Mycelium, one of the oldest mobile Bitcoin wallets, has become the latest crypto wallet to join the Foundation for Interwallet Operability (FIO), in a move that demonstrates the FIO Protocol’s growing support among major wallets, exchanges, and crypto payment processors.
Mycelium joins some of the world’s leading wallets and exchanges – ShapeShift.io, KeepKey, Coinomi, MyCrypto, BRD, and Edge – as members of the FIO, which seeks to accelerate blockchain adoption by reducing the risk, complexity, and inconvenience of sending and receiving tokens and coins.
FIO’s new open-source blockchain protocol, which is being built by Dapix, will provide an enhanced layer of usability features for existing and future wallets and exchanges.
It’s a decentralised PayPal-like platform that the FIO says removes the risk, complexity, and inconvenience of sending and receiving tokens and coins. It will offer a standardised set of open source APIs and SDKs that can be globally adopted and integrated into any wallet, exchange, or crypto payment processor seamlessly.
All blockchain tokens and coins will be fully compatible with the FIO Protocol, with no blockchain code changes required. When launched, it will be a self standing, open source, fully decentralised ledger that never sits in the middle of the underlying transaction of any blockchain. Rather, the FIO Protocol operates in parallel to existing blockchain mechanisms, and provides an enhanced set of usability features.
Mycelium has released some of the most popular products for Bitcoin. At its peak, the Mycelium wallet was handling about 10 to 15% of all Bitcoin transactions, and was one of the most popular crypto wallets in China. The company is frequently introducing new tools to supplement the functionality and usability of the wallet, leading to the synergy between Mycelium and the FIO Protocol.
“We’re delighted to have Mycelium join the growing list of existing FIO members and future adopters of the FIO Protocol, who believe in advancing the usability of blockchain for their users,” said David Gold, the founder and CEO of Dapix.
“By making it user friendly to move tokens around, the FIO Protocol will be a driving force behind cryptocurrency adoption for more than just alternative investment and we look forward to more key players joining us in 2019.”
The FIO Protocol will initially focus on three core areas of functionality:
- FIO Addresses – Human readable wallet addresses that work instantly with every token or coin each wallet or exchange supports.
- FIO Workflow – Virtually error-free in-wallet payment request-initiated transactions.
- FIO Data – The ability to include private metadata on send/receive transactions across any blockchain.
“Joining FIO and supporting the FIO Protocol makes complete sense because we believe it will be an important milestone in the wider adoption of cryptocurrencies. We look forward to working with the founding members in helping to ensure this project is as successful as possible,” said Alexander Kuzmin, founder of Mycelium.