What is a FIO request
A FIO Request is a transaction in which a payee is requesting funds from a payer using FIO Addresses.
This request is stored on-chain, and all sensitive metadata is encrypted (currency, amount, public address of payee, FIO Data, etc.) using the Diffie-Hellman key method, which utilizes a shared secret from the payee private key and payer public key. This encryption is always enabled for all FIO Requests.
The payer’s wallet or application polls the FIO Chain for relevant requests, and when found, decrypts the request inside their wallet (at which point a wallet can choose to implement a notification mechanism or FIO Request UI). This information and then used to pre-populate the send screen of the relevant blockchain whose token/coin is being requested.
The payer has a choice whether to approve or reject the request. If rejected, there is a status update made on FIO Chain, which removes the request from being shown.
FIO Requests are included as part of the bundled transaction with registering/renewing a FIO Address.
FIO Request is a perfect mechanism for recurring payments, where a merchant can trigger a request anytime a payment is due. This request will show up in user’s wallet for approval.
In order to enable FIO Protocol on an e-commerce site, the merchant will need to simply collect the FIO Address from the customer on the site and initiate a FIO Request to that address for the required amount of cryptocurrency at checkout. The process of recognizing the payment would remain unchanged.