What Is FIO Protocol?
FIO is a utility token powering FIO Protocol – a project initiated by the Foundation for Interwallet Operability and intended to improve crypto usability. FIO protocol does that by letting a user utilize a single easily readable address, which looks like “[email protected]”, for operations with different currencies within his wallet, instead of different blockchain addresses for different coins, which are long, complex, and hard to manage. Note that as a service on the usability layer, FIO Protocol doesn’t actually handle transactions on other blockchains, providing just a convenient way to aggregate addresses instead. FIO itself is decentralized and runs on the Delegated Proof of Stake consensus protocol.
To achieve interoperability, FIO is building an ecosystem with various exchanges, wallets, and other players in the crypto space. Integrating FIO functionality enables their users to make easy and quick transactions, payments, and even requests for funds, which the receiver may then approve and initiate the transfer. Assuming the ecosystem keeps growing, FIO Protocol has a chance to noticeably speed up the adoption of cryptocurrencies by making them much more accessible.
FIO tokens are used for the transaction fees within the network, as well as for a registration or a renewal of a FIO address. Also, the DPoS consensus protocol requires users to vote for block producers, with the number of votes assigned to a certain user depending on the number of tokens they possess.
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