Click here to Trading and Buy Bitcoin

Retrieved from "https:/wiki/Special:Search"
Firo (cryptocurrency) - Bitcoin

Firo (cryptocurrency)

From Bitcoin, the free encyclopedia
Jump to navigation Jump to search

Firo official logo
Ticker symbolFIRO
Original author(s)Poramin Insom
Reuben Yap[4]
White paperEnabling Untraceable Anonymous Payments in the Lelantus Protocol
Initial release0.1[1] / 28 September 2016; 4 years ago (2016-09-28)
Latest release0.14.7.0[2] / 10 June 2021; 11 days ago (2021-06-10)[2]
Code repository[8]
Development statusActive
Written inJavaScript, C, Python, Go, C++[3]
Developer(s)Poramin Insom[5]
Peter Shugalev
Andrey Bezrukov
Panu Suksumonsin
Rustam Abrahamyan
Aram Jivanyan (Research)[6]
Dr. Aaron Feickert (Research)
Tigran Mamikonyan (Research)[7]
Source modelBitcoin codebase[9]
Timestamping schemeProof-of-work
Hash functionMerkle Tree Proof[10]
Block reward12. 5 FIRO per block (next halving September 2024)[8]
Block time5 minutes[11]
Block explorer[8]

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.




In the 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 Green as faculty member.[12][5] The project to create a standalone cryptocurrency implementing the Zerocoin protocol was named "Moneta".[13][14]

On 28 September 2016, Zcoin, the first cryptocurrency to implement the zerocoin protocol, was launched by Poramin Insom and team.[5][15] Roger Ver was the initial investor.[5]


On 20 February 2017, a malicious coding attack on 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".[16] Unlike Ethereum during the DAO event, developers have opted not to destroy any coins or attempt to reverse what happened with the newly generated ones.[17]

In September 2017, Poramin set up an exchange named "Satang Pro" that can convert Thai Baht to Zcoin directly.[5][18]

In April 2018, a cryptographic flaw was found in the Zerocoin protocol which allowed attackers to steal, destroy, and create Zcoins.[19] 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.[20]

In June 2018, Cookly, Thailand based cooking classes and culinary experiences platform raised series A funding through Zcoin. The company also planned to use Zcoin technology to facilitate its transactions. [21]

In August 2018, Boozeat, a liqour delivery service in Malaysia accepted Zcoin as a payment method.[22]

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).[23][24]

In November 2018, Zcoin conducted the world's first large-scale party elections for Thailand Democrat Party using blockchain instead of relying the election commission to count the votes.[25][26]

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 central processing unit (CPU) and graphics card for mining, so as to enable egalitarianism in coin mining.[10] In the same month, Zcoin released an academic paper proposing the Lelantus protocol that remove the need of trusted setup and hides the origin and the amount of coins in a transaction. The paper was revised in November 2020 to incorporate new changes to the protocol.[27]


In February 2019, Zcoin was added to wallet supported by Binance cryptocurrency exchange.[28] 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.[29] On 25 April 2019, Zcoin was listed on Indonesian digital exchange KoinX. [30]

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.[31] In August 2019, Zcoin was added to an African cryptocurrency exchange named OVEX.[32] In December 2019, Zcoin introduced a decentralised crowdfunding and decision making system to fund ancillary tasks for the project.[33]

In January 2020, Zcoin will implement Receiver Address Privacy (RAP) so that users can share a single permanent address to the public to receive money without the outsiders knowing any transaction history in the address.[34] 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.[35] In September 2020, Zcoin completed first halving of block rewards.[36] In the same month, Zcoin was added to Stakehound for easy accessibility to Decentralized finance (DeFi) while earning staking rewards. [37]


In October 2020, Zcoin announced rebranding to new name called "Firo" which signifies a unique way of burn (destroy) and redeem coins.[38] Firo suffered 51% attack in January 2021.[39] Firo has since implemented ChainLocks on Firo's blockchain which should make it nearly completely resistant to 51% attacks.[40] In June 2021, Firo was added to NOBI trading platform based in Indonesia.[41]


Firo Core wallet GUI on Windows 10.

