FIO Protocol Overcomes The Barrier Of Cryptocurrency Usability To Enable Adoption
A difficult user experience has always been a major roadblock to mainstream adoption of cryptocurrencies and blockchain. Brilliant minds have built great innovations that are unfortunately hard to use and complex to understand.
While Bitcoin, Ethereum and top cryptos bring immense value and utility to global users, older and non-tech consumers have shied away from using these technologies. Why risk money on a complicated medium of exchange?
The FIO Protocol (Foundation for Interwallet Operability) is making cryptocurrency transactions as painless as possible so that anyone can be a user, trader and/or investor. FIO is a consortium of leading wallets, exchanges and payment processors that support the FIO Protocol: a decentralized service layer that removes the risk, complexity and inconvenience of sending and receiving any type of coins.
For example, a Bitcoin address can have more than three dozen random characters. Whereas a FIO Address enables a user to choose something as simple as “john@wallet” or “steve@wallet” (which are considered human-readable addresses). A FIO Address also lets a sender transact among many supported cryptocurrencies, not just Bitcoin.
The simplicity is likely to attract a wider demographic than the young, tech-savvy crowd. On Sept. 1, there were 318,000 confirmed Bitcoin transactions in a 24-hour period. To add some perspective, the Visa network can handle more than 65,000 transactions per second worldwide.
BitMax Adopts FIO Protocol To Improve User Journey
This month, BitMax.io (BTMX.com), an industry-leading digital asset trading platform built by former Wall Street quant trading veterans, has announced its support of the FIO Protocol for depositing and withdrawing crypto funds from the platform. BitMax is the first exchange to abstract away the need to use public addresses on its platform.
FIO’s initiative to simplify crypto is paying off. The project eliminates the need to see public addresses (FIO Addresses); gives users an easier ability to request funds (FIO Requests); and enables parties the ability to attach metadata to any transaction (FIO Data).
“Integration of the FIO Protocol into the BitMax.io experience represents a significant milestone for improving cryptocurrency usability for everyone,” says Luke Stokes, managing director of FIO, the nonprofit organization that supports the protocol. “I commend the foresight and leadership of the BitMax.io team to seize this opportunity as the very first FIO enabled exchange.”
Reducing Risk And Errors
Initially, BitMax.io users will be able to register and use a unique FIO Address. In the future, users will be able to make FIO Requests, which are enabled by the protocol that virtually eliminates the possibility of errors in sending and receiving.
Wallets, exchanges, payment processors and other participants of the global cryptocurrency ecosystem are realizing the importance of great user experience. Especially since investors want an ROI and can’t get there without more mainstream adoption.
Since its launch, the FIO Protocol has been integrated with leading wallets such as Edge Wallet, Guarda Wallet, Midas Protocol, Anchor, Scatter Wallet, Mycelium, Infinito Wallet and BRD. An integration with non-custodial exchange ChangeNOW is live and ShapeShift is also in progress.
If you build it, they will come. But only if it’s easy and practical to use.
Disclaimer: Blockmanity is a news portal and does not provide any financial advice. Blockmanity's role is to inform the cryptocurrency and blockchain community about what's going on in this space. Please do your own due diligence before making any investment. Blockmanity won't be responsible for any loss of funds.
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