privacycoin
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why $FIRO?
Why $FIRO?
What is firo?
Firo is a privacy focused cryptocurrency and Blockchain platform designed to provide enhanced financial privacy and security. Firo uses an advanced privacy protocol lelantus spark to ensure that transactions remain confidential, allowing users to transact and store value without the risk of exposure of data
What are firo’s contribution towards cryptocurrency
We are actually the first coin that uses zero-knowledge proofs in our privacy protocol through the use of Zerocoin (not to be confused with Zcash’s Zerocash). Zerocoin was at one time the second most used privacy protocol back in 2018. We identified a critical flaw in the protocol that we responsibly disclosed to other projects and moved to Sigma which removes trusted setup and gave much smaller zero-knowledge proofs.
Thereafter we developed Lelantus which inspired the development of Triptych (Monero) and LelantusMW (Beam). And in January 2024 of this year, Lelantus Spark was launched which gives full sender, receiver and amount privacy with very high anonymity sets. This work heavily influenced Seraphis, a potential candidate to upgrade Monero’s privacy.
We’re actually one of the few privacy coins that actively develops innovative privacy protocols rather than adopting others.
Benefits of Firo's lelantus spark protocol over Monero's RingCT and Z’cashs orchard.
Monero’s current protocol, RingCT, only offers a limited anonymity set per transaction (16) and its stealth addresses do not support outgoing view keys, only incoming. This makes it hard for people to reveal balance. Multi-sig support is also inefficient making it hard to develop cross-chain bridges. Its upcoming FCMP++ upgrade does a lot to resolve this though it is expected that Spark still remains more efficient.
Zcash’s Orchard protocol is a great piece of work that uses Halo2 and boasts great feature set and high anonymity. The work is highly complex which makes it harder for outside developers and researchers to understand it completely and also uses more exotic cryptography such as bilinear pairings which are less battle tested than the discrete logarithm assumptions which Spark uses. Spark takes a modular approach with specific ZKPs proving specific things which makes it easier to analyze security, easy to upgrade and also relies on more standard cryptographic assumptions.
Benefits of Firo's hybrid consensus mechanism.
Firo uses a hybrid masternode and PoW consensus mechanism meaning to break the security you would both need to control 51% of the hashrate and also a significant proportion of the masternode network. This makes it a lot harder to compromise.
The consensus mechanism also enables great features like Chainlocks which makes blocks final the moment they are confirmed with no possibility of reorganizations (no waiting of x number of confirmations!) and also InstantSend which makes transactions confirmed even before a block is confirmed.
We are one of the few projects that have adopted (with modifications) Dash’s masternode system with working LLMQs and chainlocks.
Masternodes require 1000 FIRO to host to encourage honest behaviour and also doesn’t require you to keep your private key to those nodes online. It currently yields about 17%p.a and soon to be 22%.
Conclusion
In conclusion Firo ($FIRO) is a pioneering privacy-focused cryptocurrency that offers exceptional financial confidentiality and security. Its advanced Lelantus Spark protocol provides enhanced anonymity, building upon innovative contributions to zero-knowledge proofs. With larger anonymity sets and efficient multi-sig support, Firo surpasses Monero's RingCT and Zcash's Orchard. Additionally, its hybrid consensus mechanism combines PoW and masternode consensus for increased security, featuring Chainlocks for instant block finality and InstantSend for rapid transaction confirmation. Overall, Firo's cutting-edge technology makes it a premier choice for those seeking financial privacy and security.
#Firo #privacycoin
What is firo?
Firo is a privacy focused cryptocurrency and Blockchain platform designed to provide enhanced financial privacy and security. Firo uses an advanced privacy protocol lelantus spark to ensure that transactions remain confidential, allowing users to transact and store value without the risk of exposure of data
What are firo’s contribution towards cryptocurrency
We are actually the first coin that uses zero-knowledge proofs in our privacy protocol through the use of Zerocoin (not to be confused with Zcash’s Zerocash). Zerocoin was at one time the second most used privacy protocol back in 2018. We identified a critical flaw in the protocol that we responsibly disclosed to other projects and moved to Sigma which removes trusted setup and gave much smaller zero-knowledge proofs.
