FIO Requests are a secure, decentralized, private method of requesting crypto payment from another wallet. They can be sent from any FIO enabled product to another FIO enabled product and for any blockchain token or coin. The payor receiving the request simply approves it from inside their wallet with a few clicks. No need to send a public address, and no confusion on the type, or amount of crypto you want to receive.
FIO Data is encrypted metadata that can accompany any FIO-based transaction. Whether you are sending to another FIO Address or doing a FIO Request, FIO Data can provide additional context to that transaction — from something as simple as a memo, to something as complex as an order cart.
How Does a FIO Request Work?
The ability for the FIO Protocol to process a request for payment hits at the heart of FIO’s design. Unlike simple wallet naming solutions, the FIO Protocol is an entirely decentralized workflow and notification system that has far more capabilities than simply public address mappings.
A FIO Request, when made, is placed on the FIO blockchain in an encrypted fashion, so that only the intended payee and payor can decrypt it. The request includes several key pieces of information — the payor’s FIO Address, the type of token or coin the payee is requesting, the amount requested, and any accompanying FIO Data.
The payor’s FIO-enabled wallet simply checks the FIO blockchain to see whether there’s a request waiting for them. If so, the payor receives an in-wallet notification, which when checked, will show them all the required information needed to process the transaction. At this point, they have the option to approve or deny the request. They can also report the request as “spam”, and the FIO Protocol has algorithms built-in that combat spam by rapidly ratcheting up the cost to send a FIO Request, making them economically nonviable.
When approved, all the information of the FIO Request is pre-populated into the regular send transaction for the blockchain token or coin being requested. The FIO Protocol does not intercept or sit in-between this send transaction at all. From a technical perspective, the actual sending of a transaction is done and signed with a private key in the wallet or exchange identically as they are today. The difference with FIO is that the user never needs to see a public key, nor do they have to manually enter the type or amount of token to be sent. All of this information, along with the FIO Data, comes with the FIO Request, leading to virtually error-free transactions.
How do you Attach FIO Data?
Some blockchains have a concept of a memo field. In addition, some wallets have their own built-in memo/description field that can accompany a transaction. In both these cases, however, users are limited to only one chain or one application, and these functions work differently on different chains, which leads to user confusion. In addition, blockchain-based memos are usually saved in a plain-text fashion, which means that potentially anybody can read it.
FIO Data can accompany any transaction, on any blockchain, from any application that is FIO-enabled. It is encrypted to only be readable by the counterparties involved in the transaction, ensuring that your privacy is maintained. FIO Data is intended to be a standardized metadata field that can exist alongside any blockchain transaction that you would normally make.
This article is #4 in a series of blog posts diving deeper into FIO and the FIO Protocol. We will posting a new article every Thursday over the summer — our next topic will be a details on the FIO Pre-Sale (coming in two weeks).
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