Firo price is $2.03
The current price of Firo is $ 2.03. The price has decreased in the past 24 hours with a trading volume of 2.7M. Please note prices for cryptocurrencies like Firo can be quite volatile and could change in a rapid manner.
Firo, originally known as Zcoin, is a privacy-driven cryptocurrency that facilitates fully confidential transactions through zero-knowledge proofs. It operates by allowing users to 'burn' coins and later redeem them as new coins without a historic transaction log. Unlike other privacy-focused cryptocurrencies, Firo aims not only to obscure payment trails but to eliminate them completely.
The Firo cryptocurrency, formerly known as Zcoin, was launched by Poramin Insom and his team. Insom, a privacy technology advocate, wanted to create a way for people to transfer or receive money online with complete anonymity, driving the development of Firo as a new standard for private financial transactions.
Firo operates on the principles of 'burn and redeem'. The coin's protocol lets users burn, or destroy, their existing Firo coins and then redeem them later as completely new coins with no transaction history attached to them. This mechanism allows for an unprecedented level of privacy and anonymity.
Firo is underpinned by the Lelantus privacy protocol, an upgrade from conventional cryptographic assumptions. Lelantus ensures high levels of anonymity without the need for a 'trusted setup', which is a key departure from most privacy coins that require initial trust parameters. Lelantus allows users to 'burn' and redeem coins with heightened privacy features, contributing to Firo's distinctive privacy attributes.
Dandelion++ is another privacy-enhancing feature utilized by Firo. This protocol obfuscates the originating IP of transactions, offering another layer of privacy to Firo by making it difficult for observers to trace transactions back to the original sender's IP address. This eliminates the need for external privacy services such as Tor or i2P.
Interestingly, Firo's blockchain was used in a real-world political context during the Thai Democrat Party Elections in 2018. Over 127,000 votes were cast nationwide on the Firo blockchain to elect the party leader, marking one of the first large-scale applications of blockchain technology in a political election. The use of Firo provided voters with anonymous, trustless voting - demonstrating the practical implementations of this privacy-focused cryptocurrency.
Currently, there are 13.6M Firo coins in circulation. The total supply of Firo is capped at 21.4M. As for the market cap of Firo, it is currently around $ 27.5M.
Firo can be purchased on several cryptocurrency exchanges, but it's important to consider that buying options may vary between exchanges. The currently listed platforms for purchasing Firo include TradeOgre, Indodax, CoinEx. Remember, always use recommended and safe platforms for any cryptocurrency transactions.
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