FiroFIRO to AUD

This article will provide an in-depth analysis of this digital currency. We will evaluate it from multiple viewpoints and closely analyze its characteristics. In short, we will provide you with our expert analysis of the Firo (FIRO). This will assist you in deciding if it's worthwhile to invest in this cryptocurrency. 

Who Are the Founders of Firo?

There are two founders of this cryptocurrency. They are listed below: 

• Poramin Insom

He is the co-founder of Firo and Zcoin. As part of his research for his master's degree in information security at Johns Hopkins University, he drafted a proposal for a real-world use of the Zerocoin protocol. Along with Firo, he co-founded Satang Corporation and has a military background in cyber warfare as a second lieutenant in the Royal Thai Armed Forces.

• Reuben Yap 

He became involved and is now responsible for the project's general strategy, development, and research objectives shortly after the project's 2016 launch.  To resist censorship, Reuben established one of the first VPN services in Southeast Asia. He is now a well-regarded speaker on the subject and has had his opinions highlighted in several outlets, including CoinDesk, BBC, Forbes, Nasdaq, Reuters, and Cheddar News. In November 2019, he became the Project Steward and Co-Founder.

What Makes Firo Unique?

Firo is an attractive and novel alternative for those who value anonymity and privacy while transacting in digital currency. Let us look at all its characteristics one by one: 

• Employs a Specialized Zero-knowledge Proof

To maintain high levels of anonymity, Firo's Lelantus privacy protocol and its forerunner Sigma use a specialized zero-knowledge proof known as one-out-of-many proofs. This proof doesn't need a trusted setup or complex mathematical or cryptographic assumptions, unlike other ZK constructions.

• Safeguards Against the Identification of an IP Address

In October 2018, it was the revolutionary project to use Dandelion++. It is a technique for propagating transactions that blocks third parties from associating an IP address with a transaction.

• World's First Large-scale Political Election Held on a Blockchain 

In November 2018, the blockchain of Firo was utilized in the primary election of the Thai Democrat Party to select its party leader. The election, which took place on a blockchain, saw a total of 127,000 votes being cast across the country, making it the first of its kind on such a massive scale anywhere in the cryptoworld.

• An Early Adopter of the Zerocoin Protocol

It was the first to introduce the use of the Zerocoin protocol, which allows users to conduct confidential transactions by separating currencies from their transaction history. This characteristic guarantees confidentiality and fungibility, as coins cannot be distinguished from one another.

• Guarantees Open and Democratic Choices

The Firo Improvement Proposal (FIP) procedure is a decentralized method of governance. This lets the community suggest changes to the policy and vote on them, making sure that choices are made openly and fairly.

• Mint and Spend Model

The minting and spending processes are the two processes that makeup Firo's privacy implementation mechanism. First, users manufacture coins with the anonymity set, which represents the pool of prospective spenders. After that, they spend the coins, which breaks the link between the coins that are input and those that are output.

How Many Firo (FIRO) Coins Are There in Circulation?

As of August 2021, the total number of Firo (FIRO) coins in circulation is 12,211,042, and the maximum number of FIRO coins that may be produced is 21,400,000. It adheres to a distribution schedule that is comparable to that of Bitcoin.

How is the Firo Network Secured?

Quorums in Firo are established using a PoW-Chainlock hybrid consensus architecture, in which a verifiable network-wide measurement/vote of the "first-seen" rule is conducted by several hundred deterministically selected masternodes (LLMQ), and the first-seen block is locked in. After one confirmation, blocks are considered final; further reorganizations are not permitted. Because disabling Chainlocks requires compromising more than half of the masternode network, this also mitigates 51% of mining attacks.

The memory hardness is the key to Firo's mining algorithm's resistance against ASICs. To promote equitable distribution of its coin, it is transitioning to FiroPOW, a ProgPOW variation optimized for GPU mining and even more resistant to ASICs and FPGAs.

Where Can You Buy Firo (FIRO)?

The following exchanges can execute trades with Firo (FIRO):

• Binance
• Bittrex Global
• Huobi Global
• Gate.io
• MEXC
• Satang
• Tokocrypto

In addition, you can trade Firo (FIRO) on the swap services listed below:

• ChangeNOW
• LetsExchange
• StealthEX
• MajesticBank
• Exchang.io
• SimpleSwap
• Changelly
• Swapzone

Use Cases of FIRO

Private transactions, decentralized governance, and masternode services are some of the features that Firo (FIRO) provides. It fulfills the function as a method for private transactions, making it possible for people and enterprises to maintain their financial privacy. In addition, its governance architecture encourages community involvement, and master nodes offer network functions and give incentives for participation, both of which contribute to the usefulness and worth of the system.

Conclusion

We have made every effort to address each component of digital currency in this article. However, there is a chance that we may have skipped a few details concerning FIRO. So, before you invest your money in the crypto ecosystem, you ought to perform your research or consult with a cryptocurrency specialist.