Firo Price (FIRO)

What Is Firo (FIRO)?

Firo (FIRO), formerly known as Zcoin, is a privacy-focused cryptocurrency that takes advantage of zero-knowledge proofs and allows users to destroy coins and redeem them at a later date for brand new ones without any transactional history.

In late 2014, Poramin Insom and Matthew Green wrote a paper on a cryptocurrency implementation of the Zerocoin protocol named Moneta. On September 28, 2016, Zcoin was launched by Insom with Roger Ver and Tim Lee as the initial investors.

Who Are the Founders of Firo?

The founder of Firo is Poramin Insom. Aside from Firo, he is also a co-founder of the Satang Corporation and has served as second lieutenant with the Royal Thai Armed Forces. Insom also used to work as a software development engineer in testing at Microsoft.

What Makes Firo Unique?

Firo is a digital currency that enables untraceable private transactions, offering users freedom from large financial institutions. The team behind the project believes that privacy is a human right and that people need the option to regain control over their money. Firo received the 2020 FAT blockchain award for “Most Popular Blockchain Project in the Community.”

Firo makes use of zero-knowledge cryptographic technology. It can be minted with the use of a home computer or by joining a mining pool. Firo’s block time is five minutes and the block reward is 12.5 coins.

It uses a halving system similar to Bitcoin’s with block rewards decreasing by half every four years. Firo is integrated with renVM to allow for trustless bridging between itself and Ethereum (ETH), enabling users to enter and exit the decentralized finance (DeFi) ecosystem seamlessly, without KYC.

Firo was rebranded from Zcoin in October 2020. Users can redeem the older coins for the new ones by burning the former, which leaves no trace on the blockchain.

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How Many Firo (FIRO) Coins Are There in Circulation?

Firo (FIRO) has a circulating supply of 11,605,866 coins and a maximum supply of 21,400,000 FIRO as of March 2021.

How Is the Firo Network Secured?

Firo uses zero-knowledge proofs in order to maintain anonymity. The technology allows users to prove to their counterparties that they own the Firo coins they are sending without actually revealing the source of the coins.

When a coin is minted, it is destroyed soon after. When this occurs, the Zerocoin protocol generates a random serial number and a secret number. These are used in a cryptographic function to generate a value that a user becomes committed to. The value is then posted on the blockchain in order to prevent it from being changed again in the future.

Where Can You Buy Firo (FIRO)?

Firo (FIRO) can be traded on the following exchanges:

• Binance
• Huobi Global
• DigiFinex
• HitBTC
• Bitcoin.com Exchange

If you are interested in learning how to buy Bitcoin (BTC), read our official guide here.