Introduction
Fusion is a revolutionary technology that has the potential to revolutionize the way we manage digital assets. Fusion is a blockchain-based platform that enables users to easily create and manage digital assets. It also provides users with a secure way to store, transfer, and manage their digital assets. Time Lock technology, a part of Fusion, provides an extra layer of security by allowing users to set a time limit on when their assets can be transacted. In this article, we will discuss how Time Lock technology works and how it can be used to manage digital assets.
04/15/2021
AdvancedAltcoins
AdvancedAltcoins
What is Fusion?
Attention! This article is outdated and needs to be updated.
Fusion is a blockchain based on consensus protocol Ticketed proof-of-stake (TPoS). For TPoS staking, validators buy tickets [tickets] for FSN project tokens.
The Fusion network selects tickets randomly. Their owners get the right to sign the next block. Validators receive rewards: 2.5 FSN and transaction fees per block. The profitability of FSN staking can be calculated on stakingrewards.com.
What is FSN?
FSN — native Fusion token. It is needed to pay transaction fees, launch smart contracts, and purchase tickets for staking.
The issue of FSN is limited and amounts to 81,920,000 FSN. The ticket price for Fusion staking is 5000 FSN.
What is Time Lock?
time lock (TL) is a technology for dividing FSN into parts by time-cost: with limited lifetime (TL FSN) and unlimited (FSN∞).
When splitting a token, the user sets the lifetime of the TL FSN. It is visible to other Fusion users and network smart contracts.
The market value of TL FSN is below the full FSN. It depends on what benefit can be obtained over the life of the token.
When the TL FSN lifetime comes to an end, the tokens burn out. The FSN∞ corresponding to them turn into FSN.
Time Lock can be compared to an interest-bearing loan or property rental.
Example: Alice bought a book for $10. Bob borrowed her for a month and paid Alice $1. Alice still owns the book. However, Alice cannot read or pass the book until Bob returns it.
Now imagine that Alice bought FSN. She split the token into TL FSN with a 30-day lifetime and FSN∞, and then sold the TL FSN to Bob. Alice will not be able to dispose of FSN∞ until Bob’s TL FSN burns down.
How to split FSN tokens?
To split tokens, you need to send a transaction from a Time Lock-enabled wallet. The user selects the type of transaction:
- null – send FSN;
- Timelock – split FSN and send TL FSN;
- forever – split FSN and send FSN∞.
What are the benefits of Time Lock?
Time Lock allows you to invest or delegate tokens without risk. Users transfer TL FSN for the time after which the tokens will burn out. At the same time, FSN will remain in the owner’s wallet.
Example: An investor invested in the TL FSN DeFi project, but hackers hacked into the project’s smart contract and stole the tokens. The investor will not lose funds. When the TL FSN burns out, the investor will have access to the FSN at full value.
Users can buy temporary staking tickets for 5000 TL FSN and also send tokens to staking pools. TL FSN will be automatically returned to the owners after the expiration of the life of the tokens.
Example: Alice divided 10,000 FSN into two parts: TL FSN with a lifetime of 30 days and FSN∞. Bob bought 10,000 TL FSN for 50 FSN and staked the tokens. In a month, Bob will earn 100 FSN and Alice will have access to 10,000 FSN. She will be able to split and sell the tokens again.
What is FRC758?
FRC758 is a token standard with support for Time Lock technology. With FRC758, you can tokenize assets like BTC and USDT, and then divide them into parts by time-value.
Tokenized assets with a limited lifetime are called TL tokens.
How can TL tokens be used?
The owner can send FRC758 tokens to another user or sell them on a decentralized exchange.
Other options for using TL tokens:
- cryptocurrency loans. The owner can issue them without intermediaries;
- liquidity pools. The investor invests tokens without the risk of losing assets;
- leasing property or NFTs. The token acts as a temporary key to access the property.
Example: the owner of the car has created and sold a TL token that gives access to the car. The owner of the token can drive a car or transfer the TL token to another person. When the token burns out, control of the car will return to the owner.
Where to buy FSN?
FSNs are traded on Huobi, AnySwap, MXC, Hotbit, OKex, Bittrex, Bibox, UpBit, Citex and COINBIG.
TL FSN will be traded on Chainge Finance, AnySwap and other decentralized exchanges.
Fusion recommends keeping FSN in wallets Whallet or My Fusion Wallet with Time Lock support:
- division of FSN into TL FSN and FSN∞;
- union of suitable TL FSN and FSN∞ into FSN;
- displaying FSN, TL FSN and FSN∞ balances in the wallet.
Where can I find out more about FSN and FRC758?
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Conclusion
Fusion is an innovative technology that seeks to revolutionize the way payments are handled. By leveraging the blockchain, it offers a secure and efficient way to handle payments and money transfers. Time Lock technology is a further development of this technology that allows for funds to be locked in the blockchain for a specified period of time, ensuring that the funds are secure and that there is no risk of them being spent before the specified time. This technology provides an additional layer of security for users and offers a more efficient and secure way to manage payments.
FAQ
What is Fusion?
Fusion is a blockchain-based financial platform that enables businesses to issue, manage, and trade an array of digital assets on a single, unified platform.
How does Time Lock technology work?
Time Lock technology is a feature of the Fusion platform that allows users to lock up digital assets in a “time vault” for a predetermined period of time. This ensures that the assets are held securely and can only be accessed at a predetermined date and time. The time vault feature provides an extra layer of security and ensures that the assets are not compromised even if the user’s device is hacked or stolen.
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