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What Is Firo?

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Nov 21, 2022
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4 min read
what-is-firo

This blog post will cover:

  • About Firo (FIRO)
  • Where did Firo (FIRO) come from?
  • What are the advantages of Firo (FIRO)?
  • What are the disadvantages of Firo (FIRO)?
  • How to buy Firo (FIRO) on SimpleSwap?

About Firo (FIRO)

One of the main advantages of cryptocurrency is the private control of your funds. Transactions are anonymous and verified via a distributed ledger based on blockchain technology. Firo aims to be a leader in privacy protocols for сrypto and offers users cutting-edge private cryptocurrency transactions. Firo promotes financial privacy as a human right and users having complete control of their transactions. Let’s look at what Firo is all about and why some people consider it for their portfolio.

FIRO is a cryptocurrency that puts a focus on privacy. As a result, users can make untraceable transactions and be free from corporate or governmental control. Firo uses innovative privacy protocols and zero-knowledge cryptography. In 2021, the project introduced an improved transaction protocol called Lelantus. Lelantus replaces the previous Sigma protocol and allows users to “burn” their coins and redeem them for new ones. By doing so, any transaction history is removed between blocks while creating new blocks.Moreover, Firo is the first Crypto to use Dandelion++, software that prevents other users from linking an IP address to any transitions.

Where did Firo (FIRO) come from?

The creation of Zerocoin, which later became Firo, was started in late 2014 by the founder Poramin Insom. During his time at Johns Hopkins University, Insom wrote a white paper on the Zerocoin protocol application.By 2016, Insom launched Zerocoin, and shortly after, Reuben Yap joined the team. Yap is now the project steward and co-founder under the Firo rebranding, which took place in 2020.

Around this time, Firo added a digital wallet supported by the Binance exchange. And by August 2021, Firo launched its new Lelantus protocol, adding on to previous systems. Additionally, Firo applied ChainLocks to its blockchain to combat cyber-attacks that occurred earlier in 2021.

What are the advantages of Firo (FIRO)?

  • Mining
    
    Firo has the advantage of allowing users to mine FIRO coins with a home computer. Processing time is around five minutes, and each block awards 12.5 coins. Also, Firo uses the Bitcoin halving schedule that decreases the supply every four years.
  • ChainLocks
    
    Firo uses ChainLocks in their system, which adds more security to a hacker-proof system.
  • RenFIRO
    
    Firo allows trustless bridging into the Ethereum blockchain with the use of renVM.

What are the disadvantages of Firo (FIRO)?

  • Past cyber-attacks
    
    Even though Firo has hacker-proofed its system, the company has had many issues with past cyber-attacks. The implementation of the new Lelantus Spark protocol should solve these problems.
  • Not very popular
    
    The FIRO coin currently falls behind some of the larger cryptocurrencies on the market, but this may change.

How to buy Firo (FIRO) on SimpleSwap?

Firo is aiming to be a next-generation cryptocurrency with some of the most advanced privacy protocols in the Crypto World. They offer an improved way to transact cryptocurrency securely and anonymously. If you want to purchase FIRO, you can do it by following these simple steps:

  • For example, you want to swap BTC for FIRO. Select the currency you want to exchange (e.g. BTC) in the first drop-downlist. Then enter the amount you want to swap.
  • Select FIRO in the second drop-down list. You’ll see the estimated amount that you’ll get after the exchange.
  • Click the Exchange button.
  • Enter the Recipient's Address. FIRO will be sent. Be careful and make sure you use the correct address.
  • Create the exchange.
  • You will see the Bitcoin deposit address. You need to transfer the necessary amount of BTC to this address to start the BTC to FIRO exchange.

SimpleSwap reminds you that this article is provided for informational purposes only and does not provide investment advice. All purchases and cryptocurrency investments are your own responsibility.

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