Firo Price Chart Update [FIRO]

The Rising Popularity of Firo in the Trading World

Firo is a relatively new name in the world of Traders. To learn more about this coin, please read the information provided below.

Discovering Firo: A Digital Currency with a Focus on Privacy

Firo is a digital currency that focuses on establishing privacy standards. Originally known as Zcoin, this cryptocurrency became a pioneer in on-chain privacy back in 2016.

However, after experiencing a significant drop in Coinmarketcap rankings from 40th to 250th, the developers decided to rebrand Zcoin as FIRO.

Exploring the Key Features of Firo

Firo's Project Objectives

Firo aims to create an ecological bridge between Firo and Ethereum's DeFi ecosystem. In 2020, Zcoin became the first project on StakeHound to deploy a liquidity bridge to Ethereum's DeFi ecosystem. This allows Zcoin holders to benefit from DeFi applications by staking XZC tokens and earning rewards.

Currently, half of the XZC tokens are staked in Znode. By utilizing the StakeHound bridge and over 850,000 USD worth of Zcoin, investors can participate in both staking and the DeFi ecosystem.

StakeHound also converts XZC into a staked token called XZC, which is an ERC-20 token with high liquidity. This platform enables tokenization of positions, allowing recipients to receive rewards from staking and generate instant profits from the DeFi ecosystem.

The Technological Innovations of Firo

Firo, formerly known as Zcoin, incorporates advanced technologies to ensure security on its blockchain platform. These technologies include:

Firo's Revolutionary Lelantus Technology

Lelantus is an innovative technology developed by Aram Jivanyan at Zcoin. It allows traders to "burn" their coins and hide them in an anonymous pool. The recipient of these coins can then exchange them from this anonymous pool.

The Lelantus protocol supports Sigma technology and eliminates the need for fixed denominations. It enables users to burn arbitrary amounts of money and exchange a portion of the amount with an undisclosed value. This technology also supports direct anonymous payments, facilitating the exchange and transfer of funds.

Sigma Technology: Enhancing Privacy on Firo

Sigma technology was introduced into Zcoin in 2018. It was integrated into the system to enhance privacy, aligning with the blockchain's purpose of creating trustless systems. Sigma technology serves as the foundation for the development of Lelantus technology.

Dandelion Technology: Protecting Transactions on Firo

Dandelion technology was initially used for Bitcoin to conceal the origin of transactions and protect users' IP addresses. It prevents third parties from linking an IP address to a transaction.

Merkle Tree Proof (MTP): Enhancing Anonymity on Firo

Firo utilizes the Merkle Tree Proof mining algorithm, which promotes average mining while ensuring fast verification. This algorithm enhances transaction anonymity.

Proof of Work (PoW): Ensuring Efficiency on Firo

PoW is a mechanism employed by Firo to achieve equal distribution and efficiency when mining with commercial equipment. Participants in the network receive block rewards by providing computing power for other blockchain mechanisms.

What Makes Firo Stand Out?

Firo's privacy protocols, Lelantus and Sigma, utilize a specialized zero-knowledge proof called one-out-of-many proofs. Unlike other zero-knowledge constructions, this proof does not require a trusted setup or exotic mathematical/cryptographic assumptions, while still maintaining high anonymity sets.

In October 2018, Firo (then Zcoin) became the first project to deploy Dandelion++, a transaction propagation method that prevents third parties from linking IP addresses to transactions.

In November 2018, Firo's blockchain was used in the primary election of the Thai Democrat Party to elect its party leader. With over 127,000 votes cast nationwide, it marked the world's first large-scale political election conducted on a blockchain.

Firo underwent rebranding from Zcoin in October 2020.