Firo Coin Price & Market Data
Firo price today is $7.03 with a 24-hour trading volume of $2,857,132. FIRO price is down -3.4% in the last 24 hours. It has a circulating supply of 12 Million FIRO coins and a total supply of 21.4 Million. If you are looking to buy or sell Firo, Binance is currently the most active exchange.
What is Firo?
Firo - formerly known as Zcoin, is a privacy-focused cryptocurrency that deploys zero-knowledge proofs to ensure fully anonymous transactions. It works by allowing users to destroy coins and then redeem later for brand new ones with no transaction history.
Firo differs from the other privacy-centric coins in the market in that it does not merely obfuscate payment trails, but rather, works to abolish them.
Its operation is backed by the Lelantus privacy protocol, which is an upgrade from standard cryptographic assumptions, supporting high anonymity sets without requiring ‘trusted setup’.
Firo’s operations are also backed by Dandelion++ which conceals the originating IP of transactions, removing the need for external services such as Tor or i2P.
The Firo/Zcoin blockchain was used in the Thai Democrat Party Elections in 2018 to elect its party leader with over 127,000+ votes cast nationwide making it the first wide-scale application of blockchain technology in a political election.
How does Firo work?
Firo enables untraceable anonymous payments based on four main technological foundations.
i.) Its self-researched Lelantus privacy protocol allows you to burn your coins, which hides them in an anonymity set of over 65,000. Thereafter, the receiver can redeem it from this anonymity pool, which breaks the links from your transactions and all the previous ones it has been through. This protocol also supports untraceable direct anonymous payments by allowing people to pass the right to redeem to someone else.
ii.) Lelantus technology is also equipped with 256 bit ECC curves for proof sizes of just 1.5kB, which poses as a 17x improvement compared to standard cryptographic approach. So, it is relatively less resource-intensive and time consuming compared to other privacy coins.
iii.) Dandelion++ technology works to obscure the originating IP of transactions. Before Firo transactions are broadcast to the network, they’re randomized between nodes, which then decorrelates the link between the origin of the broadcast and the originating IP address.
iv.) Firo’s own Proof-of-Work, known as Merkle Tree Proof (MTP), provides fast verification that ensures a low barrier to entry for miners. Firo’s blockchain is also further secured with LLMQ ChainLocks which protects it against 51% mining attacks
Why was Firo created?
Firo was created to increase individual liberty and to provide freedom of commerce. In standard blockchains that only offer pseudo-anonymity, it is the links between addresses that can expose private information about you. Firo aims to solve this problem by aiming to provide the strongest level of anonymity without foregoing usability and requiring trust.
How do I get FIRO?
Further, STFIRO allows users to earn FIRO through stakingFiro tokens on StakeHound.