FIO blockchain protocol

FIO Protocol is a blockchain protocol that aims to improve the sending and receiving of coins. FIO is not a wallet and does not compete as such with other blockchain projects. 

What is FIO protocol?

FIO is a layer on the blockchain that provides an additional service. Thus, FIO is completely decentralized. FIO connects different crypto endpoints together. Crypto-endpoints can be wallets, exchanges and other applications where crypto can be sent/transferred or stored. This FIO protocol integrates with existing crypto-endpoint products.

This new service layer creates a better user experience for all crypto. FIO is not a wallet. It is an additional service layer on the blockchain. 

According to the FIO white paper: 

The FIO Protocol is bridging the gap between wallets (both exchange-based and self-sovereign) as well as crypto payment processing platforms providing an industry standard decentralized service layer of data, requests and confirmations that abstract away the complexities of the underlying blockchains. The FIO Protocol is not a wallet, not an exchange and not a crypto payment processor, rather, it enables them all to deliver a dramatically improved user experience. The FIO Protocol does not compete with other blockchains nor does it send value on or integrate with other blockchains but, rather, it enables them all to be more successful. Technically speaking, all other blockchains do not even know that the FIO Protocol exists.

The FIO Protocol reimagines and enables a better way of sending and receiving blockchain-based value, regardless of the wallet, exchange, token or coin used. This is achieved in a manner which is:

• Human-meaningful: allows users to initiate transactions using human-readable and memorable identifiers like “john@edgewallet” or “jane@gold”
• Decentralized: powered by a public blockchain that does not require a centralized solution of a trusted third party
• Secure: enables transactions to be exchanged between parties in a secure way. All FIO Protocol transactions require a FIO private key, which is stored in the user’s wallet
• Private: sensitive counter-party information, including public addresses and metadata, can be encrypted on the blockchain
• Interoperable: once integrated into a wallet, the FIO Protocol works with any blockchain and cryptocurrency without any integration to those chains
• eCommerce ready: enables request for payment functionality (i.e. for wallet-to-wallet order cart presentation) along with robust, immutable and private metadata for every transaction and simple refund processes

Characteristics of FIO Protocol

FIO Address / Crypto Handle
These crypto handles have been devised to make identification easier. Fio addresses are different from unreadable wallets we know today. A good example of a crypto handle is jonah@crypto.com.

FIO Crypto Handles (fka FIO Addresses) are human readable identifiers that work immediately across every token and coin in your wallet and eliminates the need to see or interact with public addresses.

The handles can be controlled by means of a private key. If you lose the private key, you also lose your crypto handle, just as you would on any other crypto platform. So be careful! 

FIO Domains
These crypto handles consist of a kind of email address: a name and a domain. If you want to use the FIO protocol, then such a handle is indispensable, but you don't have to use the one from FIO. You can create a you own domain via an NFT.

To manage a FIO domain you have to pay an annual fee, which is roughly equivalent to 800 FIO tokens.

A handle must also meet certain requirements. It starts with a username, which is followed by an '@' and then closes with a domain. The username must be at least 3 characters and the domain at least 1 character.

FIO Requests
In an Fio request, a transaction in which the beneficiary requests money from someone using an FIO crypto handle, for example, is also called an FIO address. No one can see these requests or transactions except the users involved. Thus, they are only visible to the parties conducting a transaction. This is also immediately met with much criticism because a FIO transaction is not visible to everyone (not transparent). This differs from the other crypto projects like Bitcoin. Everyone can see the transactions on the Bitcoin blockchain. 

The FIO request is stored on-chain (on the blockchain) where all private data is encrypted. Think of currency, the amount, the public address, etc.