Firo

Purpose and Utility

Firo (formerly known as Zcoin) is a privacy-focused cryptocurrency that implements the Lelantus privacy protocol. Its primary purpose is to enable private, fungible digital transactions. The project aims to provide financial privacy while maintaining regulatory compliance through optional transparency features.

Technical Implementation

The cryptocurrency uses a unique privacy protocol called Lelantus, which allows users to burn visible coins and later redeem them for new, private coins with no transaction history. This mechanism provides strong privacy guarantees while allowing for optional transparency when needed.

Real-World Adoption and Usage

Firo has seen adoption primarily among privacy-conscious users and has been listed on various cryptocurrency exchanges. The project has active development and maintains partnerships with privacy-focused organizations. The development team regularly updates the protocol and implements new features.

Token Distribution and Governance

Firo implements a fair distribution model with no pre-mine. The project is funded through a portion of the block reward, which goes to development. The team has maintained transparent communication about treasury usage and development priorities.

Revenue Model

Firo's model is based on providing privacy services through its blockchain network. The project does not involve interest-bearing products or lending services. Revenue is generated through mining rewards and network fees, which are distributed to miners securing the network.