Firo, previously known as Zcoin, is a coin on a blockchain protocol that provides unparalleled anonymity, privacy, and decentralization of payment.
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What Is Firo (formerly Zcoin)?
Firo, previously known as Zcoin, is a coin on a blockchain protocol that provides unparalleled anonymity, privacy, and decentralization of payment. The new name and brand more accurately reflect the project’s proposal, namely a unique burn and redemption privacy mechanism that allows users to burn coins and then exchange them for new ones without previous transaction history. The result is high practical anonymity, similar to cash in a simple one-click interface.
The project is based on zero-knowledge proof and the MTP algorithm. There will be a total supply of 21.4 million Firo. The coin follows the same halving cycle as Bitcoin which is every 4 years. The current block reward of 12.5 FIRO/block is divided between miners (50%, 6.25 FIRO), Masternodes (34%, 4.375 FIRO), and Development Fund (15%, 1.875 FIRO). The coin has an official wallet for Windows, MacOS, and Linux.
Pros and Cons of Firo (formerly Zcoin)
Advantages of Firo
Firo is among the top-200 cryptocurrencies in the ranking. It's thoroughly explained on the website and the strong development team continues to work on improving its product by implementing the plans outlined in the roadmap. The transfer to the MTP algorithm has resulted in more efficient mining and faster transactions. In addition, due to increased protection against computing on ASICs, it is possible to create a decentralized distributed network. Firo is a promising project for lovers of anonymity. It still contains many interesting solutions for the future which can consolidate the coin at a higher level of the world cryptocurrency rating. It is worth noting that Firo is supported by a huge number of exchanges, including large ones like Binance, BitForex, Huobi, and HitBTC.
Disadvantages of Firo
Despite its current high ranking, Firo used to be among the top-10 before its rate was affected by the strongest bearish trend. Such anonymous cryptocurrencies are high-risk, as confirmed by the 97 percent drawdown of the coin’s price. The solution that Firo offers is not unique since there are also projects like Monero, Komodo, and Zcash, to name a few. The coin has changed its name not to be confused for the latter, but not everyone knows the new name of the coin, and it’s hard to keep up with all the changes. The previous name, as well as the platform’s reputation, was smeared by an unpleasant story that was reported on the official blog. In February 2017, the Zcoin network was accessed by hackers who were able to withdraw 370 thousand XZC due to a single typo in the cryptocurrency code. The problem was allegedly eliminated, but the incident damaged the trust of the cryptocurrency.
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