The movement to improve crypto usability industry-wide is gaining momentum with news today that Mycelium has become the latest wallet to sign up to the protocol that provides an enhanced layer of usability features for existing and future wallets and exchanges – making the transfer of cryptocurrencies between wallets as simple and straightforward for everyday consumers as making transfers on PayPal.
Mycelium joins some of the world’s leading wallets and exchanges – ShapeShift, KeepKey, Coinomi, MyCrypto, BRD, and Edge – as members of the Foundation for Interwallet Operability (FIO), which seeks to accelerate blockchain adoption by reducing the risk, complexity, and inconvenience of sending and receiving tokens and coins.
Described by ShapeShift’s CEO Erik Vorhees as “the future of crypto payments,” FIO’s decentralized, open-source blockchain protocol, which is being built by Dapix, will provide an enhanced layer of usability features for existing and future wallets and exchanges.
It’s a decentralized PayPal-like platform that removes the risk, complexity, and inconvenience of sending and receiving tokens and coins. It will offer a standardized set of open source APIs and SDKs that can be globally adopted and integrated into any wallet, exchange, or crypto payment processor seamlessly.
All blockchain tokens and coins will be fully compatible with the FIO Protocol, with no blockchain code changes required. When launched, it will be a self standing, open source, fully decentralized ledger that never sits in the middle of the underlying transaction of any blockchain. Rather, the FIO Protocol operates in parallel to existing blockchain mechanisms, and provides an enhanced set of usability features.
“We’re delighted to have Mycelium join the growing list of existing FIO members and future adopters of the FIO Protocol, who believe in advancing the usability of blockchain for their users,” said David Gold, the founder and CEO of Dapix, in a press realease. “By making it user friendly to move tokens around, the FIO Protocol will be a driving force behind cryptocurrency adoption for more than just alternative investment and we look forward to more key players joining us in 2019.”
The FIO Protocol will initially focus on three core areas of functionality:
– FIO Addresses – Human readable wallet addresses that work instantly with every token or coin each wallet or exchange supports.
– FIO Workflow – Virtually error-free in-wallet payment request-initiated transactions.
– FIO Data – The ability to include private metadata on send/receive transactions across any blockchain.
“Joining FIO and supporting the FIO Protocol makes complete sense because we believe it will be an important milestone in the wider adoption of cryptocurrencies. We look forward to working with the founding members in helping to ensure this project is as successful as possible,” said Alexander Kuzmin, Founder of Mycelium.