Fusion Foundation Responses to the November Open AMA
Fusion collected questions from the community via a Reddit thread during the final weeks of November. We thank all those who submitted questions and look forward to providing more regular AMA opportunities in the future.
The questions were slightly edited for grammar and to remove duplication. Please see below responses form the Fusion Foundation.
Q. What is the latest news on the $12B of committed tokenized assets? Why Is the $12B no longer mentioned on the website?
A. We have continued dialogue with the 4 companies relevant to the $12B committed assets and have spoken to them numerous times since MainNet went live.
The response we have received so far is that the companies intend to stick to the deal of digitizing their assets on Fusion.
As understanding of blockchain has grown and businesses know better how they want to apply blockchain, they must work with Fusion to balance our mutual priorities and find the right time to engage. Just putting an asset onto blockchain is easy, but integrating blockchain into business workflow to transform and their processes have both macro and micro considerations.
Our partners are looking forward to a more consolidated way of integrating their business into Fusion, using our native features like time lock and quantum swap. However it will take some time, big business sometimes move slower than we would like.
Q. Why has there not been a code audit so far? Will there be a technical audit in the future, especially for the consensus part, for example through Red4Sec? If not, why?
Fusion is an open-source project that has published its full code on Github. Any person is able to access and review it. Indeed, when fusion has conversations with large companies and institutions, the first thing they do is review the same code that has been released to the open source community.
In saying that, a code audit is important for Fusion and the adoption of technologies such as DCRM and we plan to engage a third party to perform an audit in the future. The timing is not certain at this point.
Q. What is happening with time-lock PSN rewards for hardware wallet users?
Fusion has began working with the staking community to decipher which hardware wallet users were affected so we can provide the correct remediation. If you believe you were affected please follow the steps outlined in this article.
Q. How long will the two-token system continue (ERC20 and native FSN)? When will ERC-20 FSN be phased out?
The foundation has made the decision to transition (phase-out) all ERC20 FSN tokens to MainNet FSN.
So the more relevant questions are, do we have a deadline to swap ERC20 FSN to native FSN? And, When will all exchanges (at least the most prominent exchanges) transition to support MainNet FSN?
The answer to the first questions is that we have not set a deadline yet.
The answer to the second question that we are urging exchanges to transition ASAP but we are accountable to their timelines.
Q. What is happening with Bibox and Huobi exchanges? When will they transition to native trading?
Bibox requested Fusion to provide a network security report by their authorized organization. We are working on it.
For Huobi, the conversation have been had but we are still waiting in line, it seems their technology resources are quite limited.
Q. How many people are currently employed by the Foundation on a full-time basis? Why has the Foundation not update the website to reflect the full team and changes to the team?
Fusion Foundation has 28 full-time employees. We only keep key members on the website.
Q. Despite multiple website updates, like adding Hassan Khan, Andre Cronje is still listed as “Head of Innovation and Technology”. What is his current involvement with the Foundation? What was his last contribution, and when?
Andre Cronje is still involved with Fusion. He recently shared our DCRM code with Binance to try to encourage them to cooperate for technology development together.
Andre engages with the project on and off as our technology evolves. His main interest is DCRM and with our recent open-source release, we look forward to having him engage.
Q. Does foundation have plans to hire more people to accelerate development?
Fusion has developed 90% of the technology described in the whitepaper. So there is less need for a very large team in the future. Our current focus over the next period is 1. DCRM 2. Virtual Machine 3. Decentralized Oracle.
Foundation will balance hiring and leveraging community innovation. Our plans are fluid but we must consider foundation longevity as well as hitting our development goals.
Q. Can we have more visibility into the compromised Private Key(s) leadings to funds being stolen? How did it happen? If Foundation don’t even know how it happens how will they ensure it won’t happen again?
There is no information that can be disclosed at the moment. The theft has been filed as a crime with the Police and is currently under investigation.
Q. What measures have been taken to protect the wallet(s) containing the remaining funds? How many people have access to it, and why?
1. We will burn all ERC20 FSN
2. We distributed Foundation’s FSN holdings into multiple cold storage wallets.
3. We are developing a system to have FSN resources managed by DCRM.
Q. From all we know, the Foundation received contributions from these private sale companies:
— EastMore Group
— ALPVIEW Capital
— Lockwood Group
— FBG Capital
— Krypton Capital
— Alignment Blockchain Hub
Q. Are they still involved and fully informed about current Fusion events?
From top FSN holders list, you might find out most of the private FSN sale participants have not moved their FSN at all.
Fusion Foundation has Intelligence board from well known institutions and they are fully informed on Fusion’s progress.
Q. The buyback on Hotbit didn’t affect the price at all which seems strange considering Hotbit’s extremely low liquidity, do we have proof the transactions took place?
We don’t have proof of the individual transactions because all of those happened in Hotbit’s database. But the number of FSN does not lie. They burned it in an public address that was available for everyone to see.
Q. What patents exactly has the Foundation applied for? What is the current status of these applications? Where can we verify that information? Can we track the status of the patent applications somewhere?
