Previously recognized as Zcoin, Firo is a cryptocurrency that emphasizes user privacy. It provides a unique feature that allows individuals to burn old coins and redeem new ones without any transaction history, utilizing advanced zero-knowledge proofs.
What Innovations Does Firo Coin Provide?
Firo has pioneered the Lelantus privacy protocol, which allows for substantial anonymity without any need for a trusted setup. This innovative approach utilizes standard cryptographic assumptions and combines multiple proofs with confidential amounts. It has inspired other privacy-focused protocols such as Monero’s Triptych and Beam’s Lelantus-MW. Additionally, Firo uses Dandelion++ technology to hide users’ transaction source IPs, ensuring enhanced privacy.
How Does Firo Secure Its Network?
To further secure its operations, Firo employs Merkle Tree Proofs (MTP) as its Proof-of-Work algorithm, which is designed for efficient mining using everyday hardware. The blockchain’s integrity is reinforced through LLMQ ChainLocks. Notably, Firo’s blockchain has been utilized in real-world scenarios, such as Thailand’s Democratic Party elections in 2018.
Firo also emphasizes private transactions and has created a tokenization layer named Elysium, where users can leverage its privacy features. The native token, FIRO, serves as the transaction fee currency on this platform.
- Privacy-focused features allow users to burn and redeem tokens anonymously.
- Masternodes safeguard against 51% attacks and ensure rapid block confirmations.
For those interested in acquiring FIRO Coin, it is available on Binance, the largest cryptocurrency exchange globally. Users can trade FIRO against BTC, USDT, and BUSD pairs. The process involves registering on Binance, funding the account, and executing trades directly through the platform’s trading interface.