FUSION ‘short address notation’, a digital account address, which like other traditionally used bank, phone and I.D. numbers are short enough for individuals to remember and recognize.
Major cryptocurrencies like Bitcoin use a string of numbers and letters as a public address that can be shared with anyone who wants to transfer you Bitcoin. The bitcoin address that is typically seen by the user is encoded by “Base58Check”, which uses many characters and checksums.
Here is an example of a bitcoin address (33–34 characters typically):
Here is an example of an ethereum address (42 characters typically):
Clearly, the above addresses are long and random, making them difficult for the user to remember or recognise.
FUSION’s short account address is a string of numbers. The addresses initially used will be very short and as adoption of the FUSION blockchain grows, the number of characters in an address may gradually increase. Here is an example of a FUSION address:
This address notation is easy to remember. In front of the dash is the account number, and to the right of the dash is check code. FUSION users will no longer need to worry about inputting wrong addresses when they are executing transactions.
Of course, FUSION will be compatible with traditional addresses too, similar to the Ethereum network, should someone want to use them. FUSION users can use both short-account and traditional addresses at the same time. The two (short-account and traditional address) are compatible and are mapped one-to-one.
FUSION’s short account addresses are randomly generated by miners and recorded on the blockchain, users can apply for a short account address and it can be freely transferred. The API interface for obtaining a short account address is as follows:
For a short address for this account, the default is called Default Account
ShortAddress returns to the address if it already exists. If not, return empty
FUSION’s short-account code format is more similar to traditional Basic Accounts in the Finance industry. The basic function of a traditional finance account is that you can deposit currency to a legal and compliant financial institution, and can then withdraw the money when you want to take the original deposit out. This is very similar to the original intention of FUSION’s short account. Users can deposit and withdraw assets through the lock-in and lock-out feature (LILO). And, the account notation is a simple and short string of numbers, similar to the accounts of traditional financial institutions.
KYC (Know your client) has always been a very important part in the financial industry for establishing customer relationships, financial transactions, financial supervision, and is a generally a precedent for opening and closing accounts. For a long time, the strict implementation of KYC rules in the financial industry played a major role in international money laundering (AML) and anti-terrorist finance (ATF). The short account code not only brings superior convenience to the user but also plays a role in improving KYC: The shortened account string makes it easier for people, (as opposed to machines/code), to recognize a person/account by their Short Account number, thus improving KYC processes.
FUSION recognizes the importance of KYC, and is actively exploring its relevance and application in the field of encrypted digital currency. At the same time, FUSION will strengthen its relationship with companies that focus on User Identity in the blockchain industry through its unique short account design. Short account notation will help encourage mainstream financial integration and lay a solid foundation for cooperation with more traditional financial institutions.
Check the tutorial on How to generate a short account number (SAN)