It may seem that Firo, formerly known as Zcoin, is just another coin among many other cryptocurrencies on the market, however, it has long ago established itself as one of the most reliable and trusted ones. Playing safe and secure is what the project strives to provide for its users, setting high standards by implementing novel technologies and cryptography techniques. Over the years, Firo has had its share of highs and lows but today it seems to be ramping up its power and showing positive results for investors and traders on the highly fluctuating global market.
As the cryptocurrency market was slowly but surely gaining momentum, it attracted the attention of not only investors but also researchers and even university students inclined to study its scope. In 2014, after putting a deliberate effort, Professor Matthew D. Green and his students proposed the Zerocoin protocol, which aimed at eliminating the need to go through any third parties to anonymize transactions.
The initial plan was to implement the technology into Bitcoin, however, its community turned the idea down, making the team create an independent currency with the Zerocoin protocol. Their theory soon gained a practical shape, resulting in a project called Moneta. And in just a couple of years, in 2016, Zcoin was launched — by Poramin Insom, who back then majored in information security. To facilitate the process of getting Zcoin, the Satang platform was created, letting users directly convert Thai Baht to Zcoin.
Later on, in 2019, the team moved from the Zerocoin protocol to another one called Sigma, shielding coins from inflating coin supply. The event was followed by a series of tech updates.
Unfortunately like every rise has a fall, Zcoin was hacked in 2018 due to a cryptographic flaw that went unchecked while launching the protocol of the currency and the company suffered a huge blow. The hackers made full use of the situation and that led to a highly successful currency being exploited, destroyed, stolen, and wasted. However, the controlling team took immediate measures to curtail the economic benefits occurring to the scammers and protect the currency from such frauds.
Wasting no time, hackers made full use of the situation, which subsequently led to a successful currency being exploited, destroyed, stolen, and spent. However, the project’s team took immediate measures, curtailing the economic benefits reaped by scammers and protecting the currency from possible fraudulent activities in the future.
After finding cryptography flaws, the team deployed the Dandelion protocol, eliminating the need to use VPN or TOR to make anonymous transactions, and soon gained back its strength, securing its position on the crypto market.
What makes Firo so remarkable and practical is its long list of protocols and algorithms, such as Lelantus, Sigma, Dandelion and MTP, implemented to promote the project’s core privacy-orientiered values.
With Sigma as its precursor, Lelantus allows users to burn, or destroy, coins and then retrieve them from the pool without revealing any details of the transaction history. Enabling such protocol with implemented cryptographic assumption principles removes the need for trusted setups and enhances the trading scope.
Firo also deployed the interoperable and scalable Dandelion++ protocol to keep users’ IP addresses a secret & more memory-centred MTP, or Merkle Tree Proof, that acts as a proof of work algorithm, helping speed up verification processes and prevent miner centralization.
In 2020, after witnessing crests and troughs and passing through various phases, Zcoin rebranded itself as Firo, changing its XZC ticker to FIRO. The whys are pretty simple: the team wanted to stand out and make the project more identifiable, without forgetting to add a philosophical touch to it and paying homage to their own burn-and-redeem feature.
The rebranding didn’t include any chain swaps, with Firo still using the same blockchain and users’ credentials remaining the same as well. Experts and analysts believe that Zcoin’s rebranding may become a driving force behind the cryptocurrency’s success.
Some may see the rebranding as an investment opportunity, others — as a new start but what is clear is that Firo will continue building and polishing its infrastructure to ensure maximum privacy for its community for years to come.
Due to its brilliant use of security-boosting technologies and unique models of burning old coins and redeeming some brand new ones, Firo stands as the embodiment of a privacy-oriented project, setting standards for others.
Its decentralized ecosystem, easy-to-use nature and speed make it one of the most coveted cryptos on the market, with the team constantly working on enabling up-to-date features and cutting-edge approaches.