Bitcoin.com wallet, the official wallet of Bitcoin.com, has joined the Foundation for Interwallet Operability (FIO) in a move that will assist the wave of new users who are expected to join cryptocurrency markets as a result of June’s recent coin and token price increase.
As the newest member of the FIO, Bitcoin.com wallet joins a consortium of 23 other leading companies in the crypto ecosystem, including Binance’s Trust Wallet, BRD Wallet, ShapeShift, MyCrypto, Edge Wallet and Coinomi Wallet.
The FIO Protocol is a decentralized service layer that enables several major usability features across any blockchain, token or coin.
This includes functionality that puts an end to the need for a 64-character gibberish alphanumeric string to transfer crypto, integrated request for payment workflow that virtually eliminates errors when sending crypto and standardized metadata that provides context for the purpose of a transaction.
Future roadmap items include subscription billing, multi-signature routing for security and cross-wallet data visibility.
“Crypto usability is still one of the biggest challenges the industry has to solve and our new relationship with the FIO is all about trying to find a solution to this big issue, ” said Stefan Rust, Global Head of Business Development of Bitcoin.com.
“With prices rising once again, we’re likely to see more and more new entrants everyday. Therefore, we should be trying to ensure crypto is as easy as possible to use, which is why we have joined this consortium of leading companies already involved in the FIO.”
One of the main attacks that the FIO Protocol can help deflect is a keylogger attack, where the hacker can covertly monitor and record keystrokes. In addition, the FIO Protocol can be used to send public addresses in a more secure way than via email or text, eliminating the risk of man in the middle attacks.
A usability survey conducted by the FIO found that 75% of crypto users are less than completely confident when they send blockchain tokens and coins, and more than half experienced problems with transactions during 2018.
“Our research tells us that even those users who consider themselves comfortable with crypto are still not completely confident things will go as planned when engaging in blockchain transactions. We need to ensure they and all the new entrants we expect to see have a user experience across all blockchains that is easy and accurate, which is why it’s fantastic to have such a popular wallet as Bitcoin.com join the consortium and help us fulfill our mission for crypto usability,” commented David Gold, Founder and CEO of Dapix, the team behind the protocol’s development.
The addition of Bitcoin.com wallet to the FIO consortium comes after ChangeNOW joined in June and Enjin Wallet joined in April.
FIO sits alongside all other blockchains, providing a decentralized layer of messaging, communication and workflow about the sending of value on those blockchains. FIO does not send crypto value—it makes the sending of value on any blockchain better. Additionally, FIO is not a wallet—it enables all wallets to be safer and more user-friendly.
Crypto wallets, exchanges and payment processors can learn more about the Foundation, as well as the benefits of becoming a member, by visiting https://fio.foundation/.
About FIO
The Foundation for Interwallet Operability (FIO) is a consortium of leading wallets, exchange, and crypto payment processors supporting the FIO Protocol — a decentralized Service Layer that removes the risk, complexity, and inconvenience of sending and receiving tokens and coins identically across every blockchain. The FIO Protocol is not a wallet and does not compete with other blockchains, rather, it makes the user experience better across every wallet and every blockchain.
To learn more visit: https://fio.foundation/