Firo (cryptocurrency)

{{short description|Cryptocurrency}} {{about-distinguish|the cryptocurrency Firo|Zerocoin|Zcash}} {{Use dmy dates|date=February 2016}} {{Infobox cryptocurrency | currency_name = Firo | image_1 = Firo-logo.svg | image_2 = | image_background_1 = | image_background_2 = | image_width_1 = | alt1 = | image_width_2 = | alt2 = | image_title_1 = Firo official logo | image_title_2 = | superunit_ratio_1 =  | superunit_name_1 = | subunit_ratio_1 =  | subunit_name_1 = | symbol = | alt_symbol_title_1 = | alt_symbol_1 = | ticker_symbol = FIRO | previous_names = | nickname = | plural = | precision = | white_paper = [https://web.archive.org/web/20210823062359/https://lelantus.io/enabling-untraceable-anonymous-payments.pdf Enabling Untraceable Anonymous Payments in the Lelantus Protocol] | implementations = | initial_release_version = 0.1<ref>{{cite web |title=Release for v0.1 |url=https://github.com/zcoinofficial/zcoin/releases/tag/v0.1 |publisher=Github |access-date=1 August 2019 |archive-url=https://web.archive.org/web/20190801143434/https://github.com/zcoinofficial/zcoin/releases/tag/v0.1 |archive-date=1 August 2019}}</ref> | initial_release_date = {{Start date and age|df=yes|2016|09|28}} | code_repository = https://github.com/firoorg/firo/releases<ref name=advfn>{{Cite web |title=Firo(Zcoin) Fundamentals |url=https://uk.advfn.com/crypto/Firo-Zcoin-FIRO/fundamentals |access-date=6 June 2021 |via=ADVFN |archive-date=20 August 2021 |archive-url=https://web.archive.org/web/20210820131756/https://uk.advfn.com/crypto/Firo-Zcoin-FIRO/fundamentals |url-status=dead }}</ref> | status = Active | latest_release_version = 0.14.13.2<ref name=Releases>{{Cite web |title=Releases |url=https://github.com/firoorg/firo/releases |access-date=16 February 2024 |via=[[GitHub]]}}</ref> | latest_release_date = {{Start date and age|df=yes|2024|02|16}}<ref name=Releases/> | programming_languages = [[JavaScript]], [[C (programming language)|C]], [[Python (programming language)|Python]], [[Go (programming language)|Go]], [[C++]]<ref>{{cite web |title=Firo |url=https://github.com/firoorg |publisher=Github |access-date=8 January 2021}}</ref> | operating_system = | author = Poramin Insom Reuben Yap<ref name="McIntosh 2020">{{cite news |last1=McIntosh|first1=Rachel|title='Year of the CBDC'? Central Bank Digital Currencies More Popular than Ever|url=https://www.financemagnates.com/cryptocurrency/news/year-of-the-cbdc-central-bank-digital-currencies-more-popular-than-ever/|access-date=11 May 2021 |publisher=Finance Magnates |date=12 November 2020}}</ref> | developer = Poramin Insom<ref name="Ezra 2019 part 1"/> Peter Shugalev Andrey Bezrukov Panu Suksumonsin Rustam Abrahamyan Sproxet Aram Jivanyan (Research)<ref name="Alin K 2021">{{cite news |last1=Alin K |first1=Gregorian|title=Without Support for Science, Armenia's Future Is in Jeopardy|url=https://mirrorspectator.com/2021/04/15/without-support-for-science-armenias-future-is-in-jeopardy/|access-date=10 May 2021 |publisher=Armenian Mirror Spectator |date=15 April 2021}}</ref> | source_model = [[Bitcoin]] codebase<ref name="Miers">{{cite book |last1=Miers|first1=Ian |last2=Garman|first2=Christina |last3=Green|first3=Matthew| last4=Rubin|first4=Aviel D. |title=2013 IEEE Symposium on Security and Privacy |chapter=Zerocoin: Anonymous Distributed E-Cash from Bitcoin | url=http://spar.isi.jhu.edu/~mgreen/ZerocoinOakland.pdf | date=May 2013 | pages=397–411 | doi=10.1109/SP.2013.34 |isbn=978-0-7695-4977-4 | issn=1081-6011 }}</ref> | license = | website = https://firo.org/<ref name=advfn/> | hash_function = [[Merkle Tree]] Proof<ref name="MTP"/> | issuance_schedule = | timestamping = Proof-of-work | block_time = 2.5 minutes<ref>{{cite web |title=MTP – Zcoin's New Proof-of-Work Algorithm |url=https://firo.org/2022/05/08/firo-upcoming-tokenomics-change.html |publisher=Firo.org }}</ref> | block_reward = 6.25 FIRO per block (next halving September 2024) | footnotes = {{notelist|group=infobox}} }}

'''Firo''', formerly known as '''Zcoin''', is a [[cryptocurrency]] aimed at using [[cryptography]] to provide better privacy for its users compared to other cryptocurrencies such as [[Bitcoin]].

