About Firo (FIRO)
Firo, formerly known as Zcoin, is a Layer 1 privacy blockchain catering to cryptocurrency privacy and mining. The $FIRO coin is the Firo blockchain native asset that powers its ecosystem. The blockchain is designed to employ zero-knowledge proofs, allowing users to destroy coins and then redeem them for new ones with no transaction history.
Firo employs a hybrid consensus model that combines alleged Proof-of-work (PoW) security with masternode-secured Long Living Masternode Quorums-based Chainlocks. Quorums of masternodes vote on the first valid block seen and sign it as a checkpoint. Blocks are final once confirmed as long as Chainlocks is enabled. The system reverts to Nakamoto consensus if masternodes are taken over to prevent signing.
FIRO mining requires only a basic home computer setup, purportedly lowering participation barriers. On average, the Firo blockchain confirms a block every five minutes and awards 12.5 Firo coins as block rewards.
The FIRO coin, like Bitcoin, has a halving schedule. Mining rewards are approximately cut in half every four years to make the asset scarcer and encourage early adoption.
The development team is working on Elysium, a tokenization layer that will allow users to incorporate Firo's privacy features into their own token. FIRO will be used as transaction fees on that layer. The live price of FIRO is updated and live-tracked on Binance in real-time.