For those of you out of the loop, one of the most jarring and major reasons for low adoption in cyrptocurrencies are the confusing way wallet addresses are written. The collection of various numbers and letters cause an array of problems for users and ultimately for the networks themselves.
However, that may soon be a problem of the past if the Foundation for Interwallet Operability (FIO) has anything to do with it. The FIO has planned to get the likes of Mycelium and MyCrypto among many others on board for this venture.
This new feature by the FIO, which is an amalgamation of various blockchain exchanges, wallets and payments providers will allow the networks and wallets to revamp themselves with a new and hopefully easier usernames and domains.
This venture aims to ensure that blockchain and cryptocurrency adoption rates goes up as negative factors such as inconvenient and confusing transactions and the high risk associated with them goes down.
The advantages of this are not only limited to simplified domain names but may also help counter the issue of block chain’s rule of zero refunds in order to stop double spending.
Currently, the BRD wallet already has the FIO protocol running so there is more awareness regarding its use and applications.
Here is a video by Dapix founder, David Gold explaining the use of the protocol and it’s functions;
As of now, Crypto currency exchanges such as Coinomi and ShapeShift plus popular wallets like BRD, Mycelium and MyCrpto are a few of the many members of the FIO with hopefully more to join soon!