FIO Token

The FIO Protocol is powered by a utility token (FIO). The FIO Token is used to pay for transactions processed through the FIO Chain. To hold a token or a FIO Crypto Handle/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 Crypto Handles and Domains will be restored.

There are 1,000,000,000 Smallest Units of FIO (SUFs) inside 1 FIO. All transactions in FIO Protocol are expressed in SUFs.

Token Economics

  • Maximum Total Supply: 1,000,000,000 FIO (38,506,000 of which are permanently locked)
  • 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 arises from:

  1. Users needing tokens for utility of the FIO Protocol (e.g. registering FIO Crypto Handles/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 may choose to compensate their users for holding FIO tokens which they can then vote towards block production

The market-based fees element of the FIO Protocol ensures 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 Crypto Handle will go down in absolute number of FIO Tokens being charged.

Fees collected for FIO Crypto Handle/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.

Obtaining token supply in real-time

The Foundation operates API end-points which return token supply statistics, specifically:

Statistic Description End-point
Total supply All tokens that were ever minted. Maximum token supply is capped at 1,000,000,000 FIO. https://fioprotocol.io/supply
Circulating supply Total supply less locked tokens at Mainnet launch. Tokens locked post Mainnet via BP Pool or FIP-6 locks are considered circulating. https://fioprotocol.io/circulating
Locked tokens Tokens which are locked and cannot be transferred. https://fioprotocol.io/locked

Data returned includes 9 decimal points, e.g. 705906876.848960519

To return data in Smallest Units of FIO (SUFs), add /suf to end point, e.g. https://fioprotocol.io/supply/suf

To return the data as json, add ?json=true top end point, e.g. https://fioprotocol.io/supply?json=true

Quality Assurance Checklist

The following lists the items that should be tested to confirm support for FIO Token Support:

  • Receive FIO Tokens to wallet using FIO Public Key
  • Send FIO Tokens using FIO Public Key
  • FIO transaction history is avaialable including sent FIO (including fees) received FIO