New Foundation to Focus on Crypto Wallet Interoperability

New Foundation to Focus on Crypto Wallet Interoperability
фото показано с : bitcoinmagazine.com

2018-11-27 02:52


Today, November 26, 2018, marks the launch of the Foundation for Interwallet Operability (FIO) and the FIO Protocol, an interwallet protocol that seeks to make the transfer of cryptos between wallets as simple and straightforward as making transfers on PayPal.

“In the crypto world payments are exponentially more complex and cumbersome,” said David Gold, CEO of Dapix, a founding member of FIO. “Crypto payments feel too risky, too scary and too difficult for members of the public. You have to use an incoherent string of characters, and you can’t confirm if funds have arrived. The average person on the street simply will never feel comfortable using crypto unless this changes.”

The FIO Protocol is intended to birth a range of features including cross-chain counterparty metadata, enabling transaction statuses within crypto wallets, the provision of a single cross-chain wallet name that’s hard to forget and more.

Gold, in an email correspondence with Bitcoin Magazine, argues that “decentralized blockchain transactions” need to be easier and “less risky than fiat transactions.”

He said, “Users need to have greater confidence that their blockchain transactions are accurate before they commit to sending. This challenge can’t be solved by an individual wallet or exchange as it lies at the interface between all of them. The FIO Protocol is an industry-led, decentralized solution that will enable easy-to-use and virtually error-free transactions between any wallet or exchange.”

Gold, who spent 11 years as the managing director of tech VC firm Access Venture Partners, believes mainstream adoption of cryptocurrencies will be severely limited unless it becomes easier to move them around.

To make sure crypto payments are as easy to transfer as payments on PayPal, the FIO Protocol will leverage a standardized layer of connectivity and usability features that crypto businesses such as wallet providers and exchanges can use.

The FIO Protocol will focus on three core areas. First, it will create FIO addresses: sets of human-readable, universal-wallet or centralized-exchange account names that are universally compatible with every token.

Second, it will establish enhanced FIO workflow options for transactions, including error-free, request-initiated transactions so that users can send a payment request from one wallet address to another.

Finally, the protocol will focus on FIO data functionality, enabling “the first cross token/coin metadata … the ability for a note or even a full order cart to be included with a payment or a payment request securely and privately from one wallet to another.”

Gold went further to state that the protocol is not a “closed party.” Anyone can take part in the protocol’s efforts to make the user-friendliness of transfers on the blockchain “improve drastically” so that the technology can achieve its potential.

So far, the protocol has been backed by six leading crypto wallets and exchanges, which have agreed to join the Foundation when it launches, according to a statement. These include ShapeShift, KeepKey, Coinomi and others. The startup plans to test the protocol during the first quarter of 2019 with the crypto firms that have signed up.

“Crypto payments must improve if this technology is going to expand. FIO’s approach — decentralized, cross-chain, and with financial incentives to adopt — is exciting, and we’re thrilled to support it,” said Erik Voorhees, founder and CEO of ShapeShift.

Once launched, the protocol will offer standardized open-source APIs and SDKs that can be globally integrated into any crypto wallet or exchange easily.

According to Gold, crypto users won’t have to deal with long stringed public encryption keys when sending digital assets. The protocol won’t sit in the middle of the underlying transactions on the blockchain; rather, it would send “information and confirmations that better enable the sending of value on all other blockchains.”

This article originally appeared on Bitcoin Magazine.

Similar to Notcoin - TapSwap on Solana Airdrops In 2024

origin »

BlockMason Credit Protocol (BCPT) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.04 %
Cегодня L: $0 - H: $0
Капитализация $0 Rank 99999
Цена в час новости $ 0.0328719 (-100%)

protocol crypto fio wallet transactions gold payments

protocol crypto → Результатов: 126


Артур Хэйес: Токены крупнейших ICO-проектов не будут иметь никакой ценности

Биткоин-биржа BitMEX оценила перспективы 12 крупнейших ICO-проектов, собравших более $50 млн, и их токенов после выхода на вторичный рынок. Прогнозы CEO Артура Хэйеса оказались удручающими. The newest Crypto Trader Digest is out.

2018-11-23 21:46


CEO BitMEX: токены крупнейших ICO-проектов обрушатся после выхода на вторичный рынок

Биткоин-биржа BitMEX оценила перспективы 12 крупнейших ICO-проектов, собравших более $50 млн, и их токенов после выхода на вторичный рынок. Прогнозы CEO Артура Хэйеса оказались удручающими. The newest Crypto Trader Digest is out.

2018-11-22 20:30


KuCoin to Delist 6 Tokens, Their Deposits and Orders to Cease Today 22nd November

In a special announcement earlier today, the team at the cryptocurrency exchange of KuCoin let the crypto community know that they planned on delisting the following tokens from the trading platform: EncrypGen (DNA) Publica (PBL) Raiden Network Token (RDN) Monetha (MTH) BlockMason Credit Protocol (BCPT) Gladius Token (GLA) According to KuCoin, the projects related to […] The post KuCoin to Delist 6 Tokens, Their Deposits and Orders to Cease Today 22nd November appeared first on Ethereum World News.

2018-11-22 16:30


Ethereum Researchers Unveil Casper Draft Whitepaper, Crucial For Scalability

Just days after Vitalik Buterin, co-founder of the Ethereum Foundation, discussed the “Serenity Protocol” in front of Devcon4’s crowd of thousands, a consortium of four crypto researchers unveiled a draft whitepaper pertaining to CBC (Correct-By-Construction) Casper, which aims to solve Ethereum’s scalability concerns through Proof of Stake (PoS).

2018-11-6 11:00


Фото:

A Truly Community Driven Platform! #HODL the EXP Token and Get a Share of the Exchange’s Profits! Here’s How

Cryptocurrencies have changed the face of the modern economy. With rapid expansion of the crypto industry the trading volumes of the cryptocurrencies have also been on an exponential rise. The boom in the crypto industry seemed to have generated considerable interest in the centralised industries as well with many of them issuing tokens on the Ethereum protocol using the ERC20.

2018-10-31 19:00


Top Bitcoin, Blockchain and Cryptocurrency News Headlines For Today [VIDEO]

Spiking Blockchain and AI Asset Validator Raises $30 Million for Crypto Price Analytics Spiking Blockchain and AI Asset Validator Raises $30 Million for Crypto Price Analytics Amberdata Adds Automated Ethereum Blockchain Smart Contract Security Audits Amberdata Adds Automated Ethereum Blockchain Smart Contract Security Audits Radar Relay Ether Coin Trading Platform Introduces dYdX Protocol ETH Short […]

2018-10-28 23:48


Фото:

Radar Relay Targets Tokenized Shorts

There’s good news for Dr. Doom—you can now make money when crypto crashes, without needing to go through Augur or a centralized exchange.  Radar Relay, a decentralized exchange built on the 0x protocol, has announced the launch of a new kind of asset—short tokens, which provide a payoff if the asset behind them declines in […] The post Radar Relay Targets Tokenized Shorts appeared first on Crypto Briefing.

2018-10-27 18:35