FIO Protocol - Wallet Interoperability for Mainstream Adoption

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(Edited)

FIOTitle.jpgModified from picture by VIN JD from Pixabay

What is FIO Protocol?

FIO protocol is a DPOS (delegated proof of stake) blockchain that addresses one of the biggest barriers for entry into the cryptocurrency space. Through a simple 'username' address, you can easily introduce family and friends to cryptocurrency without the need to teach them about public/private keys.

FIO protocol enabled wallets also allow you to easily attach memos and create payment requests. This is a key feature with massive potential as it allows uncomplicated transfers of many different cryptocurrencies, and has all the basic functions needed for ecommerce businesses to accept crypto payments.

Check out the project's YouTube presentation below for a visual representation and explanation of FIO protocol.

The FIO token has four main utilities.

  • The first is for governance. Various interested parties need tokens for the purposes of voting towards block production.

  • The second is for paying blockchain fees. For example, as the ecosystem grows more people and merchants will want to integrate the protocol, setting up addresses for linked web stores which require interaction with the blockchain.

  • Third is to pay for yearly wallet subscription. Although, if you sign up for a username/wallet now you get a year free use.

  • Forth, as an exchange of value as the transaction fees are likely to remain much cheaper than say BTC fees.

The overall utility of interoperability that FIO protocol provides is essential for the crypto space moving forward. Many people from the mainstream world are put off by the idea of public and private keys. Just look at the recent negative press story about a software developer potentially getting locked out of their multi-million dollar value bitcoin wallet:

PEOPLE HORRIFIED BY STORY OF MAN WHO LOST PASSWORD TO $220M WORTH OF BITCOIN: ‘PANIC INDUCING TO READ’

A perfect example of a FUD inducing headline from a mainstream press entity, independent.co.uk 😂

FIO protocol addresses some of the perceived barriers (and fears) to mainstream adoption. I am already using the protocol attached to my Guarda wallet, and am speculating on a decent ROI on the FIO I hold in the upcoming AltSeason.

Inter Wallet Operability - How it Works

FIO protocol works by linking many different cryptocurrency addresses with a single FIO generated address and username. The username essentially allows you to transfer any crypto you have linked to your FIO username to someone who also has an FIO protocol username.

As mentioned earlier you can also send payment requests while attaching standardized metadata, ranging from a simple note to structured data like an order card or invoice. This utility provides so much scope; you could use it to settle small debts between friends, or to conduct business transactions with cryptocurrency while providing receipts for proof of sale and tax purposes.

Step by Step - Setting Up a Wallet with FIO protocol

I decided to create a Guarda browser wallet and set up an FIO protocol username linked to some of my favourite cryptocurrencies. The process was easy and took me no more than five minutes. To find a full tutorial for both desktop and mobile Guarda wallets please visit the website here: https://kb.fioprotocol.io/user-guides/guarda-wallet

I followed this tutorial and hey presto, in no time at all I had set up my user readable FIO wallet address: raj808@guarda

Attaching many different cryptocurrency addresses to this username was as simple as clicking a drop down menu in the FIO wallet (explained in the tutorial video above).

In my initial research on this project I engaged in a tweet conversation with the Managing Director of the project @lukestokes, and he promised to send me $1 of FIO once I had set up an address to test out the request function. After navigating to the FIO section in the wallet it was easy to create a request in no time at all.

  • Scroll to the bottom left of the Guarda wallet and select the FIO addresses button.

tutorial 2.jpg

  • Click the request button.

tutorial 3.jpg

  • Fill out the fields with the FIO address of the person you're sending the request to and click next.

tutorial 4.jpg

In the next steps you can choose to enter a memo and finally send the request.

Simple.

Current wallets with FIO protocol integration:
ShapeShift, Infinito Wallet, Edge Wallet, Guarda Wallet, Midas Protocol, Coinomi, Scatter and Tribe,

Current exchanges with FIO protocol integration:
Liquid, & BitMax

A Wish list for FIO Future Development

  1. More exchange listings - in the run up or advent of AltSeason more big exchange listings would mean greater liquidity and potentially bigger speculative price appreciation. If mainstream adoption becomes a reality having more big exchange listings, with easy off-road ramps to fiat, would allow ecommerce businesses to easily handle exchanging large revenue streams from crypto to fiat.

