Firo is a decentralized digital currency with a focus on keeping transactions anonymous. It was previously known as Zcoin with the ticker XZC.
The network uses zero-knowledge proofs to ensure fully anonymous transactions. It works by allowing users to burn coins and then redeem them later for brand new ones with no transaction history. Receivers can redeem tokens from an anonymity pool. This breaks the links from the transaction and all the previous ones it has been through.
Earlier this month, Firo introduced Lelantus Spark which will not only hide the sender’s address, but also the amount you transferred and who’s the recipient.
This news technology marks a breakthrough in privacy, leading Firo to skip the Lelantus 2.0 and go straight to Lelantus Spark.
Altcoin Buzz Exclusive
Altcoin Buzz was able to get an exclusive statement from Firo’s Founder and Project Steward Reuben Yap:
“Lelantus Spark really sets a new bar for privacy protocols with high anonymity, flexibility, and upgradability. The new Spark addressing system allows you to put out your address publicly without having it searchable on the blockchain while hiding the sender, receiver, and transaction amount to your address. At the same time, we retain all that made Lelantus great: high anonymity sets, efficiency, and time-tested cryptographic building blocks.
Firo is one of the few privacy projects that build privacy protocols in the space. We are proud that our work has previously inspired protocol developments in other projects such as Monero (Triptych) and Beam (Lelantus-MW). We greatly welcome collaboration opportunities and invite feedback and comments on Lelantus Spark from the research and development communities.”
Adding The Spark to Privacy
Firo differs from the other privacy-centric coins such as Monero, Dash, and Zcash in that it does not just obfuscate payment trails, but aims at destroying them.
The project is powered by the Lelantus privacy protocol, which is an upgrade from standard cryptographic assumptions, supporting high anonymity sets without requiring a ‘trusted setup’.
Earlier versions of Lelantus did not allow direct anonymous payments. The latest Spark iteration will do so by adding an extra layer of privacy and also supporting multi-signatures.
The ultimate aim is to prevent recipients’ wallet addresses from appearing on what should be totally private transactions. Stealth addressing is one approach to prevent the wallet addresses from appearing on-chain by creating a “one-time address”.
The Spark protocol further adds two levels of opt-in visibility into transactions without delegating spend authority, it added.
There were no confirmed launch dates for Lelantus Spark in the team video, but more information will be made available soon.
In April, Firo launched on the BINANCE Smart Chain as reported by AltcoinBuzz.
FIRO Price Update
The native token of the protocol, FIRO, spiked 15% when the white paper was published on the 23rd. It is currently trading at $8.21, up 8% on the day according to CoinGecko.
FIRO has made 17.5% over the past week and a solid 80% over the past month. There are currently 12.2 million tokens circulating out of a total supply of 21.4 million giving it a market cap of $100 million.
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