Firo is a cryptocurrency that aims to become digital cash. Firo coin, formerly known as Zcoin, uses the Lelantus privacy protocol. The FIRO blockchain, on the other hand, has a special place as it is used for the first time in political elections.
What is Firo?
Firo, formerly known as Zcoin, is a cryptocurrency focused on becoming private digital cash. Believing that data privacy is a fundamental human right, the platform stands out with its Lelantus privacy protocol. This protocol allows users to burn their coins and thus use new coins without any transaction history. This means that all transactions can be carried out anonymously.
How Does FIRO Work?
The origin of Firo is a privacy gap in the blockchain space. Therefore, transactions on the network were made to close this gap. It is designed to provide greater anonymity than early cryptocurrencies such as Bitcoin and Ethereum. In addition, Firo has solved the problems of other networks such as slowness and high bass charge in-house.
In addition, the platform runs on the Lelantus and Sigma protocol. Lelantus is a protocol that supports high confidentiality over standard cryptography assumptions. However, this confidentiality does not apply to the transaction amount. In other words, although the sender and receiver of the transactions are confidential, the transaction amount is shown.
Firo has another important protocol called Dandelion++. Thanks to this protocol, the IP addresses of the users are hidden, and third parties cannot reach the location of the person making the transaction.
Firo was used for the first time in a political election and it attracts a lot of attention with this feature. The platform was used as a platform in the presidential elections of the Democratic Party of Thailand. In this event, which is the first major political election using blockchain, 127 thousand votes were cast.
What Does FIRO Do?
Firo coin is first and foremost a cryptocurrency where you can trade privately and anonymously, as well as send digital assets to any address. This network, which uses the Proof of Work consensus mechanism, has a system that can be verified and patted through computers with high processing power.
In addition, Firo’s masternodes offer their owners the opportunity to seize opportunities and earn rewards in the process. At this point, 35% staking rewards are given to master nodes to provide passive income opportunity.
Why Did Zcoin Become Firo?
When Zcoin was launched in 2016, it was based on the Zerocoin protocol. But Zerocoin was overshadowed when the company switched to the Sigma and Lelantus protocols. Therefore, the protocol change could not be brought forward. On the other hand, a name change solution was found for Zcoin, which has a name similarity with Zcash, to reduce confusion and misleading.
So, why was the name Firo chosen? Firo is a name chosen to represent the case of burning and cashing coins. In addition, this name was chosen because it is short and universal.
Firo evokes images of something flaming and alive; burning of fire or strong and bright, the name is set to evoke a phoenix rising from the ashes. This not only explains the privacy mechanism that burns the coin, but also explains Zcoin’s passion for privacy as a fundamental human right and its belief that it should be accessible to all.
How to Buy Firo Coin?
In order to buy Firo coin, first of all, it is necessary to know the exchanges where this cryptocurrency is listed. Because not every cryptocurrency is on every exchange. Therefore, first of all, after having this information, the crypto money exchange that you want to trade is determined. If there is no user account on this exchange, an account should be created as a second step.
After creating the account, it is time to transfer funds to the exchange wallet. To trade digital assets, some money must be present in the wallet. For this, the balance can be loaded using a debit or credit card. It is also possible to make a transfer from a bank account. Afterwards, the desired amount of coins is purchased and these coins can be stored in a hot or cold wallet.
FIRO Market Data
FIRO market data may include this coin’s price, volume, market cap and other information. This data is usually collected from trading platforms or cryptocurrency data providers and helps users track price movements, trade and make investment decisions. In addition, market data can also be used to observe general trends and trends in the market.
How Much is Firo Coin Supply and Price?
Firo price is usually determined based on the balance between supply and demand. The supply is the total amount of cryptocurrencies obtained since their emergence. Demand is the willingness of people to buy cryptocurrencies. If demand is greater than supply, the price rises, and if supply is greater than demand, the price falls. The Firo coin supply is 12 million units, with a market capitalization of $32 million.
Other factors can also affect the price of this coin. For example, whether new or old, investors’ sensitivity towards cryptocurrencies changes, legal regulations, news or economic conditions have a say in this interaction. Moreover, the price of cryptocurrencies also depends on the liquidity levels on the trading platforms. Therefore, prices may differ between different trading platforms.
The current price of FIRO coin is as follows:
FIRO
How Many Highs Did Firo See?
As it is known, the highest level of a cryptocurrency shows the highest point it has risen so far. In other words, users can see the potential of the coin while making purchases. The highest level in crypto assets is called ATH. This term, which is an abbreviation of the English phrase “All Time High”, can also provide an insight into determining the selling time of the coins in hand.
The highest price of Firo coin, namely the ATH level, was recorded as 139.77 USD on December 26, 2017.
How Many Lows Has Firo Seen?
The lowest price level in cryptocurrencies is called ATL. This term, which is an abbreviation of the English phrase “All Time Low”, refers to the lowest level a cryptocurrency has ever seen. In other words, when you make any purchase, you actually have prior knowledge of the lowest point where that coin can fall. In the same way, when you sell the coins in your hand, a prediction about the last level that it can potentially fall is provided. Because once a coin has reached that level, it can regress to that level or even lower price. The lowest price (ATL level) of Firo coin was 0.27 USD on December 2, 2016.
On Which Exchanges Is FIRO?
The first step in getting Firo coin is to identify the exchanges where this cryptocurrency is located. After the stock market is selected, trading can be done through the relevant platform. Some exchanges with FIRO coin are as follows:
- Binance
- Pancake Swap (V2)
- Bittrex
- Gate.io
- BKEX
- CoinEx
- BitMart
- bitay
- hotbit
- XT.COM
- BingX
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