The CoinStats and FIO protocol collaboration enables users to claim a @coinstats Web3 handle, an alternative for crypto public addresses.
Public addresses (crypto account identifiers) typically comprise unique alphanumeric characters. For Ethereum, it is something like 0x1aBcDeF6432… so it is not intuitive. This creates a market for Web3 handle providers like the FIO protocol or the Ethereum Naming Service (ENS).
The collaboration between CoinStats and FIO comes as more platforms innovate to make interacting with decentralized activities more intuitive and user-friendly, a challenge that the space has contended with as it seeks to onboard more users into web3.
Getting a @coinstats web3 handle
Coinstats users can now associate human-readable names like brian@coinstats with their crypto addresses for free using the @coinstats handle. As detailed by FIO, they provide an interface and a process that entails searching for your web3 handle and clicking ‘Get it,’ which leads you to the checkout page.
The immediate benefit is the memorability of the custom address. These benefits extend to making Web3 experiences more intuitive and reducing handling errors from mistyping addresses when transacting.
The growing need for blockchain interoperability also provides a perfect use case for web3 handles. The handle can be used across blockchains without the need of delving into the specifics/ format of web addresses across different blockchains.
According to FIO, the handles also allow users to connect with their Web2 social media accounts with censorship-resistant identities, ensuring their online presence remains resilient.
How it works
FIO is a decentralized protocol built on the FIO chain that uses human-readable handles to replace complex and risky blockchain addresses. The $FIO token is used to settle transaction fees on the chain and as an incentive for network participants.
Besides getting yourself a free @coinstats handle, FIO offers gas-free transactions. Typically, each handle comes with 50-100 free FIO chain interactions, after which users must pay the gas fees.
The handle also comes as a non-fungible token (NFT), meaning you can benefit from other incentives rolled out by FIO.
The integration also means users can track assets on their FIO handle with the CoinStats portfolio tracker. By typing in the handle on the platform, you can track all addresses mapped on that handle across different blockchains.
About Coinstats
Coinstats is a crypto tracker that enables you to connect your wallet and manage your portfolio from one place. With the application, you can track, trade, and get an in-depth analysis of your crypto and non-fungible token (NFT) holdings without switching platforms. The platform boasts over 300 wallet and exchange integrations and 1,000+ DeFi protocols, tracking over 20,000 cryptocurrencies.
FIO, on the other hand, has already registered 1.8 million handles. Its ecosystem comprises players like MetaMask, Trust Wallet, Coinomi, Opera, and Binance, among others.
