As the crypto space grows, with an increasing number of crypto wallets in user portfolios, the need for easy-to-remember wallet addresses rises gradually along with it. This demand prompted developers to create the FIO Protocol and token in 2018, effectively bridging the gap between crypto endpoints such as wallets, exchanges, and crypto payment processors. With the success of the FIO Protocol, the FIO token has become popular. What is FIO? How does the FIO token work? Where to exchange FIO at the best rate? Find every answer in this article.
FIO Protocol: What Is It?
FIO Protocol is a decentralized service layer that increases interoperability for networks on the blockchain ecosystem. It achieves this interoperability by providing a layer of data and confirmation of token transactions on other blockchains within a single protocol. While FIO is not a wallet, it integrates seamlessly into existing blockchain products to create a homogeneous user experience.
Key Features of the FIO Crypto Project
There are 3 main key features of the FIO crypto:
FIO Crypto Handle: The FIO Protocol offers users a human-readable wallet address in place of complex alphanumeric addresses commonly ascribed to crypto assets on the blockchain. Users can now utilize memorable identifiers like “[email protected]” or “[email protected]”.
FIO Requests: The FIO protocol allows users to enjoy in-app requests for funds, and services payment on the blockchain in a private and encrypted manner without interfering with underlying blockchain transactions.
FIO Data: Users on the FIO protocol network can successfully issue invoices or specially tag their transactions with encrypted metadata.
FIO Coin and Tokenomics
The FIO coin is the token of the FIO Protocol, and it is the biggest economic driver of the FIO Community. FIO is designed to pay for transactions within the FIO blockchain platform and has a maximum supply of 1 billion units, with 38,506,000 of these tokens permanently locked. Currently, there are more than 350million FIO tokens in circulation.
The demand for the FOI token is expected to rise for several reasons:
- Use case: The need for users to register addresses and pay transaction fees with the FIO token.
- Community: Administrators and voters on the FOI Protocol need to hold FOI tokens before they can decide community issues on the blockchain.
- Hodl Rewards: There are certain rewards for hodling FOI tokens in various exchanges and wallets.
- Future Development: Utility fees derived from future protocol development.
|Token Name||FOI coin|
|Max Token Created||1 Billion units|
|Tokens in Circulation||89,653,129|
|Smallest Unit (1 FIO)||1,000,000,000 SUFs|
Features of the FIO Token
Some of the standout features of the community-driven FIO token are:
- Security: The FIO token enables transactions to be exchanged between parties in a secure way. All FIO Protocol transactions contain a FIO private key stored in the user’s wallet.
- Privacy: FIO token transactions ensure sensitive counter-party information, including public addresses and metadata are encrypted on the blockchain.
- eCommerce ready: FIO token transactions enable requests 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
The FIO Chain is a purpose-built Delegated Proof of Stake(DPoS) designed to manage high data-write needs within the FIO Protocol. In simpler terms, the FIO Chain was created to supplement the FIO Protocol in providing a framework for a limitless number of applications.
Some of its features are:
|Active Block Producers||21|
|Staking for resources||No|
The FIO Ecosystem consists of wallets, exchanges, crypto payment processors, various protocols, and applications. Its members include companies, organizations, and foundations that have dedicated commitments and resources to the FIO Protocol and token development. Some of its notable “FIO”-labelled projects include:
- Crypto handle
- Send and Receive
- Request Send and Receive
- Data with Send and Receive
- Domain Registration
The FIO protocol and token were launched in 2018, during the announcement of the Foundation for Interwallet Operability. According to beincrypto.com, FIO addresses and the FIO Chain testnet rolled out at the end of 2019. By 2020, the token burn and the actualization of core functionalities were completed.
In 2021, the FIO project developers released contract code updates for FIO Improvement Proposals(FIPs) featuring the transfer of FIO addresses between users.
Currently, the developer community is working on several new developments including, the staking of FIO tokens. If you want to keep up with the latest FIO project, you can check the FIO Roadmap Page. On the page, there is a list of completed, and ongoing activities scheduled for implementation on the FIO blockchain.
How To Exchange FIO At The Best Rate?
Are you interested in buying FIO tokens? Swapzone offers the best FIO exchange rates on the market. Thanks to active collaborations with some of our trading partners, we make sure that you get the best exchange rate offers, without any hidden fees.
Here is an easy-to-follow tutorial on how to buy FIO with BTC on Swapzone:
- Head to the Swapzone website.
- Select the proper pair (BTC to FIO).
- Input the amount of BTC you want to exchange for FIO, and the aggregator will find the best deals for you.
- Click on the ‘Exchange’ button that leads you to an exchange platform, and type in the address where you want to send the FIO coins.
- Use the generated BTC address to send your BTC deposit.
- Head to ‘Proceed with the Exchange’ and – if you want – leave a review of the website you chose to carry out your exchange process.
- Wait for the deposit to be processed and FIO coin exchange completed.