Tech venture capitalist David Gold launched the Foundation for Interwallet Operability (FIO) and the FIO Protocol in an aim to make the transfer of cryptos between wallets as simple as making transfers on PayPal.
Tech venture capitalist David Gold got the backing of leading crypto wallets and exchanges on Tuesday to launch the Foundation for Interwallet Operability (FIO) and FIO Protocol – a new interwallet operability protocol that removes the risk, complexity, and inconvenience of sending and receiving tokens and coins.
«FIO is enabling the crypto ecosystem to truly achieve what PayPal did for online payments. In the crypto world, payments are exponentially more complex and cumbersome. Crypto payments feel too risky, too scary and too difficult for members of the public,» said Gold in a press release.
Saving Cryptocurrencies From a Crypto Winter
In order for blockchain and cryptocurrencies to reach mainstream adoption, the community must develop a foundation and protocol so as to unite all wallets, exchanges, and crypto payment providers.
Otherwise, blockchain adoption could stall, especially given that cryptocurrencies have taken a hit. In recent days, Bitcoin slid below $4,000.
«This is not a closed party. We are inviting everyone to take part. We all have a responsibility to move quickly on this. For blockchain to achieve its envisioned potential of the seamless movement of value in a decentralised manner, the user friendliness of making such transactions must improve dramatically,» said Gold.
The Roadmap
The FIO Protocol is being built by Dapix Inc, where Gold is the chief executive. The six wallets and exchanges supporting the protocol and agreeing to collaborate to solve core ecosystem issues are: ShapeShift.io, KeepKey, Coinomi, MyCrypto, BRD.com and Edge.
The FIO Protocol will offer a standardised set of open source APIs and SDKs that can be globally adopted and integrated into any wallet or exchange seamlessly. Other blockchains need to make no changes whatsoever for the FIO Protocol to operate.
When launched, it will be a self standing open source fully decentralised ledger that never sits in the middle of the underlying transactions on other blockchains. Rather, the protocol sends information and confirmations that better enable the sending of value on all other blockchains. This means people will never have to deal with incoherent public encryption keys or lines of code and errors.
