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Previously known as Zcoin, Firo is a privacy-focused cryptocurrency that allows users to burn coins and later redeem new ones with no transaction history, using zero-knowledge proofs.
What is Firo Coin (FIRO)?
Firo developed the Lelantus privacy protocol, which supports high anonymity sets without requiring a trusted setup and relies only on standard cryptographic assumptions. Lelantus’ innovation in combining several proofs with confidential amounts has influenced protocols like Monero’s Triptych and Beam’s Lelantus-MW. Firo also employs Dandelion++ to conceal transaction source IPs without relying on external services like Tor or i2P.
Firo has developed and utilizes Merkle Tree Proofs (MTP) as its Proof-of-Work algorithm to incentivize mining with commodity hardware, aiming to be memory-hard with fast verification. The blockchain is further secured with LLMQ ChainLocks. Firo’s blockchain was also used in Thailand’s Democratic Party elections in 2018 to elect party leaders, with over 127,000 votes nationwide.
Additionally, Firo focuses on private payments. It has also developed a tokenization layer called Elysium, allowing users to leverage Firo’s privacy features for their tokens. FIRO will be used as fees for transactions on that layer.
Moreover, Lelantus allows users to burn any number of tokens and redeem new tokens with no associated history at any future time. Masternodes provide protection against 51% attacks and allow for instant block finality using LLMQ-based ChainLocks. Firo also employs Dandelion++ technology to conceal a transaction’s source IP.
MTP (Merkle Tree Proof) is a memory-hard Proof-of-Work algorithm designed to remain lightweight while being fixed in memory, promoting commodity hardware mining.
Where to Buy FIRO Coin?
FIRO Coin can be securely bought and sold on Binance, the world’s largest cryptocurrency exchange by trading volume. FIRO Coin is traded on Binance in FIRO/BTC, FIRO/USDT, and FIRO/BUSD pairs.
To buy FIRO, users must first register with Binance. After completing registration, transfer cryptocurrency or fiat currency to the Binance wallet. Once the transfer is complete, FIRO Coin can be purchased from any of the three pairs listed above. For example, to buy from the FIRO/USDT pair, go to the FIRO/USDT interface, enter the desired amount in the limit section, and complete the purchase by placing a Buy FIRO order.