Zero-knowledge proofs[edit]

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.[15] There had been little research interest into Zerocoin protocol because of its similarity to Zerocash protocol.[42] Therefore, Firo implemented a new transaction system called Sigma protocol on 30 July 2019 that replaced the previous Zerocoin protocol. Thus, the trusted setup was removed and proof size was reduced from 25kB to 1.5kB. Besides, Firo also developed the Lelantus protocol by improving upon the Sigma protocol.[43]

Firo had 5500 masternodes as of August 2019.[43]

Dandelion++ protocol[edit]

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.[44] These steps shuffles the IP addresses of the nodes to help to protect users' anonymity.[45]

Receiver Address Privacy (RAP)[edit]

In June 2021, Firo introduced Receiver Address Privacy (RAP) addresses, an adaptation of BIP47. [34] 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.[34]


Firo implemented the MTP algorithm in December 2018. In July 2019, Firo improved its MTP verification speed by 30%.[43] Using video cards, mining Firo can be more profitable than mining ethereum. [46] Nvidia GeForce RTX 3080 Ti is able to churn out 6 to 6.5 Mhash/s of hash rate, earning about US$ 5 dollars per day. Meanwhile GeForce RTX 3080 is only able to churn out 5. 3 Mhash/s on this cryptocurrency.[47]


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 crytocurrencies 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. [48]

Price and volatility[edit]

In October 2018, Firo was ranked top 25, with fully diluted market capitalisation of US$ 194,506,940 dollars. [49] In February 2020, Firo price dropped to US$3 to US$5 dollars per coin. [50]


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-SNArK 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.[42] Lelantus was also implemented into the Mimble Wimble protocol to produce a new protocol named Oscausi.[51] 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.[52] Hierarchical One-out-of-Many Proofs, the underlying building block for the Lelantus protocol, was adapted for use in Triptych protocol by the Monero cryptocurrency.[7]

See also[edit]


