Today a FIO Address is valid for a period of 1 year from registration. If not renewed it gets burned 90 days later. This can be problematic for a few reasons:
It’s up to the integrating wallet to notify the user to renew, which may be challenging for wallets which do not collect contact information from their users.
Users may not be using their wallets often enough to notice the need to renew.
As discovered in a recent Usability Study some users will abandon FIO Protocol if they have to pay an annual fee or due to the fear that expiring FIO Address may compromise their security (someone else re-registers).
FIO Protocol already includes the notion of bundled transactions. Every FIO Address comes with 100 bundled transactions which are used up when the user uses the protocol. They have to purchase new bundles at a rate that is reflective of their usage rather than time.
Via FIP-28 burning of FIO Addresses has been changed from 90 days after expiration to 365 days, which means FIO Addresses will start being burned in March of 2022, if no changes are made.
Elimination of FIO Address expiration or burning
Option 1 - Selected for FIP
This proposal is to eliminate the notion of expiration date for FIO Addresses altogether. FIO Addresses will never expire and will be owned by the owner permanently until transferred, voluntarily burned, or burned due to expiring domain.
There will still be a fee to register a FIO Address for the first time.
User will still need to purchase bundled transactions or pay-per-call to continue to call actions on the FIO Address, such as add_pub_address.
There will still be a fee to register and renew a FIO Domain.
The FIO Address will still be burned once its FIO Domain is burned.
This proposal is to eliminate burning of FIO Addresses permanently, but retaining the notion of expiration date.
FIO Addresses will still expire and will have limited functionality until renewed, but would never be burned.
During a call on Jul 2, 2021 with the Steering Committee:
It was decided to create a FIP with Option 1 and gather community feedback. Rationale:
Makes user experience much better as users doesn’t have to worry about expiring addresses.
Best aligns with the strategy of aggressively growing user base.
It’s akin to the Fremium model used by many SAAS companies which offers basic features (FIO Address and send using FIO Address) available for free while charging for more advance features (changing mappings, FIO Requests, FIO Data, FIO Domains).
It was acknowledged that elimination of renewal fees on FIO Addresses may reduce income to the chain, but it is also believed that improved user experience would grow the user base faster and therefore increased income from other fees may offset that reduction. If it doesn’t:
In the future BPs may elect to charge fees for hosting API nodes