Cryptocurrency

New Member in The Foundation for Interwallet Operability – Mycelium

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Mycelium is the latest entrant to the membership list of Foundation for Interwallet Operability. The news was released via a press release and was also mentioned on the Foundation’s website,

The Foundation for Interwallet Operability (FIO) is a standard body which oversees the FIO Protocol, a protocol that “will provide an enhanced layer of usability features for existing and future wallets and exchanges.” FIO’s mission is to enhance blockchain acceptability and penetration of the same into the market and also to increase the cryptocurrency users by promoting the ease-of-use of the wallets and to simply the exchange mechanism within the wallets.

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Other members currently on the member list of the foundation are – ShapeShift, Coinomi, KeepKey, BRD, and Edge. Among the members listed, the majority are wallets except for the ShapeShift.

Dapix is currently developing the FIO protocol. Once the protocol is developed it will enable the users to send assets between each other by creating a universal address across wallets and exchanges for the wallets within the protocol. This basically would mean that two users having different wallets will be able to send assets between each other simply using the FIO addresses, provided they both follow the FIO protocol. The FIO addresses created will be “human readable,” which basically will give an option to the user to use his/her real name for receiving cryptocurrency.

The users will need to follow the basic security protocols in order to ensure security, which means that whenever a user registers an FIO address, they will be issued an FIO private key which will be in users’ control. And, the user who controls the private keys of their identity in the FIO system will own their identity, very much similar to those users who control private keys of cryptocurrencies, do own those cryptos. The FIO will make the addressing system possible.

The CEO and founder of ShapeShift, Erik Voorhees, tweeted about FIO mentioning it as a “glimpse of the future.”

He tweeted “A little glimpse of the future of crypto payments. FIO live alpha demo. Decentralized & cross-blockchain. Builders keep building through the market bloodshed. https://youtu.be/oPePoguGJM4 And FIO website here: https://fio.foundation/ @joinFIO #bitcoin #ethereum #blockchain

ShapeShift is an exchange on which the users can instantly “shift” between cryptocurrencies. Initially, when it was launched there was no need for a user account to be created, which off-late has been changed and a user account creation has become mandatory.

The Founder of Mycelium, Alexander Kuzmi, in a press release stated that “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.”

Currently, Coinomi and Mycellium have a total of more than a million downloads put together in the Google Play store alone. While on one hand where Coinomi supports various cryptocurrencies, Mycelium, on the other hand, is an exclusive Bitcoin wallet.

The success of the FIO protocol, to a great extent, will depend on the wallets which support it.

Ankita Baruah

Ankita has recently joined the CryptoNewsZ team. She has a master's degree in English Language and Literature and 10+ years of experience in dealing with different types of content for print as well as digital media. Writing is her passion. Precision and originality is what she believes in and makes sure she abides by them in her write ups. When Ankita is off work, you will find her engrossed in books or enhancing her culinary skills!! You can also mail her at [email protected] to discuss anything related to her reports.

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