Focus. Improvise. Overcome: FIO Protocol and making sense out of chaos
We believe “decentralization” shouldn’t mean “difficult.”
We believe that there are battles better fought together than apart.
We believe that the masses are coming, and we owe them the experience they deserve.
FIO Protocol Whitepaper
Why do you care?
If it was 2009 and Satoshi Nakamoto offered you a revolutionary new project, at the time, you’d probably ask the same question. What’s in it for me?
Now you know better.
12 years later, with Bitcoin reaching as high as $63 200 a coin, starting at pretty much 0, you’ll probably want to give new and upcoming projects a chance. Which token will be the next YFI?
Unless you’re planning to miss out on the next big thing that goes from $3 to $43 000 in less than 2 months, it’s probably a good idea to keep an eye out for stark new projects with potential.
The next two questions you’re asking yourself are: “Can I trust it?” (thanks, the era of ICOS) and “What is this project’s value for everyone?”. There are no guarantees when it comes to the next wild and wonderful event in the world of crypto (we’ve learned to expect absolutely everything and anything), but the two main factors that determine whether a new project will work out or not are: what it can do and who trusts it.
Let’s examine a brave new project called FIO (Foundation for Interwallet Operability) that is already making serious waves in the community despite only having been on stage for a short while.
Can I trust it?
According to AMBcrypto, with Trust Wallet, ShapeShift, KeepKey, Coinomi, MyCrypto, Mycelium, BRD, Edge, Changelly, WhiteBIT, and Frontier adopting The Foundation For Interoperability Protocol, you can join the movement with millions of others plus formidable companies that trust it enough to take it under its wing.
“Leading global cryptocurrency exchanges and service providers with trillions of dollars in transactions over the past year and more than 2.3 million users adopt the FIO Protocol to improve the user experience.”
You can also find the FIO token on Binance and other major exchanges, and FIO is being supported by one of the influential players in the world of crypto staking, Everstake, from the testnet phase. Here’s how these great friendships began:
Why does Binance believe in FIO?
“We invested in the decentralized FIO protocol because we believe it has the potential to become the operational layer of the entire blockchain ecosystem ... It will work with all blockchains. Binance expects that over time it will also become an operational standard that integrates all blockchain-related products”.
Katie Zhu, spokeswoman for Binance Labs.
You can find more about the role Everstake plays in the FIO ecosystem here.
The FIO Protocol serves the noble mission of making crypto accessible for the masses.
As has been pointed out on numerous occasions, crypto is famously (and infuriatingly) difficult to use (for the most part).
Even though crypto provides legendary opportunities, getting your own account and sending your own money is still awkwardly difficult for many people thanks to kludgy user interfaces mostly built for geeks by geeks.
Trading crypto in the times of the pandemic could literally save lives for millions of people stuck at home with no transferable skills, and millions of remittance market workers could save monstrous amounts of money on fees to send money back home to their families using crypto – but if you offered to teach them how to use crypto now, they would find it overwhelmingly difficult.
“Mostly,” however, means that exchanges and wallets are now easier to use than 5 years ago thanks to more user-centric interfaces and classes like Binance Academy and legendary Andreas Antonopoulos videos, but it’s still really tough for billions of people who desperately need true freedom of opportunities that crypto offers to even get their own account for transactions, let alone learn how to trade or avoid making mistakes while sending money.
For instance, destination addresses you use to identify who you’re sending crypto to (more or less like credit card numbers) are long, confusing-looking sequences that are unequivocally impossible to memorize for a normal person. You have to copy/paste them into transactions fields and check that you have them right. Imagine sending the money to the wrong person if you’ve been working the whole month to support your family on the other end of the globe or if you have no savings because of the pandemic and food shortages are happening even in countries as wealthy and successful as the US! Making crypto transactions easier and safer is what FIO is working on according to Luke Stokes, Managing Director, FIO:
“The difficulty and stress using cryptocurrency, however, is one of the main things holding back mass adoption, and this is what the wallets and exchanges that integrate the FIO Protocol understand and are working together to solve.”
