- A FIO survey finds holders are concerned about crypto reliability
- 75% of crypto users doubt crypto transactions, and 18% of the respondents have incurred losses from mistakes
- FIO protocol could be one solution to the usability of cryptocurrencies
The FIO report offers the results of a survey involving more than 200 active crypto users conducted last year (2018). The study revealed that three quarters (75%) of the crypto users had no absolute confidence that their crypto transactions will always go as planned. When new users are added to the list, this percentage rises to 81%.
Long way to go
Many financial experts have been positive about the mass adoption and usability of cryptocurrency in the day to day purchases. However, a report by the FIO Foundation for Interwallet Operability shows that for people to adopt cryptocurrencies into their daily lives, blockchain technology has to be made easier, safer and more convenient to use. Thus, without that, people will still lack the confidence to incorporate crypto into their daily lives.
55% of crypto users who have transacted at least once during the year had experienced at least one issue that had resulted in the transaction and failing to proceed as they had hoped. Additional statistics from the report show that;
- 18% of the respondents had suffered a loss of funds due to a user error
- 35% of the respondents were unsure of the accuracy of the public address they were sending to
- 6% of the correspondents were victims in crypto attacks
- 13% of the correspondents sent or received incorrect amounts of cryptocurrency
- Only 25% of the correspondents were confident that their transactions would proceed as intended
The Foundation for Interwallet Operability (FIO) is a syndicate comprising of leading blockchain wallets, payments providers and crypto exchanges looking to accelerate the adoption of blockchain technology by reducing inconveniences, risk, and complexity, of transacting with crypto assets.
The FIO Protocol is an inter-wallet operability protocol built by Dapix, Inc, to perform the functions of FIO. This protocol is decentralized the same way as blockchain technology that aims to enhance the experiences of crypto users.
As we reported earlier this month, major enterprises have started embracing crypto and are looking for ways to incorporate blockchain technology into their payment system. With the overwhelming scrutiny about the functionality and security of digital currencies, the FIO project seems to have a good solution that the crypto community could use to gain all the perks of crypto technology in its entirety.