What is FIO Protocol (FIO)? How to Buy FIO Tokens in India?

What is FIO Protocol (FIO)?

If you’ve ever sent or received cryptos using a wallet or perhaps stored them, you might have encountered something called- a wallet address. This address acts like a digital storage spot for your funds and often tends to be quite lengthy, made up of a bunch of characters all strung together. While this complexity has its purpose, it can also be a bit tricky to remember, and if you happen to make a mistake while sharing, you could potentially end up losing your funds forever as the blockchain transactions are irreversible. Now, this is the issue FIO protocol is trying to solve.

FIO protocol is a decentralized agnostic usability solution that replaces those bits long wallet addresses with a single, customizable, human-readable, memorable and secure crypto handle- making crypto transfer as simple as sending an email. With a single crypto handle, one can do all actions – send, receive, or request any digital asset such as cryptos, tokens, NFTs, etc. FIO is the native token that provides utility within the FIO ecosystem and is used for payments and transaction fees. 

Who are the Founders of FIO Protocol?

FIO protocol’s mainnet was launched back in 2020 and operated by the Foundation of Interwallet Operability- a decentralized consortium of blockchain communities and organizations. David Gold is the conceptual co-founder of protocol and has been involved in tech, entrepreneurship, and VC experience for over 25 years.

How does FIO Protocol (FIO) work?

FIO protocol operates on an eco-friendly delegated Proof of Stake (DPoS) based FIO chain. There are three main features of the FIO protocol: FIO Domains, Requests and Data. FIO domains or crypto handles is a human-readable wallet identifier consisting of a username and domain, such as username@domain, used within the protocol. These domains are mapped with the user’s associated public wallet address.  

FIO request is basically a transaction where a user (payee) requests funds from another user (payer) using the FIO crypto handle. The request transaction data is private to the parties involved, and all sensitive information is encrypted to ensure security. Users can also attach metadata- FIO Data in the blockchain transactions, which will be stored on the chain, ensuring there is complete transparency and security in communication or transactions between different parties.

What makes FIO Unique Use Cases?

• FIO protocol is an interoperable platform, which means it can interact with any blockchain, token, NFT, or coin. 
• Its ecosystem supports over 75 applications, such as edge wallet, trust wallet, opera browser, Binance and more.
• FIO crypto handles are basically NFTs, which means users can transfer, trade or share them between other users and addresses. 

FIO Protocol (FIO) Price Analysis

Source: Tradingview

• FIO price today is trading at $0.02221, with a 24-hour trading volume of $4.02 million. In the last 24 hours, The FIO price has gained by 6.62%, and its market cap is $15.38 million as of August 09, 2023.
• After rejection from $0.037, FIO price lost more than 50% of its market cap in two months and touched a YTD low of $0.01847. 
• However, it made a bullish divergence from the oversold zone and is currently oscillating in a closed range. If the FIO price rises above $0.02345, it might rally again.

How to Buy FIO Coins in India?

To buy FIO Coin in India, just follow the below mentioned steps:

• Download the Crypto Investment App in India
• Enter the details for registration.
• Complete KYC
• Once your profile is verified, add funds and buy FIO Coins.