Token Overview

The FIO Protocol will be powered by a utility token (FIO). The FIO Token will be used to pay for transactions processed through the FIO Chain. To hold a token or a FIO Address/Domain, a user only needs a private/public key pair, and all transfers can be achieved using a FIO public key. This allows support of FIO Tokens without any special functionality.

FIO Tokens support the SLIP-44 (FIO index at position 235) standard. When a user chooses to restore seed phrases from one wallet to another, the FIO Tokens as well as FIO Addresses and Domains will be restored.

Token Economics

  • Maximum Total Supply: 1,000,000,000 FIO
  • Each token is divisible into 1,000,000,000 Smallest Units of FIO (SUF)
  • No inflation beyond the Maximum Total Supply

Demand for FIO Tokens will arise from:

  1. Users needing tokens for utility of the FIO Protocol (e.g. registering FIO Addresses/Domains as well as other transaction fees)
  2. Individuals and entities desiring tokens for the purposes of voting towards block production
  3. The possibility that some wallets or exchanges my choose to compensate their users for holding FIO tokens which they can then vote towards block production
  4. Future enhancements to the FIO Protocol that are envisioned to create additional utility fees to be paid in FIO tokens.

The market-based fees element of the FIO Protocol will ensure that the actual token charges to users continually adjust based on roughly the current human perceived value of a FIO Token. So, for example, as the FIO Token value goes up, the charge for a specific utility like registering a FIO Address will go down in absolute number of FIO Tokens being charged.

Fees collected for FIO Address/Domain registration are not immediately distributed, but rather locked and distributed evenly every day over a period of one year. This ensures Block Producers processing bundled transactions are properly compensated.

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