  1. ^ "Release for v0.1". Github. Archived from the original on 1 August 2019. Retrieved 1 August 2019.
  2. ^ a b "Releases". Retrieved 11 June 2021 – via GitHub.
  3. ^ "Firo". Github. Retrieved 8 January 2021.
  4. ^ McIntosh, Rachel (12 November 2020). "'Year of the CBDC'? Central Bank Digital Currencies More Popular than Ever". Finance Magnates. Retrieved 11 May 2021.
  5. ^ a b c d e Ezra Kryill, Erker (4 April 2019). "Cyberwarfare to cryptocurrency". Elite Plus Magazine. Archived from the original on 5 May 2019. Retrieved 5 May 2019.
  6. ^ Alin K, Gregorian (15 April 2021). "Without Support for Science, Armenia's Future Is in Jeopardy". Armenian Mirror Spectator. Retrieved 10 May 2021.
  7. ^ a b Aram, Jivanyan; Tigran, Mamikonyan (15 April 2020). "Hierarchical One-out-of-Many Proofs With Applications to Blockchain Privacy and Ring Signatures". Cryptology ePrint Archive (Report 430). Retrieved 11 May 2021.
  8. ^ a b c d "Firo(Zcoin) Fundamentals". Retrieved 6 June 2021 – via ADVFN.
  9. ^ Miers, Ian; Garman, Christina; Green, Matthew; Rubin, Aviel D. (May 2013). Zerocoin: Anonymous Distributed E-Cash from Bitcoin (PDF). 2013 IEEE Symposium on Security and Privacy. Security and Privacy, 2008. Sp 2008. IEEE Symposium on. IEEE Computer Society Conference Publishing Services. pp. 397–411. doi:10.1109/SP.2013.34. ISSN 1081-6011.
  10. ^ a b "Zcoin Moves Against ASIC Monopoly With Merkle Tree Proof". Finance Magnates. 6 December 2018. Archived from the original on 6 December 2018. Retrieved 29 December 2018.
  11. ^ "MTP – Zcoin's New Proof-of-Work Algorithm". Archived from the original on 7 May 2019. Retrieved 1 August 2019.
  12. ^ Reuben, Yap. "An Interview with Poramin Insom, Zcoin's lead developer and founder". Archived from the original on 24 August 2018. Retrieved 8 September 2018.
  13. ^ Evans, Jon (7 February 2015). "What you need to know about Zero knowledge". TechCrunch. Retrieved 5 June 2021.
  14. ^ "Moneta - Engineering an ideal cryptocurrency". Archived from the original on 3 February 2015. Retrieved 11 August 2018.
  15. ^ a b Kostopoulos, Nikos (25 July 2019). "6 private crypto alternatives to bitcoin". e27. Retrieved 5 June 2021.
  16. ^ Osborne, Charlie. "The risky business of bitcoin: High-profile cryptocurrency catastrophes". ZDNet. Retrieved 21 December 2018.
  17. ^ Rob, Price (20 February 2017). "A single typo let hackers steal $400,000 from a bitcoin rival". Business Insider. Archived from the original on 11 August 2018. Retrieved 11 August 2018.
  18. ^ "เว็บซื้อขายบิตคอยน์ในไทยมีที่ไหนบ้าง? (What are the crypto trading sites in Thailand?". efinance Thai. 19 January 2021. Retrieved 4 June 2021.
  19. ^ Tim, Ruffing; Sri Avavinda, Krishnan; Viktoria, Ronge; Dominique, Schröder (12 April 2018). "A Cryptographic Flaw in Zerocoin (and Two Critical Coding Issues)". Chair of Applied Cryptography. Germany: University of Erlangen-Nuremberg. Retrieved 9 September 2018.
  20. ^ Reuben, Yap. "A statement on the paper "Burning Zerocoins for fun and profit"". Archived from the original on 9 September 2018. Retrieved 9 September 2018.
  21. ^ Anisa Menur, A. Maulani (8 June 2018). "Cookly, the Airbnb for cooking classes, raises pre-Series A funding round led by Zcoin founder". e27. Retrieved 11 May 2021.
  22. ^ Belle, Theresa (3 August 2018). "Boozeat wants to make it even easier to get good liquor at your doorstep". Firstclasse. Retrieved 11 June 2021.
  23. ^ Jintana, Panyaarvudh (15 December 2018). "The distributed passion of a crypto pioneer Insom". The Nation (Thailand). Archived from the original on 15 December 2018. Retrieved 1 January 2019.
  24. ^ "Zcoin is the first cryptocurrency to implement Dandelion privacy protocol". Archived from the original on 2 January 2019. Retrieved 1 January 2019.
  25. ^ Jintana, Panyaarvudh; Kas, Chanwanpen. "Reliable voting TECHNOLOGY". The Nation (Thailand). Archived from the original on 3 December 2018. Retrieved 29 December 2018.
  26. ^ Chris, Baraniuk (11 February 2020). "Blockchain: The revolution that hasn't quite happened". BBC News. Archived from the original on 11 February 2020. Retrieved 11 February 2020.
  27. ^ Jivayan, Aram (7 April 2019). "Lelantus: A new design for anonymous and confidential cryptocurrencies". Cryptology e-Print Archive: 1–18.
  28. ^ JD, Alois (26 February 2019). "Binance's Trust Wallet adds Zcoin Privacy Coin". Crowdfund Insider. Archived from the original on 16 January 2020. Retrieved 16 January 2020.
  29. ^ "Binance Charity Launches Blockchain-Powered 'Lunch For Children' Program". RTTNews. 22 February 2019. Archived from the original on 23 February 2019. Retrieved 11 February 2020.
