FIO Addresses have a default yearly fee that is set by block producers based on the economic needs of the FIO Chain.
The fee is paid on an yearly basis, and includes a bundle of included transactions, which eliminates the need for a user to pay a per-transaction fee for use of the FIO Protocol.
FIO Address Domains also include a separate yearly fee, also dictated by block producers.
|FIO Address||FIO Address Domains|
|Example Cost||40 FIO Tokens||800 FIO Tokens|
While most types of transaction are included with bundled transactions, there are a few notable exceptions:
- Registering/Renewing a FIO Address or FIO Domain are not included.
- The actual transfer of FIO Tokens themselves (such as to an exchange to be traded) are not included.
- Governance-related registrations (registering as a proxy or block producer), though the actual voting for a block producer or proxy is included.
- Advanced transactions (such as msig or account authorizations) are not included.
If a user ever exceeds the number of included bundled transactions, the user will be given the choice the renew their FIO Address early, which reloads their bundled transactions, or to pay for each transaction.
Due to the amount of storage required, two types of transactions will use up two bundled transactions instead of one:
- New FIO Request
- Recording FIO Data
FIO Addresses and FIO Domains must be paid with FIO Tokens, but the smart contract involved does not care about the originator of those tokens. This enables users and services to pay in part, or entirely, on the behalf of others.
This also enables users to pay for a FIO Address or FIO Domains through a crypto payment processor or instant exchange, which can convert a variety of different cryptocurrencies into a necessary FIO Tokens needed for renewal (and potentially even fiat).
The Foundation itself intends to run a portal which will enable the ability for FIO Addresses and FIO Domains to be paid with a variety of cryptocurrencies, though it is fully expected that other solutions are developed and implemented in the future.
It is important to note that such third party registration sites never have access to the registrants’ FIO Private Key. Rather, they receive the FIO Public key from the user and pay for registration of the FIO Address or Domain they desire on chain and assign it to their FIO Public Key.