If you are a type of cryptocurrency enthusiast who is entering the world of crypto for the very first time and want to create a cryptocurrency wallet and transact with a cryptocurrency that preserves privacy, then Firo might just be the coin you are looking for.
Today, we are going to go over everything you need to know about Firo, from what it is to how it works and to how you can easily create your Firo wallet on top of it.
Key Points:
- Firo is a rebranding of Zcoin, which is a cryptocurrency token aimed at using cryptography as a means of providing users better privacy.
- The process of creating a Firo wallet is simple and intuitive, and anyone can do it.
- There is a desktop as well as a mobile application for the Firo wallet available.
- Always write down your private information at a secure location and never share it with anyone online.
What is Firo?
Firo is the new name and official rebranding of Zcoin. The ticker symbol for this rebranded token is now FIRO. Note that this is not a new blockchain network, but it is only a new identity that is aimed at helping the token differentiate itself and make financial privacy a lot more accessible.
That said, Firo (FIRO) is a cryptocurrency that puts a specific focus on being private digital cash, and the team behind the project created the Lelantus privacy protocol, which allows users to essentially burn their coins and redeem them later on for brand new ones which do not have any transaction history at all.
Why create a wallet on Firo?
The main reason why many cryptocurrency enthusiasts share an interest in creating their wallets on Firo is due to the fact that it provides them with a high level of security through the utilization of trustless, on-chain privacy with high anonymity sets. In fact, Firo’s Elysium tokenization layer is what allows users to create their own privacy-enabled tokens with use-cases from private stablecoins to voting tokens. This is why someone might want to build a wallet on Firo.
Setting up a Firo Wallet
Creating a wallet on Firo is a simple and straightforward process, and our guide will tell you everything that you need to know in order to get started.
Step 1: Navigate to the official Firo website, after which you will need to click on the “Get a Wallet” button.
Step 2: You now need to download the cryptocurrency wallet.
There are two official wallet options available, and each wallet is currently available for Windows, macOS, and Linux devices. Here, you can choose from QT Wallet, Electron, and Electrum. If you are on a mobile device, you can download the official Android Wallet, however, keep in mind that at the time of writing, the iOS wallet is under development.
Step 3: Install the cryptocurrency wallet by running the executable file you have just downloaded.
Step 4: You will now need to set up your cryptocurrency wallet.
Here, you will need to follow all of the on-screen prompts from the app. Simply click on “Create new wallet,” and we recommend choosing “24 words”.
By the end, you should see a notification that your wallet has been created successfully and that you need to use the following sequence of words to recover the wallet at any time. Write these down at a secure location, and never share them with anyone.
Remember that you can utilize NOWNodes as well as a means of exploring other nodes. NOWNodes is a service that supports over 48 blockchains, where all you have to do is sign up for an account and get an API key to access them.
Conclusion
Hopefully, now you know everything there is to know surrounding FIro, the FIRO token as well as the wallet creation process. Remember to always keep your information as secure as possible and that no legitimate service out there will ever ask you for your private keys.
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