==History== ===Zcoin=== ====Creation==== In late 2014, Poramin Insom, a student in Masters in Security Informatics from Johns Hopkins University, wrote a paper on implementing the [[zerocoin protocol]] into a cryptocurrency with [[Matthew D. Green|Matthew Green]] as a faculty member.<ref name="Poramin interview">{{cite web |last1=Reuben |first1=Yap |title=An Interview with Poramin Insom, Zcoin's lead developer and founder |url=https://zcoin.io/interview-poramin-insom-zcoins-lead-developer-founder/ |publisher=zcoin.io |access-date=8 September 2018 |archive-url=https://web.archive.org/web/20180824135136/https://zcoin.io/interview-poramin-insom-zcoins-lead-developer-founder/ |archive-date=24 August 2018}}</ref><ref name="Ezra 2019 part 1">{{cite news |last1=Ezra Kryill |first1=Erker |title=Cyberwarfare to cryptocurrency |url=http://www.eliteplusmagazine.com/home/content/654/8 |access-date=5 May 2019 |work=Elite Plus Magazine |date=4 April 2019 |archive-url=https://web.archive.org/web/20190505035629/http://www.eliteplusmagazine.com/home/content/654/8 |archive-date=5 May 2019}}</ref> The project to create a standalone cryptocurrency implementing the Zerocoin protocol was named "Moneta".<ref>{{Cite news|last=Evans|first=Jon|date=7 February 2015|title=What you need to know about Zero knowledge|work=TechCrunch|url=https://techcrunch.com/2015/02/07/what-you-need-to-know-about-zero-knowledge/|access-date=5 June 2021}}</ref><ref>{{cite web |title=Moneta - Engineering an ideal cryptocurrency |url=https://moneta.cash/about.html |archive-url=https://web.archive.org/web/20150203221850/https://moneta.cash/about.html |url-status=dead |archive-date=3 February 2015 |publisher=Moneta.cash |access-date=11 August 2018}}</ref>

On 28 September 2016, Zcoin, the first cryptocurrency to implement the zerocoin protocol, was launched by Poramin Insom and team.<ref name="Ezra 2019 part 1" /><ref name=":1" /> [[Roger Ver]] was the initial investor.<ref name="Ezra 2019 part 1" /> Reuben Yap, a former lawyer and founder of virtual private network BolehVPN joined the team as co-founder shortly after the launch of Zcoin.<ref>{{cite news |last1=Puthankatil |first1=Venu |title=Taking care of business: Sarawak's young entrepreneurs on the rise |url=https://www.theborneopost.com/2013/08/04/taking-care-of-business-sarawaks-young-entrepreneurs-on-the-rise/ |access-date=18 October 2023 |publisher=The Borneo Post |date=4 August 2013 |archive-url=https://web.archive.org/web/20180817151437/https://www.theborneopost.com/2013/08/04/taking-care-of-business-sarawaks-young-entrepreneurs-on-the-rise/ |archive-date=17 August 2018}}</ref>

====2017–2018==== On 20 February 2017, a malicious coding attack on the Zerocoin protocol created 370,000 fake tokens which perpetrators sold for over 400 Bitcoins ($440,000). Zcoin team announced that a single-symbol error in a piece of code "allowed an attacker to create Zerocoin spend transactions without a corresponding mint".<ref>{{Cite web|url=https://www.zdnet.com/article/the-most-high-profile-cryptocurrency-data-breaches-vulnerabilities-and-disasters-in-2017/|title=The risky business of bitcoin: High-profile cryptocurrency catastrophes|last=Osborne|first=Charlie|website=ZDNet|language=en|access-date=2018-12-21}}</ref> Unlike [[Ethereum]] during the [[Ethereum#The DAO event|DAO event]], developers have opted not to destroy any coins or attempt to reverse what happened with the newly generated ones.<ref>{{cite news |title=A single typo let hackers steal $400,000 from a bitcoin rival |url=http://uk.businessinsider.com/typo-bitcoin-rival-zcoin-attacker-steals-400000-2017-2/?IR=T |archive-url=https://web.archive.org/web/20180811023625/http://uk.businessinsider.com/typo-bitcoin-rival-zcoin-attacker-steals-400000-2017-2/?IR=T |date=20 February 2017 |archive-date=11 August 2018 |access-date=11 August 2018 |work=Business Insider}}</ref>

In September 2017, Poramin set up an exchange named "Satang Pro" that can convert Thai Baht to Zcoin directly.<ref name="Ezra 2019 part 1"/><ref>{{Cite news|date=19 January 2021|title=เว็บซื้อขายบิตคอยน์ในไทยมีที่ไหนบ้าง? |trans-title=What are the crypto trading sites in Thailand?|work=efinance Thai|url=https://www.efinancethai.com/LastestNews/LatestNewsMain.aspx?release=y&ref=M&id=Y3lWd1NlQVJHakk9|access-date=4 June 2021}}</ref>

