One-sided FIO transactions
- Pawel OLD
Overview
One-sided FIO transaction refers to a FIO transaction where only one party has a FIO Address. They can be:
Use case | Transaction | Payer has FIO Address | Payee has FIO Address |
|---|---|---|---|
1 | Payer sending crypto to Payee | YES | NO |
2 | NO | YES | |
3 | Payee requesting crypto from Payer | YES | NO |
4 | NO | YES |
A centralized website, operated by the Foundation may help facilitate this process. This will achieve the following objectives:
Allow for users of FIO Protocol to interact with others who do not.
Promote FIO to counter-parties of existing FIO users.
Promote FIO Referral Program.
Use cases
1 - Payer sending crypto to Payee, who does not have FIO Address
Potential workflow:
Payer needs a public address from Payee.
Payer sends a FIO Request to a Foundation operated FIO Address (e.g. join@fio) with Payee’s email address as memo.
Foundation monitors the FIO Address and once received, sends an email to Payee’s email address stating that Payer’s FIO Address wants to interact with them on FIO Protocol and takes them to a web page which promotes to them getting a FIO Address.
2 - Payer, who does not have FIO Address, sending crypto to Payee, who does
Potential workflow:
Payer needs a public address from Payee.
Payee advertises a web url on Foundation site (e.g. fioprotocol.io/users/alice@edge).
Payer goes to the web url and enters currency and is displayed the public address and QR code that they can copy/scan.
3 - Payee requesting crypto from Payer, who does not have FIO Address
Potential workflow:
Payee sends a FIO Request to a Foundation operated FIO Address (e.g. forward@fio) with Payee’s email address as memo.
Foundation monitors the FIO Address and once received, sends an email to Payee’s email address with a link to special landing page on the Foundation website, where the Payer can see FIO Request details and can copy public address or scan QR code.
4 - Payee, who does not have FIO Address, is requesting crypto from Payer, who does
Potential workflow:
Payee needs to let Payer know they need to pay.
Payer advertises a web url on Foundation site (e.g. fioprotocol.io/users/alice@edge).
Payee goes to the web url and enters currency and amount for funds request.
Foundation initiates a FIO Request to Payer on behalf of the Payee.
Risks and the FIO dApp
This is a centralized solution, which if compromised, would allow an attacker to intercept and modify all communication exchanged between user, including public address on other blockchains.
An alternative can be to offer above functionality as part of a FIO dApp and convince non-FIO user to sign-up for a FIO Address, which would be secured by the authenticator wallet connected to the dApp (e.g. Scatter, Anchor) or by FIO private/public keys generated in dApp via seed phrases.