Cryptocurrency is widely accepted as the future of all payment transactions and has changed the way the world thinks about monetary transactions. Although cryptocurrency and the blockchain have given us new currencies like ethereum, there is a fundamental issue that still exists ie how these cryptocurrencies can be converted to real-world currencies like the dollar. Existing methods are slow and unstable which is a major deterrent to the use of cryptocurrency.
This cryptocurrency adaptability issues or the ”nice to own, but difficult to spend” is one being tackled by multiple companies with the proposed solution being a prepaid plastic card, but this is limited to some currencies and merchants which hampers its adaptation on a wide scale. FuzeX looks to solve this issue with an innovative solution making use of the FuzeX Ecosystem.
- FuzeX Card
Based on their already successful Fuse Card, a smart card (magnetic and barcode-enabled) that allow the user to embed up to 30 different accounts on it be it debit, credit or reward. The FuzeX Card includes all the features of the Fuze Card with the additional benefit of multi-cryptocurrency integration. Identical in size and thickness to a standard credit or debit card, it consists of an EMV chip, a dynamic magnetic strip, an E-Paper Display (EPD), three input/option buttons, a rechargeable battery and a charging terminal.
Features of FuzeX Card
- Store, manage and use up to 30 credit, debit, reward and cryptocurrency accounts
- Built-in buttons to power on/off, enter pin codes, make selections, and authorize payments on the FuzeX Card itself
- E-Paper Display (EPD) to view balances across accounts, barcodes for reward card scans, and QR codes for blockchain addresses
- EMV (IC Chip) for multi-cryptocurrency payments
- Near Field Communication (NFC) for credit and debit card payments
- Barcodes for reward payments
- QR Code for cryptocurrency wallet addresses for P2P transfers
- Bluetooth connection between FuzeX Card and FuzeX Wallet to ensure security (Users have the additional option to securely lock the FuzeX Card when the Bluetooth connection is disconnected)
- Remote wipe technology to clear data from the FuzeX Card
- Battery life between 45~60 days
- Plus a sleek, slim, rechargeable portable battery bank F
Once users connect their accounts to the FuzeX Ecosystem, they can pay using just their cards and do not need to pull out their smartphones. Furthermore, the FuzeX card and wallet can be paired to create a hard wallet to store double encryption keys which fix security concerns.
- FuzeX Wallet
The FuzeX wallet acts as the hub for card and account management and allows users to send, receive , store and transfer tokens.
- Enables registration (includes KYC) for FuzeX Ecosystem
- Register and manage various cryptocurrencies
- Send, receive, and exchange cryptocurrencies (cryptocurrency amount and respective fiat currency value is clearly displayed with real-time exchange rates)
- Check account balances, transaction history, and exchange rates
- Only registered devices can access the FuzeX Wallet to ensure security
- Interactive map and address of the last location that the FuzeX Card was used (prior to Bluetooth disconnection) to help users locate and retrieve their lost FuzeX Card
- Android and iOS application for smartphones
- Two-factor authentication (PIN on FuzeX Card and password on FuzeX Wallet) for the purposes of secure private key management.
- FuzeX Exchange
The FuzeX Exchange is the core, backend platform bringing world-wide cryptocurrency adoption to reality with the goal of allowing users to spend cryptocurrency on their FuzeX Card as they would do on any regular credit card, and for Merchants to receive fiat currencies (USD, Euro, Yen, and any other local currencies) as they currently do.
FuseX accomplished this by enabling whichever cryptocurrency the FuzeX Card User selects to be released in the respective fiat currency to Issuers, based on the relevant market exchange rate. The FuzeX Card works in conjunction with EMV POS terminal standards. In doing so, it eliminates the unreasonable overhead required in order for each cryptocurrency company to establish contracts with each separate vendors.
In order to improve marketability FuzeX will first partner with existing exchanges (Q2) and Issuers (Q2). For partner exchanges, the FuzeX Card offers a unique solution that streamlines cryptocurrency adoption and increases their user base. Alternatively, for the Issuers, the FuzeX card provides new access to an expanding, billion dollar, industry. Following this development, FuzeX will then build out its own Centralized FuzeX Exchange.
- Hold a multitude of reserve cryptocurrencies and fiat currencies to facilitate real-time exchange (exchange rates derived from aggregated market rates) between cryptocurrencies and fiat currencies for payment transactions
- Function as a hosted wallet that is secured by 3 multi-signature security keys (User Key, Exchange Key, and Isolated Key for recovery)
*Transactions execute only when 2 of the 3 security keys are deployed.
- Integrate with Issuers/Legacy Payment Networks (e.g. MasterCard, Visa) to confirm sufficient fiat equivalent cryptocurrency balance in the Users’ accounts during payment authorization and releases fiat payments to Issuers
- Acknowledge selected cryptocurrency for payment when the User holds the relevant button to confirm selection on their FuzeX Card
- If Users lose their User Key, upon verification of identification, they can create a new account and User Key. FuzeX can then transfer the balance from their previous account to a new account using a combination of the Exchange Key and Isolated Key.
How does the FuzeX Ecosystem work?
The FuzeX Ecosystem’s working can be explained in a matter of 4 steps.
- Choose your desired currency on your Fuzex card and then view balance and real-time exchange rates.
- Hand over the card to a merchant who inserts it normally and then POS relays the message to the relevant issuer.
- The issuer checks your balance via the FuzeX exchange and if funds are sufficient authorizes payment otherwise declines it.
- The merchant receives authorization and payment is processed. The user also receives a complete summary of the transaction.
In order to improve reach, FuzeX will partner up with a number of existing issuers and exchanges to provide long term and short term utility of the FXT Token. In the short term, it will act as a membership token allowing users to:
- Purchase using FuzeX cards
- Pay membership fees like Bank Identification Number (BIN) which will be lower for FXT holders
- Set transaction limits based on a number of FXT tokens held by the user.
In the long term, the payment platform will evolve into a service platform with FXT tokens playing a more important role, acting as a medium between tokens and a bridge between the services offered on the platform. Gradually available tokens will be converted to partner tokens which will allow our partners access to services like travel, medical, coupon, accommodation etc.
FuzeX has partnered with numerous entities like GATCOIN, BitClave, Swiss Borg, Crypto.IQ and iCO CROWD which will allow them to influence the market directly and significantly.
When compared to other existing cards like TenX, Centra, and Token Card, FuzeX comes out as the best available with superior ratings in supported currencies, transaction fees, card types and fund security.
- Successfully developed, brought to market, sold and shipped 30,000+ Fuze Cards (magnetic strip and barcode-enabled), which are smart e-cards that enable users to embed up to 30 credit, debit, or reward cards in one.
- Reached the top 0.01% of global crowdfunding through the Indiegogo platform, raising $2.2 million USD in 2017.
- Received “Industrial Convergence Leader 2017” Award from the Ministry of Trade, Republic of Korea.
- Distinguished recognition from Korea Technology Finance Corporation for developing “Smart Multi-eCard 2016” technology.
The team behind FuzeX is one of the best available in the sector featuring an international array of blockchain specialists, marketing experts, business strategists and hardware/software developers.
Led by Andrew Bae (CEO), Michael Park (CTO), Daniel Kim (CBO), James Lee (CFO) and Steven Oh (COO) Fuzex aims to take the market by storm.
More Details of Fuzex:
Official Website: https://fuzex.co
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