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Blockchain Industry News

FIO Protocol Plans to Increase User Trust in Bitcoin

It is 2019 and crypto users are still scared of making Bitcoin payments. As a result, cryptocurrency wallet and exchange provider have formed the Foundation for Interwallet Operability (FIO) to improve their operability and user experience of crypto transfers. Until this year, user experience for many cryptocurrencies remains poor due to the lack of user trust.

In a survey of more than 200 cryptocurrency holders on their opinion of the technology, a whopping 60% of cryptocurrency users are still scared to make a payment using bitcoin.

The FIO Protocol

Thus, the FIO is planning to facilitate sending and receiving cryptocurrency payments and to make it as easy as possible for users. Currently, each blockchain has a specific address format. The FIO protocol allows multiple address formats in just one integrated system. This should also allow for the interoperability of metadata.

Several wallets, as well as exchanges, have joined FIO recently. These include Trust Wallet, Keepkey, Mycelium, Edge, BRD, Coinomi, Trust Wallet, Shapeshift, and Mycrypto. Basically, crypto transactions can intimidate occasional users with the complexity of the alphanumeric addresses. However, FIO protocol will attempt to make all transactions easier. In fact, the FIO initiative is for any exchange, blockchain wallet provider, or payment processor.

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