FIO operates as a decentralized consortium led by the community and the Blockchain ecosystem, and it possesses a business vision that values openness, transparency, diversity, and fairness within the community.
The FIO Protocol (FIO) is a blockchain protocol aiming to simplify the sending and receiving of cryptocurrencies and tokens. The FIO token is the native utility token of the project’s blockchain infrastructure known as the FIO Chain, and it is used for transaction fees and governance on the chain. The FIO Chain achieves network consensus using Delegated Proof of Stake (DPoS). Block Producers are selected by the votes of FIO token holders on the chain. Anyone can register to become a Block Producer and, if they receive enough votes, can produce blocks.
FIO addresses are human-readable wallet identifiers (username @ domain name) for FIO Protocol users. Registration of a FIO Address can be done through an integrated FIO application or a registration site. A FIO Address comes with an annual FIO token fee and includes 100 free transactions.
FIO Request enables users to initiate transactions using their FIO Addresses. This request is stored on the chain encrypted with Diffie-Hellman key exchange metadata.
FIO Data, on the other hand, is transaction metadata. This data can range from a free-form note to structured data (for example, deposit details). The team sees FIO Data as a tool to support decentralized transactions where transaction data (for example, invoices, dates) can be stored on the chain. FIO Data may also include blockchain transaction metadata.
At the time of writing this article, the native cryptocurrency of the FIO Protocol, FIO, is ranked 406th with a market capitalization of $48,026,690 according to CoinMarketCap data. The FIO Protocol Coin is trading at $0.2174 against the dollar, with a 24-hour trading volume recorded at $85,426,159.