What is FIO? Everything You Need to Know about FIO Protocol

Welcome to this edition of 101 article exploring one of the staking coins on Moonstake. This time, we’ll be looking at FIO Protocol and its native coin FIO.

A Brief Introduction to FIO and FIO Protocol

FIO (short for Foundation for Interwallet Operability) was founded in 2020 and aims to enable easier, safer and more joyful crypto transactions on any type of token or coin. The FIO Protocol is designed to ensure the cryptocurrency user experience is uncomplicated and lays the foundation for cryptocurrency mass adoption. Long complex addresses have been replaced with user-customized FIO Crypto Handles such as “user@fio” that enable decentralized sending, receiving and payment requests (invoices, order carts, etc.), as well as, cross-chain end-to-end encrypted metadata (the information for those invoices, order carts, etc.) that can work across all blockchains.

FIO Protocol utilizes Delegated Proof-of-Stake (DPoS) to achieve network consensus. Block Producers (BPs) are chosen by users who hold FIO tokens via onchain voting. Anyone can register to become a BP and produce blocks if they receive enough votes.

FIO’s Technical Milestones and Why Moonstake Supports FIO?

– In November 2019, FIO launched their Testnet enabling crypto wallets, exchanges and payment processors the opportunity to fully integrate the FIO Protocol ahead of the Mainnet launch.
– In March 2020, FIO Protocol Mainnet was launched and activated by a community of over 21 block producers.
– In July 2020, FIO launched their online store that serves as a proof-of-concept for their e-commerce tech plugin.
– By January 2021, FIO achieved over 100,000 addresses registered globally.
– In October 2021, FIO launched a $5 million Integrator Grant Program to accelerate FIO Protocol integration across wallets, exchanges, and crypto applications.
– In November 2021, FIO introduced their FIO NFT Signatures via integration with Unique.one’s NFT marketplace to protect NFTs created on any blockchain.
– In January 2022, FIO officially launched the staking functionality of FIO coin while setting the FIO activation date as 22nd February 2022, allowing early adopters to earn at an early access rate.

Based on these significant milestones, we can see that FIO is a highly promising coin and furthermore, the FIO Protocol is an innovative blockchain project with a great community and thriving ecosystem of valuable products. This makes FIO an attractive and strategic addition to the lineup of PoS coins available on Moonstake, and Moonstake has been supporting FIO staking since February 2022 via official partnership.

How does FIO staking and unstaking work?

As with any PoS coin, you can stake your idle FIO assets to earn passive income. Staking with the FIO Protocol is to participate in the network’s operations (validating blocks) by becoming a nominator who chooses the network’s validators.

While your FIO tokens are being staked, they remain in your wallet while you earn staking rewards. The Staking method ensures that stakers of FIO Tokens will always earn a positive return – meaning they receive more FIO Tokens back when they unstake than the number they staked. Meanwhile, if token holders want to send an asset that is currently staked, they will need to unstake it first. Unstaked tokens are locked and are unspendable for a period of 7 days. After that, they can be transferred as normal.

How to get rewards for FIO staking

Rewards are given in FIO tokens and users will have to claim rewards.

How to stake FIO on Moonstake Wallet
Here’s a simple 3-step process to stake FIO with Moonstake Wallet:
– Register your Moonstake Wallet via Web or mobile (iOS / Android)
– Select FIO from the “Wallets” screen and click the “Add Asset” button.
– Access the FIO screen to check your staking information. From the Staking tab, click the “Stake” button, input the amount to stake, and enter your wallet password to complete.

Check out our full guide on how to use FIO on Moonstake or refer to this official guide video on how to stake FIO: https://www.youtube.com/watch?v=3-4jSMs1LNs

References:
https://research.binance.com/en/projects/fio-protocol
https://bit.ly/3JPvsuU
https://bit.ly/3Eld63K
https://bit.ly/37XFQTQ
https://bit.ly/3JNdiK5

About Moonstake

Moonstake is the world’s leading staking service provider that develops and operates decentralized wallet services for businesses and individuals.

Since its launch in April 2020, Moonstake has partnered with 27 leading platform providers, including Cardano’s constituent Emurgo, developer of the Polkadot-connected blockchain Astar Network Stake Technologies, and the TRON Network with over 50 million users. In May 2021, Moonstake further enhanced its corporate credibility by becoming a wholly owned subsidiary of OIO Holdings Limited, a company listed on the Singapore Stock Exchange.

Using blockchain technology, Moonstake aims to progress toward a world where anyone can easily make use of highly secure and reliable digital asset management tools. https://www.moonstake.io/

About Moonstake’s staking business

For the staking industry, which has grown into a 630-billion dollar market as of September 2021, Moonstake provides a decentralized staking service that does not require user deposits, and supports nodes around the world in addition to its own validator nodes. Moonstake currently supports the staking of 12 blockchains. With a total staking assets of 1.8 billion USD and a global user base, the company ranked third out of more than 10,000 providers worldwide in June of the same year.

About FIO Protocol

The Foundation for Interwallet Operability (FIO) is an industry consortium, consisting of leading wallets, exchanges, crypto payment processors, and various other entities and community members dedicated to the pursuit of blockchain usability through the FIO Protocol.

FIO’s vision is to operate as a Decentralized Autonomous Consortia (DAC), guided by the community and blockchain ecosystem. We encourage everyone to participate in helping define the FIO Protocol and to provide feedback on how to improve blockchain usability. Our Foundation values Openness and Transparency, Diversity in Community, and Fairness. https://fioprotocol.io/

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