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Price (USD)$ 0.0344
Circulating SupplyFIO 723.79156M
Volume (24h)$ 1.9739M
Market Cap$ 24.92686M
Low/High 24h$ 0.0336 - $ 0.0355
Change (24h)-$ 0.000668
The crypto landscape is vast and offers a large number of projects aimed at making digital transactions easier. One of the projects that works with facilitating transactions is FIO Protocol. FIO Protocol is blockchain agnostic, meaning that it is compatible with all blockchains, and supports all tokens. By substituting each of your public wallet addresses with a single, safe, re-configurable Crypto Handle tool, FIO Protocol simplifies the transaction process. With its help, you can send, receive, or request any token. Let’s take a closer look at FIO Protocol and find out more about this project.
FIO Protocol – or the Foundation for Interwallet Operability – is a decentralized service layer for the entire blockchain ecosystem that was founded in 2020 and aims to enable easier, safer, and more joyful crypto transactions on any type of token or coin. It facilitates transactions on other blockchains by providing workflow, data, and confirmations – while never interfering with any underlying blockchain functionality. The FIO Protocol interfaces with ‘crypto endpoints’ like wallets, exchanges, and crypto payment processors rather than directly integrating or interacting with any other blockchain. Users and computers continue to commit transactions to other blockchains using their private keys for their individual chains as they usually would.
A Delegated Proof of Stake (DPoS) blockchain, the FIO Protocol is built to provide great scalability while giving sufficient financial rewards to the block producers that protect the network. It is not a platform for open smart contracts or dApps. Instead, it is designed with new functionality that can only be enabled with the consent of the block-producing nodes.
Depending on your unique demands, implementing the FIO Protocol as a crypto application might take many various forms. Although our first focus as key integrating partners is on wallets, exchanges, and cryptocurrency payment processors, FIO's use case is not limited to these entities. No application must employ a specific user interface that is mandated by the FIO Protocol. As an alternative, a collection of Software Development Kits (SDKs) and Application Programming Interfaces (APIs) is being created and will be made freely available to anyone who wants to use it. Wallets, exchanges, and cryptocurrency payment processors that propose to integrate the FIO Protocol are considered FIO Members. Being FIO Protocol early users, they gain significant advantages.
Any user’s distinct Web3 identity within the project can be mapped to their public crypto addresses using the so-called Crypto Handle. In short, FIO Crypto Handles (or FIO Addresses) are human-readable identifiers that work immediately across every token and coin in a user’s wallet and eliminates the need to see or interact with public addresses.
Any user’s two-part Crypto Handle will be username@domain, and the entire Crypto Handle is secure and one-of-a-kind NFT. The second component of a user’s Crypto Handle is a FIO domain. Users can set their domain to allow for numerous usernames or to be private, which prevents other people from registering usernames on it. This can be made public or private. Additionally, their FIO domain is a totally secure NFT that can be listed and traded on NFT marketplaces for the benefit of speculative investors.
Beginning with the fact that they are intended to be an ‘address’ that can be used by the FIO Protocol to route information and confirmations in a decentralized manner rather than just a ‘name’ that identifies a wallet, FIO Crypto Handles are different from prior ‘wallet naming’ attempts in a number of ways. In addition, FIO Crypto Handles operate differently from other ‘wallet naming’ solutions in a number of key, fundamental ways. Using Crypto Handle via Twitter simplifies the transactions even further. Additionally, Bitcoin.com has integrated FIO Send to make sending crypto easier.
In general, FIO Crypto Handles are:
FIO Protocol provides users with its own token called FIO that is used to fund blockchain transactions. The majority of users won't have to worry about individual transactions because they will just need to pay a small yearly registration fee for FIO Addresses, which is then packaged with a large number of transactions. Future high-volume users of the protocol are predicted to demand access to a few premium services, which will come at an additional cost in FIO tokens.
As the project develops, FIO Protocol price continues to fluctuate. FIO Protocol’s all-time high was recorded on 6th April 2021 where FIO was priced at $0.56 as the project had an eventful 2021. A lot of crypto analysts believe that FIP crypto will hit $1.18 by 2027 or earlier, while by 2033 its price may rise as high as $6.83.
It’s also true that the crypto project is rapidly evolving. During its initial stages, the Foundation for Interwallet Operability has been primarily focused on funding the development of tools and functionality that make it easier for crypto companies to integrate FIO Protocol into their own products. But since then, the Foundation has shifted its emphasis to include the creation of a user-facing product that will make the advantages of the FIO Protocol more easily available to our consumers. With the introduction of the FIO Dashboard, users are able to experience and manage FIO Protocol goodies through a web-based FIO wallet directly. It’s just one of the many updates the protocol has received.
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Don’t forget to do your own research before buying any crypto. The views and opinions expressed in this article are solely those of the author.