Fuse launches Web3 payments network to accelerate mainstream crypto adoption
In just a few years, Web 3.0 has transformed the cryptocurrency industry and the fintech landscape as it creates new business models and opportunities for everyone, especially in developing countries. Unlike its predecessor, Web 3.0 changes the narrative through its distributed architecture.
However, Web3 has experienced some turbulent times in recent months due to the global economic slowdown and the crypto winter. Now, Israel’s Fuse is launching a new Web3 payments network tailored to mainstream adoption to help businesses that may not be as crypto or tech-savvy as companies in the tech circle.
Today, the Fuse Network unveils Fuse 2.0, the next generation of tooling to provide web3 payment services for retailers aimed at taking on a significant challenge cryptocurrencies face on the road to mass adoption. The tools provide a fast, simple, and secure solution that enables companies to be more crypto-savvy and ultimately gives users a similar experience to what they are used to with Web2 finance apps like Venmo or Revolut.
With Fuse 2.0m, existing digital payment rails execute billions of daily transactions. Fuse believes that offering a cheap, flexible, and simple solution to transact with every business on the planet will drive the usage of digital payments and cryptocurrencies further.
“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,” says Fuse Network CEO Mark Smargon.
Initially launching in 2019, years of working with ecosystem partners have allowed the Web3 payments company to build a robust network, create and provide Ethereum-level tooling tailored for business, and vitally learn which aspects of business are not desirable to decentralize.
Fuse 2.0 heavily concentrates on providing all aspects required for businesses to explore Web3 payments from the network to core business-ready infrastructure and white-label mobile wallets. Most importantly, outlining a network structure for Fuse 2.0 fit to scale Web3 payments by introducing the concept of Operators and Power Validators.
Scaling crypto adoption with everyday payments
Introducing the concept of Power Validators and Operators in the Fuse vision, Smargon highlights how this structure can drive long-term growth and provide decentralized, scalable Web3 business infrastructure that is easy to navigate and build.
The new structure divides the network into three layers served by merchants, Operators, and validators. The consumer layer consists of merchants building Web3 applications for their end users using the Fuse tech stack, specifically the Charge platform. Here, fee abstraction is a powerful tool to remove complex blockchain actions.
To do that, transactions are processed, and fees are paid by Operators, not end users. This forms the business layer and, ultimately, the layer that can drive the mass adoption of crypto through regular Web3 payments.
The final piece of the puzzle is Power Validators. They supply the services Operators require to build functioning Web3 apps such as node infrastructure and oracles. The Operators purchase these services to resell them to their customers, filling the demand side.
One Operator already showcasing the power of the Fuse tech stack is Bitazza, with the Freedom Wallet being the centerpiece of the value proposition. The Freedom Wallet is a mobile wallet running on Fuse Network, built using Charge’s API, already used to fuel everyday crypto payments for several small to medium-sized businesses in Southeast Asia.
Fuse firmly believes the new approach can emphasize Operators like Bitazza, drive the next wave of adoption, and get crypto into the hands of new users without the speculative qualities. At the same time helping small to medium businesses become more competitive in the global economy.
Fuse will have a significant presence at this year’s ETH TLV, taking place between Feb 1st to 9th, as one of the key sponsors for the week’s festivities. During the week, Fuse will unveil its new branding, website, and overall mission via a live broadcast from Fuse HQ in Tel Aviv. In addition, Mark Smargon will reveal more on Fuse 2.0 throughout Q1 2023.
In line with the rebrand, Fuse released a new White Paper that charts a course toward a new era of innovation. This will be followed by the highly anticipated 2.0 Roadmap and detailed technical documentation for the developer community.