FIFO is a decentralized usability layer that enabling conveniences such as emails for all crypto wallets, exchanges, payment processors, and other applications that have interact with crypto assets. Its purpose is to enhance the usability of all blockchains and make these interactions not only less complex or dangerous, but also with less friction for the user.
Human-Meaningful, Decentralized, Secure, Private, Interoperable, eCommerce-Ready
The FIO Protocol can enable the use of simple labels, such as ‘tom@trustwallet’ or ‘jack@ethereum’ to execute transactions as it is based on distributed ledger and does not need any central solution or the involvement of a third-party. Currently, all FIO Protocol transactions must include the usage of a FIO private key over which the user has sole decision-making power. Public address data and meta information can be selectively encrypted on the blockchain to prevent exposure to sensitive details. Once assimilate into a wallet the FIO protocol functions independently of the surrounding blockchain ecosystem and does not integrate with those chains themselves. It also allowed for the request-for-payment feature in addition to private meta information per each transaction.
FIO Address
Address Records in FIO Protocol serve as names that users themselves can understand and enter into a ledger. This is essential since they enable the users to harness all the features of the FIO Protocol and also act as a replacement for the complicated public addresses in all tokens and money in the users’ wallets. FIO Addresses have the format of ‘username@domain. ’ Examples of FIO Address are ‘tom@trustwallet’ or ‘jack@ethereum. ’ Registration of FIO Address can be done either by using the application that adopted the FIO Protocol for registration or by using a registration website that is available to the public.
FIO Request
FIO Request enables a user to build an application in which a payee will be requesting for inputs from a payer using FIO Addresses. This request is saved on the cloud, and all other details such as the currency and amount, the public address of the payee, and the FIO Descriptor, etc. , are encrypted using the Diffie-Hellman key exchange. The FIO Request along with its details is stored in the payer’s wallet or application where it would request the FIO Chain for any relevant FIO Requests and decrypt the content of the request within her wallet. The payer can either accept or deny any of the requests given to him by the provider.
FIO Data
FIO Data are descriptive tags that can be attached to any transaction occurring on any blockchain, and as we go through the next few lessons, we will see how they are used. This metadata can be an informal message like ‘for lunch’ or a message that can be ordered like cart, exchange deposit details or hashes that point to information that is not stored on the blockchain. To a certain extent, it is possible to make use of FIO Data to record decentralized commerce where conventional transaction data such as invoices, dates and contacts can be re-audited on-chain for future use. It also can contain metadata average FIO address, related to native blockchain a transaction; transaction ids, refund addresses and hashes of Off-chain data.
Technical Infrastructure
Regarding the ways through which the FIO Chain arrives at a consensus, it uses Delegated Proof of Stake. In the EOS network management, Block Producers (BPs) are elected directly by the users who own FIO tokens through a voting process that occurs on the blockchain. There is no requirement of accreditation to become a BP and anyone can produce blocks for as long as he has enough votes from his supporters. If voting is done after every epoch which is in 126 blocks, 21 active bps and 21 standby bps will be elected. Fee particularly for each block will be; 40% of the fees taken will be divided to 21 active BPs and 60% divided among the active and standby BPs in ration to the votes received by the BPs.
Propagation of blocks is properly done with an interval of 0. 5 seconds. The above relationships can also be expressed that for each epoch, the 21 BPs will generate six blocks. System settings can be adjusted and Smart Contracts changed with at least ⅔ + 1 (equivalent to 15 BPs) majority from the BPs. As a FIO Address of a new type, the Technology Provider ID (TPID) can be set on each interaction with the FIO blockchain if desired. In such a scenario, the marked FIO Address shall be entitled to a portion of fees that have been collected. Its primary purpose is to incentivize the expansion of the existing blockchain ecosystem to incorporate the FIO Protocol.
Partnership with SKALE Network
However, convenient blockchain usability has been enhanced further by FIO’s recent association with SKALE Network. Hence, the SKALE Network is recognized as the fastest blockchain globally and built for lightning-fast, secure, and efficient Ethereum scaling solutions. The end user for instance does not pay any fee for executing transactions on SKALE chains while finality is near instantaneous making it ideal for the efficient execution of fast, cheap trading. The FIO address, a concept that presents an enhanced complex, user-oriented solutions, will be connected to the SKALE – decentralized, highly-efficient platform, which will set up blockchain for all customers.
Conclusion
FIO is the new layer that makes blockchain usable and is redefining blockchain usability so that applications that maintain or transfer crypto assets such as crypto-wallets, exchanges, payment processors, and others can acquire and manage FIO addresses. Its aim is to improve the efficiency of the interaction with all blockchains, as well as to make it less dangerous, and not as complex as it can be for the average user. In light of the FIO Protocol’s human-readable identifiers, decentralized and secure structure, and private, yet interoperable features, the potential for the FIO Protocol to exert a positive influence in the blockchain sector remains huge. The recent partnership with SKALE Network is a For more information visit Ventsicon.com
