What is Fio Protocol and how to exchange FIO at the best rates
FIO Protocol

FIO Protocol

 FIO

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 Exchange Rate

FIO by TradingView

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
All-time-high $0.560433
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

FIO Chain

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:

Name FIO Chain
Active Block Producers 21
Requires Account? Yes
Fees Yes
Staking for resources No
Default proxy Yes
Vote decay No
Deferred transactions No

FIO Ecosystem

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

FIO Roadmap

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.

Popular pairs to convert FIO Protocol

Frequently asked questions

What is the FIO Protocol exchange rate?

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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.

Where to find the lowest transaction fees?

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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.

What is average transaction time?

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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.

How to choose a cryptocurrency wallet to store FIO Protocol?

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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.

What is the best cryptocurrency exchange for beginners?

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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.

What is Swapzone?

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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.

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