What is FIO Protocol (FIO) | What is FIO Protocol coin | What is FIO coin
About FIO Protocol
FIO Protocol (FIO) is a blockchain protocol that aims to enable a better way of sending/receiving coins and tokens. The FIO token is the native utility token of the project’s blockchain infrastructure, FIO Chain, and is used for transaction gas fees and on-chain governance. The FIO Chain uses a Delegated Proof-of-Stake (DPoS) to achieve network consensus. Block Producers are elected by FIO token holders via on-chain voting. Anyone can register to become a BP and produce blocks if they receive enough votes.
- FIO addresses act as a human-readable wallet identifier (username@domain) for users on the FIO Protocol. The registration of a FIO Address can be done through a FIO-integrated application or through a registration site. A FIO Address has a yearly fee in FIO tokens, and is bonded with 100 free transactions.
- FIO Request allows users to initiate transactions using FIO Addresses. This request is stored onchain, with metadata (e.g. currency, amount) encrypted using the Diffie-Hellman key exchange.
- FIO Data is transaction metadata. This metadata can range from a free-form memo to structured data (e.g. deposit details). The team envisages FIO Data as a means to support decentralized commerce, where transactiond data (e.g. invoices, dates) can be stored on-chain. FIO Data can also include blockchain metadata, such as transaction.
Token Overview
The FIO Protocol will be powered by a utility token (FIO). The FIO Token will be used to pay for transactions processed through the FIO Chain. To hold a token or a FIO Address/Domain, a user only needs a private/public key pair, and all transfers can be achieved using a FIO public key. This allows support of FIO Tokens without any special functionality.
FIO Tokens support the SLIP-44 (FIO index at position 235) standard. When a user chooses to restore seed phrases from one wallet to another, the FIO Tokens as well as FIO Addresses and Domains will be restored.
Token Economics
- Maximum Total Supply: 1,000,000,000 FIO (38,506,000 of which are permanently locked)
- Each token is divisible into 1,000,000,000 Smallest Units of FIO (SUF)
- No inflation beyond the Maximum Total Supply
Demand for FIO Tokens will arise from:
- Users needing tokens for utility of the FIO Protocol (e.g. registering FIO Addresses/Domains as well as other transaction fees)
- Individuals and entities desiring tokens for the purposes of voting towards block production
- The possibility that some wallets or exchanges my choose to compensate their users for holding FIO tokens which they can then vote towards block production
- Future enhancements to the FIO Protocol that are envisioned to create additional utility fees to be paid in FIO tokens.
The market-based fees element of the FIO Protocol will ensure that the actual token charges to users continually adjust based on roughly the current human perceived value of a FIO Token. So, for example, as the FIO Token value goes up, the charge for a specific utility like registering a FIO Address will go down in absolute number of FIO Tokens being charged.
Fees collected for FIO Address/Domain registration are not immediately distributed, but rather locked and distributed evenly every day over a period of one year. This ensures Block Producers processing bundled transactions are properly compensated.
Get started for free
For a limited time, the Foundation for Interwallet Operability is paying for FIO Addresses for new users, which lets you use the FIO Protocol for the first year without any cost.
How and Where to Buy FIO?
You will have to first buy one of the major cryptocurrencies, usually either Bitcoin (BTC), Ethereum (ETH), Tether (USDT)…
We will use Binance Exchange here as it is one of the largest crypto exchanges that accept fiat deposits.
Binance is a popular cryptocurrency exchange which was started in China but then moved their headquarters to the crypto-friendly Island of Malta in the EU. Binance is popular for its crypto to crypto exchange services. Binance exploded onto the scene in the mania of 2017 and has since gone on to become the top crypto exchange in the world.
Once you finished the KYC process. You will be asked to add a payment method. Here you can either choose to provide a credit/debit card or use a bank transfer, and buy one of the major cryptocurrencies, usually either Bitcoin (BTC), Ethereum (ETH), Tether (USDT)
Step by Step Guide : What is Binance | How to Create an account on Binance (Updated 2021)
After the deposit is confirmed you may then purchase FIO from the Binance exchange
The top exchanges for trading in FIO Protocol are currently Binance, Hoo, BitMax, Liquid, and Bithumb Global. You can find others listed on our crypto exchanges page.
Apart from the exchange(s) above, there are a few popular crypto exchanges where they have decent daily trading volumes and a huge user base. This will ensure you will be able to sell your coins at any time and the fees will usually be lower. It is suggested that you also register on these exchanges since once FIO gets listed there it will attract a large amount of trading volumes from the users there, that means you will be having some great trading opportunities!
Top exchanges for token-coin trading. Follow instructions and make unlimited money
☞ Bittrex ☞ Poloniex ☞ Bitfinex ☞ Huobi ☞ MXC ☞ ProBIT ☞ Gate.io ☞ Coinbase
Find more information FIO
☞ Website ☞ Website 2 ☞ Announcement ☞ Explorer ☞ Explorer 2 ☞ Whitepaper ☞ Source Code ☞ Social Channel ☞ Social Channel 2 ☞ Social Channel 3 ☞ Message Board ☞ Message Board 2 ☞ Documentation ☞ Coinmarketcap
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