$ 63,559
$ 2,380.8
$ 271.08
okex ads

P2P Protocol Aims to Simplify Crypto Wallet Transactions With Domain Names

A new protocol is hoping to make peer-to-peer transactions between various wallets and cryptocurrencies simpler for users.

FIO Protocol, which launched its mainnet chain on March 26, provides users with interoperable domain names instead of alphanumeric blockchain addresses.

An acronym for the “Foundation For Interwallet Operability,” the FIO protocol is live on Trust Wallet and is in the process of integrating with several popular wallet providers — including, Edge, Enjin, Coinomi and Atomic.

Rather than integrating directly with blockchains, the project offers a decentralized and open-source “usability layer” that integrates with services from members of its consortium, such as wallet providers and crypto exchanges.

The latter so far include ShapeShift and a number of lesser-known trading platforms.

FIO’s idea is that hard-to-remember, unique blockchain addresses — which come in the form of a string of letters and digits — still present an obstacle for users looking to easily transact multiple cryptocurrencies peer-to-peer.

Alongside its offer of a simplified domain name ([email protected]), the protocol is supporting features such as a P2P “request transfer” functionality. The feature is ostensibly private and securely encrypted, and also enables users to include private metadata — such as “money for rent” — to tag their peer-to-peer transactions.

In fall 2019, Binance Labs had led a $5.7 million Series A funding round for Dapix Inc. (the firm behind the initial development of the FIO Protocol) to support the layer’s mainnet launch.

Prior to its mainnet going live last month, the foundation auctioned close to 2,000 FIO domains and over 7,500 FIO addresses, which will be valid for one year after mainnet launch. These domains and addresses are structured as non-fungible tokens, meaning that they can be sold and traded using smart contracts if desired.

SOURCE: cointelegraph

Related Posts

Leave a Reply


Subscribe To Newsletter

For updates and exclusive offers, enter your e-mail below.

Popular Posts

Wyoming: Senate Committee Approves Bill to Recognize DAOs as Companies
April 14, 2021By
Chinese Tech Firm Meitu Buys 175 Bitcoin, Treasury Now Holds $100 Million Worth in BTC and ETH
April 14, 2021By
HSBC Changes Crypto Policy, Now Bars Clients From Buying Stock of Companies That Hold Bitcoin
April 13, 2021By


Video Posts

Blockchain-Based Solution For Security And Scalability For Any Business
April 9, 20210
Tech Adoption For Small Business
April 6, 20210

Crypto Stats

CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin63,559 0.75 % 0.77 % 9.47 %
Ethereum2,380.8 1.06 % 4.64 % 12.56 %
Binance Coin563.76 2.85 % 1.08 % 39.39 %
Tether1.000 0.11 % 0.17 % 0.09 %
Polkadot43.88 0.58 % 0.43 % 36.39 %
Cardano1.460 1.88 % 4.68 % 16.69 %
XRP1.770 3.37 % 1.60 % 61.28 %
Uniswap34.95 2.18 % 0.43 % 11.46 %
Litecoin271.08 1.89 % 1.01 % 14.11 %
Chainlink38.40 4.97 % 8.77 % 10.41 %