On 1st July 2019, ChangeNOW, the leading user-friendly cryptocurrency swap service that offers limitless, non-custodial instant swaps among 170+ cryptocurrencies together with their crypto payment processing solution NOWpayments, has announced their intention to adopt the Foundation for Interwallet Operability (FIO) Protocol today, as they look to prioritize usability, and drive mainstream adoption of cryptocurrencies.
The FIO Protocol is a decentralized blockchain agnostic service layer that will make all cryptocurrencies easier to use and as straightforward for consumers as making transfers on PayPal.
ChangeNOW has now joined the consortium of wallets, exchanges, and crypto payment processors who are supporting the development of the FIO Protocol, an industry standard which will deliver a usability layer to the blockchain ecosystem similar to how HTTP made the internet easy to use.
David Gold, Founder and CEO of Dapix, the team behind the protocol’s development said: “For crypto to achieve its potential, it must be used at scale in commerce and for utility. A major catalyst for this will be making crypto easy to use across the entire blockchain ecosystem.”
For cryptocurrencies to evolve into an everyday form of payment, the decentralized service layer that FIO offers enables several necessary usability features to be introduced across any blockchain, token, or coin. This includes eliminating the need for users to interact with, or even know the 64-character gibberish alphanumeric string that is necessary to transfer, integrating request for payment workflow that virtually eliminates errors when sending, 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.
ChangeNOW’s CCO Pauline Shangett is very excited about joining the foundation. She said, “The FIO Protocol is one form of innovation that ChangeNOW can adapt to increase everyday functionality to reduce user error in exchanges and make the exchange process much easier. We can’t wait to start working with FIO and make the crypto space more accessible to the general public, one step at a time. After all, this is what adoption is about.”
Gold added, “We now have over 20 leading exchanges, wallets, and crypto payment processors who recognise that adopting innovative, customer-centric services like FIO’s will be the ones thriving in 10 years’ time.”
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 and the benefits of becoming a member by visiting fio.foundation/