How does it work?
1. Here’s what makes FIO stand out:
✓ Adding memos to your transactions.
✓ Creating requests for money.
✓ Integration into wallets, exchanges, dApps, and other crypto solutions.
✓ Open source code for the win! Transparency is the only way: sharing is caring.
✓ Find FIO on Binance, Liquid, Bithumb, Ascendex, Hoo, and others.
✓ Take part in a project that finished what Satoshi started: make crypto solutions safe and accessible for literally everyone. Why do we believe the FIO token will be the next big thing? Because FIO eliminates the last hurdle in global adoption, bringing the mastodon power of crypto to (and not against) all users who’ll be able to make the most of it with hardly any effort. Be there when the dam breaks!
2. Eliminate mistakes in sending and receiving crypto.
What happens when you send money to the wrong person or lose your keys to where your money is stored? While in the world of credit cards, you can phone your bank and ask them to reverse your transaction, in crypto, if your money is gone, it’s gone forever:
“There is absolutely no way of recovering the private key if you only have the public key. This is the equivalent of a ship loaded with gold sinking in the middle of the ocean or throwing paper money in a fire.”
Quora, “What happens to lost cryptocurrency?”
FIO allows you to avoid ever sending your money off to the bottom of the sea. Just FYI, according to a well-known authority on the subject of blockchain and crypto research Chainalysis, about $140 BN’s worth of crypto is now lost thanks to mistakes in handling it. Don’t join the (unfortunately) growing numbers of those users.
3. Make blockchain more user-friendly!
There is also a greater idea behind FIO protocol, which is continuing Satoshi Nakamoto’s legacy. The great programmer, who is now one of the richest people on the planet, has made his project so successful by placing the idea of giving people freedom at the forefront of everything.
Crypto has all the principles that originally enabled the USA to travel from more or less being armed with pure enthusiasm (and American values) to being probably the most powerful country in the world today – in just over 200 years. It was thanks to those core values that everyone wanted to become a part of the exhilarating ride that is still going strong today – liberty, democracy, equal opportunities for all, mutual respect, hard work, integrity, and supporting the less fortunate.
Bitcoin became so successful thanks to embodying these values in its underlying principles. Now, Satoshi may have gone (for now), but the legacy still lives on, and billions of people are still unaware of it or frightened by the complexity of opportunities it offers.
To be able to continue bringing crypto to everyone in the world by making it easy, safe, and user-friendly is something very similar to what Prometheus was feeling when bringing fire to the people. It feels good to do good things, and it feels even better to empower people and give them unlimited opportunities. Crypto could give the oppressed a voice, make dreams come true, and even save lives.
Want to learn more about brilliant new projects and breathtaking opportunities? At Everstake, we produce plenty of educational materials for our users so they can learn about the crypto world: articles, guides, videos, and so much more.
When choosing a provider, you should pay attention not only to the fee but the quality of the service provided by the validator. With the rise in the numbers of con artists and cybercrime, it’s now more important than ever to choose your allies carefully.
Everstake is a respectful, reliable, and experienced validator with more than 230,000 stakers who trust us and about $4 000 000 000 in digital assets staked with us, at this point.
We have years of experience in crypto and validating, and about 30 blockchains where we actively participate. We have a solid team of developers, blockchain managers, marketing specialists, etc. Each network has a dedicated blockchain manager in order to maintain perfect support & assistance for users and network monitoring. Our devOps monitor the network 24/7. That's why our uptime rank is about 99.99% in the networks where we validate.
We offer continuity and care about the loyalty of our customers, who can stake any coin with us, with the same level of transparency, stability of rewards, and comfort.
Read on for a complete guide on voting in FIO and a thorough explanation of all the nuances that will leave you without a single question. The second part of this article (coming soon) deals with how you can start with FIO right now:
- A comprehensive Guide on voting in FIO.
- FIO Explorer brief overview (its use, main features).
- The algorithm and its incentives for validators and the network.
- Why vote on FIO?
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