FIO Protocol (FIO)

What is FIO Protocol?

The FIO Protocol is a decentralized usability layer that connects crypto wallets, exchanges, payment processors, and any other application in which crypto assets are held or transferred.

The project aims to make the user experience of interacting with all blockchains easier, less complicated and risky, and therefore reducing user friction.

Oustanding Feautures

What is the project trying to achieve?

• FIO addresses act as a human-readable wallet identifier ([email protected]) for users on the FIO Protocol. The registration of a FIO Address can be done through a FIO-integrated application or through a registration site. A FIO Address has a yearly fee in FIO tokens, and is bonded with 100 free transactions.
• FIO Request allows users to initiate transactions using FIO Addresses. This request is stored onchain, with metadata (e.g. currency, amount) encrypted using the Diffie-Hellman key exchange.
• FIO Data is transaction metadata. This metadata can range from a free-form memo to structured data (e.g. deposit details). The team envisages FIO Data as a means to support decentralized commerce, where transactiond data (e.g. invoices, dates) can be stored on-chain. FIO Data can also include blockchain metadata, such as transaction.

What is the unique selling point?

• Human-meaningful: allows users to initiate transactions using intelligeble identifiers such as "[email protected]" or "[email protected]".
• Decentralized: powered by a public blockchain that does not require a centralized solution of a trusted third party.
• Secure: all FIO Protocol transactions require a FIO private key, which is controlled by the user herself.
• Private: sensitive information such as public addresses and metadata can be encrypted on the blockchain.
• Interoperable: once integrated into a wallet, the FIO Protocol works with any blockchain and cryptocurrency without any integration to those chains.
• eCommerce-ready: enables request for payment functionality along with private metadata for every transaction.

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