What Is FIO Protocol (FIO)?
Many modern blockchain projects are aimed to create solutions that will improve and ease the usability of DEX platforms. FIO protocol is one such project. Here you will find its main features and characteristics.
The project was released in July 2020. FIO protocol is a decentralized network aimed to serve ecosystems of various wallets, cryptocurrency exchanges, and other blockchain services. It is important to note that the FIO protocol does not interfere with the internal processes of other blockchains.
The fact is that new functions can be implemented only on condition when the validator nodes, which are responsible for the network's operability and the extraction of new blocks, are approved. In other words, FIO is a consortium that includes several blockchain projects.
FIO is based on the Delegated Proof-of-Stake (DPoS) protocol. It is good at increasing network scalability.
The FIO token of the same name is the internal currency in the ecosystem. You can use it to pay commissions. But to use the ecosystem, it is not necessary to buy FIO tokens — the network accepts indirect payments as well. Besides, there is an opportunity to pay for the services of the FIO protocol through intermediaries: other digital coins or the Fund.
FIO Protocol Price Live Data
You can learn FIO price today by looking at the live data chart on the Godex exchange. Here you can track the current FIO coin price as well as follow the rate changes in real-time.
The FIO price chart is as informative as possible; with its help, even beginners can understand what is happening in the market. Each candlestick indicates a certain period, and if it is red, it means that the stock price FIO is decreasing; if it is green, it is increasing. You can also notice four letters “O,” “H,” “L,” and “C,” which stand for “open,” “high,” “low,” and “close.”
FIO Protocol Exchange Rates
The first price of FIO was fixed at the end of July 2020; at that time, it was $0.1496. Further, within a month, the token rate rose to $0.3662, which was followed by a rollback to $0.06.
At the beginning of 2021, when the entire market grew, the FIO rate grew too: on April 6, 2021, an all-time-high of $0.5691 was recorded. Then a correction followed, and the FIO coin rate fell to around $0.2.
Take a closer look at the chart, and you will see that the coin rate repeated the general movement of the market: when it grew, the rate moved up and vice versa. Thus, its rate strongly depends on the entire market movement. The future of the project will depend on the further success of the development team and new members joining the consortium.
How to Convert FIO Protocol
FIO coin is traded on several (CEX) centralized exchanges (Binance, WhiteBIT, HotBit, Liquid, etc.). The highest liquidity is, of course, on Binance. However, it is essential to understand that when working with CEX, you sacrifice your anonymity, and you are only a nominal owner of the coins.
Godex decentralized exchange does not require registration, and it takes a few minutes to swap coins. Just follow these steps:
- Choose the necessary cryptocurrency (201 assets available, including FIO).
- Enter the number of coins.
- Indicate the wallet address.
- Send your coins to the deposit address generated by Godex.
- Wait 5-30 minutes for the transaction to complete.
The interface of the Godex exchange is made in a very user-friendly way so that even a beginner crypto enthusiast would not get lost.
Can You Mine FIO Protocol?
Mining in its traditional way with the use of computing equipment is not available for this coin since the FIO protocol supports the Proof of Stake consensus. That is, to create new coins, you need to possess tokens. It is called staking.
If you want to convert cryptocurrencies quickly, profitably, and, above all else, anonymously, then it is better to use the Godex service. After receiving new FIO coins on staking, it is best to convert them to BTC, ETH, etc., using the Godex platform.