Cryptocurrency PaymentNews

New Foundation Wants To Standardize Inter-Wallet Interoperability

The Foundation for Inter-wallet Operability (FIO) a foundation that launched today November 26, 2018, wants to standardize inter wallet operability.

FIO also launched the FIO protocol, an inter-wallet protocol that seeks to make the transfer of crypto between wallets as simple as possible.

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New Foundation for Inter-Wallet Operability Forms

Thousands of wallet service providers exist in the crypto space. A new foundation that aimed to create a standard procedure of operation to allow inter wallet communication.

The foundation aims to simplify crypto transfers between wallets to be comparable to mainstream cash transfer services such as PayPal. To achieve this, the Foundation even developed its own FIO crypto protocol.

According to David Gold, the CEO of Dapix, a founding member of the FIO, making payments in crypto is exponentially complex and cumbersome. He explained that crypto payments feel way too risky, too scary and too difficult for the general public.

Foundation For Inter-Wallet Operability

Gold said crypto transactions involve using an incoherent string of characters and transaction confirmation is not instant. He believes that the average person on the street cannot feel comfortable using crypto unless this changes. The FIO protocol is intended to develop a range of features which includes cross chain counterparty metadata.

Further features include enabling transaction statuses within crypto wallets and the provision of a single cross-chain wallet name. FIO think the existing strings of characters are too hard to remember and wants to create a simplified name easy to remember. Gold further explained that decentralized transaction needs to be easier and less risky than fiat transactions.

Users need to have greater confidence that their blockchain transactions are accurate before they commit to sending. This challenge can’t be solved by an individual wallet or exchange. The FIO Protocol is an industry-led, decentralized solution. This will enable easy-to-use and virtually error-free transactions between any wallet and exchange.

Easing Cryptocurrency Payments

According to Gold, a Venture capitalist with more than a decade of experience, mainstream adoption of cryptocurrencies will be limited unless the crypto transaction is easy. He believes that cryptocurrency can be moved around easily and securely as any other fiat currency. FIO plans to deploy a standardized layer of connectivity and usability features for cryptocurrency businesses and wallet providers.

New Foundation For Inter-Wallet Operability

The FIO protocol will mainly focus on three core areas. First, it will create FIO addresses, a set of human-readable, universal wallet or centralized exchange account names. The addresses would be compatible with every token universally. Secondly, it is to establish enhanced FIO workflow options for transactions. This would have error-free features, a request initiated transactions to allow users sent payment request from one wallet to another.

Finally, the protocol plans to develop FIO data functionally, enabling cross token-coin metadata the ability for a note or full order cart to include with payment. The system would accept payment request securely and privately from one wallet to another.

There are about six leading crypto wallets and exchanges supporting the FIO protocol. The list includes ShapeShift, Keep key and Coinomi. The FIO protocol testing will accomplish in the first quarter of 2019 with the crypto firms that signed up for FIO.

Do you think a universal crypto-wallet for all the hundreds of coins a feasible idea? Share your comments on this topic in the comment section below and do not forget to follow the subsequent discussions on twitter.

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Jacob Okonya

Jacob has been engaged in blockchain technologies, Bitcoin, and fintech. He worked mostly as a blockchain market researcher, fintech journalist, and online forum moderator. Jacob is involved in creating articles and educational content for different project components, explaining how users can utilize the various resources.

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