Since 2016, Firo, initially called Zcoin, has been working on cutting-edge privacy technology. On the other hand, DotOracle, a decentralized network, seeks to deliver real-time data to close the gap between the Polkadot ecosystem and the real world.
These two companies have partnered which will bring improvements to the ecosystem. Therefore, in this article, you will discover the effect of this partnership on both companies and other ecosystem participants.
Bridge Private Stablecoins in Elysium
A huge part of DotOracle’s goals is to build a liquidity network layer. This would allow assets to easily move between blockchains like Ethereum, Polkadot, Avalanche, and Moonbeam. Therefore, the partnership between DotOracle with Firo will go in this path.
Firo announced the partnership with DotOracle on the 18th of January. Furthermore, the partnership will develop a privacy stablecoin-bridge on top of Firo’s Elysium layer. Elysium’s role will be to operate as a privacy facilitator for DotOracle, where stablecoins are the priority.
We at $FIRO are excited to partner with @DoTOracle to bridge tokens across multiple chains into our upcoming privacy tokenization layer Elysium. This allows #FIRO to serve as a privacy infrastructure layer across all chains that @DoTOracle supports. Stay tuned for further details https://t.co/WJVXKTTCFo
— Firo $FIRO (@firoorg) January 18, 2022
More About the DotOracle-Firo Partnership
On the other hand, Firo noted that Elysium’s integration with DotOracle would not involve complex procedures. Here is an example of how transactions can get benefit:
First Step: A user sends DAI from Ethereum to Elysium. It is locked in DotOracle’s smart contract.
Second Step: The transaction is authenticated by validators.
Third Step: DotOracle will mint dUSD tokens on Elysium and transfer them to the provided Elysium address once validated.
Fourth Step: In Elysium, the person can use Lelantus to keep their information private or send it to other Elysium users.
Fifth Step: Furthermore, users use the DotOracle bridge to transfer the dUSD tokens back to DotOracle via anonymized Lelantus transactions. Here, the user will redeem it for the DAI they placed to their chosen address.
Firo anticipates that Elysium’s integration with DotOracle will go through quickly. The platform expects to complete the process in the coming weeks. Furthermore, it hopes the integration will go live shortly after Elysium’s mainnet launch.
The partnership with DotCircle is of mutual benefit where DotOracle will be able to connect to the Polkadot system. It offers a decentralized oracle service that allows for quick transfer of information. Firo’s privacy mechanism would ensure the security of DotCircle’s movement of information.
Firo: An Anonymous Progressive Platform
Over the last few months, Firo has seen considerable growth in its platform. Several projects have noticed its unique features, and as a result, it struck several partnerships in 2021. Some of these partnerships involved collaboration with Flux, Railgun, and Panther Protocol. One of its biggest partnerships was with Crypto task. The partnership was to source talents for multiple projects.
Firo is not just a privacy coin, it will become the privacy infrastructure for the rest of the cryptocurrency ecosystem.
— Firo $FIRO (@firoorg) December 27, 2021
Finally, Firo is out to capitalize on its remarkable 2021 with more impressive feats this year. In 2022, interoperability via decentralized bridges or multi-chain DEXes is one of the primary objectives for 2022. The move to secure interoperability is already underway.
$FIRO Price Outlook
Firo’s native token, $FIRO, is currently trading at $4.49 with $58 million in marketcap and $1.6 million in 24-hour trading volume. Also, the circulating and total supply is 12.8 and 21.4 million tokens, respectively.
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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.