Firo (FIRO) was founded in 2016 as Zcoin. In October 2020, it rebranded itself as Firo to update its name with a vision for giving freedom and privacy to the user through a truly decentralized and anonymous system. Formerly named Zcoin, Firo is a crypto asset centered on privacy for anonymous operations of transactions in support of their financial freedom.
With highly innovative features related to ensuring user privacy and supported by the community, this cryptocurrency certainly takes the priority position within the leading circle of crypto coins. The FIRO token is the native cryptocurrency of the network, applied for private, secure, and fungible transactions.
Firo was founded by Poramin Insom, one of the blockchain privacy leaders. Insom, as the founder of Firo, focused on building a cryptocurrency that empowers users with full privacy while ensuring transparency and security through innovative cryptographic techniques. The mission of Firo is to ensure financial privacy and fungibility while promoting community-driven development to enhance its ecosystem.
Firo utilizes advanced privacy technologies to enable users to send and receive completely secure and anonymous transactions. The Lelantus Privacy Protocol lets users burn and redeem their coins in a trustless environment, making all their transactions completely anonymous and untraceable. The Sigma Protocol is a state-of-the-art privacy protocol that avoids trusted setups and enables highly scalable privacy for users, offering a more secure alternative to the classic concept of zk-SNARKs.
Firo incorporates Proof of Stake (PoS) with masternodes for the security of the network, incentivizing participants within. Its masternode-based governance model empowers the community to propose and vote on protocol updates and ecosystem developments. The burning of FIRO tokens can be done by users to break the link between senders and receivers, thus allowing privacy. Firo uses ChainLocks to prevent network attacks and increase transaction confirmation speeds.
Firo reaches a base TPS of 20-30 transactions per second (TPS), with future upgrades planned with scalability in mind.
Firo is listed on major cryptocurrency exchanges like Binance and KuCoin, enhancing its liquidity and accessibility for global users. It collaborates with academic institutions and privacy-focused projects to advance blockchain research and privacy technology. Firo has teamed up with major hardware wallet providers, Trezor and Ledger, to offer secure storage for FIRO tokens.
The Firo team collaborates with active developers on the integration of privacy into decentralized applications (dApps), showcasing the versatility of this technology in data protection.
Firo implemented Lelantus Spark, an upgrade to its Lelantus protocol, offering faster transactions and smaller proofs while maintaining its high privacy standards. This development improves the usability and scalability of private transactions. FIRO has been integrated into decentralized exchanges, providing users with a way to trade the FIRO token while maintaining anonymity.
Such integrations offer the community secure and private trading options. Firo continues to reward masternode operators, helping ensure the stability and decentralization of the network. Recent updates have optimized the masternode reward structure, encouraging more participants to support the network.
Firo advocates for the importance of financial privacy in a world with high levels of surveillance and data tracking, actively engaging with policymakers and the blockchain community to ensure privacy coins remain a vital part of the cryptocurrency landscape.
Firo has established a grant program to encourage developers to create and improve tools and integrations that add value to its network, resulting in new wallet features, improved user interfaces, and a more useful network overall.
Its mobile wallet has undergone significant improvements, including the integration of Lelantus Spark transactions, a simplified user experience, and enhanced security features. Firo has been studying and implementing power-efficient upgrades on its chain, including migrating to eco-friendly consensus algorithms, addressing concerns about the environmental impact of cryptocurrencies.
Firo is developing bridges to other blockchains to extend the application of FIRO tokens to multi-chain DeFi ecosystems, making the use of FIRO more functional and attracting more people to its platform. Firo has launched several global campaigns to educate users about privacy technologies and the advantages of anonymous transactions, strengthening its community and driving adoption.
On December 26, 2024, FIRO changes hands at about $1.90 with a market capitalization of $27.51 million, positioning the asset as a niche privacy-focused cryptocurrency.
Firo reached its all-time high (ATH) of $169.99 on December 26, 2017, and its all-time low (ATL) of $0.28 on December 2, 2016. Several factors contribute to price fluctuations in Firo. The launch of Lelantus Spark has increased user confidence in Firo’s privacy features, boosting token demand. Increased trading options through decentralized exchange (DEX) integrations have made FIRO more accessible, driving liquidity. Additionally, the growing interest in privacy-centric cryptocurrencies supports the value and relevance of FIRO.
Firo represents the vanguard in a long line of privacy-enabled cryptocurrencies, offering strong solutions for anonymous and secure transactions. Building up from forging strategic partnerships through innovative privacy protocols and active community engagement, Firo has established itself as a key player in the fight for financial privacy. Through ongoing developments like Lelantus Spark, cross-chain integrations, and sustainability efforts, Firo continues to innovate in the space while advocating the importance of privacy in the increasingly changing digital world.
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FAQs
Q1. What is Firo used for?
- A: Used for anonymous transactions, staking, and governance within its decentralized network.
Q2. What makes Firo unique?
- A: Firo’s Lelantus Spark protocol and a burn-and-redeem mechanism offer unparalleled privacy for cryptocurrency transactions.
Q3. How does Firo ensure decentralization?
- A: It does this using masternodes combined with a PoS consensus mechanism that keeps the network both secure and decentralized.
Q4. Which wallets support Firo?
- A: The wallet options for Firo include hardware wallets like Trezor and Ledger but also include its own desktop and mobile wallets.