  2. Some type of initiative/integration with Hive blockchain - this is one for the more technically minded hive users to think on as I can't figure out how it might work. I just see that there may be ecommerce opportunity by combining FIO protocol's utility with hive's zero transaction fees, quick block time and dedicated community. This might also help grow hive's utility and adoption.

  3. A simpler (complementary) FIO roadmap - if you visit the roadmap on https://fioprotocol.io/ it is pretty much geared toward developers and the more technically minded crypto veteran. In regards to marketing the token in this crazy world of a thousand and one tokens it is important to have graphical representations for the short attention span investors.

The scope of this project is already impressive, and developments have been on-going for some time. As FIO has an exchange listing on Binance the token has a very good chance of decent appreciation in the event of an AltCoin bull market.

MoonQ.jpgModified from picture by Okan Caliskan from Pixabay

FIO Tokenomics - When Moon? 🤣

Maximum Total Supply: 1,000,000,000 FIO (38,506,000 of which are permanently locked)
Each token is divisible into 1,000,000,000 Smallest Units of FIO (SUF)
No inflation beyond the Maximum Total Supply

Quote from fioprotocol.io token overview page.

From a supply and demand perspective, one billion tokens with 38.5 million locked up gives a reasonable chance of decent appreciation, especially during the onslaught of an AltSeason.

Hypothetically if we look at Bitcoin's total supply of 21 Million, and compare it to the total supply minus the locked up FIO tokens (61.5 Million), then it seems reasonable to me that the token could see decent short/medium term gain over the next year.

Do I think this will be a 1000x mega coin to fuel the wet dreams of Lambo touting YouTubers?

Source

No, probably not. I bought a bag at $0.07/FIO and it is currently at $0.08 but it hasn't been skyrocketing like a few other Altcoins I could mention.

For a 100x-1000x gamble just take a dart and throw it at a dart board with pictures of all the newest Defi coins pinned to it 😂

But in all seriousness, this project has solid utility, a history of active development, and a known entity in its Managing Director @lukestokes. If you delve into the history of the project you will find a story of collaboration with many other projects, wallets and exchanges. For me this bodes well for a more steady, controlled and sustainable rise in price.

My target for this coin is around the $0.50 mark. If it reaches that price, dependent on how the greater market is behaving, I shall start taking profits.

As with any investment in any project in new emerging technologies, do your own research and remember nothing is certain.

Thanks for reading.

Source of research: https://fioprotocol.io/

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All images used in this post are either screenshots or creative commons license, credited beneath the image.

Nothing in the this post constitutes financial advice. These are my opinions and all investments should be researched and entered into at your own risk.

If you have enjoyed this investment post please check out my homepage @raj808 for similar content. Thank you.

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How many times are they going to reinvent bitshares?

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?

Did bitshares have all of the same functions?

I honestly don't know. It was before my time, or rather I didn't use bitshares.

I guess there is always going to be projects repeating part of what others have done in the past. To my mind it is important that these types of solutions continue to be put forward and then if/when a sustained mainstream adoption happens, the project that has the easiest route to making transactions will be a winner.

Only time will tell 😂 This is my go to saying with crypto projects.

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I've said this same thing many times since 2016 (actually last night at Crypto Monday's San Juan as certain aspects of Pokdadot were being described), but this is actually much different. BitShares provided human readable names (as does Hive and EOS), but they only work within that ecosystem. A FIO Address like luke@stokes works with every single chain and token because it's a wallet-layer solution. Whatever tokens a FIO-enabled wallet or FIO-enabled exchange supports is what you get to work with using your FIO Address on that platform.

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it's a wallet-layer solution.

This is a perfect phrase to describe what FIO protocol is... and a description I completely failed to use 😂 To be honest I'm not the most technically minded person, but I'm good at recognizing projects that have utility.

Also, I've known so many people in the creative writing communities on steem/hive over the years who literally didn't know how to cash out any of their steem. No word of a lie, I've had to walk two long term steem friends through the process of sending/receiving crypto and interacting with exchanges step by step in the past. They were just writing here and never doing anything with the tokens they earned because they were scared of the whole process of addresses etc.

This is why I see big potential in FIO and if I'd known about it back then it would have made it a million times easier to help those friends gain the confidence to use cryptos as they were meant to be used lol

Anyway, hopefully this article might appeal to people like myself who are still blockchain Padawan 😂

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Thanks for the write up! I love seeing people in the cryptocurrency community spread the word about how FIO is making crypto easier for everyone. Let's make crypto joyful!

