FIO Protocol is powered by Layer 1 FIO Chain purpose-build to help wallets hide the complexity of blockchain transactions across all blockchains, been built with many innovative features
There are a number of solutions in the market, which at quick glance attempt to solve similar problems. Here are some of the key differentiators to consider when comparing FIO Protocol to other naming solution.
FIO Protocol overlaps with many naming solutions in that it offers a human-readable name. However, FIO Handle is just one of the elements of the Protocol, and other usability-enhancing features, such as FIO Request, FIO Data, NFT Signature make for a far more compelling product.
FIO Domains, which are part of FIO Handles, are purposely designed without extensions. This way they do not collide with other naming systems or ICANN, the undisputed global authority on web domains. Conversely, other web3 naming systems are already experiencing collision as seen in .coin and .wallet feuds. By not having extensions, FIO avoids the issue in the short-term and makes FIO Domains de facto Top Level Domains (TLDs). In the long-term FIO has the flexibility to append any globally recognizable extension (e.g. .fio) to the FIO Domain.
FIO Protocol is powered by a public FIO Chain and not controlled by any central entity. Although other naming protocols may also use a blockchain, the creators are often in control of the smart contract. If a single entity can decide which names to sell or can cancel registrations, is it really decentralized? Is the user really in control of their name?
Blockchain transactions are inherently complex. Most user don’t understand what it means to sign transactions, interact with a smart contracts or why they have to pay gas fees on every action. Other naming solutions, which rely on general purpose Layer 1 blockchains such as Ethereum, force users to manage their names using the same complex smart contract interactions that often require separate plug-ins, wallets and Layer 1 tokens. Since FIO Chain has been purpose-built as a usability protocol, it’s much easier for integrators to shield users from these complexities by integrating FIO Handles natively into their applications. Gas-free interactions ensure most users never have to think about FIO Tokens.
Really! FIO Handles support every token on every blockchain. Most other naming protocols allow their names to be mapped only to certain pre-defined tokens on pre-defined blockchains. FIO Protocol does not have such restrictions. If a new blockchain launches tomorrow, it will be supported without any integration. The Foundation maintains a list of chain, token codes and additional attributes, to make it easy for wallets to communicate using the same standard.