this is a repost from https://blog.liquid.com/easy-crypto-address-with-fio
At Liquid, we feel that your experience with crypto transactions should be as smooth and free from confusion as possible. That is why we are implementing the FIO Protocol, a whole new system that enables easy-to-read custom wallet names.
Existing Blockchain networks can be difficult to manage with long public addresses, which pose many challenges. Invariably, long and confusing public addresses often result in complicated workflows amid the growing risk of man-in-the-middle attacks or losing funds altogether by sending to the wrong address.
Have you ever been in a situation where you constantly feel worried about getting the wallet address wrong? Yes, we are talking about those long strings of public addresses filled with seemingly random characters that fail to make sense to most users when trying to send or receive some crypto. In that case, you are not alone.
Addressing the elephant in the room
The fear of getting the wallet address wrong is perhaps universal across the entire cryptocurrency ecosystem. If you think about it, your fear of getting the wallet address wrong is as simple and natural as getting someone’s email address or a bank account number wrong.
For example, let’s assume that you want to send or receive something important. It could be an important email or an urgent payment. All you need to do is make sure that you have all the correct and appropriate details in front of you — the same holds true during crypto transactions.
Plus, it is not for you to worry about the technical limitations of the existing system of long and confusing public token addresses. Most importantly, it affects your overall experience of transacting in Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), or Litecoin (LTC) and more.
Introducing the FIO Protocol
FIO stands for the Foundation for Interwallet Operability, a non-profit decentralized autonomous consortia built by early bitcoiners with the vision of making crypto so easy grandparents can do it. FIO Crypto Handles (previously known as FIO Addresses) improve the usability of crypto wallets, exchanges, and payment processors and simplify their overall operations. They also help users eliminate common mistakes in sending and receiving cryptocurrencies, thus reducing the need for confusing public addresses.
Similar to an email address, FIO Crypto Handles are easy-to-read wallet identifiers for sending and receiving crypto. They only consist of a username and a domain — for example, bob@liquid.
As we mentioned before, using long and complicated public addresses negatively affects the overall user experience while sending cryptos from one wallet to another. FIO Protocol directly addresses these challenges by enabling cross-platform transactions across several Blockchain networks.
Benefits of the FIO Protocol
The FIO Protocol improves crypto wallets’ usability by making them easier to use, courtesy of simpler FIO Crypto Handles. The FIO Protocol is a decentralized service layer that eliminates common mistakes while sending or receiving cryptocurrencies. It does so by handling crypto transactions’ workflow, data, and confirmations between different blockchain networks.
The FIO Protocol can be integrated by a wallet, exchange, or standalone application that processes transactions over different blockchain networks. Rather, it is integrated by those products. Although it does not interact directly with other blockchains, it offers a consistent user experience leading up to a transaction.
Watch an exciting chat on behind the scenes stories from Seth Melamed, COO of Liquid and Luke Stokes, Managing Director of FIO — The Foundation for Interwallet Operability on FIO protocol integration and why it matters:
Properties of the FIO Protocol
FIO Protocol is made up of three primary features:
FIO Crypto Handles
FIO Crypto Handles are human-readable wallet identifiers similar to email addresses. They eliminate the need for long and confusing public addresses.
FIO Requests
FIO Requests are nothing but in-app requests for funds. For example, FIO requests can be an order cart, an invoice, a bill or a deposit request from your crypto exchange
FIO Data
FIO Data is privatized metadata that can be attached to any transaction on any blockchain. This enables users to attach a personalized memo to their crypto transactions.
Try it today
The FIO Protocol is secure and encrypted, and the information exchanged between users is only accessible to sender and receiver. The primary objective of the FIO Protocol is to make using crypto easier, so everyone can join the ecosystem.
Enhance your crypto experience on Liquid by registering your own unique FIO Crypto Handle here!
