David Gold, the CEO of Foundation for Interwallet Operability (FIO) is out on a quest to give blockchain users the friendliest user experience possible. FIO is known for providing decentralized naming services for blockchain wallets, basically a decentralized DNS for crypto.
It allows people and wallets to register addresses that can be read by people. Gold mentioned that he got this idea back when he was working as a managing director of Access Venture Capital. His job required him to handle a large part of the blockchain-oriented deals for the company.
“There are currently a lot of people who are considering this idea, but originally I came up with it. The idea of the FIO Protocol was born through my experience of working as a venture capitalist and Access Venture Capital. I was amazed by how crypto and blockchain worked. I felt that this had to potential to be bigger than the world wide web, but at the same time the technology was just beginning to grow. This is why I thought that usability would be a great thing to focus on.”
The FIO Protocol will run on a completely independent network. Both the security and the operation of this blockchain will be funded with FIO tokens. While still in a closed beta phase, FIO plans to enter a public phase during Q3 of 2019. Many wallets and one exchange have already decided to join the foundation:
A simple solution for a very complicated problem. Without it, many of the visions around blockchain simply cannot happen. They’ll never evolve past being an alternative speculative investment. This is why the usability problems need to be solved.
FIO is functioning as a non-profit. Protocol usage will further support the foundation and development. Registering human-readable addresses has a price. Much of the funds will go to the nodes who support the network and what’s left will go to the foundation.
The solutions offered by FIO while simple at first glance, is incredibly complex
It’s important to know that the FIO protocol will be completely open source. At the start, the foundation will receive a share of the initial tokens, so it will have a tokenized value. FIO will also receive a small percentage of all the inbound commerce.
Gold began as a NASA employee. He later moved on to venture capitalism with Access Venture Partners. After a while, while working as an investor he discovered cryptocurrencies. He took a while to understand how the technology worked. When he did, he realized that new users will have to go through hell in order to use this new technology. This is how FIO came to be.
Many attempts have been done in the past to do what FIO does. Gold noted that a problem with the Ethereum Naming Services is that protocol-level changes were needed in Ethereum for it to be functional. The general idea is that it will work without any changes to the blockchain.
Aanother key feature that cryptocurrencies seem to lack will be introduced: the pull transaction. Payment requests will go directly to the wallet. This guarantees that merchants and customers can be sure that the correct addresses are used.
The possibility for attacks exists where similar addresses can be secretly inserted into a user’s clipboard. After that point, if a transaction is initiated the user loses the funds unless they’re going to the right address.
Pull transactions eliminate this possibility entirely. The merchant sends what amounts to an invoice to the users’ FIO-operational wallet and the user has the option to then send the funds. Additionally, refunds are a lot easier since “transaction context” is enabled for every blockchain.
When launched, the FIO protocol will be widely available. Implementing FIO will not require blockchains to do anything. Wallets can use open SDKs from FIO to correctly implement the solution. Open source and decentralized, any wallet, exchange, or merchant will be able to freely use it.
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