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Binance Launches A New Blockchain Protocol- FIO

Binance is the major global crypto exchange and it is entering into a new venture which is to launch a brand new decentralized blockchainprotocol named “FIO protocol.”

Reportedly, Binance labs invested in a blockchain usability firm based in Denver called Dapix– A non-profit arm. Dapix is responsible for the development of the FIO- the foundation of Interwallet operability usability protocol.

Big Industry Investors

Access Venture Partners, Dundee Venture Capital, Blockwall Capital, NGC Ventures, and LuneX Ventures are some of the biggest investors and were present at the series A round of $5.7 million funding for FIO protocol. Reportedly, the funding round would permit the initial launch of FIO protocol which is an opensource, decentralized blockchain protocol that is specially designed to improve the usability of multiple token, blockchains, and coins. The protocol is expected to set along with other blockchains as a secure layer to minimize risk and complexity while sending and receiving coins across different blockchains.

Bitcoin.com Is An FIO Member

FIO is a council of major league crypto wallet service exchanges and crypto payment processors which support the FIO protocol. The council holds a total number of 24 members like Bitcoin.com, Swiss crypto exchange platform Shapeshift, Atomic wallet, Binanace’s trust wallet, Enjin wallet, and many more. FIO usernames can be reserved as well, for example, cross-chain, which will eliminate the need for blockchain public addresses. It is estimated that the presale and funding round will take off in early 2020.

New Ventures of Binance

Binance is also teaming up with the digital asset trust company Paxos, they announced their partnership to launch a USD- backed stablecoin which is approved by the New York State Department of financial services (NYDFS). Binance’s CEO Changpen Zhao commented that Paxos is the main lead for digital trusts space and he also said that Binance is eager to work with them to develop their native stable coin.

Launched in 2018, Dapix is constructing a delegated blockchain proof-of-stake (dpos) to act as the connective tissue between wallets, exchanges, and other apps. The aim is to make an industry standard for sending and receiving crypto payments across all blockchain platforms. Dapix’s David Gold, founder, and CEO illustrated that FIO protocol is targeted in the first quarter of next year for mainnet release. For now, with the FIO address presale, Dapix and the 24 FIO consortium members are exploring elements of the protocol.

What Is FIO?

The FIO Protocol is a decentralized layer of service for the entire ecosystem of blockchain. It offers workflow, information, and confirmations that lead to other blockchain operations (it never interferes with any fundamental blockchain mechanism).

The FIO Protocol will initially provide three core capabilities:

1.FIO Addresses-Your human-readable wallet name that operates identically and immediately across each token or coin and eliminates the need to see a public address at all times. FIO Addresses are intended for privacy purposes.

2. FIO Requests-Normal fiat economic transactions typically start with a request for payment— a bill, a check, an invoice or an order cart. Most transactions begin in blockchain with just a “send.” FIO Requests changes to this paradigm and allows the capacity to safely send decentralized payment requests from one wallet enabled by FIO to any other wallet enabled by FIO.

3.   FIO Data- Most value transactions come with information describing the purpose of the transaction, such as information on the invoice or in the order cart. FIO Data is a standardized field of metadata that can provide a straightforward note or, in the future, complicated structured information such as an order cart along with payment sent or an FIO request.

Wallets and exchanges are allowed on any and every blockchain through the protocol with improved workflow and usability for token transfers. This can be enabled without getting into the center of the underlying transaction and without needing any adjustments to other protocols of blockchain.

FIO addresses are intended to simplify the complicated wallet addresses that are usually used to send and obtain payments from cryptocurrency. The FIO protocol seeks to standardize addresses across all blockchain platforms and apps, unlike most other instruments to simplify wallet addresses.

Tags: Blockchain News, Cryptocurrency, Binance, FIO, Dapix, Shapeshift, Bitcoin.com, Token