FIO — All of Your Blockchain Accounts in One Place
ChangeNOW, the non-custodial cryptocurrency exchange service that offers limitless swaps for more than 200+ currencies, is happy to announce the integration of FIO protocol into its exchange process. Now anyone with an FIO address can use it instead of entering their usual blockchain wallet address — which might be hard to remember and easy to mistype. Let’s explain what FIO protocol is and how it makes crypto transactions easier.
Do you remember your Bitcoin address?
As we all know, most blockchain addresses are very hard to read for a human. This problem comes from the blockchain’s origin — cryptography. Remembering or dictating a Bitcoin address is not an easy task. And when you have 5, 10, 20 such addresses? The only thing that might help is having a photographic memory, which is a trait not a lot of people possess.
Some coins have tried to solve this problem. For instance, EOS introduced easy-to-read addresses, 12 characters long, made up from letters from a to z and numbers from 1 to 5, without lower/upper case. However, conveniently readable wallets for EOS need to be created manually, and besides EOS, there are thousands of other coins out there. So how do you solve this problem?
And then the FIO protocol came into play. It allows using human-readable and memorable identifiers in the format of “jack@edge” or “mary@smith”. This makes it possible to store public addresses of different blockchains under one identifier and share them within all FIO-enabled products.
Thus, there is no need not only to constantly have wallets addresses at hand and input them manually, but also to even know about them. If authorized by the transaction participants, the addresses are exchanged using FIO identifiers without any need to expose the addresses themselves.
FIO is not a wallet and it doesn’t integrate into the blockchain — in fact, blockchains do not have to know about the existence of FIO, it is just a usability layer that can be used to make transactions simple for the end-user. In any application or site that has integrated the FIO Protocol, the FIO identifier is enough to provide the public address that is needed — if it is linked to your FIO address.