Great wishlist as well. I'll respond with my initial thoughts and will share them with the team also.

  1. We're already on Binance, Bitmax, Liquid Global, and Bithumb Global which are pretty major exchanges. Instead of focusing on more listings, we're focusing on more integrations. As announced recently, the next integrated exchange will be WhiteBIT coming soon. We're also working on wrapping FIO on Ethereum which will give us access to DeFi like Uniswap and domain market places like Opensea.
  2. I would love to see this happen! Maybe @stoodkev can get Hive Keychain working with FIO. As soon as we have a FIO Enabled wallet with HIVE support, I'd like to do a large FIO Address giveaway for Hive users.
  3. We're working on redoing the whole website as a static site on Github so that anyone can submit a pull request to make improvements such as a simple road map. Until then you can track (and vote!) on ideas and initiatives here: https://fioprotocol.atlassian.net/wiki/spaces/FC/pages/15040545/Roadmap

Thanks again for your efforts in spreading the word about FIO! One point of clarification, I'm not the founder of the protocol (that would be David Gold and Pawel Mastalerz), but I did join them two years ago as a consultant and then eventually the Managing Director for the Cayman non-profit in December of 2019.

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Thanks for the write up! I love seeing people in the cryptocurrency community spread the word about how FIO is making crypto easier for everyone.

No problem Luke.

I'm a big believer in DYOR, and even with my limited technical savvy, this attitude has served me well in avoiding some stinkers of altcoins in the last bull run. For me if there is no easily identifiable utility it is just a gamble.

Thanks for the intial thoughts in response to the wish list.

  1. I just read the recent press release Changelly, WhiteBIT, Trustee Wallet and Frontier adopt FIO Protocol and that is great news that you are constantly intigrating with more services. I've used Changelly a few times to reduce transaction fees when moving BTC.

  2. Yes, I can see FIO integration into hive being a great feature, especially with increased mass adoption of crypto in general.

  3. I shall take a look at the proposed developments and vote with my stake on any that I understand ;-) Just to clarify, that link does go to the page I was talking about. I can navigate it, and understand a lot of what is being proposed. But what I was saying is that the average crypto-junkie alt coin investor might want a simpler graphical representation of a roadmap. What I see a lot of is timelines with planned major milestone events and expected dates of completion. Really simple for the low attention span, or even just people who are only interested in speculative investment to make money. After all that is what drives price in a lot of cases. I understand this might not even be the way you want to go given the development being so community driven, but I'm just clarifying what I meant.

One point of clarification, I'm not the founder of the protocol (that would be David Gold and Pawel Mastalerz), but I did join them two years ago as a consultant and then eventually the Managing Director for the Cayman non-profit in December of 2019.

I shall update this information and just change it to state that you're the MD as that is what it says on the website. I'm really bad at going detail blind when I'm editing an article like this just before hitting 'publish'. There is always something that needs changing 😂

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It certainly looks like a functional product, and a cheap price too!

@tipu curate

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Hi m8.

Yes, I think so. There is a lot of room for growth in price of FIO, and I'm convinced another Altseason is looming with the increase in ETH's price vs BTC. Also BTC dominance is decreasing while BTC ranges sideways.

Insert usual stuff about not being financial advice... this is not financial advice ;-)

Anyway, I'm probably a little bit influenced by some of those Lambo touting YouTubers I mentioned in the article 😂... but I only watch two Youtubers so I think this insulates me a little from Hype and fomo. For me alt season is 100% coming if this isn't the end of the BTC bull run. And I don't think it is.

Anyway, I'll just leave it by saying crazy crypto happy fun times are just around the corner... soon be tired of when moon, spambo lambo and other nonsense.

Thanks for the tipu curation Karl :)

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I think I've already got my Moon (Rune) bags set and some AVA and a few others!

If I start buying more coins now I'LL never stop!

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If I start buying more coins now I'LL never stop.

Aye... it can go that way 😂

I've also got my bags for AltSeason set, and most of them are in profit already. For me CHSB (swiss borg) has been my best, but I also have some POLS and UTrust that are doing well 🙂

POLS (polkerstarter) is the one I'm 🤞 for the chance at crazy defi 100x potetnial. but it is like throwing darts blindfolded.

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