Even though decentralized currencies such as Bitcoin and Ethereum have opened the floodgates to innovative solutions within various sectors in recent years, the process of putting one’s crypto wealth to everyday use is still quite cumbersome and inconvenient.
FuzeX is an all-new blockchain service that seeks to deploy alt-currencies for everyday purposes. The core offering of the company is an innovative card which basically serves as a crypto-enabled e-card.
The FuzeX card is identical in size and thickness to a standard credit or debit card, and consists of these core components:
- An EMV chip
- Dynamic magnetic strip
- E-Paper Display (EPD)
- Three input/option buttons
- Rechargeable battery and charging terminal
The FuzeX card allows users to store, manage and use up to 30 credit, debit and cryptocurrency accounts via a single platform. This helps make financial accounting seamless and allows users to keep accurate tabs on their daily spending habits.
Overview of the system
- The FuzeX card comes prebuilt with buttons to power on/off, enter pin codes, make selections, and authorize payments.
- Through the use of a native E-Paper Display (EPD) module, customers are able to view their balances across various accounts as well as scan QR codes to procure rewards and blockchain addresses.
- The platform has been designed to facilitate hassle-free P2P transfers between crypto wallets.
- Thanks to the Bluetooth connection module that links the FuzeX card and wallet, the platform is able to maintain a high level of security and integrity.
- Customers are also provided with the option to securely lock their FuzeX cards when their wireless connections are disrupted for any reason, thereby allowing for an additional layer of security.
As mentioned earlier, the FuzeX ecosystem allows users to connect their accounts (credit, debit, rewards, and cryptocurrency) via the native FuzeX wallet app. Once all of the preliminary synchronizations have been completed, customers are able to make payments using their FuzeX cards without having to go through the trouble of pulling out their smartphones or wallets.
Layered representation of the FuzeX e-card
Additionally, the FuzeX card, when paired with the native wallet, functions as an independent hard wallet for one’s private keys. These fragmented private keys are encrypted and stored within the ecosystem and can be accessed by users only after they have unlocked their FuzeX card and wallet with a secret pin code and an account password.
The wallet allows users to store, spend, receive, and transfer tokens, and provides them with features such as validation of customer registrations (including KYC), and management of crypto portfolios by allowing customers to send, receive, and exchange alt-tokens on a single platform.
Visual depiction of the FuzeX exchange
Lastly, the FuzeX exchange acts as the backend protocol that helps facilitate cryptocurrency adoption and allows users as well as merchants to switch between alt and fiat assets (USD, EUR, JPY, and any other local currencies) seamlessly.
How it works
The user first has to download the FuzeX wallet app and create an account on the FuzeX exchange. They then have to transfer the desired amount of crypto from an external wallet to the native FuzeX wallet.
Overview of how transactions work within the FuzeX ecosystem
To make purchases, customers have to select their cryptocurrency of choice from the FuzeX card using the built-in buttons, and the user is provided with real-time exchange rates.
If they are satisfied with the rate provided, he or she swipes their card on the merchant’s POS device. The merchant subsequently receives an authorization for the payment, and the purchase is completed. The buyer also receives an automated purchase summary on his or her FuzeX wallet app.
FuzeX exchange transaction flow
However, according to the whitepaper, a user “must approve transactions on the FuzeX card when the cumulative spending balance surpasses $300 USD (limit adjustable) to finalize the transfer of cryptocurrency payment from his/her user account to the FuzeX exchange.”
About the team
Andrew Bae is the CEO of this project. According to his LinkedIn profile, Andrew specializes in product management and marketing, and has previously been associated with established ventures such as:
- BrilliantTS (President and CEO)
- CrucialTec (Vice President and Co-Founder)
Michael Park is the Chief Technical Officer of FuzeX. He describes himself as a crypto enthusiast whose core interest lies in “merging today’s burgeoning IoT sector with the blockchain domain”. Michael is an alumnus of Kwangwoon University and previously served as the Vice President of the IoT/B2B solution team at Samsung for nearly two decades.
Lastly, Daniel Kim is the CBO of this venture. He possesses a BSc degree in Computer Science from Macquarie University and has previously worked for companies such as:
- Kona Co. Ltd (Global Sales Director)
- CrucialTec (Director of Sales)
Token Performance Details
FXT tokens have been on the market for a little more than two weeks, and have already experienced some minor price swings.
FXT token lifetime performance chart (courtesy of Coinmarketcap)
As of May 26, FuzeX possesses a market cap of US$26,044,254. In all, a total of 1,087,156,610 FXT have been created, and out of them, 728,910,229 are currently in circulation.
With widespread crypto adoption slowly entering the mainstream, FuzeX comes at the perfect time to help everyday people deploy alt-currencies for regular, menial purposes, such as buying groceries, paying for gas, or getting a cup of coffee.
If you would like to start investing in this platform, FXT trading pairs are currently being traded on HitBTC, COSS, IDEX, Coinbe, LiveCoin, and CobinHood.