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Cryptocurrency News Articles
FIO Protocol: A Web3 Digital Identity Provider That Simplifies Blockchain Use
Oct 18, 2024 at 03:06 pm
FIO Protocol is a feature-rich naming solution provider for blockchain users. It's designed to remove the complexity of transacting across different blockchains by providing user-friendly and secure features.
Blockchain technology has brought many benefits to its users, such as faster transactions, cheaper fees and better online privacy. However, due to its technical nature, navigating the blockchain landscape can be challenging.
In order to use blockchains, you need to understand private keys, master complex public addresses, understand how to transact between blockchains and many other technical functions. In short, the lack of user-friendliness has been a significant barrier to the broader mass adoption of blockchain.
Against such challenges, FIO Protocol was created to simplify the homogenous use of blockchain for the masses. Numerous crypto applications, including top crypto wallets such as MetaMask and others, have already integrated FIO Protocol’s features to boost the quality of users' experiences.
Let’s look at how FIO Protocol has made blockchain more user-friendly through secure, industry-standardized features.
Key Takeaways:
FIO Protocol is a web3 digital identity provider that simplifies the use of blockchain through human-readable addresses in the form of FIO Handles and FIO domains.
The FIO Token is used to pay for protocol fees and incentivize different stakeholders, and as a governance token. It's available as a Perpetual contract in Bybit’s Innovation Zone.
What Is FIO Protocol?
FIO Protocol is a feature-rich naming solution provider for blockchain users. It’s designed to remove the complexity of transacting across different blockchains by providing user-friendly and secure features. FIO Protocol’s vision is to provide a platform that mitigates the risks and complexities associated with blockchain use by integrating simple features, such as a human-readable handle, non-fungible token (NFT)–powered digital identities and censorship-resistant transaction requests.
Co-founded in 2019 by Pawel Mastalerz and David Gold, FIO (Foundation for Interwallet Operability) is operated and advised by a team of industry experts and leaders with the collective goal of simplifying wallet usability across blockchains. The FIO Foundation was set up as a non-profit organization that helps facilitate the adoption of FIO Protocol. It consists of a board of directors, voted on by FIO Token holders. The directors then appoint a Steering Committee to monitor key performance indicators (KPIs).
At the heart of FIO’s operations is the FIO Token. It’s the native token for FIO Chain, a Layer 1 blockchain designed to power the usability of the FIO ecosystem.
Source: FIO
How Does FIO Protocol Work?
FIO Protocol is powered by FIO Chain, a fully decentralized Layer 1 blockchain built to enhance the usability of blockchain and simplify blockchain use. FIO Chain is powered by a delegated proof of stake (DPoS) consensus mechanism, and run by block producers across the globe. It is a fork of EOSIO and runs using Antelope, an open framework for building secure and fast web3 apps.
Block producers (BPs) are critical in securing and governing the FIO Chain and the overall FIO Protocol. Anyone can register to become a BP on FIO, and if successfully voted using FIO Tokens, they can proceed to produce blocks.
Blocks of FIO Chain are produced every 0.5 seconds by a designated BP, with a complete block requiring 126 rounds. The top 21 active BPs are assigned the next round of block production, and are selected based on geographical location to ensure high performance.
BPs on the FIO Chain operate under a specific code of conduct that requires them to ensure the network operates at optimal capacity. Active BPs are required to run a node that can handle around 100 requests simultaneously. BPs also set FIO chain fees and the number of transactions to be included in each FIO Handle (see below).
FIO Protocol Key Features
To simplify the usage of blockchain technology, FIO consists of the following array of innovative features integrated into its ecosystem.
FIO Handle and FIO Domain
The FIO Handle is a secure, customizable and human-readable username in the form of an email address that replaces the use of complex public wallet addresses when transacting across blockchains. Designed as an NFT, an FIO Handle is your digital identity in the web3 space.
An FIO Handle consists of your username@domain, and can be mapped to any public address to receive cryptocurrencies. It can also be mapped to your social media pages, or even used as an NFT to sign for ownership of assets. The FIO Handle never expires, and it comes pre-loaded with 100 gas-free transactions. The basic format of an FIO Handle ranges from three to 64 characters.
To make things easier for crypto users, FIO Protocol has enabled the mapping of FIO Handles to the public addresses of any supported wallet. Wallets that have integrated with FIO have two options when mapping the FIO Handle. The first is automatic mapping of the public address to the
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