What Is FIRO Coin?
Firo (FIRO) is a cryptocurrency that ensures high privacy standards. Its infrastructure provides this coin full anonymity. Firo is the project that contributes to independent research and the development of privacy and blockchain decentralization technologies.
Firo Brief History
Previously FIRO used to be Zcoin (XZC). Its final rebranding happened in November 2020. However, FIRO continues to use the same blockchain as Zcoin. There is no blockchain exchange. So, XZC coin owners are allowed to use their own credentials to send, get, and redeem Firo.
What Is Zcoin (XZC) Coin?
Zerocoin protocol was developed in 2013 by a group of cryptographers at Johns Hopkins University in Baltimore as a confidential extension to the original Bitcoin protocol. Most Bitcoin developers rejected the Zerocoin offer because of the novelty of the protocol and the demanding computing power. After some time, in the fall of 2016, the Zerocoin protocol was turned into a full-fledged cryptocurrency project Zcoin.
In December 2018, the ZCoin team released a new Merkle Tree Proof mining algorithm needed to block productive ASIC miners in the cryptocurrency network. This was needed so that video card owners could mine XZC efficiently.
The Use Of The Lelantus Protocol
In January 2021, the Firo crypto team launched the Lelantus protocol. It offers users to anonymize their digital assets to ensure the privacy of all transactions. Lelantus allows users to:
- Destroy coins of arbitrary quantity and redeem new coins that have no previous transaction history associated with them.
- Receive the same privacy guarantees as cash payments. Firo provides a high level of security.
- Activate data protection to ensure privacy. This approach means that people can use transparent transactions for exchanges, wallets and interconnect bridges. Otherwise, the user can activate the personal data protection function and it becomes impossible to trace the address of the sender of the cryptocurrency.
With this protocol, the company tries to preserve the main principle of cryptocurrencies, such as the anonymity of users and transactions.
On 20 January 2021, Firo was under the 51% attack. This was the result of a reorganization of the blockchain, which resulted in more than 300 blocks being rolled back. After the attack, FIRO cryptocurrency fell in price by about 12%, and this interrupted the 2-week rise.
According to the developers, the attack happened several weeks before Chainlocks was implemented. Yet, soon it was embedded, and the FIRO coin holders can now feel more secure. The mechanism prevents 51% attacks through the use of master nodes and provides all benefits of the Proof of Work protocol.
How To Mine FIRO
Similar to Zcoin mining, a FIRO coin can currently be mined by CPU and video cards. However, the process is more effective on GPUs.
The project uses the MTP algorithm, which is designed to be ASIC-resistant, to lengthen fair distribution and allow users who mine from home to participate for a longer time. What's more, MTP is also a step towards improving the Equihash version and is a memory-intensive hashing algorithm focused more on CPU and GPU mining.
FIRO Price Prediction
Since developers improve Firo anonymity and implement new mechanisms, such as MTP and Chainlocks, the Firo price keeps growing.
In 2021, the team plans to include direct anonymous payments. They will allow users to transfer the right to redeem coins to others, keeping the amounts and sources hidden from third parties. This will ensure a high privacy level.
Investors can use official desktop wallets, such as QT Wallet, Electron, and Electrum. They are also allowed to use mobile wallets (Coinomi, Cobo, Midas Protocol, etc.).
By the way, here is a good article about crypto wallets, in which we tell you how to protect your digital funds and choose the right cryptocurrency wallet.
After all, Firo is a cryptocurrency that provides full safety. With its collaboration with LockTrip and impressive plans for the future, it seems to be a promising asset not only for trading but also for long-term investments.
How To Buy FIRO
Today, it's possible to buy FIRO on the most popular and secure exchanges, including StealthEX. This platform doesn't have any extra fees for swapping. It’s a super-friendly, non-custodial and limitless cryptocurrency exchange service. So if you already have savings in crypto and wish to invest in FIRO coin, just go to StealthEX and follow these easy steps:
- Choose the pair and the amount for your exchange. For example ETH to FIRO.
- Provide the recipient address to which the coins will be transferred.
- Move your cryptocurrency for the exchange.
- Receive your FIRO coins.