Eidoo Partners With FIO Protocol Making Crypto Transactions Easier
Eidoo’s aim to provide the most seamless crypto transaction experience and dividends of blockchain technology to all the members of our ecosystem is boundless.
FIO is a decentralized service layer that reduces the complexity of transactions on blockchains. The partnership will integrate the ‘FIO Send’ feature in the forthcoming Eidoo v2.0 by the end of Q1 2022, making it possible for Eidoo users to localize and send crypto to other accounts by typing usernames associated with wallet addresses.
With 'FIO Send', Eidoo users will be able to withdraw any coin/token to an FIO Crypto Handle, eliminating the need to copy-paste long wallet addresses.
What to Expect in the Eidoo App V2.0
The Eidoo v2.0 is a significant milestone in our effort to offer our users the best crypto experience. Apart from introducing new features, the upgrade is a direct response to the feedback from our community.
In that sense, Eidoo v2.0 is the fix to any bug you might have encountered and reported while using the app up to now. The upcoming version will also feature major integrations from our recent partnerships with DragonPass, Lastminute.com, SmartCredit.io, and FIO Protocol, among others.
How Does 'FIO Send' Work?
FIO is a Delegated Proof of Stake blockchain that doesn’t interact directly with other blockchains. Instead, it integrates its protocol onto blockchain endpoints such as crypto wallets, payment processors, and exchanges. The ‘FIO Send’ is a practical feature of the protocol that allows users to send crypto using an FIO crypto handle (FIO address), a chosen readable address that is linked to a traditional wallet address.
An FIO Protocol crypto handle consists of an FIO domain and a username, and it can be as simple as “johndoe@eidoo” or “janedoe@eidoocard.” The handle is stored and encrypted as a hash on the blockchain, and it correlates with the wallet’s public address. Its end-to-end encryption/decryption protocol makes it impossible for malicious actors to decipher a wallet’s public address by only having its FIO address.
While ‘FIO Send’ does not eliminate the use of wallet addresses composed of long strings of alphanumeric characters, it makes it easier for users to circumvent the security setback that characterizes crypto addresses, and this will be automatically enabled in the Eidoo app v2.0.
With this feature, man-in-the-middle (MITM) attacks using malware such as “clipboard hijackers'' can be minimized. In a typical MITM attack, a malicious actor installs malware on the targeted user’s computer to replace the intended recipient’s address with the attacker’s. Such threats make it increasingly unsafe to simply copy and paste wallet addresses to perform crypto transactions.
Also, the chances of mistyping a character in the long string of a wallet’s address are high, not to mention the hassle of having to verify character by character for every transaction. With the FIO Protocol’s Send feature, all you need to do is type the crypto handle associated with the wallet address for it to appear.
Keeping it not only easy but safe, too, the FIO’s platform will send you a warning saying that no wallet address is associated with a crypto handle whenever you make a mistake. This will prevent making transactions with no destination, which turns into an irreversible loss of funds for the sender.
The partnership with FIO Protocol, along with the launch of Eidoo v2.0, proves that we are working continuously to make the 2022 pipeline one of the astounding opportunities for our users. You can also take advantage of our recent partnership with lastminute.com, which lets you travel and visit places with advantages that only an eidooCARD could afford.
Aren’t you enjoying the benefits Eidoo has to offer? Order your eidooCARD now and claim your travel benefits.