Money must serve as money, not a tool of control or intelligence. This is the philosophy of Firo – a digital coin that focuses on exceptional privacy, considering it a basic human right. Cryptocurrencies were conceived as an alternative to the bank system in which users will own their funds and stay independent from those who decide to print money and boost inflation. But in cryptocurrency, your right for privacy is at risk – everything on the blockchain is transparent and visible to anyone. This is where Firo comes into play.
The cryptocurrency works on Lelantus – a next-generation privacy protocol. When you send a transaction, Lelantus burns your coins and hides them in an anonymity set of 65,000 (a set of subjects in which a subject cannot be identified, according to the definition of anonymity). A receiver redeems money from this anonymity pool, hence the link between you and the receiver breaks – the same way it was broken between you and the previous Firo owners.
Currently, Firo is working on deploying Lelantus Spark – a technology that will improve its predecessor by introducing Spark addresses. They cannot be searched on the blockchain, their transaction amounts are hidden, and there are efficient threshold signatures and both incoming and outgoing view key support.
The Firo network is run by Mastenodes – network members that validate transactions. They protect the network from 51% attacks serving an extra security layer on top of the PoW consensus. NOWNodes allows you to access a Firo masternode that you can use to build a wallet, exchange, or any other type of app in the network.
We also provide a connection to a Firo block explorer – a tool that shows the current state of the Firo network, shares data on blocks and transactions. Even though Firo is a privacy coin, the block explorer offers you some relevant data that you can use while developing your Firo-based project.