Thereafter we developed Lelantus which inspired the development of Triptych (Monero) and LelantusMW (Beam). And in January 2024 of this year, Lelantus Spark was launched which gives full sender, receiver and amount privacy with very high anonymity sets. This work heavily influenced Seraphis, a potential candidate to upgrade Monero’s privacy.
We’re actually one of the few privacy coins that actively develops innovative privacy protocols rather than adopting others.
Benefits of Firo's lelantus spark protocol over Monero's RingCT and Z’cashs orchard.
Monero’s current protocol, RingCT, only offers a limited anonymity set per transaction (16) and its stealth addresses do not support outgoing view keys, only incoming. This makes it hard for people to reveal balance. Multi-sig support is also inefficient making it hard to develop cross-chain bridges. Its upcoming FCMP++ upgrade does a lot to resolve this though it is expected that Spark still remains more efficient.
Zcash’s Orchard protocol is a great piece of work that uses Halo2 and boasts great feature set and high anonymity. The work is highly complex which makes it harder for outside developers and researchers to understand it completely and also uses more exotic cryptography such as bilinear pairings which are less battle tested than the discrete logarithm assumptions which Spark uses. Spark takes a modular approach with specific ZKPs proving specific things which makes it easier to analyze security, easy to upgrade and also relies on more standard cryptographic assumptions.
Benefits of Firo's hybrid consensus mechanism.
Firo uses a hybrid masternode and PoW consensus mechanism meaning to break the security you would both need to control 51% of the hashrate and also a significant proportion of the masternode network. This makes it a lot harder to compromise.
The consensus mechanism also enables great features like Chainlocks which makes blocks final the moment they are confirmed with no possibility of reorganizations (no waiting of x number of confirmations!) and also InstantSend which makes transactions confirmed even before a block is confirmed.
We are one of the few projects that have adopted (with modifications) Dash’s masternode system with working LLMQs and chainlocks.
Masternodes require 1000 FIRO to host to encourage honest behaviour and also doesn’t require you to keep your private key to those nodes online. It currently yields about 17%p.a and soon to be 22%.
Conclusion
In conclusion Firo ($FIRO) is a pioneering privacy-focused cryptocurrency that offers exceptional financial confidentiality and security. Its advanced Lelantus Spark protocol provides enhanced anonymity, building upon innovative contributions to zero-knowledge proofs. With larger anonymity sets and efficient multi-sig support, Firo surpasses Monero's RingCT and Zcash's Orchard. Additionally, its hybrid consensus mechanism combines PoW and masternode consensus for increased security, featuring Chainlocks for instant block finality and InstantSend for rapid transaction confirmation. Overall, Firo's cutting-edge technology makes it a premier choice for those seeking financial privacy and security.
#Firo #privacycoin
$XVG itself an early fork of $BTC ; in 2016, it was rebranded to Verge Currency. Is Verge Currency a private company and how is it funded?
Following in the spirit of #Bitcoin , Verge is an open-source software, and a community. It is not a company, never had an ICO, nor premine. The development is entirely funded by the #community and the developers.
#Verge improves upon the original Bitcoin blockchain with the aim to fulfill its initial purpose; that of providing individuals and businesses with a fast, efficient and decentralized way of everyday transacting while maintaining your privacy.
What is the Verge Currency Mission?
Verge Currency aims to empower people around the globe by bringing #blockchain transactions into everyday life and makes it possible for people to engage in transactions quickly, efficiently and privately. With Verge Currency, businesses and individuals now have flexible options for sending and receiving payments.
WHY VERGE
The way that Bitcoin functions, has severe flaws with regards to privacy:
- Public Ledger: The transaction information is public, meaning, that transactions can be linked to a person
- IP Leakage: A persistent and motivated attacker will be able to associate your IP address with your Bitcoin transaction
Due to the above mentioned reasons, it was clear that there would be a need for a #privacycoin . Several coins with the similar idea have been created at the time but they were ‘too private’ in the sense that they completely by-passed the public ledger. The public ledger allows merchants to provide proof of transactions, which is important for bookkeeping.
Enter Verge a currency which makes it possible to make private transactions, on a public ledger. Thereby giving every user, the level of privacy they choose.
Following in the spirit of #Bitcoin , Verge is an open-source software, and a community. It is not a company, never had an ICO, nor premine. The development is entirely funded by the #community and the developers.