In April 2018, a cryptographic flaw was found in the Zerocoin protocol which allowed attackers to steal, destroy, and create Zcoins.<ref>{{cite journal |last1=Tim |first1=Ruffing |last2=Sri Avavinda |first2=Krishnan |last3=Viktoria |first3=Ronge |last4=Dominique |first4=Schröder |title=A Cryptographic Flaw in Zerocoin (and Two Critical Coding Issues) |journal=Chair of Applied Cryptography |date=12 April 2018 |url=https://www.chaac.tf.fau.eu/2018/04/12/zerocoinzcoinpivxzoinsmartcashhexxcoin-attack/ |access-date=9 September 2018 |publisher=[[University of Erlangen-Nuremberg]] |location=Germany}}</ref> The Zcoin cryptocurrency team, while acknowledging the flaw, stated the high difficulty in performing such attacks and the low probability of giving economic benefit to the attacker.<ref>{{cite web |last1=Reuben |first1=Yap |title=A statement on the paper "Burning Zerocoins for fun and profit" |url=https://zcoin.io/statement-paper-burning-zerocoins-fun-profit/ |publisher=Zcoin.io |access-date=9 September 2018 |archive-url=https://web.archive.org/web/20180909001327/https://zcoin.io/statement-paper-burning-zerocoins-fun-profit/ |archive-date=9 September 2018}}</ref>

In August 2018, Boozeat, a liquor delivery service in Malaysia accepted Zcoin as a payment method.<ref>{{Cite news|last=Belle|first=Theresa|date=3 August 2018|title=Boozeat wants to make it even easier to get good liquor at your doorstep|work=Firstclasse|url=https://firstclasse.com.my/boozeat-good-liquor-at-your-doorstep/|access-date=11 June 2021}}</ref>

In September 2018, Zcoin introduced the Dandelion protocol that hides the origin IP address of a sender without using [[The Onion Router]] (Tor) or [[Virtual Private Network]] (VPN).<ref>{{Cite news |title=The distributed passion of a crypto pioneer Insom - The Nation |url=http://www.nationmultimedia.com/detail/Startup_and_IT/30360447 |archive-url=https://web.archive.org/web/20181215014022/http://www.nationmultimedia.com/detail/Startup_and_IT/30360447 |archive-date=2018-12-15 |access-date=2025-06-14 |work=The Nation}}</ref><ref>{{cite web |title=Zcoin is the first cryptocurrency to implement Dandelion privacy protocol |date=4 October 2018 |url=https://www.finder.com.au/zcoin-is-the-first-cryptocurrency-to-implement-dandelion-privacy-protocol |publisher=finder.com.au |access-date=1 January 2019|archive-url=https://web.archive.org/web/20190102100202/https://www.finder.com.au/zcoin-is-the-first-cryptocurrency-to-implement-dandelion-privacy-protocol|archive-date=2 January 2019}}</ref>

In November 2018, Zcoin conducted the world's first large-scale party elections for [[Democrat Party (Thailand)|Thailand Democrat Party]] using blockchain instead of relying upon the election commission to count the votes.<ref>{{Cite news |title=Reliable voting TECHNOLOGY - The Nation |url=http://www.nationmultimedia.com/detail/Startup_and_IT/30359633 |archive-url=https://web.archive.org/web/20181203194030/http://www.nationmultimedia.com/detail/Startup_and_IT/30359633 |archive-date=2018-12-03 |access-date=2025-06-14 |work=The Nation |language=en}}</ref><ref>{{cite news |last1=Chris |first1=Baraniuk |title=Blockchain: The revolution that hasn't quite happened |url=https://www.bbc.com/news/business-51281233 |access-date=11 February 2020 |work=BBC News |date=11 February 2020 |archive-url=https://web.archive.org/web/20200211061041/https://www.bbc.com/news/business-51281233 |archive-date=11 February 2020}}</ref> In the same month, a video named "Rap Against Dictatorship" was uploaded to Zcoin blockchain after Thailand government's threat of arresting the people involved in the video for speaking against government policies.<ref>{{Cite web|date=20 November 2018|title=Cryptocurrency Used to Protect 'Rap Against Dictatorship' Video From Censorship|url=http://www.thailawforum.com/cryptocurrency-used-to-protect-rap-against-dictatorship-video-from-censorship/|access-date=25 June 2021|website=ThaiLawForum}}</ref>

