Announcing the Foundation for Interwallet Operability
Today, we are excited to announce the formation of the Foundation for Interwallet Operability (FIO). The foundation is comprised of leading blockchain wallets and exchanges that seek to accelerate blockchain adoption by reducing the risk, complexity, and inconvenience of sending and receiving tokens and coins.
To achieve this aim, the Foundation is building a new, decentralized, open-source blockchain protocol, named the FIO Protocol, that will provide an enhanced layer of usability features for existing and future wallets and exchange.
Initially, the FIO Protocol will focus on three core areas of functionality:
Human readable universal wallet name (or centralized exchange account name) that works instantly with every token or coin each wallet or exchange supports.
Enhanced workflow options for transactions, which are currently send-only. This feature will include virtually error-free request-initiated transactions, where a request for a specific number and type of token is initiated in-wallet and sent via the FIO Protocol to the sender who confirms or denies that transaction in their wallet or exchange.
The ability to include metadata on send/receive transactions across any blockchain, which is fully encrypted, and only visible between the sender and receiver. The encrypted metadata is stored on the immutable FIO Protocol ledger and can include anything from a simple note to structured data, such as an order cart.The FIO Protocol is blockchain-agnostic and does not sit in the middle of the underlying blockchain transactions. In addition, it does not require any other blockchain to conduct a code fork to implement. The protocol will offer a standardized set of API’s and SDK’s that can be globally adopted and integrated into any wallet or exchange seamlessly.
FIO consists of several major wallets and exchanges, who will provide guidance on the roadmap and governance of the FIO Protocol. In addition, each member has plans to integrate the protocol into their respective products. Prior to mainnet launch and open-source, the FIO Protocol technology is being developed by Dapix, Inc., a venture-backed company that was founded specifically to solve blockchain usability challenges.
We are proud and excited to have such as wonderful group of initial members, but we’re looking for more. Additional wallets and exchanges are welcome and encouraged to learn more about the Foundation and the benefits of becoming a member by visiting https://fio.foundation/
Originally published at blog.fio.foundation on November 26, 2018.