Fuse Network is the Layer-1 EVM-compatible public blockchain powering the Fuse platform.
Fuse Network is a Layer-1 blockchain. This means that in its operations, it does not depend on any other blockchain for finalizing transactions sent to it. In other words, once the Fuse Network validators have achieved consensus about a transaction and added it to the ledger, this is sufficient for the transaction to be valid and irreversible.
In addition to the information about the transactions processed by the Fuse Network, its nodes also permanently store and update the code and current state of smart contracts. Smart contracts are computer programs (persistent scripts) that anyone can interact with by sending transactions summoning them. Smart contracts also have accounts that can hold token balances.
On the network nodes, smart contracts are stored and executed in an environment called a 'virtual machine' (VM). The Fuse Network blockchain is broadly compatible with Ethereum's virtual machine (EVM).
Any smart contract or decentralized application (dApp) deployed on Ethereum or another EVM-compatible chain will also function if deployed on Fuse Network, including the ERC20 and ERC721 standard-compatible contracts, for instance. No modification of the smart contract code is required.
The public nature of the Fuse Network blockchain means that anyone can freely interact with it in any possible way without receiving the permission of any intermediary.
This includes transacting on the chain, deploying smart contracts and applications on it, and running nodes and validator nodes.
Fuse Network is fully compatible with Ethereum, meaning that any smart contract deployed on the latter can also run on top of the Fuse Network.
The Fuse Network blockchain uses a variant of delegated Proof of Stake (dPoS) for achieving consensus. The consensus is secured by a significant number of independent validators, only one of which is run by the Fuse Foundation.
Validators are also responsible for Fuse's most crucial type of governance: adopting the network protocol changes via Fuse Improvement Proposals (FIPs).
The native token of the network is called FUSE. New FUSE tokens are issued with every added block and used to pay for gas, like Ether (ETH) on Ethereum. For more information about issuing new tokens, please refer to the tokenomics section.
The Fuse Network blockchain is designed to ensure fast block confirmation times and a low cost of transactions. The average block interval on Fuse is around 5 seconds, which currently costs less than 1 cent to confirm a transaction.
Following the recent doubling of the block gas limit (to 20 million), the Fuse Network blockchain can process around 180 native token transfers per second.