Firo is a privacy-based cryptocurrency. They are also one of the few remaining PoW coins. Thanks to more and more government and business intrusion, privacy coins are getting more attention. Firo has been busy with lots of new updates so let’s see what they’ve been up to.
Firo is one of the few coins that is both privacy-based and uses Proof of Work algorithms for consensus. We love what they are doing. In fact, we reported on one of their most recent advancements in privacy, the Lelantus Spark, back in August. The idea of being able to hide all 3 main parts of a transaction:
- and the Amount
is a real innovation in blockchain privacy. But that’s not the only thing they’ve been doing. Aside from Lelantus, here is what Firo completed (or almost finished) in 2021.
Chainlocks takes advantage of the masternode system Firo uses to do 2 things:
- Improves the consensus mechanism to finalize blocks almost instantly
- and protect the network against 51% attacks
The two work hand in hand in that if blocks can finalize faster, it’s easier to agree on which is the valid and longest chain. That’s really what consensus is. Agreeing to the longest valid chain.
Other masternode type protocols like DASH have an InstantSend feature and now Firo does too. Used with ChainLocks, a masternode can confirm a transaction and make it instant after only 1 confirmation. This kind of speed has great real-world implications like for payments. This feature works with Lelantus to make transactions fast and private. It’s been in place since just before Halloween.
One of the more exciting developments is Elysium. Elysium is Firo’s tokenization layer. With Elysium, you will be able to create a token that uses the protocol’s privacy tools and technology. And you can create stablecoins or other crypto assets using it. Elysium is in development now. The protocol expects it to be ready any day now.
This week on the Firo Frontier📺, Elysium! 🙌🏻
🤔 What is #Elysium?
💡Elysium is Firo's tokenization layer that allows anyone to create their own tokens and inherit all the privacy features of Firo
— Firo (@firoorg) May 31, 2021
While already working with Binance Smart Chain, the protocol is integrating even deeper by now issuing a BEP-20 token compatible with BSC. You can find it on PancakeSwap.
And related to this, Firo is working on more decentralized options with its FiroDEX that they are hoping to finish before year-end.
— Firo (@firoorg) November 12, 2021
Privacy As a Service
One ongoing development that could add a ton of value for Firo is the combination of privacy and interoperability. Elysium could mean others come to their blockchain to use their privacy tools to create tokens. It will likely start as a privacy bridge between other chains. This increases interoperability and makes transactions tougher to track. That is good for privacy.
The idea that Firo could sell this service of making your coin more private has lots of potential.
FIRO Price Activity
$FIRO currently trades at $7.57, up 4.5% in the last 24 hours. Its total supply is 21.4 million with a circulating supply of 12.6 million. That gives us a liquid market cap of $92.9 million, thanks to our friends at Coingecko.
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