In December 2018, Zcoin implemented [[Merkle tree]] proof, a mining algorithm that deters the usage of [[Application-specific integrated circuit]] (ASIC) in mining coins by being more memory intensive for the miners. This allows ordinary users to use a [[central processing unit]] (CPU) and [[graphics card]] for mining, so as to enable [[egalitarianism]] in coin mining.<ref name="MTP">{{cite news |title=Zcoin Moves Against ASIC Monopoly With Merkle Tree Proof |url=https://www.financemagnates.com/cryptocurrency/news/zcoin-moves-against-asic-monopoly-with-merkle-tree-proof/ |access-date=29 December 2018 |publisher=Finance Magnates |date=6 December 2018 |archive-url=https://web.archive.org/web/20181206222208/https://www.financemagnates.com/cryptocurrency/news/zcoin-moves-against-asic-monopoly-with-merkle-tree-proof/ |archive-date=6 December 2018}}</ref>

====2019–2020==== In February 2019, Zcoin was added to [[cryptocurrency wallet|wallet]] supported by [[Binance]] cryptocurrency exchange.<ref>{{cite news |last1=JD |first1=Alois |title=Binance's Trust Wallet adds Zcoin Privacy Coin |url=https://www.crowdfundinsider.com/2019/02/144859-binances-trust-wallet-adds-zcoin-privacy-coin/ |access-date=16 January 2020 |publisher=Crowdfund Insider |date=26 February 2019 |archive-url=https://web.archive.org/web/20200116160520/https://www.crowdfundinsider.com/2019/02/144859-binances-trust-wallet-adds-zcoin-privacy-coin/ |archive-date=16 January 2020}}</ref> In the same month, Zcoin partnered with Binance Charity Foundation to raise funds for "Lunch for Children" program in Africa. The charity used blockchain to track and verify the progress of funds from donor to receiver.<ref>{{cite news |title=Binance Charity Launches Blockchain-Powered 'Lunch For Children' Program |url=https://www.rttnews.com/2981274/binance-charity-launches-blockchain-powered-lunch-for-children-program.aspx?refresh=1 |access-date=11 February 2020 |publisher=RTTNews |date=22 February 2019 |archive-url=https://web.archive.org/web/20190223203112/https://www.rttnews.com/2981274/binance-charity-launches-blockchain-powered-lunch-for-children-program.aspx?refresh=1 |archive-date=23 February 2019}}</ref> On 25 April 2019, Zcoin was listed on the Indonesian digital exchange KoinX.<ref>{{cite web |date=25 April 2019 |title=Zcoin Segera Hadir di Indonesia |url=https://www.liputan6.com/tekno/read/3950292/zcoin-segera-hadir-di-indonesia |access-date=10 May 2021 |website=Liputan6 |language=id}}</ref>

On 30 July 2019, Zcoin formally departed from the zerocoin protocol by adopting a new protocol called "Sigma" that prevents counterfeit privacy coins from inflating coin supply. This is achieved by removing a feature called "trusted setup" from the zerocoin protocol.<ref>{{cite news |last1=Andrew |first1=Munro |title=Zcoin cryptocurrency introduces zero knowledge proofs with no trusted set-up |url=https://www.finder.com.au/zcoin-cryptocurrency-introduces-zero-knowledge-proofs-with-no-trusted-setup |access-date=30 July 2019 |publisher=Finder Australia |date=30 July 2019 |archive-url=https://web.archive.org/web/20190730210721/https://www.finder.com.au/zcoin-cryptocurrency-introduces-zero-knowledge-proofs-with-no-trusted-setup |archive-date=30 July 2019}}</ref> In August 2019, Zcoin was added to an African cryptocurrency exchange named OVEX.<ref>{{cite news |last1=Lloyd |first1=Newkirk |title=Zcoin – a private cryptocurrency coming to OVEX |url=https://www.thesouthafrican.com/cryptocurrencies/zcoin-a-private-cryptocurrency-coming-to-ovex/ |access-date=16 January 2020 |publisher=The South African |date=29 August 2019 |archive-url=https://web.archive.org/web/20190829205214/https://www.thesouthafrican.com/cryptocurrencies/zcoin-a-private-cryptocurrency-coming-to-ovex/ |archive-date=29 August 2019}}</ref> In December 2019, Zcoin introduced a decentralised crowdfunding and decision-making system to fund ancillary tasks for the project.<ref>{{cite news |last1=Samantha |first1=Hurst |title=Zcoin Announces Launch of Crowdfunding System |url=https://www.crowdfundinsider.com/2019/12/155697-zcoin-announces-launch-of-crowdfunding-system/ |access-date=16 January 2020 |publisher=Crownfund Insider |date=26 December 2019 |archive-url=https://web.archive.org/web/20191226222726/https://www.crowdfundinsider.com/2019/12/155697-zcoin-announces-launch-of-crowdfunding-system/ |archive-date=26 December 2019}}</ref> In July 2020, using the crowdfunding system, Zcoin raised US$22,500 from 89 contributors to fund the first phase of its third-party audit of Lelantus protocol.<ref>{{cite news |last1=Faridi |first1=Omar |title=More than Half of Paycheck Protection Program Recipients are Focused on Financial Services, but Some Crypto Projects like Zcoin are Self-Funded |url=https://www.crowdfundinsider.com/2020/07/163966-more-than-half-of-paycheck-protection-program-recipients-are-focused-on-financial-services-but-some-crypto-projects-like-zcoin-are-self-funded/ |access-date=17 September 2021 |publisher=Crowdfund Insider |date=13 July 2020 |archive-url=https://web.archive.org/web/20210126162556/https://www.crowdfundinsider.com/2020/07/163966-more-than-half-of-paycheck-protection-program-recipients-are-focused-on-financial-services-but-some-crypto-projects-like-zcoin-are-self-funded/ |archive-date=26 January 2021}}</ref>

