This article provide information about our wallet app – Fibonacci Wallet.
We spent quite some time, researching the crypto payments market and found out that there are a bunch of problems faced by an average user sending/receiving crypto payments.
The main ones are:
1) Transaction fees:
Because every transaction occurs on-chain, it costs you a gas fees, to get the transaction through. Depending on the network activity, this gas fee can get really expensive at times.
And this high gas fees makes it really difficult to transact small amouts. For example if you wanted to by a coffee you would not like to spend 1 $ just on gas fees.
2) Payment latency:
Compared to other payment channels, crypto payments are slower as you need to wait for the transaction to get verified on the blockchain. This will be big issue for day to day transactions. Because sometimes when network is busy it can even take upto an hour for transaction to complete.
For any one this longer wait times will be really frustrating, and they will try to opt for faster transactions for most cases.
Currently there is no easy solution for crypto payments and most of the time users have to rely on wallets like metamask or trust wallet. Imagine typing a wallet address manually character-by-character each time when you need to do a payment. Or the alternative is to purchase ens domains, which also can cost you money.
But when we see solutions like UPI in India, it has really boosted digital payments in the country. The country which was earlier completely dependent on cash now make Rs 11.17 trillion transaction through UPI.
We want to create same level of convenience for crypto user on international level.
How Fibonacci wallet will change this all ?
1) Transaction fees:
In Fibonacci Wallet, there are 2 types of wallets – Hot wallet and Cold wallet
The cold wallet is a normal crypto wallet like trust wallet or metamask. And the hot wallet is an off-chain wallet designed to send and receive payments between Fibonacci wallet users.
So, we can simply use the hot wallet to send/receive payments by paying 0 transaction fees and instantly. This concept is very similar to how trading happens on CEX like Binance.
Currenlty we are supporting only 3 coins – BNB, BUSD and FIBO. But in future we have plan to add more coins like – BTC, ETH, USDT, SOL. You can refer to our road map here : Fibonacci Network Roadmap.
2) Payment Latency:
As stated above, the payments are settled off-chain when you are using the hot wallet, so you don’t have to wait till the transaction gets through the blockchain.
Also you can withdraw your crypto to any other wallets like metamask and trust wallet, this withdrawal process happens on-chain, so this withdrawal process takes time.
Each fibonacci wallet user can select a wallet id when signing-up for the fibonacci wallet and can use this user id to send and receive payments through fibonacci wallet.
This user ids are human readable like davelee1991 etc.
For more details you can visit website :
Full white paper is availible at :