Mycellium Bitcoin Wallet Users Can Now Access Foundation for Interwallet Operability (FIO) Exchange Services
The Foundation for Interwallet Operability (FIO) is growing in size owing to its newly developed protocol that allows client to link tokens across different exchanges and wallets. Mycellium is the latest crypto wallet provider to join other players in FIO, the BTC wallet provider is set to leverage FIO’s services to increase interoperability for its crypto traders.
FIO’s goal within the crypto space is to create a safe, convenient and simple protocol that integrates various blockchain ecosystems to ease the use of digital currencies. This innovation has already attracted a good number of crypto & exchange developing projects which include; Edge, MyCrypto, BRD, Coinomi & ShapeShift.io.
The approach taken by Dapix in creating FIO’s protocol is an open SDK & APK to allow integration with other platforms while maintaining the codes used.
Basically, this new development will facilitate a universal address that will link the digital exchanges and wallets with different codes and allow their clients to transfer tokens. Unlike in the past, two parties will now be able to exchange digital currencies as long as both their hosts are FIO compatible. In addition, FIO’s address is designed for human readability hence the provision for an option to receive or send funds with one’s given names.
Getting started with FIO’s ecosystem is quite easy. Users will be given private keys once they have registered a FIO address; this will be their identity in the system. In simple terms, one will own his/her identity just as is the case with users who have private keys to control their acquired digital assets.
This address system together with FIO Workflow & FIO Data are among the main areas of focus at the initial stages of developing this protocol. Mycellium on the other hand is a major boost for FIO’s work in progress.
This is because its success is pegged on the number of crypto exchanges and digital wallets are onboard with the idea. The number of users under Mycellium’s BTC wallet services is quite significant especially in China and the developers are constantly making improvements. However, support from coin exchanges like Coinbase or Bittrex would yield success faster for the FIO protocol as they both enjoy millions of crypto consumers.
Alexander Kuzmi, Mycellium’s founder, through a press release praised the move;
“Joining FIO and supporting the FIO Protocol makes complete sense because we believe it will be an important milestone in the wider adoption of cryptocurrencies. We look forward to working with the founding members in helping to ensure this project is as successful as possible.”