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How to buy, sell and trade Fusion (FSN)
A beginner’s guide to buying, selling and trading FSN in New Zealand.
Fusion is a platform that aims to bring all blockchains together. Through the use of distributed network nodes that make cross-chain smart contracts possible, Fusion hopes to establish a public blockchain as a cryptofinance platform that overcomes the obstacles of interoperability and scalability.
Fusion’s native token, FSN, will be used to pay fees and run smart contracts on the Fusion network. If you’d like to buy or sell FSN tokens, read on to find out how to go about it.
Quick guide to how to buy Fusion (FSN)Before we get into the details of how to purchase FSN, here’s a quick overview of the steps:
- Buy bitcoin (BTC) or Ethereum (ETH).
- Register for an account with QRYPTOS.
- Set up 2-factor authentication.
- Click “Fund My Account”.
- Select your desired currency and copy the wallet address.
- Deposit BTC or ETH into your account.
- Click on “Markets”.
- Search for and select the currency pair you want to trade, such as FSN/ETH.
- Enter the amount of FSN you want to buy.
- Review all transaction details.
- Click “Buy FSN”.
Where to buy FSN in NZ
FSN tokens are listed on the following exchanges:
A step-by-step guide to buying FSN
Want to buy FSN but don’t know how? Here’s our guide to buying tokens in three simple steps:
Step 1. Create an account on an exchange that lists FSN
Compare the fees and features of the exchange platforms that currently list FSN in one or more trading pairs. Once you’ve decided which platform best suits your needs, register for an account by entering your email address and creating a password. Depending on the exchange, you may also need to provide your personal details and proof of ID to satisfy Know Your Customer and anti-money laundering (KYC/AML) regulations.
If the exchange supports 2-factor authentication, make sure you remember to enable this feature to provide a higher level of security for your funds.
Step 2. Deposit funds into your account
It’s not possible to buy FSN with New Zealand dollars or any other fiat currency, so you’ll instead need to exchange another cryptocurrency for FSN. The digital currencies listed in currency pairs with FSN are currently bitcoin (BTC) and ether (ETH), so check out our how to buy BTC and how to buy ETH guides for details on how to obtain either of these coins.
In your exchange account, copy the relevant wallet address or scan the QR code for the crypto you want to deposit. Use this address to complete the transfer of funds.
Step 3. Buy FSN
Navigate your way to the “Exchange” section and search for the pair you want to trade, for example FSN/ETH. In the “Buy FSN” box you can then select a market or limit order and specify how many FSN you want to buy. Before finalising the purchase, make sure you take a moment to carefully review the full details of the transaction.
How to sell FSN
If you decide you want to sell your FSN tokens, click through to the “Exchange” section and search for the pair you want to trade. You can then specify the amount of FSN you want to sell or the amount of other coins or tokens you want to exchange them for. However, remember that FSN is only available in limited pairings, so you may not be able to perform a direct exchange to the digital currency you want.
Which wallets can I use to hold FSN?
Rather than storing your tokens on an exchange, which exposes you to the risk of hacking and theft, it’s generally recommended that you transfer your holdings into a private wallet. FSN is based on Ethereum’s ERC20 standard, so you’ll need to search for a wallet that supports these types of tokens.
How Fusion works
In its own words, Fusion is a “public blockchain devoting itself to creating an inclusive cryptofinancial platform by providing cross-chain, cross-organisation and cross-datasource smart contracts.”
The overarching aim is to connect all different and competing blockchains, allowing for the transfer of value of different cryptocurrency systems. This connected financial ecosystem is designed to help bring the many theoretical benefits of cryptocurrency into the real world, in what Fusion labels the “era of cryptofinance”.
But how does it actually work? According to the whitepaper, “Fusion will connect various values by establishing a layer of control management on top of various tokens through a distributed management of the tokens’ private keys and by providing ports both for central organisations and for external data sources”.
The network will allow for cross-chain smart contracts, as well as make it possible for smart contracts to utilise off-chain data. Fusion is also designed to integrate existing and new cryptocurrencies, and developers will be able to build and deploy their own apps on top of the Fusion platform. For example, a developer could create a smart contract-based loan system that supports multiple currencies, with users allowed to borrow one kind of crypto asset by offering another coin or token as collateral.
Fusion is led by Dejun Qian, the CEO and founder of BitSE who has also played a key role in the development of crypto projects Qtum (QTUM) and VeChain (VET). He launched Fusion in 2017, and the project’s February 2018 crowdsale raised 126,000 ETH.
What to consider if buying FSN
Cryptocurrencies are infamous for their volatility, but what some crypto newcomers fail to realise is just how complicated these digital assets are. There are myriad factors that can potentially affect the price fluctuations of a digital coin and token, so you’ll need to familiarise yourself with all those factors before deciding whether or not to buy.
If you’re thinking of buying any FSN, make sure you consider the following:
- Supply. According to CoinMarketCap, at time of writing (May 2018) the circulating supply of FSN was 29,684,331, out of a total supply of 57,344,000 FSN.
- Use. FSN is the token of the Fusion blockchain and has a range of uses, including:
- Acting as the gas of smart contracts
- Acting as the stake used in Fusion’s consensus mechanism
- Rewarding miners who provide proof of stake or proof of work
- Use by the Fusion Foundation to develop the Fusion ecosystem
- Competitors. Fusion is far from the only crypto project being built with a focus on blockchain interoperability. Wanchain (WAN), ICON (ICX) and Aion (AION) are all working towards the goal of blockchain connectivity.
- Limited availability. Fusion is currently only available on a small handful of exchanges. This lack of easy access may limit demand for the token among crypto buyers, so achieving listings on additional exchanges could potentially increase demand.
- Roadmap and whitepaper. What developments and milestones lie ahead for the Fusion network? Check out the roadmap on the project’s website for more details, and take a look at the whitepaper for more information about the technology behind Fusion.
- Future goals. The launch of the Fusion mainnet is scheduled for 30 June 2018. In its executive summary, Fusion reveals a goal to have more than US$10 billion worth of tokens/cryptocurrencies/digital assets running on the network at this time. This is predicted to grow to more than US$100 billion by the end of Q3 2018, by which time the team hopes to have more than US$1 billion worth of financial activities using smart contracts on Fusion.
As with any project still being developed, it’s hard to predict with any certainty exactly what the future holds for Fusion. With this in mind, do your own research before deciding whether or not to buy any FSN tokens.
Image source: Fusion
Disclosure: At the time of writing, the author holds IOTA and XLM.
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