  30. ^ Iskandar (25 April 2019). "Zcoin segera hadir di Indonesia (Zcoin presence in Indonesia)". Liputan6.
  31. ^ Andrew, Munro (30 July 2019). "Zcoin cryptocurrency introduces zero knowledge proofs with no trusted set-up". Finder Australia. Archived from the original on 30 July 2019. Retrieved 30 July 2019.
  32. ^ Lloyd, Newkirk (29 August 2019). "Zcoin – a private cryptocurrency coming to OVEX". The South African. Archived from the original on 29 August 2019. Retrieved 16 January 2020.
  33. ^ Samantha, Hurst (26 December 2019). "Zcoin Announces Launch of Crowdfunding System". Crownfund Insider. Archived from the original on 26 December 2019. Retrieved 16 January 2020.
  34. ^ a b c Charles, Brett (7 January 2020). "Zcoin's RAP to enhance wallet address privacy". Enterprise Times UK. Archived from the original on 11 January 2020. Retrieved 13 February 2020.
  35. ^ Arnab, Shome (4 May 2020). "Zcoin Unveils New Block Reward Allocation, Creates a Reserve Fund". Finance Magnates. Retrieved 14 July 2020.
  36. ^ Kubrick, Kaitlyn (12 September 2020). "Zcoin's (XZC) first halving is just around the corner". Somag News. Retrieved 15 September 2020.
  37. ^ "StakeHound to issue first tokens that allow access to DeFi while earning staking rewards". Hedgeweek. 3 September 2020. Retrieved 11 May 2021.
  38. ^ Hurst, Samantha. "Zcoin Announces Rebranding to New Name & Ticker "Firo"". Crowdfund Insider. Archived from the original on 30 October 2020. Retrieved 4 November 2020.
  39. ^ "Bitcoin Daily: BitPay Expands DeFi Options In Wallet App; Bitpanda Introduces Debit Card For Crypto, Fiat, Metal Payments". pymnts. Archived from the original on 21 January 2021. Retrieved 18 February 2021.
  40. ^ Magas, Julia (5 February 2021). "51% Attacks Pose the Biggest Threat to Smaller Mining-Based Cryptocurrencies". Hacker Noon. Retrieved 15 May 2021.
  41. ^ "Nobi Bongkar Rahasia Keunggulan Applikasi NOBI, Platform Indonesia Pertama Yang Merevolusi Cara Berinvestasi Cryptocurrency (Nobi Unveils the Secrets on the advantages of the NOBI Application, the first Indonesian platform that revolutionizes on how to invest in cryptocurrency)". Industrycoid. 1 June 2021. Archived from the original on 2 June 2021. Retrieved 2 June 2021.
  42. ^ a b Herskind, Lasse; Katsikouli, Panagiota; Dragoni, Nicola (2020). "Privacy and Cryptocurrencies—A Systematic Literature Review". IEEE Access. 8: 54044–54059. doi:10.1109/ACCESS.2020.2980950. ISSN 2169-3536. S2CID 214692882.
  43. ^ a b c Taygun (10 August 2019). "Centralisation of mining and some project's approach to that". Hacker Noon. Retrieved 5 June 2021.
  44. ^ Serena, Luca; D'Angelo, Gabriele; Ferretti, Stefano (25 September 2020). "Implications of dissemination strategies on the security of distributed ledgers". Proceedings of the 3rd Workshop on Cryptocurrencies and Blockchains for Distributed Systems. London United Kingdom: ACM: 65–70. arXiv:2007.15260. doi:10.1145/3410699.3413795. ISBN 978-1-4503-8079-9. S2CID 220871275.
  45. ^ Csiszar, John (10 June 2021). "10 of the Most Private Cryptocurrencies To Invest In". AOL. Retrieved 11 June 2021.
  46. ^ "Minería de criptomonedas en Argentina: un sector en expansión (Cryptocurrency mining in Argentina: an expanding sector)". iProUP. 30 May 2021. Archived from the original on 30 May 2021. Retrieved 2 June 2021.
  47. ^ Созинов, Андрей (3 June 2021). "GeForce RTX 3080 Ti оказалась весьма хороша в майнинге, несмотря на встроенную защиту (GeForce RTX 3080 Ti turns out to be quite good at mining, despite built-in protection)". 3DNews. Retrieved 4 June 2021.
  48. ^ "ผู้ก่อตั้งFIRO เสนอ ก.ล.ต.ทบทวนนิยาม privacy coins-ไม่เห็นด้วยห้ามเทรด (FIRO founder urges SEC to revise privacy coins definition - disagree on banning trading)". efinanceThai. Retrieved 4 June 2021.
  49. ^ Bocart, Fabian (27 November 2018). "Inflation Propensity of Collatz Orbits: A New Proof-of-Work for Blockchain Applications". Journal of Risk and Financial Management. 11 (4): 83. doi:10.3390/jrfm11040083. ISSN 1911-8074.
  50. ^ "Most volatile crypto of January 2020: the top 10 movers". 28 January 2020. Retrieved 16 June 2021.
  51. ^ Herskind, Lasse; Katsikouli, Panagiota; Dragoni, Nicola (31 May 2020). "Oscausi - Practical Private Electronic Cash from Lelantus and MimbleWimble". Journal of Internet Services and Information Security. 10 (2): 16–34. doi:10.22667/JISIS.2020.05.31.016.
  52. ^ Khovratovich, Dmitry; Kizhvatov, Ilya (September 2020). "Lelantus Cryptographic audit" (PDF). ABDK Consulting. Retrieved 8 June 2021.