FIO Protocol mainnet launch has bought another player into the crypto domain names realm. Just like Ethereum Name Services, registrations have already started piling up for securing crypto domain names by the new users. The concept remains similar – bring more simplicity into the crypto realm and boost adoption.
Luke Stokes of FIO says that the new service aims to bring more privacy into the crypto wallet naming sector. Users don’t have to deal with super-complex crypto names comprising of multiple signs, letters, and alphabets. Simple crypto domain names help users easily send and receive crypto.
Secure domains and private transactions inherent in FIO Protocol mainnet
Last Year, the FIO Protocol saw a Binance-led Series-A funding round that netted $5.7 Billion in its kitty. An FIO mainnet was launched a few days ago. FIO Protocol mainnet works with an aim to boost the crypto product’s usability and increase its mainstream adoption. Simple domain names that are easy to remember are ideal to achieve this purpose.
Multiple block producers are part of the project. Trust Wallet is used to assign domain names on a ‘First-Come-First-Serve’ basis. FIO consists of various exchanges, wallet service providers, and payment processors. Stokes says that it is a decentralized service layer working to reduce the superficial complexities associated with such domain registrations.
Crypto domain name services realm seeing a lot of action lately
FIO Protocol uses its native ‘Proof-of-Stake’ blockchain that facilitates transactions via human-readable identifiers. Domains can be registered for a year, and crypto payments are accepted. In the near future, some notable wallet service providers have hinted at joining the FIO Protocol, such as MyCrypto, Mycelium, ShapeShift, and more.
By simplifying the usability factor, FIO Protocol mainnet works towards boosting the mass adoption of cryptocurrency. Its competitors include Ethereum Name Service and Unstoppable Domains. In comparison, FIO offers more privacy and security. Going beyond name mappings, FIO Protocol mainnet works to ensure transactions are highly secure despite public address challenges and ensures superior wallet privacy.