What is FIO Protocol (FIO)? Here is the FIO Token in full detail

In this article, What is FIO Protocol (FIO)? We will try to answer the question and provide detailed information about the project.

In this article, What is FIO Protocol (FIO)? We will try to answer the question and provide detailed information about the project. The project continues to attract attention with its recent rise.

FIO Protocol (FIO) Nedir?

FIO Protocol (FIO) is a decentralized blockchain protocol that aims to provide a better way to send and receive cryptocurrencies and tokens.

The FIO token is the local utility token of the project’s blockchain infrastructure FIO Chain and is used for transaction gas fees and on-chain governance.

FIO Chain is a Proof-of-Stake (DPoS) blockchain designed to manage the high data writing needs of the FIO Protocol. Block Producers (BP) do not collect block rewards or cause any token supply inflation. Instead, BPs only receive rewards from transaction fees.

FIO Protocol (FIO) Coin Nedir?

FIO Protocol is a decentralized usability layer that connects crypto wallets, exchanges, payment processors and other applications where crypto assets are held or transferred. The project aims to make the user’s experience of interacting with all blockchains easier, less complex and risky.

Some of its key features are:

Meaningful to humans: allows users to initiate transactions using smart identifiers such as “tom @ trustwallet” or “jack @ ethereum”.

Decentralized: Powered by a public blockchain that does not require a centralized solution from a trusted third party.

Secure: all FIO Protocol operations require a FIO private key controlled by the user himself.

Private: Sensitive information such as public addresses and metadata can be encrypted in the blockchain.

Interoperable: When integrated into a wallet, the FIO Protocol works with any blockchain and cryptocurrency without any integration into these chains.

eCommerce ready: Enables payment functionality request with custom metadata for each transaction.

FIO Token overview and usage examples

FIO toke is mainly used for:

Address and domain registration fees

Transaction fees

Block Maker voting

Token Governance and Use of Funds

As of the date of writing, FIO Protocol has used approximately 76.00% of the funds collected according to the following allocations:

60.90% Protocol Development.

15.20% Business Development and End User Marketing.

8.10% Legal.

15.80% Administrative.

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