What Is Foundation For Interwallet Operability?
The Foundation for Interwallet Operability (FIO) is a consortium of the leading blockchain exchanges, wallets, payment providers, as well as any other entities that are involved in the provision of solutions that allow the movement of blockchain tokens from one address to another. FIO focuses on the acceleration of the adoption of blockchain by reducing the risk, inconvenience, and complexity of the process of sending and receiving crypto assets.
FIO as a platform contains the FIO protocol, which is a decentralized and open-source blockchain protocol that enhances the user-experience on the FIO, enabled wallets, applications, and exchanges. The FIO protocol makes the sending and receiving of blockchain tokens from one address to another easy and less risky.
How FIO Blockchain Asset Protocol Works
Wallets and exchanges are enabled on the platform through the protocol that contains enhanced workflow and usability for any token transfers that occur on every blockchain. The FIO workflow is convenient in that users can request and send from any FIO address that includes virtually error-free request-initiated transactions that are done in-wallet and send through the FIO protocol with automatic notifications sent to the wallet of the recipient of the crypto assets. All this is done with no interruption on an underlying transaction without the need of changing the other blockchain protocols.
The FIO addresses are characterized as being human-readable public addresses that automatically support any type of token in a wallet or exchange. The addresses also contain customizable levels of security to ensure that the public keys are safe from theft.
The FIO data entails an encrypted metadata attached to any transaction done on the platform, which is fully encrypted and is only visible to the sender and receiver. The metadata is stored on the platform's immutable protocol ledger and also supports data from the simplest memo to an advanced one like the structured data like that of an order cart. The protocol offers a standardized set of SDKs and APIs that are globally accepted and integrated seamlessly to any wallet or exchange.
At the launch of the mainnet, the platform will have the FIO token that will be used for the registration of FIO addresses and for the payment of high volumes of transactions on the system since low volumes are offered free of charge. The FIO tokens will also be used for payment of enhanced metadata and giving the token holder voting rights for the FIO blockchain that uses the delegated proof-of-stake consensus mechanism.
Foundation For Interwallet Operability Benefits
Membership with FIO is completely free; members that provide solutions to the end users enter into a Memorandum of Understanding with the platform on which they agree to engage the entire community to assist in guiding the project and implement the FIO protocol in their respective platforms.
The FIO data entails a metadata encrypted for maximum security and is only visible to the participants of the transaction. This ensures the information does not get to unauthorized hands.
Early members of FIO receive a variety of free development services during the integration of the FIO protocol to their offerings. They also get the opportunity to receive FIO grants when they go live with their specific integration.