FIO Protocol (FIO) is a decentralized, open-source project designed to simplify cryptocurrency transactions on all blockchains by transforming complex wallet addresses into a single, customizable, and easy-to-read Crypto Handle in the format of username@domain. These FIO Crypto Handles make it possible to send, receive, request, and sign any type of cryptocurrency transaction as effortlessly as sending an email.
The aim of FIO Protocol is to make using cryptocurrencies straightforward across all tokens and coins by eliminating the chance for human mistakes when dealing with the lengthy wallet addresses found on various blockchains and network types. FIO can be integrated into any decentralized application and boasts a growing partner network with over 75 wallets, exchanges, marketplaces, payment processors, and gaming platforms, including its homegrown app, FIO Dashboard.
Key features of the FIO Protocol include:
* FIO ($FIO) serves as the native utility token used for transaction fees and governance on FIO Protocol’s native DPoS blockchain, known as FIO Chain.
* Wrapped FIO ($WFIO) is a tokenized variant of the native FIO token operating on the Ethereum blockchain. This token maintains a 1:1 backing with $FIO and facilitates decentralized, autonomous liquidity transfers between the FIO and ETH networks. $WFIO adheres to ERC-20 standards and can seamlessly integrate into the Ethereum ecosystem.
* FIO Crypto Handles are user-friendly wallet identifiers (username@domain) that can be linked to several public wallet addresses. These handles replace public wallet addresses when sending, receiving, requesting, or signing any cryptocurrency. Constructed as nested NFTs and protected by private keys on the FIO Chain, the ownership and mapping capabilities are managed by the private key holder. They require no renewal fees and come with a starter pack of 100 transactions. FIO Domains, also NFTs secured by private keys on the FIO Chain, can be wrapped on Polygon as ERC-721 tokens for trading on NFT marketplaces like OpenSea and Rarible.
* FIO Requests allow users to start cryptocurrency payment requests using FIO Crypto Handles, similar to requests on PayPal and Venmo. When a user, acting as a payee, initiates a FIO Request, it is stored on-chain with metadata (such as currency type and amount) encrypted via Diffie-Hellman key exchange. Only the payer receives a notification of a pending payment request with full details. Payers then have the option to approve or decline the FIO Request.
* FIO Data refers to transaction metadata that enhances decentralized commerce by securely storing transaction information on-chain. This metadata, encrypted with Diffie-Hellman key exchange, can be used to attach extra information to transactions in formats like a memo, blockchain metadata, or structured transaction details (such as an order ID or invoice number).
