Firo, a privacy-focused cryptocurrency provider, has entered into a partnership with Panther that will enable them to research privacy and anonymity for transactions.
The announcement was made on September 27th by the Panther Protocol, which provides end-to-end privacy for digital assets.
Firo, formerly known as Zcoin, has been developing cutting-edge privacy technology since 2016 and aims to expand on its research with this latest collaboration.
Forging a Path for Privacy
Firo uses zero-knowledge proofs to ensure fully anonymous transactions. It allows users to burn tokens and then redeem them later for brand new ones, eliminating the transaction history.
On the other hand, Panther aims to provide a scalable private infrastructure for smart contract platforms, DeFi, and Web3 applications. It uses zAssets to enable value exchange across blockchains in a privacy-centric environment.
FIRO will be supported as a Zasset by @ZKPanther to provide technical collaboration and research to develop new technology and invest in new ways of deploying zero knowledge proof systems #defi #zkSNARK #FIRO #ZKP $FIROhttps://t.co/XfMv7uAGKs
— Firo $FIRO (@firoorg) September 27, 2021
Also, Panther has “anonymity pools” and Firo holders will act as privacy stakers and be rewarded for providing assets into Panther vaults.
It’s important to say that Panther CTO, Dr. Anish Mohammed, brings more than 20 years of experience in security and cryptography to the table. He was an early advisor to Ripple.
More Information about Panther and Firo
Both platforms have their native tokens, so they could be considered competitive, but the partnership proves that joining forces is often better for achieving a common goal. Panther’s token, $ZKP, has yet to reach significant exchanges for trading.
On the other hand, Firo and Panther want to collaborate in privacy technology research, cross-chain bridges, and liquidity. According to reports, Firo co-founder, Reuben Yap, said: “It is incumbent on privacy advocates to travel together. Working with Panther, we will have a great opportunity to collaborate on our ZK technologies. Onboarding with Panther will also give us access to other chains and, as a result, much increased liquidity.”
Finally, Firo unveiled a new privacy protocol called Lelantus Spark, allowing direct anonymous payments and supporting multi-signatures.
Our Lelantus Spark privacy protocol paper has been updated to include full security proofs and is now available on IACR's eprint archive. https://t.co/AuVYXdwazJ
We are now seeking cryptography audits! pic.twitter.com/ii7lcXLOjf
— Firo $FIRO (@firoorg) September 15, 2021
$FIRO Price Outlook
Firo’s native token, $FIRO, has traded marginally higher on the day at USD 5.22. FIRO price has taken a beating of 27% over the past fortnight. However, and is nowhere near its 2017 all-time high of USD 140 when it was known as $XZC.
There are 12.3 million $FIRO tokens circulating, giving it a market cap of USD 64.4 million at writing this article.
Join us on Telegram to receive free trading signals.
For more cryptocurrency news, check out the Altcoin Buzz YouTube channel.
The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. This article has been sponsored by Firo. Copyright Altcoin Buzz Pte Ltd.