Spats (short for Spark Assets) is a research paper by Firo. It extends Lelantus Spark to support confidential assets. It’s in line with Firo’s goal of giving anonymity to the whole cryptocurrency community.

This Monday, Firo introduced Spats. Spats will serve as the base for FIRO’s privacy infrastructure layer. Also, it will allow generating or transferring tokens from other chains. Imagine the following situation. There is a fUSD token, but there are also 1000s of different tokens. A fUSD transfer is indistinguishable from any other asset transfer. It is because of Spats technology. Any tx increases the anonymity of all other tokens/assets. Furthermore, you can pay all transaction costs anonymously in FIRO, ensuring the protection of your privacy.

Firo (FIRO), formerly known as Zcoin, is a cryptocurrency with the aim of serving as a private digital currency. It created the Lelantus privacy technology. It allows users to burn their coins and then redeem them for brand new ones without leaving any trace of their transaction history.

Firo’s Lelantus Spark is a complete privacy protocol that hides the sender, receiver, and amounts you transfer without the need for trust. Spats expands Spark’s functionality to hide the asset type when transferring.

What makes Firo’s Spats unique?

The majority of cryptocurrency ecosystem platforms, including Ethereum, Binance Smart Chain, Solana, and Avalanche, were not built with privacy in mind. There have been several attempts to add privacy to these ecosystems. But, the architecture of these chains forces them to rely on layer 2 solutions or use complicated and expensive smart contracts. They often leak data in various ways. Furthermore, these privacy solutions are usually competing with one another. It weakens each method’s anonymity.

The asset type remains visible in several existing on-chain privacy methods for token ecosystems. That limits the anonymity set inside each asset type. An example is Tornado Cash. Spats enable all tokenization layer assets to use the same anonymity pool, significantly improving privacy. Furthermore, it keeps all of the advantages of Lelantus Spark. Including the elimination of the requirement to anonymize in fixed denominations because they hide the amounts. Furthermore, unlike other token ecosystems, Firo is designed for anonymity, so even transaction fees will not expose the source.

What is next?

• Spats is built on top of Lelantus Spark, which is already in early development and will be released on the mainnet this year. Spats and Lelantus Spark share a lot of the same cryptographic infrastructure, thus a lot of the existing code can be adapted to work with it.

• Elysium 1.0, which is on the testnet and uses Lelantus (rather than Spark), is nearing release and thus will not support Spats at this time. Elysium 2.0, the successor to Elysium, is already in development. It will have improved capabilities. Such as faster bridge with other chains, more advanced scripting/smart contract functionality, and Spats.

• After completing their research on Lelantus Spark, Firo plan to expand its utility and use cases beyond just supporting private payments. They will present their proposal for Elysium 2.0 as a complete holistic privacy ecosystem that can serve as infrastructure for the entire cryptocurrency ecosystem.

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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.


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