Formerly known as Zcoin, Firo (FIRO) is a cryptocurrency focused on private digital cash. The platform created the Lelantus privacy protocol, which allows users to burn their cryptocurrencies and later use new ones without any transaction history.
What is Firo (FIRO)?
Before Lelantus, it was the first cryptocurrency to code and launch a practical implementation of the Zerocoin protocol, which has become one of the most widely used privacy protocols.
Firo’s Lelantus privacy protocol and its predecessor, Sigma, are based on a unique zero-knowledge proof called one-out-of-many proof, which, unlike other zk structures, does not require a trusted setup or exotic mathematical/cryptographic assumptions.
Additionally, it was the first project to deploy Dandelion++ in October 2018, a method of propagating transactions that prevents third parties from linking an IP address to a transaction.
In November 2018, Firo’s blockchain was used in the primary election of the Thai Democrat Party to elect their party leader. With over 127,000 votes cast nationwide, it marked the first large-scale political election conducted on a blockchain. Firo rebranded from Zcoin in October 2020.
Firo uses a PoW-Chainlock hybrid consensus model, which features a network-wide verifiable measure/vote of “first seen” rule conducted by deterministically selected few hundred masternodes (LLMQ) locked to the first seen block. Since no reorganization is allowed after this point, blocks are final with a single confirmation. According to statements, this also reduces 51% mining attacks, as the masternode network would need to be compromised before Chainlocks can be disabled.
Firo’s mining algorithm, MTP, is based on memory hardness to make it resistant to ASICs. It is transitioning to FiroPOW, a variant of ProgPOW specifically designed for GPU mining and more resistant to ASICs and FPGAs to promote fair distribution of the cryptocurrency.
Firo’s founder is Poramin Insom, who holds a master’s degree in Information Security from Johns Hopkins University, where he wrote a paper on the proposed practical implementation of the Zerocoin protocol. Insom is also the co-founder of Satang Corporation and served as a second lieutenant in the Royal Thai Armed Forces’ cyber warfare unit.
How to Buy FIRO Coin?
FIRO Coin can be quickly and securely purchased through Binance, the world’s largest cryptocurrency trading platform by transaction volume.
To buy FIRO Coin, you must first become a member of Binance and then send fiat currency. After sending fiat currency like USD, you can perform a purchase transaction in the Bitcoin (BTC), BUSD, and Tether (USDT) FIRO trading pairs where
