What You Need to Know About FIO Protocol and Its Domains

Previously, mapping other crypto public addresses to a FIO Address required a unique chain code and token code for every key. This created unnecessary overhead in cases where multiple tokens on a particular chain share a single crypto public address (e.g., ERC-20 tokens). FIP-18 enables users to map to a “generic” token code that indicates all tokens for that chain are mapped to the same blockchain public address. According to the FIO Protocol Medium page in February what is a white-label broker in forex 2024, FIO has surpassed 1.5 million FIO handle registrations and announced a partnership with BetAltCoins.

Service

FIO Addresses are a single identifier that eliminates the need to see, or even know about, blockchain public addresses. It’s simple to register, easy to use, and works with every token/coin automatically. Every interaction with the FIO blockchain can be tagged with an optional Technology Provider ID (TPID), a type of FIO Address. When such a transaction is submitted, the tagged FIO Address will receive a portion of fees collected. This feature is made to increase the adoption of the FIO Protocol among existing blockchain ecosystem participants.

Compare them with ENS domains and other human-readable domain protocols in the Web3 ecosystem. To get started with the FIO Protocol, find a FIO-enabled wallet that enables FIO Address registration. If your favorite wallet isn’t integrated yet, let them know to use the FIO Protocol! Otherwise, feel free to try out one of the many fully-integrated products already available.

Deep Dive: FIO Requests and FIO Data

While theoretically possible to run on existing blockchains like Bitcoin or Ethereum, the IOP is best implemented on a public blockchain using Delegated Proof of Stake (DPoS) for several reasons. Firstly, wallets and exchanges, the primary IOP participants, require substantial economic incentives and a significant voice in governance, which would be challenging on another chain. Secondly, delivering the necessary functionalities, performance, and security requires a level of access and control typically unavailable on general smart contract platforms. Lastly, a purpose-built blockchain is more likely to gain community adoption than a protocol perceived as competing with existing platforms.

FIP-7 — Provide the ability to burn a FIO Address

This address lookup is necessary when a user wants to send crypto using a FIO Address and is also useful when users want to know which crypto public addresses they have mapped to their FIO Address. Currently it is only possible to retrieve a single public address for specific chain and token code. This works great for a look-up of a specific token code, but it’s not practical for a wallet wanting to fetch and display all public address mappings to the owner of a FIO Address.

This request is stored onchain, and all sensitive metadata such as currency, amount, public address of payee, FIO Data, etc., is encrypted using the Diffie-Hellman key exchange. An open FIO domain NFT will mean that the owner has made the domain settings available for anyone to register a username against that domain. In this case, wallets and exchanges use open FIO domain NFTs — enabling their users to easily register a FIO address on their domain akin to how google enables gmail addresses. This helps with their branding and exchange/wallet promotion in the industry as well. It’s 2021, and the good news is, cryptocurrency doesn’t have to be so complicated anymore. Better still, it could save FIO-enabled exchanges and their users hundreds of thousands of dollars in customer errors and support.

Block Producers have significant responsibilities, including executing transactions, setting fees for wrapping and unwrapping, and maintaining the overall security of the FIO Chain. They can also modify system settings and smart contracts, provided they achieve a supermajority vote of ⅔ + 1, equivalent to at least 15 BPs agreeing on a change. This governance model ensures that modifications are thoroughly vetted and agreed upon by most of the network’s maintainers.

Artists can establish their FIO Handle as their digital identity and publish attestations referencing their FIO Handle, NFT contract, token address, image location, and hash. This ensures the NFT has not been altered and supports any NFT on any blockchain. By allowing users, galleries, and marketplaces to verify NFT authenticity, NFT Signatures help prevent forgery and maintain the integrity of digital assets.

• In the future, it is anticipated that FIO will enable other usability solutions such as secure routing of multi-signature requests, request for signature capabilities for decentralized apps, validation of NFT ownership, and more.
• Voting occurs every epoch, comprising 126 blocks, with 21 active BPs and 21 standby BPs selected.
• Every interaction with the FIO blockchain can be tagged with an optional Technology Provider ID (TPID), a type of FIO Address.

4 FIO token overview and use-cases

FIO Requests streamline the payment process, making it easier and safer for users to manage their transactions. The FIO Protocol operates on the FIO Chain, a Layer 1 blockchain specifically designed to enhance cryptocurrency usability. This system’s core is the Interwallet Operability Protocol (IOP), which acts as a service layer to native blockchains. The IOP addresses key usability challenges, such as managing complex wallet addresses and facilitating seamless value transfers between blockchains without direct integration.

This information is encrypted using the request recipient’s FIO public key using Diffie-Hellman shared keys and stored on the blockchain, or it can be included off-chain with a URL and hash of the data stored on-chain. With the FIO Protocol, you can replace all of your public wallet addresses with a single, secure, customizable handle. FIO is available for purchase on Guarda—a non-custodial crypto wallet exchange platform. In addition, users can swap other digital currencies for FIO using Guarda’s in-built exchange system. The project aims to provide a superior user experience when interacting with the blockchain ecosystem while how to buy nkn reducing risky transactions, such as sending funds to the wrong address in the blockchain. With a total staking assets of 1.8 billion USD and a global user base, the company ranked third out of more than 10,000 providers worldwide in June of the same year.

If so, the payor receives an in-wallet notification, which when checked, will show them all the required information needed to process the transaction. They can also report the request as “spam”, and the FIO Protocol has algorithms built-in that combat spam by rapidly ratcheting up the cost to send a FIO Request, making them economically nonviable. The ability for the FIO Protocol to process a request for payment hits at the heart of FIO’s design. Unlike simple wallet naming solutions, the FIO Protocol is an entirely decentralized workflow and notification system that has far more capabilities than simply public address mappings. To date, this ecosystem expansion has enabled FIO Protocol functionality across more than 12k eCommerce super scalper forex trading review sites and produced the registration of 550k+ (and counting) FIO Crypto Handles.