In May 2020, Zcoin announced that all founder rewards will be ceased, while at the same time increase development funding to 15% of the block reward, and allocated 35% of the block reward to masternodes. Besides, a US$100,000 reserve fund was set up to protect against price [[volatility (finance)|volatility]].<ref>{{cite web |date=4 May 2020 |last=Arnab |first=Shome |title=Zcoin Unveils New Block Reward Allocation, Creates a Reserve Fund |url=https://www.financemagnates.com/cryptocurrency/news/zcoin-unveils-new-block-reward-allocation-creates-a-reserve-fund/ |access-date=14 July 2020 |website=Finance Magnates}}</ref> In September 2020, Zcoin completed first halving of block rewards.<ref>{{Cite web|last=Kubrick|first=Kaitlyn|date=2020-09-12|title=Zcoin's (XZC) first halving is just around the corner|url=https://www.somagnews.com/zcoins-xzc-first-halving-is-just-around-the-corner/|access-date=2020-09-15|website=Somag News|language=en-US|archive-date=12 September 2020|archive-url=https://web.archive.org/web/20200912190652/https://www.somagnews.com/zcoins-xzc-first-halving-is-just-around-the-corner/|url-status=usurped}}</ref> In the same month, Zcoin was added to Stakehound for easy accessibility to [[Decentralized finance]] (DeFi) while earning staking rewards.<ref>{{cite web |date=3 September 2020 |title=StakeHound to issue first tokens that allow access to DeFi while earning staking rewards |work=Hedgeweek |url=https://www.hedgeweek.com/stakehound-issue-first-tokens-allow-access-defi-while-earning-staking-rewards/ |access-date=11 May 2021 |language=en-GB}}</ref>

===Firo=== In October 2020, Zcoin announced rebranding to new name called "Firo" which signifies a unique way of burn (destroy) and redeem coins.<ref>{{cite web |last1=Hurst |first1=Samantha |title=Zcoin Announces Rebranding to New Name & Ticker "Firo" |date=28 October 2020 |url=https://www.crowdfundinsider.com/2020/10/168504-zcoin-announces-rebranding-to-new-name-ticker-firo/ |publisher=Crowdfund Insider |access-date=4 November 2020 |archive-url=https://web.archive.org/web/20201101141745/https://www.crowdfundinsider.com/2020/10/168504-zcoin-announces-rebranding-to-new-name-ticker-firo/ |archive-date=1 November 2020}}</ref> Firo suffered an 51% attack in January 2021.<ref>{{cite news |title=Bitcoin Daily: BitPay Expands DeFi Options In Wallet App; Bitpanda Introduces Debit Card For Crypto, Fiat, Metal Payments |url=https://www.pymnts.com/news/bitcoin-tracker/2021/bitcoin-daily-bitpay-expands-defi-options-wallet-app-bitpanda-introduces-debit-card-crypto-fiat-metal-payments/ |access-date=18 February 2021 |publisher=pymnts |archive-url=https://web.archive.org/web/20210121030548/https://www.pymnts.com/news/bitcoin-tracker/2021/bitcoin-daily-bitpay-expands-defi-options-wallet-app-bitpanda-introduces-debit-card-crypto-fiat-metal-payments/ |archive-date=21 January 2021}}</ref> In June 2021, Firo was added to NOBI trading platform based in Indonesia.<ref>{{cite news |date=1 June 2021 |title=Nobi Bongkar Rahasia Keunggulan Applikasi NOBI, Platform Indonesia Pertama Yang Merevolusi Cara Berinvestasi Cryptocurrency |trans-title=Nobi Unveils the Secrets on the advantages of the NOBI Application, the first Indonesian platform that revolutionizes on how to invest in cryptocurrency |url=https://www.industry.co.id/read/86508/nobi-bongkar-rahasia-keunggulan-applikasi-nobi-platform-indonesia-pertama-yang-merevolusi-cara-berinvestasi-cryptocurrency |archive-url=https://web.archive.org/web/20210602070735/https://www.industry.co.id/read/86508/nobi-bongkar-rahasia-keunggulan-applikasi-nobi-platform-indonesia-pertama-yang-merevolusi-cara-berinvestasi-cryptocurrency |archive-date=2 June 2021 |access-date=2 June 2021 |publisher=Industrycoid}}</ref> Firo implemented Receiver Address Privacy (RAP) in June 2021.<ref name=":3">{{Cite news|last=Woffenden|first=Claire|date=17 June 2021|title=This Week in Fintech: TFT Bi-Weekly News Roundup 17/06|work=The Fintech Times|url=https://thefintechtimes.com/this-week-in-fintech-tft-bi-weekly-news-roundup-17-06/|access-date=23 June 2021}}</ref> In August 2021, Firo announced the Lelantus Spark protocol. This protocol offers additional privacy features, including generating new one-time addresses for receiving payments, efficient multisignature operations, and the availability of view keys for authorised third parties to view a transaction.<ref>{{cite news |last1=Harrison |first1=Polly Jean |title=Firo Announces New Privacy Protocol Lelantus Spark |url=https://thefintechtimes.com/firo-announces-new-privacy-protocol-lelantus-spark/ |access-date=4 September 2021 |publisher=The Fintech Times |archive-url=https://web.archive.org/web/20210830020236/https://thefintechtimes.com/firo-announces-new-privacy-protocol-lelantus-spark/ |archive-date=30 August 2021}}</ref>

