What is Fusotao? Order-Book verification protocol featured on Near Protocol

Introduce

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All crypto holders need to trade their assets on some platform. Centralized exchanges (CEX) pose risks such as hacking and custody of the aforementioned assets, while decentralized exchanges (DEX) have the challenge of high transaction fees and low efficiency. Fusotao intends to disrupt this by providing a user-friendly order-book based DEX with zero gas costs, low latency, and high security. Let's find out the details of the Fusotao project so that we can choose the best Dex floor for you to use.

What is Fusotao (TAO)?

Fusotao is a verification protocol for order book matching systems (similar to the order book of CEX exchanges like Binance), using the model of “off-chain order processing, on-chain verification”.

Main products of Fusotao

FXDX – The first DEX to use Fusotao, will be launched in early May and the testnet is still leading. Fusotao is running testnet and has an incentive for users, you can try it here

Fusotao consists of two core components:

• A blockchain acts as a verifier
• Out-of-string matching system

Currently, the project has built the blockchain based on the Substrate framework as a standalone blockchain, by partnering with Octopus. They can connect to NEAR and other subtrate-based blockchains.

How Fusotao works

By trading on the Fusotao integrated trading platform, users do not need to transfer funds to the platform, instead, they simply grant the right to use the assets. Once the authorization is complete, only the status is changed from “free” to “reserved” state and the coins are still kept in your wallet.

• Reserved state – “reserved” means the number of coins will not change until the offchain run gives the right proof.
• The off-chain provder is a standard matching engine like other CEX matching systems, with an additional proof engine.
• The matcher will update the states within it immediately, but the asset number will not be changed until the proofs are verified to be correct.

In short, Fusotao is a solution that can bring the experience of using a CEX exchange like Binance to a DeFi environment, that is, a transaction as good as CEX for a decentralized, anonymous DeFi environment.

Available DEXs or CEXs:

• Slow transaction speed, there is a delay
• Have to pay for gas
• DEX trading experience is not as good as CEX
• Need to transfer assets to the exchange
• Users can't control the assets and worry about the platform going live and leave with their tokens.

Fusotao-backed DEXs will have several advantages as follows:

• No gas fees for transactions in DeFi World
• Book-based order matching
• Swap quickly (matches out of string).
• Trading experience similar to CEX.
• Assets are always within the control of the user.
• The community can share transaction fees by staking TAO for DEXs supported by Fusotao.

Project development roadmap

Below is the development roadmap of the project in May

May 6, 2022: Fusotao moves into startup to launch app-chain in OctopusNetwork

May 7, 2022: Fusotao is deployed on Near

May 11 -18, 2022: IDO on Boca Chica, Smartpad, NearPad, Skyward Finance

May 19, 2022: Mainnet Launch

2/6/2022: List on FXDX, Ref Finance and MEXC.

Investors

The project received investment from D1 Ventures, Seven X Ventures and Big Brain Holdings in the seed round. There are also more than 20 other VCs also investing in the project.

Tokenomics

Token use case

TAO token has the following administrative functions:

• TAO holders can participate in an upgrade proposal, such as gas adjustments, changes to the liquidity pool reward distribution, and long-term incentives for TAO.
• All TAO token holders can vote on proposals and proposals with a majority of votes will be adopted and implemented by the development team.

In addition, the TAO token has other functions such as:

• Gas fee payment on Fusotao Protocol App Chain.
• Users can directly share transaction fees through staking TAO tokens for DEXs supported by the Fusotao Protocol.
• Trading Rewards: Users who hold TAO tokens in their wallets and trade on DEXs powered by Fusotao can earn rewards through PoT.
• Reward for Authentication: Proof-of-Validator (PoV)- Verification nodes of the Fusotao Protocol powered by the Octopus Network (OCT). Users can get TAO rewards by becoming a verifying node or staking OCT on verification nodes in Octopus.

• Trading Rewards: 48%
• Development Team: 8%
• Fusotao Foundation: 6%
• Testnet Rewards: 1%
• Validator: 7.5%
• Investors: 12.5%
• Initial Liquidity: 4%
• Staking Rewards: 7.5%
• IDO/IEO: 2.5%
• Ecosystem Developers and Marketing: 3%

Here are the tokens unlocked over the years:

Conclusion

Fusotao is a verification protocol for orderbook matching systems.The project is run on Octopus Network because Octopus provides validator nodes, ensures blockchain security and enables interoperability of Fusotao with NEAR or any IBC-enabled blockchain such as Polkadot, Cosmos, BSC, LUNA, Avalanche… Besides, the project is also supported by big funds like D1 Ventures, Seven X Ventures and Big Brain Holdings hopes that, when the market stabilizes again, Fusotao will be a project that attracts cash inflows and proves itself.

For More Detailed Informations , Visit

Website: https://www.fusotao.org/

Twitter: https://twitter.com/FusotaoProtocol

Telegram: https://t.me/fusotao

Medium: https://medium.com/fusotao-protocol/

Authorship Detailed

Telegram : @Persikkae

Bitcoitalk Url :- https://bitcointalk.org/index.php?action=profile;u=2722508

Auth. Proof :- https://bitcointalk.org/index.php?topic=5405105.msg60582467#msg60582467

#FusotaoProtocol hashtag#DeFi hashtag#Web3

hashtag#MainnetLaunch hashtag#IDO hashtag#TAO