Sirwin
Sirwin
fio protocol

What You Need to Know About FIO Protocol and Its Domains

By Guarda Wallet | Guarda Wallet Blog | 2 Mar 2024


Crypto users are always looking for new ways to transact digital assets securely, while some open-source platforms are working to make it possible. If you are a crypto user, you know that wallet addresses are a long string of characters that are very hard to remember. That is where Foundation for Interwallet Operability (FIO) protocol comes in. With FIO domains, users can use NFT domains that look like email addresses or social media usernames to securely and accurately send and receive cryptocurrency and NFTs.

The project aims to provide a superior user experience when interacting with the blockchain ecosystem while reducing risky transactions, such as sending funds to the wrong address in the blockchain.

What Is FIO?

FIO is a non-profit, industry-driven organization that aims to adapt and improve the FIO protocol. FIO blockchain provides secure and simple transactions for the entire ecosystem. Its goal is to become the blockchain usability layer for connecting payment systems, wallets, and any other application that processes digital assets.

The FIO protocol has three main features:

  • Wallet names. The protocol provides easy-to-read blockchain wallet names that replace many characters. This feature is also known as the FIO address.
  • Request payment. The ability to request a payment through the blockchain, not just to receive a payment.
  • Transmit data. The ability to attach data, such as an invoice or note, to a transaction along with an encrypted transaction.

FIO consensus

This network uses the delegated-proof-of-stake (DPoS) consensus algorithm to keep your network running smoothly and securely. Anyone can register as a Block Producer (BP). However, the FIO token holders select the BPs by voting.

Before designing and developing the FIO consensus algorithm, they conducted an analysis of over 20 blockchains. This analysis, conducted in July 2018, showed that the highest score on a weighted scale evaluating speed, maturity, security, ease of development, and compliance was given to eos.io. This is software implemented on the EOS blockchain, not the blockchain itself.

Network Services

In addition to the typical money transfer, the network allows users to make money requests in their applications. The requests are made in an encrypted and confidential form. They will need to specify the type and quantity.

In addition, the platform will also allow any transaction to be accompanied by standardized metadata. This data can be simple notes or structured data such as an invoice or order card. In this way, FIO wants to help users remember the ‘why’ of each transaction.

FIO Domains

The main advantage of the FIO protocol is that it provides a better way to send and receive blockchain-based value, regardless of the wallet, exchange, token, or coin used. This is achieved using readable and memorable identifiers like ‘paul@guardawallet’ or ‘maria@bitcoin.’ The protocol eliminates the need to see or even know public blockchain addresses. FIO addresses automatically support any token in the wallet/exchange and does not require manual matching.

FIO Token

In April 2020, the FIO community launched a blockchain and FIO coin. The coin is intended as a reward for leading members of the network for being able to implement its tools and features into applications and for helping to build consensus, stacking, and managing the network.

The maximum number of FIO cryptocurrencies equals 1 billion units, of which 38,506,000 are permanently blocked. Each FIO coin is divided into 1 billion smaller FIO units (SUF). There will be no inflation beyond the maximum reserve. More than 350 million FIO coins are expected to be circulated by the end of 2021.

Where to Buy FIO Coins?

FIO is available for purchase on Guarda—a non-custodial crypto wallet exchange platform. Guarda Wallet allows users to send and receive FIO in their wallet. In addition, users can swap other digital currencies for FIO using Guarda’s in-built exchange system. All these transactions can be done using the webmobile, and desktop wallet.

FIO Protocol Fees

In the FIO ecosystem, each transaction is charged accordingly in FIO coins, all designed to achieve the goal of seamless operation. So in most cases, transactions are covered in advance when the FIO Crypto Manipulator is registered. As compensation, users are given a set number of transactions each year that they are free to use without spending additional tokens.

Roadmap and History of FIO

The implementation of the FIO protocol project began in the fourth quarter of 2018 during the opening of the FIO. From the end of 2019, FIO addresses were opened for pre-order simultaneously with the FIO Chain test network launch.

In the first quarter of 2020, key features were implemented in the FIO protocol. In addition, the tokenization feature was completed in 2020. In 2021, contract code updates were released for FIO Improvement Proposals (FIPs) and the ability to transfer FIO addresses to the next owner.

That said, the FIO domain and FIO addresses are NFT tokens and can be sold. In addition, the community is currently working to ensure that FIO coins can be aggregated.

Everstake and FIO

Everstake acts as a validator for the FIO protocol network. Validators maintain the security of the blockchain network, provide transaction resolution and add new blocks. As a result, regular users of the DPoS ecosystem cannot directly generate income from bets.

To do so, you must become a validator yourself or delegate your tokens to other validators. Everstake has been involved in developing the FIO protocol platform since the launch of the test network, developing technical solutions to improve the blockchain network, and systematically participating in proof-of-concept (PoC) tests.

Conclusion

FIO is a decentralized protocol that provides greater usability across the entire blockchain ecosystem. It is designed for the entire blockchain ecosystem. It is integrated into crypto products, including cryptocurrency wallets, exchanges, and crypto payment processors.

The project’s global vision is to simplify cryptocurrency solutions and make them more accessible to anyone and everyone with simple FIO addresses and tools for creating transfer requests and managing data.

The FIO ecosystem already includes a wide range of wallets, exchanges, cryptocurrency payment processing systems, various applications, and support for several protocols. Supporters of the FIO project are a separate group of FIO ecosystem users who decided to devote all resources and commit to developing the FIO protocol.

How do you rate this article?

88


Guarda Wallet
Guarda Wallet Verified Member

Guarda is a custody-free multi-platform cryptocurrency wallet with a user-friendly interface designed to store, buy, stake, and exchange crypto assets. https://guarda.com


Guarda Wallet Blog
Guarda Wallet Blog

Guarda is a custody-free multi-platform cryptocurrency wallet with a user-friendly interface designed to store, buy, stake, and exchange crypto assets. https://guarda.com

Send a $0.01 microtip in crypto to the author, and earn yourself as you read!

20% to author / 80% to me.
We pay the tips from our rewards pool.