Vera Labs Partners with FIO to Integrate FIO Protocol
Vera is a decentralized protocol built on some of the top blockchains that allow users to use financial services for NFTs such as renting, lending, and mortgages. Vera Labs services are currently available on Ethereum, Polkadot, Solana, Polygon, and Binance Smart Chain. Users can lend and rent their NFTs on the marketplace along with desired rental terms. Borrowers can participate in collateralized and uncollateralized loans. Sellers have the option to offer seller financing to those purchasing their NFTs. The ability to integrate the FIO Protocol and allow users to register a FIO Crypto Handle and use that Crypto Handle to apply FIO NFT Signatures adds not only a process to make a great platform even easier to use, but also to add a layer of protection for both buyers and sellers by incorporating NFT Signatures. Users will be able to register custom FIO Crypto Handles and sign NFTs using FIO NFT Signatures.
FIO NFT Signatures protects buyers and sellers of NFTs by giving the creator the ability to sign the NFT using their personalized FIO Crypto Handle. A FIO Crypto Handle replaces that long string public address vulnerable to errors and exploits with a simple, human-readable address. The long string public key address is replaced with the FIO Crypto Handle in the format of username@domain or, for example, janedoe@vera. NFT creators will be able to use their own personalized FIO Crypto Handle to sign NFTs, which protects buyers and helps sellers by providing a source of authentication that’s easily verifiable on the FIO blockchain. FIO NFT Signatures works for NFTs minted on all blockchains. Another great feature of NFT Signatures is that it helps protect the permanence of the NFT’s Metadata by storing its hash on the FIO blockchain. Many do not realize that most NFTs do not store images, videos, audio, or other properties of the NFT on chain. Being able to store a hash of that data on chain protects the NFT and its data by creating permanence.
Adding the FIO Protocol features mentioned above does not only enhance the user experience for Vera Labs users, but is also a great addition that gives the FIO community a great NFT platform to utilize as the world has just scratched the surface of the possibilities for NFTs and the services available to Vera Labs users are cutting edge. Keep an eye out for the official release of FIO NFT Signatures, and FIO Crypto Handle registrations within Vera Labs.
About Vera Labs
Vera is building Stripe for NFTs to enable the best decentralized way to rent and mortgage non-fungible tokens (NFT). If Bitcoin is the new digital currency for electronic cash payments, then Vera is the new digital currency for electronic NFT payments.
Founded in 2021 and backed by notable investors in the decentralized fintech space such as Animoca Brands and the Web3 Foundation, Vera’s mission is simple: To build open, secure, and powerful NFT financial products that are equally available to everyone everywhere. Vera supports NFTs from major blockchains such as Ethereum, Polygon, BSC, Polkadot, and Solana. Using Vera, applications such as metaverses, games, and marketplaces can generate new revenue streams, reimagine user experiences, and empower their communities.
FIO, the Foundation for Interwallet Operability, is a decentralized consortium of blockchain organizations and community members supporting the ongoing development, integration, and promotion of the FIO Protocol. The protocol is an open-source, decentralized usability layer solution that works across all blockchains, and uses human-readable Crypto Handles to replace the complexity, risk, and inconvenience that comes with blockchain-based transactions using public addresses.