, and Stripe rather than Ethereum or any other blockchain. So we built a fully interoperable and open-source one-stop shop to help businesses uncover the value added from the decentralization of finance.”
Power Validators and Operators
Furthermore, Smargon introduces the notion of Power Validators and Operators in the Fuse vision, highlighting how this structure may enable long-term development while also providing decentralized, scalable Web3 business infrastructure that is simple to explore and construct.
The network is now divided into three levels serviced by merchants, operators, and validators. Merchants create Web3 apps for their end customers utilizing the Fuse tech stack, notably the Charge platform, at the consumer layer. Fee abstraction is a valuable tool in this case for removing sophisticated blockchain processes and providing consumers with an experience comparable to what they are accustomed to with Web2 financial applications like Venmo or Revolut.
To accomplish this, transactions are handled, and fees are paid by Operators rather than end users. This is the commercial layer and, eventually, the layer that will promote crypto adoption via ordinary Web3 payments.
Power Validators according to Fuse are the last component of the jigsaw. They provide the services required by operators to develop functional Web3 applications, such as node infrastructure and Oracles. These services are purchased by the Operators in order to resale them to their clients, thereby satisfying the demand side.
Finally, Smargon will release further information about Fuse 2.0 during the first quarter of 2023. In conjunction with the rebranding, Fuse published a new White Paper. The much anticipated 2.0 Roadmap and full technical documentation for the developer community is set to follow.