Firo Cryptocurrency In-Depth Review
Firo (previously known as Zcoin) primarily focuses on strengthening privacy utilizing Lelantus and Lelantus Spark that enable trustless, on-chain privacy with high anonymity settings. Using a technique that is a combination of Proof-of-Work (PoW) and LLMQ Chain Locks, Firo aims to ensure equitable distribution, secure itself against more than half of the attacks, and complete transactions as rapidly as possible. Users of Firo are given the ability to generate their very own privacy-enabled tokens by utilizing the Elysium tokenization layer.
What exactly is Firo?
Firo, formerly known as Zcoin and having undergone a name change in October 2020, is a form of digital money with a primary emphasis on privacy standards. The expansion of personal freedom is one of Firo’s primary goals. The members of Firo’s team have the philosophy that all individuals ought to have the liberty to do business as they see fit, provided that doing so does not compromise their personal freedom or well-being. In order to protect users’ financial privacy, Firo is able to directly ensure fungibility, which is a crucial quality for free commerce.
The creators was motivated by Zerocoin’s whitepaper published in 2013 by a group of academics. The Zerocoin protocol has initially been used in the cryptocurrency known as Firo. The goal of the project is to enable users to make and receive money while maintaining their anonymity. This will be accomplished through the use of RSA encryption and zero-knowledge proofs.
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What Technology Does Firo Use?
Firo has conducted research into the privacy and decentralization technologies related to blockchains. These technologies include Sigma, Lelantus, Lelantus Spark, and MTP. To protect privacy, Firo leverages several of the most prominent blockchain privacy mechanisms, including:
Technology developed by Lelantus
Lelantus is a privacy protocol created by Firo developers. The users’ currencies are hidden in an anonymous pool of over 65,000 thanks to this system, which allows users to burn their money. Additionally, the recipient has the ability to retrieve coins from the anonymity pool, which will result in the breaking of all linkages relating to the transaction as well as any and all prior transactions that the coins have been involved in. On the website of the company Firo, you may discover the scholarly articles concerning Lelantus.
The requirement for putting one’s faith in the Firo privacy system is the motivation for the development of Sigma. In comparison to the technology that was available at the time, Sigma’s usage of Elliptic Curve Cryptography (ECC) curves with 256 bits represents a 17-fold gain in terms of proof size.
The IP addresses of Firo users are hidden behind a layer of security provided by the Dandelion technology. Before being sent out to the entire network, the transactions are first rearranged within the nodes in a way that is determined by a random number of steps. This manner, the origin of the transactions cannot be recognised.
Merkle Tree Proof (MTP)
MTP is the mining protocol of Firo that strengthens the anonymity of the transactions. This protocol was developed in such a way that it eliminates the possibility of centralized mining.
Benefits of Firo
When compared to other projects of its like, Firo’s primary advantage may be that it places a greater emphasis on protecting users’ privacy and makes use of innovative technology to do so. However, this is not the only benefit it offers. We have compiled a list of additional benefits, which may be found in the following:
- The most popular project in the competition for the 2020 Fat Blockchain Award was Firo.
- Firo has released its Watch app, which can be used to check the price.
- You may mine for Firo Coins using either your own personal computer or a shared mining pool. The time it takes to process a block in Firo is around five minutes, and each successfully processed block awards 12.5 coins.
- Firo’s supply is cut in half about once every four years, mirroring the frequency used for Bitcoin’s halving’s. Educate yourself on the subject of Bitcoin Halving.
- The trustless bridging of Firo into Ethereum is made possible by the integration of Firo with renVM. This means that users may enter and depart the DeFi ecosystem trustless and without having to provide KYC information.
- The official wallets for Firo are available for Windows, macOS, Linux, iOS, and Android, so users may keep their Firo there. Additionally, Firo is compatible with Coinomi’s multi-currency wallet known as Trust Wallet, in addition to hardware wallets such as Trezor and Ledger.
- Firo is the first cryptocurrency to adopt the Merkle Tree Proof (MTP) proof-of-work type, which makes it possible for anybody to mine Firo using either a GPU or a CPU.
Regular cryptocurrencies such as Bitcoin offer far lower degrees of privacy and anonymity compared to the Firo currency, which offers significantly increased levels of both. At best, most cryptocurrencies offer only a mask of anonymity. Even if we are unable to link specific transactions to particular users, the history of each satoshi involved in a Bitcoin transaction is unchangeable and may be examined. As a consequence of this, Bitcoins that have just been mined tend to fetch a considerable premium on the market since they are considered “untainted.” The Firo currency is superior to several existing privacy currencies, including mixers, decoys, and ring signature systems in terms of its ability to provide increased degrees of anonymity while maintaining a better degree of flexibility.
The Firo Coin team is of the opinion that cryptocurrency transactions should be completely private and anonymous. Self-determination and unconstrained access to one’s own resources underpin the values upheld by members of the cryptocurrency community. The Firo currency offers a user-friendly and anonymous alternative to conventional payments and crypto transactions. It comes at a time when governments and central banks around the world are developing new methods to censor transactions and control how we spend our money. Additionally, unlike addresses of other cryptocurrency wallets, Firo wallet addresses cannot be banned, making them immune to censorship.
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