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.
History of Firo
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.
Technologies behind Firo
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.
Rebranding
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.
How to get Firo on Swapzone
- Go to the Swapzone.
- Select the currency you would like to exchange and enter the amount in the Deposit list.
- Pick FIRO in the Receive list.
- Choose the deal you would like to proceed with from the list — all the available offers from our exchange partners will be listed there. You can sort the offers out by best rates, best swap time, and the rating of the service provider.
- After picking the offer that suits you best, click the Exchange button to proceed.
- Enter the recipient’s address on the next screen. Make sure you have entered the information correctly — the exchanged currency will be sent to this address.
- Check the information once again. If everything is correct, click the button Proceed to Exchange.
- Send the necessary amount of cryptocurrency to the wallet address the service provider has generated. After the deposit is received, our partners will exchange it to FIRO.
- Exchanged FIRO coins will be sent to the address you have entered.
Read more about the history behind FIRO, its ups and downs and rebranding potential on swapzone.io.
