Exchange Firo (formerly Zcoin) (FIRO)

FIRO, formerly known as Zcoin, is a privacy-focused cryptocurrency that aims to enhance user anonymity and fungibility. It was launched in 2016 by Poramin Insom and his team. FIRO utilizes zero-knowledge proofs, specifically the zk-SNARKs protocol, to provide privacy features.

Poramin Insom is a computer scientist and a prominent figure in the cryptocurrency space. He launched Zcoin in September 2016 with the goal of providing enhanced privacy and fungibility to cryptocurrency users.

Poramin Insom recognized the privacy limitations of cryptocurrencies like Bitcoin, where transaction details are visible on a public ledger. He aimed to develop a cryptocurrency that would address these privacy concerns and provide users with the ability to make transactions without revealing sensitive information.

Under Poramin Insom's leadership, the Zcoin project underwent several updates and developments to improve its privacy features. In December 2020, the project underwent a rebranding process and was renamed FIRO to reflect its broader vision and commitment to privacy.

Reuben Yap joined FIRO in 2016 and has been actively involved in various roles within the project. He held the position of Chief Operating Officer (COO) at FIRO and has played a crucial role in the development and growth of the project, contributing to strategic planning, partnerships, and community engagement.

Reuben Yap is well-known for his expertise in privacy-focused cryptocurrencies and blockchain technology. He has been involved in promoting privacy and financial freedom through cryptocurrencies and has been an advocate for privacy-enhancing technologies.

The primary objective of FIRO is to address privacy concerns associated with traditional cryptocurrencies like Bitcoin. It allows users to make transactions without revealing the sender, receiver, or transaction amount. By implementing a technology called Sigma, FIRO provided users with the option to burn coins and redeem them for new coins with no transaction history, further enhancing privacy. 

Within a span of six months after its initial launch in February 2017, FIRO experienced a significant security breach. During this incident, the system was exploited, resulting in the unauthorized minting of approximately 370,000 Zcoins. The attackers were able to capitalize on this breach by selling the illicitly obtained Zcoins for approximately 400 BTC.

The FIRO team took swift action in response to the hack, implementing measures to address the vulnerability and secure the network. Furthermore, they conducted a thorough investigation to identify the root cause of the breach and prevent similar incidents from occurring in the future.

In early 2020 the proposal to transition FIRO from the Sigma protocol to the Lelantus protocol was made. The decision to replace the Sigma privacy protocol with Lelantus was primarily driven by the goal of improving privacy and usability. While Sigma offered strong privacy features, it had some limitations in terms of transaction sizes and required user interaction for optimal privacy. Lelantus aimed to address these limitations and provide enhanced privacy and usability.

The development team at FIRO conducted extensive research and testing to ensure the viability and effectiveness of the new protocol. This involved peer review, security audits, and community engagement. The Lelantus protocol offers enhanced privacy for larger denominations of FIRO by allowing users to mint and spend coins without revealing any transaction history. 

The proposed transition involved a multi-stage process, which included the introduction of Lelantus as an optional privacy feature alongside Sigma. This allowed users to choose between the two protocols during a transition period. The intention was to gradually phase out Sigma and make Lelantus the default privacy protocol for FIRO.

In October 2018, FIRO (formerly Zcoin) made significant strides in privacy by becoming the pioneering project to implement Dandelion++. This innovative transaction propagation method serves as a privacy safeguard by preventing third parties from linking IP addresses to specific transactions. By adopting Dandelion++, FIRO took a proactive approach to enhance user anonymity and confidentiality within the network. This implementation further solidified FIRO's commitment to privacy-focused solutions and its continuous efforts to safeguard user information from prying eyes.

FIRO operates on a proof-of-work consensus algorithm called MTP (Merkle Tree Proof), which was developed to deter the use of specialized mining hardware like ASICs (Application-Specific Integrated Circuits). The MTP algorithm was designed to be memory-intensive and computationally demanding, with the goal of discouraging the use of specialized mining hardware like ASICs. By favoring memory-bound computations, MTP aims to promote a more decentralized network where mining power is more evenly distributed among participants.

The MTP algorithm used in FIRO's consensus mechanism requires miners to perform memory-hard computations, which helps to mitigate the advantage of specialized hardware, thereby increasing the accessibility and fairness of mining. The project has also explored the implementation of masternodes to provide additional services and enable features such as decentralized governance and treasury funding.

FIRO allows users to burn their coins and redeem them for new ones with no transaction history. This process, known as "minting" and "spending," provides an added layer of privacy by ensuring that previous transaction information is not associated with the newly minted coins.

FIRO implements a decentralized governance system where coin holders can participate in decision-making processes. Through the use of masternodes, coin holders can propose and vote on protocol upgrades, funding allocations, and other important decisions.

FIRO has an active community of users and developers who contribute to its growth and development. The project maintains a strong focus on community engagement and encourages participation through forums, social media channels, and other communication platforms.

FIRO (formerly Zcoin) is the native cryptocurrency of the FIRO network. FIRO tokens have several utilities within the ecosystem. FIRO tokens are primarily used to enable privacy-enhanced transactions within the FIRO network. FIRO tokens are also used as a medium of exchange for transactions within the FIRO network. Users can send and receive FIRO as a form of payment, similar to other cryptocurrencies. Transaction fees are typically paid in FIRO tokens and serve to incentivize network security and provide compensation to miners who validate and confirm transactions.

The holders of FIRO have the ability to participate in the governance of the FIRO network. Through the use of masternodes, which require a certain number of FIRO tokens as collateral, token holders can propose and vote on important network upgrades, funding allocations, and other governance decisions.

FIRO tokens can also be staked by users to support the security and operation of the FIRO network. Staking involves holding a certain amount of tokens in a designated wallet to participate in the consensus mechanism and earn staking rewards.

The total supply of FIRO tokens is limited to 21 million coins. As of May, 2023 the circulating supply is 12,399,713 FIRO. 

Users can exchange FIRO on many platforms, including Binance, Huobi Global, DigiFinex, HitBTC, Bittrex, etc. 

Average Fees on the FIRO Network

The average trading fees for the FIRO token vary between 0.01% and 0.75% And the withdrawal fee varies from 0.02 FIRO to 0.12 FIRO. 

FIRO Coin Wallets 

FIRO (formerly Zcoin) can be stored in various wallets, including Official FIRO wallet, Ledger Nano S, Ledger Nano X, Trezor Model T, Trezor One, Exodus, Atomic Wallet, Guarda Wallet, Binance, Bittrex, Huobi, etc.