Firo

Firo is a privacy cryptocurrency on its own blockchain which is also working on privacy infrastructure. Firo is a PoW coin and uses the mining algorithm FiroPoW, which is ASIC and FPGA resistant to protect fair distribution and places the power back into the hands of commodity hardware. Firo is protected from 51% attacks by employing LLMQ Chainlocks through our masternode network. Firo uses the privacy protocol Lelantus, with an update to this called Lelantus Spark coming out later this year. (2022)

This privacy protocol uses a burn and mint model where coins are anonymized, which sends them to an accumulator with an anonymity set of over 65,000. These anonymized coins are then able to be redeemed at a later time, at any amount, from the accumulator which creates fresh coins with no transaction history to be sent wherever desired. Lelantus Spark makes many improvements on this including hiding all transactions, auto-anonymizing all incoming transactions, and more. Seeing the need for privacy, Firo also recognizes the need for there to be privacy infrastructure.

With this intention in mind, Firo has created our tokenization layer, Elysium, which will allow users to create their own tokens with privacy on the Firo blockchain, but it will also allow bridging of assets from other chains and will provide them the power of Lelantus privacy. This means that a stablecoin could be bridged to the Elysium layer, provide privacy for this stablecoin, and would come from an accumulator so that it is not traceable back to the user!