P2P Protocol Aims to Simplify Crypto Wallet Transactions With Domain Names

A brand new protocol is hoping to make peer-to-peer transactions between numerous wallets and cryptocurrencies easier for customers.

FIO Protocol, which launched its mainnet chain on March 26, gives customers with interoperable domains as a substitute of alphanumeric blockchain addresses.

An acronym for the “Foundation For Interwallet Operability,” the FIO protocol is dwell on Trust Wallet and is within the technique of integrating with a number of fashionable pockets suppliers – together with, Edge, Enjin, Coinomi and Atomic.

Rather than integrating immediately with blockchains, the venture gives a decentralized and open-source “usability layer” that integrates with companies from members of its consortium, reminiscent of pockets suppliers and crypto exchanges.

The latter to this point embrace ShapeShift and quite a few lesser-known buying and selling platforms.

Does crypto want extra simplicity to drive adoption?

FIO’s concept is that hard-to-remember, distinctive blockchain addresses – which come within the type of a string of letters and digits – nonetheless current an impediment for customers trying to simply transact a number of cryptocurrencies peer-to-peer.

Alongside its provide of a simplified area identify ([email protected]), the protocol is supporting options reminiscent of a P2P “request transfer” performance. The characteristic is ostensibly personal and securely encrypted, and likewise permits customers to incorporate personal metadata – reminiscent of “money for rent” – to tag their peer-to-peer transactions.

In fall 2019, Binance Labs had led a $5.7 million Series A funding spherical for Dapix Inc. (the agency behind the preliminary growth of the FIO Protocol) to help the layer’s mainnet launch.

Prior to its mainnet going dwell final month, the inspiration auctioned near 2,000 FIO domains and over 7,500 FIO addresses, which will likely be legitimate for one 12 months after mainnet launch. These domains and addresses are structured as non-fungible tokens, that means that they are often offered and traded utilizing good contracts if desired.

Hiding the cryptography behind crypto

As beforehand reported, quite a few blockchain tasks have launched merchandise that intention to simplify the person expertise by eradicating the necessity to use alphanumeric pockets addresses.

These embrace Spanish pockets Easypaysy, the Ethereum Name Service for Ether (ETH) funds, and from as early as 2014.

The CEO of Coinbase, Brian Armstrong, has in the meantime patented a system that might allow customers to transact Bitcoin (BTC) immediately utilizing electronic mail.

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