What is Firo? Formerly known as Zcoin, Firo is a cryptocurrency focused on being a privacy-focused digital payment instrument. In this article, you can find answers to questions that investors wonder, such as what Firo is, what it offers, and how to buy it. As Kriptokoin.com, we have compiled it for our curious readers. Let’s examine the project together.
What is Firo?
Firo is a cryptocurrency that aims to become digital cash. The altcoin, formerly known as Zcoin, believes data privacy is a fundamental human right. He also thinks that people should have full control of their money. Cryptocurrency uses zero knowledge proof. This allows users to burn Firo coins and redeem new Firo without any transaction history. Thus, users can perform transactions anonymously.
What makes Firo special?
In fact, the origin of Firo is the privacy gap in the blockchain space. Altcoin is designed to provide more anonymity than early cryptocurrencies like Bitcoin and Ethereum. In addition to these, Firo has solved the problems of old networks such as slowness and high gas fee within its own structure. Accordingly, the average waiting time for transactions with cryptocurrency is 5 minutes. However, the project is working on the Lelantus protocol and the Sigma protocol. Lelantus supports high confidentiality over standard cryptographic assumptions. However, this confidentiality does not apply to the transaction amount. Accordingly, even if the sender and receiver are confidential, the transaction amount is shown.
In addition to these, Firo has a protocol called Dandelion++. Thanks to this protocol, the project hides the IP addresses of its users. Thus, third parties cannot reach the IP address and therefore the location of the person making the transaction. One of the interesting aspects of Firo is that it was used in an election. Accordingly, the FIRO blockchain was used as a platform in the presidential elections of the Democratic Party of Thailand. The election, which received 127 thousand votes, is the first major political election held with Blockchain.
What does FIRO do?
Firo’s masternodes allow owners to seize opportunities and earn rewards in the process. Additionally, 35% staking rewards are also given to master nodes to provide passive income opportunity for holders. The Firo network uses the Proof-of-Work consensus mechanism. This means that on the network you can earn money by verifying transactions through high-powered computers. FIRO coin is a cryptocurrency where you can shop privately and anonymously and send assets to any address.
What is Firo? How to get FIRO?
Many major exchanges list Firo. The altcoin is currently traded on crypto exchanges such as Binance, Huobi Global, and Gate.io. Interested investors must first become a member of one of these exchanges and verify their identities in order to purchase cryptocurrencies. After that, they must load an asset suitable for FIRO pairs in their wallet and place a purchase order for the cryptocurrency.
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