==Design== [[File:Firo Core wallet GUI 0.14.6.0 on Windows 10.png|thumb|Firo Core wallet GUI 0.14.6.0 on Windows 10.]]

===Zero-knowledge proofs=== Firo initially implemented the Zerocoin protocol. Unlike bitcoin, money does not travel from one block to another. Instead, it is traded as Zerocoin and redeem for a new coin without any history of transaction. However, the disadvantage of this system is that the transaction amount cannot be hidden.<ref name=":1">{{Cite web|last=Kostopoulos|first=Nikos|date=25 July 2019|title=6 private crypto alternatives to bitcoin|url=https://e27.co/6-private-crypto-alternatives-to-bitcoin-20190725/|access-date=5 June 2021|website=e27}}</ref> There had been little research interest into Zerocoin protocol because of its similarity to Zerocash protocol.<ref name="Herskind 2020">{{Cite journal |last1=Herskind |first1=Lasse |last2=Katsikouli |first2=Panagiota |last3=Dragoni |first3=Nicola |date=2020 |title=Privacy and Cryptocurrencies—A Systematic Literature Review |journal=IEEE Access |volume=8 |pages=54044–54059 |doi=10.1109/ACCESS.2020.2980950 |bibcode=2020IEEEA...854044H |s2cid=214692882 |issn=2169-3536|doi-access=free }}</ref>

In 2019, Letantus protocol was introduced.<ref>{{cite journal |last1=Jivanyan |first1=Aram |title=Lelantus: A New Design for Anonymous and Confidential Cryptocurrencies |journal=International Association of Cryptologic Research ePrintArchive |date=2019 |url=https://eprint.iacr.org/2019/373.pdf |access-date=13 November 2025}}</ref> There are three phases of a Lelantus transaction. Since trusted setup is not needed, it makes the algorithm faster. In the first phase, a block with transaction history is deleted, while generating a new block with no previous history (minting). A serial number is added to the minted coin to prevent double spending. In the second phase, all previous minted coins are parsed and the serial number are published to the blockchain (spending). In the third phase, the participants can verify the block without any actual inputs.<ref>{{cite book |last1=Patnaik |first1=Srikanta |last2=Wang |first2=Tao-Sheng |last3=Shen |first3=Tao |last4=Panigrahi |first4=Sushanta Kumar |title=Blockchain Technology and Innovations in Business Processes |date=2021 |publisher=Springer Nature |isbn=9789813364707 |page=120 |url=https://books.google.com/books?id=SKwlEAAAQBAJ&pg=PA120 |access-date=18 September 2021}}</ref>

===Dandelion++ protocol=== Firo implemented the Dandelion++ protocol in 2018. It is a protocol that helps to increase the anonymity of a sender during the dissemination of a transaction. There are two phases in the Dandelion protocol: stem phase and fluff phase. In the stem phase, a message is forwarded to a single, randomly chosen neighbour. Then, in the fluff phase, the message is broadcast to all the neighbours except forwarder of the message. Dandelion ++ is an improved version of the Dandelion protocol where the problem of transactions lost due to defective or malicious nodes is avoided by broadcasting the message if a node does not receive the message after a certain period of time in the fluff phase.<ref>{{Cite book |last1=Serena |first1=Luca |last2=D'Angelo |first2=Gabriele |last3=Ferretti |first3=Stefano |title=Proceedings of the 3rd Workshop on Cryptocurrencies and Blockchains for Distributed Systems |chapter=Implications of dissemination strategies on the security of distributed ledgers |date=2020-09-25 |chapter-url=https://dl.acm.org/doi/10.1145/3410699.3413795 |language=en |location=London United Kingdom |publisher=ACM |pages=65–70 |doi=10.1145/3410699.3413795 |arxiv=2007.15260 |isbn=978-1-4503-8079-9|s2cid=220871275 }}</ref> These steps shuffles the IP addresses of the nodes to help to protect users' anonymity.<ref>{{Cite news|last=Csiszar|first=John|date=10 June 2021|title=10 of the Most Private Cryptocurrencies To Invest In|work=AOL|url=https://www.aol.com/finance/10-most-private-cryptocurrencies-invest-150025048.html|access-date=11 June 2021}}</ref>

