What Is Firo Token (FIRO)?
Firo (FIRO) is a cryptocurrency ecosystem that aims at offering privacy to users by incorporating blockchain technology. The platform uses varied technologies like Dandelion++, Lelantus, and Lelantus Spark to offer a trustless and secure on-chain transaction with high anonymity.
In a traditional financial environment, the power of intermediaries eliminates the control of individuals on their assets. Bitcoin was originated in the environment to offer decentralized features to the individuals in controlling their assets. However, the platform lacked privacy. As a result, Firo was developed with the aim to preserve privacy in the crypto industry and build trustless protocols that increase the utility of users.
According to its website, to ensure that every individual attains privacy, the protocol uses the below-mentioned technologies:
Lelantus Spark: This facility makes the transactions unsearchable on the blockchain. Spark also increases security by hiding transaction figures and applying signatures for every activity. This technology also secures the platform from scams like 51 percent attacks.
Lelantus: This technology allows users to burn their tokens to hide them in the anonymity pool and break the links with the transaction chain. Users can retrieve the tokens back from the pool if required using zero knowledge proof. Zero knowledge proof allows one party to verify the transaction without actually circulating transaction information on the chain.
Sigma: this technology was developed to eliminate the requirement of a trusted setup in the system and make the process completely decentralized.
MTP: Merkle Tree Proof (MTP) is a mining algorithm used by the platform to democratize mining. This mechanism was converted in FiroPoW to increase the safety and fairness of the platform.
FIRO is the native utility token available in the ecosystem. The token can be used in mining the cryptocurrency. The rewards are distributed to the users in the form of FIRO tokens only. Users are required to keep 1000 FIROs as collateral to function as a masternode. Amongst the total block reward, 35 percent is provided to the masternodes, 50 percent to miners, and 15 percent for the development of the protocol. The platform also allows users to create their own privacy-enabled tokens connected with the private stablecoins from other chains.
History of Firo Toke (FIRO)
The token was formerly launched in the year 2016 as Zcoin which was further converted into FIRO. The total supply of FIRO tokens is 21.4 million.
