Firo (FIRO)

About Firo (FIRO)

Firo (FIRO) is a cryptocurrency ecosystem that aims at offering privacy to users by incorporating blockchain technology. The platform uses varied technologies like Dandelion++, Lelantus, and Lelantus Spark to offer a trustless and secure on-chain transaction with high anonymity.

In a traditional financial environment, the power of intermediaries eliminates the control of individuals on their assets. Bitcoin was originated in the environment to offer decentralized features to the individuals in controlling their assets. However, the platform lacked privacy. As a result, Firo was developed with the aim to preserve privacy in the crypto industry and build trustless protocols that increase the utility of users.

The protocol uses the below-mentioned technologies:

FIRO is the native utility token available in the ecosystem. The token can be used in mining the cryptocurrency. The rewards are distributed to the users in the form of FIRO tokens only. Users are required to keep 1000 FIROs as collateral to function as a masternode. Amongst the total block reward, 35 percent is provided to the masternodes, 50 percent to miners, and 15 percent for the development of the protocol. The platform also allows users to create their own privacy-enabled tokens connected with the private stablecoins from other chains.

The token was formerly launched in the year 2016 as Zcoin which was further converted into FIRO. The total supply of FIRO tokens is 21.4 million.