According to a press release by Foundation for Interwallet Operability website, Mycelium has been added to its foundation membership. The FIO Protocol is governed by the The Foundation for Interwallet Operability.
It’s a protocol that “will provide an enhanced layer of usability features for existing and future wallets and exchanges.” In addition to this it aim is to enhance blockchain adoption and the consumer base of cryptocurrencies. This is to be achieved normally by encouraging ease-of-use of lack of hostility in wallet and exchange designs.
Dapix is actively developing the FIO protocol. It will facilitate basically universal addresses across wallets and exchanges which supports the protocol. Likewise, this implies that two users with different wallets supported by FIO protocol will be able to carry out transactions and exchanges. The addresses will be “human readable” too.
Dynamics of FIO Protocol
When an a user registers an address the protocol issues a private key. Also, this private key facilitates transfer of assets between wallets. Interestingly, it is similar to what happens in crypto. The users with private keys of their cryptocurrencies own their assets in crypto while in this system users who control the private keys of their individuality will own their identity.
Also Read: The Chilean Anti-Monopoly Court sanctions protection to local Crypto Exchanges
Additionally, users need to adhere to essential security procedures to certify security. The addressing structure is just one of the quality that the alliance will make possible.
From the CEO’s Desk
Erik Voorhees, CEO and founder of ShapeShift, tweeted about FIO, calling it a “glimpse of the future.”
A little glimpse of the future of crypto payments. FIO live alpha demo. Decentralized & cross-blockchain. Builders keep building through the market bloodshed. https://t.co/tfAEea8Xy5 And FIO website here: https://t.co/WSRnQvDMX9 @joinFIO #bitcoin #ethereum #blockchain
— Erik Voorhees (@ErikVoorhees) November 28, 2018
According to the press release from Mycelium in Denver, Founder Alexander Kuzmi said:
“Joining FIO and supporting the FIO Protocol makes complete sense because we believe it will be an important milestone in the wider adoption of cryptocurrencies. We look forward to working with the founding members in helping to ensure this project is as successful as possible.”
The accomplishment of the protocol will be based on the wallets which maintain it. Coinbase, for example, has not united with the Foundation as of yet. Likewise, if it were to join, it would reflect a huge increase in the number of consumer base.
Also Read: DX Exchange to issue Tokenised Stocks on Ethereum
Coinomi and Mycelium, both are among the most popular mobile. Coinomi has support for dozens of cryptocurrencies while Mycelium is strictly a Bitcoin wallet. Both of the wallets have total of more than a million downloads in the Google Play store alone.
