The decentralized layer 2 solution announced the launch of FIO Domains Wrapping, which carry the NFT format and can be exchanged on various marketplaces.
Fio Protocol offers NFT domain names that allow users to have full custody of their digital identity on its decentralized platform.
Founded in 2019, it gives users the opportunity to use a single Web3 identity to send and receive cryptoassets, including NFTs, without the need to manage a large number of long and complex wallet addresses.
One of its most outstanding features is the functionality offered by the protocol to protect users from sending or receiving crypto-assets from or to faulty or erroneous addresses, thus preventing the transaction from being processed and the funds from being lost without the possibility of reclaiming or recovering them.
Wrapping involves a process of taking a token from a given blockchain, and enabling its use on another blockchain. The launch of this FIO Protocol tool brings as an immediate consequence the flow of more than $30 billion dollars in the NFTs market, as it incorporates the possibility for users to buy, sell and exchange their FIO Domains as ERC-721 tokens in those marketplaces that work on the Polygon network.
A crypto identifier is a Web3 identity that can be assigned to public addresses. These consist of two parts (name@domain). This identifier is a unique and secure NFT. Now, the FIO Domain is the second part of this identifier, which can be public or private.
The domain can allow multiple user names, or it can also be configured privately, so that no other user names can be assigned to it. The FIO domain is also an NFT that can be exchanged on NFT marketplaces.
Eric Butz, vice president of engineering at FIO Protocol, said that NFTs have enormous potential to disrupt the way creative industries operate and the way users manage their Web identity3.
In this sense, he remarked that FIO Domains allow users the ability to customize their Web3 identity by creating a personalized FIO identifier, thus replacing complex wallet addresses with a simple, easy-to-remember name.
FIO domains are NFTs, which implies that they have the security of private keys on the FIO blockchain and can be freely transferred by the private key holder.
MORE ABOUT FIO PROTOCOL
FIO Protocol integrates with existing products in the market as a usability layer that provides an enhanced user experience, which is homogeneous for all tokens, as it provides a layer of data and confirmations about transactions on various blockchains.
One of its goals is to offer a better experience for sending and receiving securities over blockchain, regardless of the exchange, wallet, or token used. From its website they state that some of their objectives are:
* Human-meaningful: allows users to transact with identifiers that are easy for people to remember, such as “peter@bluewallet”.
* Decentralized: based on a public blockchain that does not require centralized solutions,
* Secure: FIO Protocol transactions require a private key, which is stored in the user’s wallet,
* Private: counterparty information, including public addresses, is encrypted on the blockchain,
* Interoperable: once the protocol is integrated into a wallet, FIO works with any blockchain and token without integrating with those networks.
In turn, it has its own Utility Token ($FIO). It is used to pay for the processing of transactions performed on the FIO blockchain. The FIO token supports the SLIP-44 standard. When the user wants to reset the seed phrase from one wallet to another, the FIO tokens, their identifiers and FIO domains are also reset.
These tokens are needed for the FIO Protocol utility, to register identifiers or domains as well as for the fee for other transactions; users and entities that need them to vote in block production; for the possible selection of aidrops wallets for holders, among others.
From the official website of Fio Protocol, they express that it is an open source blockchain protocol, which has been structured as a Decentralized Autonomous Organization (DAO). This means that all the source code of the project is publicly available on its GitHub account.
IMPORTANT: NFTEXPRESS only publishes articles for informational purposes. Nothing contained herein contains the character of recommendation or promotion of any type of investment for the reader. Before making any kind of investment, it is recommended to consult with a specialist in the matter.
Written by Luciano Garriga (TW:@luchogarriga) for NFT Express