===Receiver Address Privacy (RAP)=== In June 2021,<ref name=":3" /> Firo introduced Receiver Address Privacy (RAP) addresses, an adaptation of BIP47.<ref name=":2">{{cite news |last1=Charles |first1=Brett |title=Zcoin's RAP to enhance wallet address privacy |url=https://www.enterprisetimes.co.uk/2020/01/07/zcoins-rap-to-enhance-wallet-address-privacy/ |access-date=13 February 2020 |publisher=Enterprise Times UK |date=7 January 2020 |archive-url=https://web.archive.org/web/20200111203249/https://www.enterprisetimes.co.uk/2020/01/07/zcoins-rap-to-enhance-wallet-address-privacy/ |archive-date=11 January 2020}}</ref> RAP allows users to be able to publicly post their wallet addresses without having to worry about privacy. In the past, wallet users had to create and share freshly generated addresses to attempt to maintain their privacy.<ref name=":2" />

===Mining=== Firo implemented the MTP algorithm in December 2018. Using video cards, mining Firo can be more profitable than mining ethereum.<ref>{{cite news |date=30 May 2021 |title=Minería de criptomonedas en Argentina: un sector en expansión |trans-title=Cryptocurrency mining in Argentina: an expanding sector |url=https://www.iproup.com/economia-digital/23272-como-es-el-ecosistema-de-mineria-de-criptomonedas-en-argentina |archive-url=https://web.archive.org/web/20210530132221/https://www.iproup.com/economia-digital/23272-como-es-el-ecosistema-de-mineria-de-criptomonedas-en-argentina |archive-date=30 May 2021 |access-date=2 June 2021 |publisher=iProUP}}</ref><ref>{{cite news |last1=LW |title=Ethereum: 3 alternatives to the popular cryptocurrency |url=https://www.marca.com/en/lifestyle/us-news/2022/03/15/62310fa0e2704e3bb28b45df.html |access-date=18 March 2022 |publisher=[[Marca (newspaper)|Marca]] |date=15 March 2022 |archive-url=https://web.archive.org/web/20220315222030/https://www.marca.com/en/lifestyle/us-news/2022/03/15/62310fa0e2704e3bb28b45df.html |archive-date=15 March 2022}}</ref> Nvidia GeForce RTX 3080 Ti is able to churn out 6 to 6.5 Mhash/s of hash rate, earning about US$5 per day. Meanwhile, GeForce RTX 3080 is only able to churn out 5. 3 Mhash/s on this cryptocurrency.<ref>{{Cite news |last=Созинов |first=Андрей |date=3 June 2021 |title=GeForce RTX 3080 Ti оказалась весьма хороша в майнинге, несмотря на встроенную защиту |trans-title=GeForce RTX 3080 Ti turns out to be quite good at mining, despite built-in protection |url=https://3dnews.ru/1041089/geforce-rtx-3080-ti-okazalas-vesma-horosha-v-mayninge-nesmotrya-na-zashchitu |access-date=4 June 2021 |work=3DNews}}</ref> The algorithm has been changed to FiroPoW on October 26, 2021.

==Regulatory responses== In February 2021, Thailand Securities and Exchange Commission (SEC) mooted an idea of banning privacy coins from exchanges. Poramin Insom argued that such ban lacks rationale and clarity because all cryptocurrencies including bitcoin have some privacy features in it. Besides, exchanges can easily track customers' details by using Know-Your-Customer (KYC) and Anti-money laundering (AML) procedures.<ref>{{Cite news |title=ผู้ก่อตั้งFIRO เสนอ ก.ล.ต.ทบทวนนิยาม privacy coins-ไม่เห็นด้วยห้ามเทรด |trans-title=FIRO founder urges SEC to revise privacy coins definition - disagree on banning trading |url=https://www.efinancethai.com/LastestNews/LatestNewsMain.aspx?release=y&ref=M&id=ODRPTzFXaGF0ems9 |access-date=4 June 2021 |work=efinanceThai}}</ref> In September 2022, Seychelles-based cryptocurrency exchange [[Huobi]] delisted Firo because of financial regulations.<ref>{{cite news |last1=Ikeda |first1=Scott |title=Crypto Exchange Huobi to Delist 7 Privacy Coins, Citing New Financial Regulations |url=https://www.cpomagazine.com/data-privacy/crypto-exchange-huobi-to-delist-7-privacy-coins-citing-new-financial-regulations/ |access-date=13 August 2023 |work=CPO Magazine |date=22 September 2022 |archive-url=https://web.archive.org/web/20230211211125/https://www.cpomagazine.com/data-privacy/crypto-exchange-huobi-to-delist-7-privacy-coins-citing-new-financial-regulations/ |archive-date=11 February 2023}}</ref>