#Verge improves upon the original Bitcoin blockchain with the aim to fulfill its initial purpose; that of providing individuals and businesses with a fast, efficient and decentralized way of everyday transacting while maintaining your privacy.
What is the Verge Currency Mission?
Verge Currency aims to empower people around the globe by bringing #blockchain transactions into everyday life and makes it possible for people to engage in transactions quickly, efficiently and privately. With Verge Currency, businesses and individuals now have flexible options for sending and receiving payments.
WHY VERGE
The way that Bitcoin functions, has severe flaws with regards to privacy:
- Public Ledger: The transaction information is public, meaning, that transactions can be linked to a person
- IP Leakage: A persistent and motivated attacker will be able to associate your IP address with your Bitcoin transaction
Due to the above mentioned reasons, it was clear that there would be a need for a #privacycoin . Several coins with the similar idea have been created at the time but they were ‘too private’ in the sense that they completely by-passed the public ledger. The public ledger allows merchants to provide proof of transactions, which is important for bookkeeping.
Enter Verge a currency which makes it possible to make private transactions, on a public ledger. Thereby giving every user, the level of privacy they choose.
Hey Crypto Fam! 🌟💰 Let's dive into the Bitcoin Halving – it's like the coolest show in town, and guess what? You're front row! 🚀✨
🧐 **What's the Halving Buzz?**
Every four years, Bitcoin throws this mega party called Halving. Miners' rewards get cut in half – kind of like a plot twist to make Bitcoin more special. It's like Bitcoin saying, "Hey world, I'm getting rarer!" 🎉🎈
💡 **Why Does it Affect Prices?**
Think of it like your favorite snack becoming a limited edition. Less Bitcoin entering the scene means more people want a piece of it. Basic rule: less supply, more demand – potential for the Bitcoin price to do the happy dance! 💃💰
💻 **Miners' Rollercoaster:**
Imagine playing a game and suddenly earning fewer points. That's what happens to miners during the Halving. Some might take a break, making Bitcoin even more unique. Less Bitcoin available, but everyone still wants it – a possible recipe for a price jump! 🎢🎮
📚 **History Says What?**
Look back, and you'll see – past Halvings often brought in good vibes for Bitcoin prices. It's like a trend saying, "Get ready for a wild ride!" 📚🚀
🚀 **Get Ready for the Ride:**
Traders, this is your cue! Halving news can create some excitement. Buckle up, enjoy the rollercoaster, and remember, patience is the secret sauce in the crypto world. 🚗💨
👇 **What's Your Take?**
Excited about Bitcoin's post-Halving adventure? Share your thoughts – let's keep the positive vibes flowing! 🚀💬 #BitcoinHalvingHype #CryptoCommunity 🌐🚀 #privacycoin #cyberyen
🧐 **What's the Halving Buzz?**
Every four years, Bitcoin throws this mega party called Halving. Miners' rewards get cut in half – kind of like a plot twist to make Bitcoin more special. It's like Bitcoin saying, "Hey world, I'm getting rarer!" 🎉🎈
💡 **Why Does it Affect Prices?**
Think of it like your favorite snack becoming a limited edition. Less Bitcoin entering the scene means more people want a piece of it. Basic rule: less supply, more demand – potential for the Bitcoin price to do the happy dance! 💃💰
💻 **Miners' Rollercoaster:**
Imagine playing a game and suddenly earning fewer points. That's what happens to miners during the Halving. Some might take a break, making Bitcoin even more unique. Less Bitcoin available, but everyone still wants it – a possible recipe for a price jump! 🎢🎮
📚 **History Says What?**
Look back, and you'll see – past Halvings often brought in good vibes for Bitcoin prices. It's like a trend saying, "Get ready for a wild ride!" 📚🚀
🚀 **Get Ready for the Ride:**
Traders, this is your cue! Halving news can create some excitement. Buckle up, enjoy the rollercoaster, and remember, patience is the secret sauce in the crypto world. 🚗💨
👇 **What's Your Take?**
Excited about Bitcoin's post-Halving adventure? Share your thoughts – let's keep the positive vibes flowing! 🚀💬 #BitcoinHalvingHype #CryptoCommunity 🌐🚀 #privacycoin #cyberyen
