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 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.
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.
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:
|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|
Some of the standout features of the community-driven FIO token are:
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:
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.
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:
An exchange rate is the rate at which one cryptocurrency can be exchanged for another through a certain crypto exchange provider. Cryptocurrency exchange rates on Swapzone reflect current prices of crypto assets and are updated every 30 seconds for you to keep track of any market changes and fluctuations to profit when buying the dip or going with the best exchange rate and the lowest exchange fees. All cryptocurrency exchange providers have their own rates, which depends on supply and demand, mining rewards, costs and so on. See what else might affect the rate in our article on prices.
There are two types of exchange rates aggregated by Swapzone – fixed rates and floating rates. To receive the exact amount of crypto that is displayed at the beginning of the exchange and shield yourself against the market's volatility, opt for fixed-rate offers. If you're ready to take a risk and receive less or more than the sum displayed, go with floating-rate offers but bear in mind that floating rates may drastically change any second. You can refresh your memory on how to get the best exchange rate here.
Crypto transaction fees may vary depending on the network (Ethereum transaction fees tend to spike during the congestion on the network), your chosen cryptocurrency, an instant exchange provider as well as its transaction processing speed and internal policy. These fees may be relatively low but it’s crucial to know they may be imposed in the first place.
If you want to exchange cryptocurrency with the lowest fees, beware of the offers with a grey-colored “Transaction fees are not included” label displayed under the exchange rate. To avoid having to pay an unexpected amount of fees during the exchange, opt for those that do not have that label. Read our articles to learn more about how to exchange cryptocurrency with the lowest fees and find out which assets have the lowest transaction fees.
Transactions usually take from 5 to 30 minutes to be processed, especially if you choose currencies with speedy networks. However, there are several factors that may affect and slow down the exchange process, i.e. transaction volume, blockchain capacity, network updates, cryptocurrency itself and the capacity or chosen exchange platforms.
The processing may take longer due to the large transaction volume, congestion of the network, blockchain overload and market overload, technical issues or system failures, lack of liquidity or network maintenance.
The transaction may be also stuck if you forget to add a required Extra ID, mistake networks or use the wrong wallet for a chosen crypto asset. If you worry that the exchange processing is taking too long, please, contact us at [email protected] or via our live chat on the landing page.
To exchange, buy, sell or trade cryptocurrency and store your crypto keys safely and securely, you need a crypto wallet. Choosing the best cryptocurrency wallet is a question of preference and need. To learn more, read our guide on how to choose the best cryptocurrency wallet for your needs.
There are several types of wallets for different crypto assets and tasks. Software wallets, or hot storage wallets, are connected to the Internet and come in many forms: Web, Desktop, Mobile or Browser Extensions. If you want to build a large crypto portfolio, you might want to look at multi currency wallets like Exodus, MetaMask, TrustWallet, Atomic or Guarda. If a coin or a token of your choice isn’t available there, you can always opt for a single-currency wallet that is usually designed by the project that launched the asset.
If you take safety and security matters seriously, go for hardware wallets, or cold storage wallets, like Ledger or Trezor, or even paper wallets. We strongly recommend you to do your research before creating a wallet: read the reviews to see what the community thinks, learn about the fees a particular wallet imposes for performing transactions, check out supported currencies and networks and see its security policy.
There are loads of different crypto exchange services, with new platforms emerging every month. Exchange providers differ by supported currencies, liquidity providers, fees, customer support, user interface, level of privacy and anonymity and customer support, which makes it hard for beginners to understand which one to choose. To learn more about what these exchanges offer and how you can assess them, read our guide on how to choose the best exchange platform.
To navigate them through the field full of services, we conduct research and thorough analysis of the market & list both prominent and promising exchange providers, keeping in touch with their teams 24/7. We give you all the necessary data on the offers they provide as well as their brief history, KYC/AML policies, reliability and advantages, while also indicating their downsides so that you don’t have to do that yourself.
Swapzone is an instant non-custodial cryptocurrency exchange aggregator that helps users make an informed choice when exchanging crypto assets. To make this possible, we gather the information on the exchange providers, select the parameters for comparison, aggregate and sort available deals & give an option to make a swap through providers' APIs in the same interface with a common user flow for every exchange. Still have doubts? Here's 9 reasons why you should use Swapzone to exchange crypto.
Learn how to exchange cryptocurrency with the lowest fees or zero fees as well as how to find the best crypto exchange rates and choose the safest cryptocurrency exchange provider.