What started with a humble beginning saw within just a couple of months, a waiting list of 1 million users. Chainge proposes to be a revolution and not just a financial tool, rather a financial tool aimed at creating a revolution of freedom. But how and why?
Before we get there, let's see who's behind Chainge. The sole founder of Chainge is DJ Qian who has a long list of projects under his belt, starting from Anyswap, Fusion, Vechain, QTUM and Bitse. It only stands to reason that Chainge is built on Fusion ecosystem. With someone like him steering the wheels, innovation, scalability, and long-term focus is only natural for the project and more so in the blockchain world. Chainge has set out with only one goal and that is worldwide financial freedom by allowing anyone to be their own digital bank thus reducing the dependence on traditional forms of banking and finance. This might sound too ambitious, but it is not. The application aims to create a suite of customized financial functions which make it seamless and easy to create a smart contract, thus helping in creating financial transactions without the need of any intermediaries, something that Defi stands for. Chainge is becoming a tool of accessibility for the incredible technology of Fusion blockchain for automated financial code to become the new norm.
While all this is a good introduction, let's talk real business. There are a plethora of blockchains besides Bitcoin & Ethereum. Each blockchain seems to provide some sort of solution, advantage, or benefit. Most of the projects are aimed at ethereum's scalability issue which has been a roadblock for quite a while with everyone looking for an optimized solution. With so many blockchains surfaced, it is important for any user to have a seamless experience in the blockchain world which in my opinion is far from true at the moment. Solving scalability brings a major issue which is interoperability between these chains. With everyone wanting to be the winner, all it feels like is that we are drifting further away from blockchain adoption.
Cross-chain Interoperability
One of the major factors that has deterred blockchain from mass adoption is the lack of Interoperability. Blockchains are growing in numbers with each providing a unique solution or solving a specific purpose. There is no perfect blockchain and as such cross-chain interoperability is a must to exploit the best results from all these chains. Cross-chain interoperability is simply a solution or technology to transfer value and information from one chain to another as seamlessly and efficiently as possible. Most of the solutions at present are through intermediaries which have their own inherent flaws thus negating the claim of end-to-end decentralization. For a truly decentralized system, this needs to happen without any third-party dependence (read centralized systems) with minimum transaction fees and in the least amount of time. There is an ever-growing shift towards decentralized industry with liquidity moving from CEXes to DEXes where users want complete control over the assets. For this, all the decentralized systems need to communicate without any barriers. This will lead to payments across multiple blockchains and multi-token transactions and allow users to rely on a single wallet system rather than a separate wallet for each blockchain.
The present barrier to interoperability is the fact that most of the blockchains have their own coding language with different transaction schemes and consensus models and hence a universal communication between blockchains is needed. There are a whole lot of projects working on providing interoperability solutions and open protocols are one such solution.
What does Fusion offer and solve?
Crypto world is full of unfulfilled promises and broken claims. Every new project comes up with ambitious claims, but only in theory and without any working model or concept. For any project to have value, it needs to solve some problem or bring innovation and not just be a clone of an existing project. I am always looking out for such innovations and projects which bring a new breeze, something cooler and fuller.
Fusion blockchain is one such breeze. Like the whitepaper describes, "in the financial sector all we hear is thunder, yet no rain falls", which is so true. Blockchains are far from the fully functional financial services that the real-world needs. Fusion brings a new generation of financial infrastructure which has complete financial functionality, can link different communities and tokens, and can bridge the gap between centralized and decentralized organizations. It will not only be a bridge but an entire ecosystem that will help in value transfer connecting all different kinds of values bringing the Internet of Values as early as possible.
For starters, Fusion is a PoS version of ethereum, minus the overcrowding and high gas fees. There are a lot of other blockchains which provide an alternative to ethereum's scalability and high gas fees like Tron, Fantom, BSC, and so on and so forth. Fusion, however, is not looking to be just a solution for scalability and low cost. Its main focus is to provide a solution to solving interoperability through DCRM (Distributed Control Rights Management) technology and extract the time value of digital assets through time-lock feature besides other technological innovations.
Chainge Finance - Magical application that makes it all possible
Chainge is a decentralized application built on Fusion protocol. It is a self banking application that brings to you combined features of Fusion and Anyswap through not just DCRM and Time lock but Quantum Swap, USAN (Universal Short Account Number Universal Wallet and Global Short Account Number), and SCT (Smart Contract Template). For the sake of this article, I will only cover the Cross-Chain feature which is based on DCRM, and also touch upon the time-frame feature.
Let's suppose I want to send my tokens from one blockchain to another chain, the way this happens is by creating a wrapped token for it to be used on another blockchain. This would mean high minting fees for the process and reliance on the custodian, and hence prone to centralization and not truly decentralized.
Chainge aims to provide a solution to cross-chain interoperability through Fusion's cross-chain and cross-system solution known as DCRM. The feature is called invisible cross-chain or cross-chain in stealth mode. The name is carefully crafted for it provides a seamless experience for the user without making a herculean task out of it. All the user is bothered about are the coins and nothing more, no chain to worry about.