We will provide a proper update on this shortly.
Q. Ian Friend (COO Ferrum Network), while not entirely professional, was quite surprised when he heard about FSN license costs. Are all partners fully informed about these costs, and did any of them confirm that they’ll definitely accept the conditions?Is there any definite commitment by a partner regarding the DCRM license fee? Are all partners mentioned previously still on board?
As we have stated previously, the DCRM license model does not bring subscribers a cost but an opportunity to grow and earn with DCRM technology. But given this question is often asked, you may feel it is not easy to understand why it is not really a cost at all.
Answering your question directly, yes, partners were informed about the model. But it seems not all of them fully understood what it means. It still takes some time to break through and there is a broader education process required.
Meanwhile, we are currently engaging partners in a different way by building a DCRM alliance. You might learn more about the details shortly!
Q. Is the premature “bigger than NASDAQ” announcement considered a mistake retrospectively?
There are two “quotes” from the TG channel that are often raised as an issue. The first is the “200 $USD” comment. The second one is “bigger than Nasdaq”. Let me explain to you where these two “quotes” come from.
1. 200 $USD — Some community members claim that DJ in the TG channel said once that the FSN price will go to 200 $USD. To be honest, I never said that. And I agree that it is not right place to comment on price in our main Telegram channel. It is certainly a mistake to regard that comment as financial advice. The context of the comment is that a community member asked when DJ will leave Fusion. My answer was ”I will not leave before FSN reaches 200 $USD.’ The quote’s intention was to demonstrate my determination to make Fusion a success and my commitment to the project. 200 $USD itself is actually an arbitrary number. Please, don’t use 200 $USD as a quote again without the proper context!
2. “Bigger than Nasdaq” — In the TG chat people keep asking “when bigger than Nasdaq?”. It gives the impression that Fusion was just bragging before a deal was signed. The context of “bigger than Nasdaq” was community members asking what kind of adoption Fusion was chasing. DJ answered that we were engaging some very solid leads. In turn, some community members complained that the partners we had announced previously were not that famous and they hope to see a collaboration with Nasdaq. DJ answered that Fusion was engaging and involved in discussions with influential companies and governments. And that some of them are definitely bigger than Nasdaq, like governments/central banks. But as you all know when we are engaging governments/central banks, a strict NDA is necessary and we cannot disclose any of the specific information.
Fusion had no intention to use this type of bragging to create fake hype. If we have a large partnership with a famous organization it will not be us to announce it. If we really have some collaboration with government/central banks, you will hear it first from them.
Q. FSN is an open source project and aims to involve the developer community. Why is communication on Github non-existent?
Our recent growth in development community activity in FOSC reflects the increased focus we have put on of engaging with the open source community. As mentioned in our DCRM 5 release, we will now be releasing updates to Github with increased frequency. If you pay attention to the Github community fsn.dev, you will see a lot of activity there in the future.
Q. Is “Afghanistan” partnership real?
We met with representatives of Afghanistan at DAS 2019 and agreed on multiple directions to collaborate. Currently, discussions are on hold but we look forward to re-engaging with them when the time is right.
Q. What is Fusion’s runway? How much $USD and crypto does foundation have? What is the burn rate? Will Fusion publish regular (quarterly/half-yearly) financial reports in the future?
Fusion Foundation is a non-profit Foundation so it has no intention of earning money. That’s why we need to establish a sustainable method to support the Fusion Foundation into the future. Part of this process involves transitioning the Fusion Foundation to be more decentralized and growing the open-source community. As you all see, we are rewarding fusion dev community in time lock FSN. And it is also a plan for all people in Fusion Foundation to be rewarded in this way in the future.
Financial transparency is also a major target in the future.
Q. My question is about the address that Fusion mentioned in the Wallet Theft Update article.Does the foundation know who is the owner of this wallet- https://etherscan.io/address/0xa9c66b3dbd01bb7d24928402cbd7cfb7dd445dc3
We will not comment on the theft until the police investigation in to the crime is finished.
Q. If DCRM consensus uses PoA and PoS. How does this change affect supreme nodes? Rewards? Hardware requirements?
We are still exploring the possibilities for Supreme Nodes but there is no more additional information to share at this point in time.
Q. What are some of the use cases where DCRM could be used in a non-blockchain application?
Anytime you need to protect data and control sharing access, DCRM can be used. Think of situations such as sharing your bank statements, passport, drivers license, tax documents. We have no doubt many more use cases will be thought of by FOSC, alliance, and our own discussions.
Consider data privacy. Let’s say there is a hack of a hotel group’s database and the hacker got all the check-in customer information (there are regular incidents of hacks of this nature in the world today), he could put it on dark web for sale.
However, if we use DCRM to protect the data, the user himself keeps one shard of the private key required to access the data, the hotel keeps the second shard of the private key and the police keeps the third shard of private key. Then the hacker has to steal from the individual, hotel and police at the same time to access the data.
Fusion will have many more AMAs in the future so you will have additional opportunities to have your questions answered. You can always drop into the Fusion Official Telegram Channel to ask a question at any time.