==Price and volatility== In October 2018, Firo was ranked top 25, with fully diluted market capitalisation of US$194,506,940.<ref>{{Cite journal|last=Bocart|first=Fabian|date=2018-11-27|title=Inflation Propensity of Collatz Orbits: A New Proof-of-Work for Blockchain Applications|journal=Journal of Risk and Financial Management|language=en|volume=11|issue=4|pages=83|doi=10.3390/jrfm11040083|issn=1911-8074|doi-access=free}}</ref> Firo had an all-time high price of US$170 per coin in 2017–2018.<ref>{{cite web |last1=Sant |first1=Sam |title=Firo crypto token price, where to buy, and symbol |date=2 September 2021 |url=https://www.gamerevolution.com/guides/691585-firo-crypto-token-price-how-where-buy-ticker-symbol |publisher=Gamer Revolution |access-date=3 September 2021 |archive-url=https://web.archive.org/web/20210902183637/https://www.gamerevolution.com/guides/691585-firo-crypto-token-price-how-where-buy-ticker-symbol |archive-date=2 September 2021}}</ref> In February 2020, Firo price dropped to US$3 to US$5 per coin.<ref>{{Cite web|date=28 January 2020|title=Most volatile crypto of January 2020: the top 10 movers|url=https://www.capital.com/amp/most-volatile-crypto-of-january|access-date=16 June 2021|website=Capital.com}}</ref> Firo was priced at US$7.5 in September 2021.

==Analysis== According to researchers from [[Technical University of Denmark]], Sigma and Lelantus protocols both contributed to the area of specialised trustless zero-knowledge proofs but seldom offered strong anonymity guarantees when compared to zk-SNARKS because of performance limitations. However, ZK-SNArK-like proof is complicated and research into simpler zero-knowledge protocols can provide practical and anonymous payments in the future.<ref name="Herskind 2020"/> A cryptographic audit was done in September 2020. According to the audit, Lelantus protocol offers good privacy without trusted setup and reasonable proving time within 2 seconds and anonymity set size of 216.<ref>{{Cite web|last1=Khovratovich|first1=Dmitry|last2=Kizhvatov|first2=Ilya|date=September 2020|title=Lelantus Cryptographic audit|url=https://firo.org/about/tech/papers/lelantus-cryptography-audit-abdk.pdf|archive-url=https://web.archive.org/web/20210127204142/https://firo.org/about/tech/papers/lelantus-cryptography-audit-abdk.pdf|url-status=dead|archive-date=27 January 2021|access-date=8 June 2021|website=ABDK Consulting}}</ref> According to R.E Shibai et al., Lelantus was described as "promising" in ensuring privacy and anonymity in cryptocurrency transactions.<ref>{{cite book |last1=Daimi |first1=Kevin |last2=Peoples |first2=Cathryn |title=Advances in Cybersecurity Management |date=2021 |publisher=Springer Nature |isbn=9783030713812 |page=122 |url=https://books.google.com/books?id=GH8zEAAAQBAJ&pg=PA122 |access-date=17 September 2021}}</ref> However, according to a master thesis written by Bontekoe, T.H from [[University of Twente]], he would prefer zk-SNARKS for digital payments because as "the used primitives in Zcoin (Lelantus) do currently not allow for the extensive statements that we most likely require to make our scheme anonymous and auditable."<ref>{{cite thesis |type=M.Sc. thesis |last1=Bontekoe |first1=TH |title=Balancing privacy and accountability in digital payment methods using zk-SNARKs |date=2020 |page=36 |url=http://essay.utwente.nl/83616/ |access-date=17 September 2021 |publisher=University of Twente}}</ref>

Lelantus was also implemented into the [[Mimblewimble|Mimble Wimble]] protocol to produce a new protocol named Oscausi.<ref>{{Cite journal |last1=Herskind |first1=Lasse |last2=Katsikouli |first2=Panagiota |last3=Dragoni |first3=Nicola |date=2020-05-31 |title=Oscausi - Practical Private Electronic Cash from Lelantus and MimbleWimble |url=https://doi.org/10.22667/JISIS.2020.05.31.016 |journal=Journal of Internet Services and Information Security |volume=10 |issue=2 |pages=16–34 |doi=10.22667/JISIS.2020.05.31.016}}</ref>

== See also == * [[Legality of bitcoin by country]]

== References == {{Reflist}}

{{Cryptocurrencies|state=expanded}} {{Portal bar|Economics|Free and open-source software|Internet|Numismatics}} {{Authority control}}

[[Category:Cryptocurrencies]] [[Category:Application layer protocols]] [[Category:Software using the MIT license]] [[Category:Private currencies]] [[Category:Internet properties established in 2016]]