FIO as a Multi-chain Token Usability Solution

Owned by Luke Stokes
Oct 16, 2020
2 min read

Tokens such as USDT are no longer constrained to a specific blockchain. They exist on Ethereum, Tron, EOS, and Binance Smart Chain and probably more in the future. Wrapped tokens are following this same path. When a Binance user goes to withdraw ETH on Binance, for example, they can choose which chain they would like to withdraw to:

The complexity of matching the right chain with the right address format can be avoided by using a FIO Address. As long as the FIO Address is properly mapped to supporting chains, the user simply selects which chain they want and they don’t have to worry about if they are depositing the right address in the right format. If the network they want to use hasn’t been mapped for the FIO address, that can be made clear with an error message.

Using FIO Requests

This can be made even easier using FIO Requests so that the complexities of the request itself has the chain code, token code, and token address all hidden from the user. They just pick the token, pick the network, enter their FIO Address, and a FIO request is sent.

As more chains support cross-blockchain communication and more wrapped tokens become common, only a FIO Address, abstracting out the many different chain address formats, will provide a useful experience.