A new protocol is hoping to make peer-to-peer transactions between various wallets and cryptocurrencies simpler for users by supporting interoperable 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 Bitcoin.com, 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.
Does crypto need more simplicity to drive adoption?
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 (user@domain), 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.
Hiding the cryptography behind crypto
As previously reported, a number of blockchain projects have launched products that aim to simplify the user experience by removing the need to use alphanumeric wallet addresses.
These include Spanish wallet Easypaysy, the Ethereum Name Service for Ether (ETH) payments, and Bitcoinwallet.com from as early as 2014.
The CEO of Coinbase, Brian Armstrong, has meanwhile patented a system that would enable users to transact Bitcoin (BTC) directly using email.