The Technology
Chainge aims to bridge the silos of various blockchains without the intent of chain maximalism by looking at a proactive interoperability solution, unlike the reactionary one. It's time the cage is opened and Chainge is set free.
To lay it out simply for you, all the tokens (or other assets on internet of values) on different blockchains are mapped to Fusion's public change through crypto-asset mapping. This creates the possibility of value transfer and multi-token smart contracts on all the mapped assets. The private keys to these tokens (on any blockchain) are securely controlled by the public chain by distributed generation and distributed storage on nodes through the process of DCRM, thus managing the control rights of the tokens. The private keys are divided into several parts, called Key shards and these are distributed and stored by different nodes. This ensures that no single individual can access the complete private key, which means that no single node can obtain control of the digital assets under the state of DCRM (distributed control rights management).
It helps to achieve the implementation of value transfer and multi-token smart contracts between mapped tokens to provide all different financial services. The public chain provides the infrastructure for tokens to interact. Thus the adoption of DCRM increases the security, liquidity, and crypto financial applications of existing digital assets.
To sum it up, If I want to transfer any of my tokens on one blockchain to another blockchain, I just press the magic button and Voila it's done. I don't need to scratch my head and keep posting queries all across social media, digging into a whole lot of resources looking for the information. Saves me a whole lot of time, money, and peace.
Time Frame Feature
Time frame is an innovation that can set foundations for the crypto-financial world. In the conventional world, we define value essentially by two parameters - type and quantity. A certain amount of gold by quantity carries a certain value and similarly, a 1000 USD carries a certain value as of today. However, the same quantity of gold 5 years from now, in all likelihood will be more as will 1000 USD because of the interest amount earned over the years. The potential earning capacity will be different.
For example,
1000 USD = 1000 USD (today)
1000 USD = 2000 USD (5 years from now; highly ambitious interest rate for FIAT, I know)
The parameter which often gets neglected and the most important one is time. Capitalizing the time factor like how banks do, but in a much better and efficient way and this time for the user, Chainge creates value for a certain amount of wealth for a certain amount of time.
Time framing the asset simply means earning on your asset while still retaining the custody of the asset. The front portion and the back portion might get confusing for the readers as it did for me at the beginning. The front portion is nothing but giving the usage rights of the assets to the smart contract for a given period of time while the back portion which is the actual custody of the asset will remain secure in your wallet under your custody. This might get confusing for most people as we are used to locking our funds with other types of APYs where we can't do anything with the entrusted assets.
Use cases
DCRM with the ability to validate asset ownership has varied potential use cases in itself. From something as simple as digitizing the access keys to houses(with a time validity) or classifying property as assets on Fusion and using that as collateral.
Fusion is the first blockchain to use the concept of time in its smart contracts. And, Chainge opens the door to complex financial transactions involving time such as derivatives, loans, and mortgages. Users can become their own banks by providing services like loans, escrows, margin trading, self-customised crowdfunding, or value transfer and distribution through an extremely easy interface.
The possibilities for the technology are immense as long as we are looking in the right direction.
My Chainge Journey & Challenges
I hopped onto the Chainge train through a telegram group without any knowledge of the underlying technology. It was much later that I got to understand the technology and how it plans to be a solution and bring more innovative use cases.
I had managed to earn 230 CHNG tokens through referrals and amplifiers. I also transferred some ETH to my Chainge app to earn through the incredible time frame feature. I like technologies that add innovation and value and Chainge aims to do that and so much more.
The challenge I have faced so far is the lack of detailed information to guide an average user in understanding the technology or the practical tutorials or guides that can help through the process. The videos on Chainge's Youtube channel are basic and don't really guide or help in understanding the underlying technologies.
My challenge was to transfer FSN to the Chainge app which didn't go well. I ended up using Anyswap on BSC to get some anyFSN to realise it wasn't supported on the app yet. Changing anyFSN to FSN also meant paying a minimum withdrawal fee of 20 FSN. I tried the Telegram group looking to find an easier solution and that didn't help either. The other options were CEXes which I didn't want to use.
A little help in this direction can go a long way in onboarding more users. And with the Chainge DEX coming up, this should be easier.
Blockchain technology has been called to be one of the most disruptive and it hasn't even matured yet. I really believe Chainge and Fusion have the potential at creating something futuristic and revolutionary. Chainge can be that change in the crypto-financial space that everyone is looking to achieve harnessing the power of smart contracts and bring algorithms to find the best rates for the user at the very least.
A portal to connect everyone and everything. And, It is time for Chainge.
I need your love and support. Please give it a like or follow or subscribe so that I can keep writing what I love.
Socials
Torum Odysee Twitter Youtube read.cash
Get paid to use Presearch as your search engine, Publish0x to read/write & Swash for sharing your data
Crypto Taps Pipeflare, GlobalHive, GetZen for some free crypto
For price updates, check Coinmarketcap or download the app on Apple/ Google
Join CMC on Telegram(G), Telegram(EN), Twitter, Reddit, Instagram, Facebook or subscribe to newsletter
My crypto Watchlist on #Coinmarketcap
