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Summary
- FIRO is a privacy-focused cryptocurrency that allows users to conduct private transactions which cannot be traced.
- FIRO providers freedom from monetary institutions.
- FIRO was launched in 2016 with the belief that privacy is the uppermost right of humans, and they should have all the control over their money.
FIRO is a privacy-focused cryptocurrency that allows the users to conduct private transactions which cannot be traced and providers freedom from monetary institutions. Firo is built on the belief that privacy is the uppermost right of humans and they should be able to have full control of their finances.
Zero-knowledge technology is employed by Firo which ensures privacy at all levels. With zero knowledge, the user can destroy their holdings and redeem the coins for new coins and no transaction history will be recorded.
Firo was introduced in 2016 as Zcoin by Poramin Insom along with Tim Lee and Roger Ver. According to Coinmarket cap, Firo is trading at US$6.3272 on 10 august 2021.
Related readings: What are Zucoins? How much is the crypto worth?
Why Firo?
- Privacy – the Firo coins can be destroyed and can be redeemed later for new coins. The burning and redeeming process breaks the link within the blockchain as coins stop existing in history and it becomes difficult to track the history of a user.
- Easy mining process – Firo can be mined through home computers and its block processing duration is 5 minutes. The MTP (Merkle Tree Proof) algorithm is employed in the Firo mining, ensuring quick validation and egalitarian mining. The supply of Firo decreases to half after 4 years.
- Compatibility – Firo wallet supports Android, iOS, Linux, macOS and Windows. Also, Coinomi, Trust wallet, Trezor and Ledgers.
- Integration with renVM – this integration empowers the user to enter and exit the Firo ecosystem without KYC and trust.
- Protection from all types of attack – with the activation of Chainlocks, the attacker needs 50% of all master nodes along with the vital amount of Firo to attack the Firo ecosystem.
Image source: © 36clicks | Megapixl.com
Technologies used in Firo
- Lelantus – It is a next-generation privacy protocol that allows coin burning and hiding them in anonymity. Later, the hidden coins can be redeemed. The technology breaks the link between the transactions.
- Sigma – The privacy system of Firo is built on the philosophy that blockchain systems do not require trust. Through sigma, the proof sizes are reduced, that is the user can complete the privacy without any knowledge of cryptographic proofs.
- Dandelion – this technology protects the IP address of the user. Before broadcasting the transaction on the network, the transactions are shuffled between nodes by following a random number of steps. Due to this shuffling, the origin of the transaction becomes decorrelated.
- MTP – This ensures fair security and decentralisation of the transactions.
