Firo (FIRO) is a cryptocurrency, the main feature of which is the anonymity of transactions, built-in at the software algorithm level. As with Bitcoin, the total possible number of FIROs is limited to 21 million. Reliable and proven Bitcoin source code has been taken as a basis for the project in many aspects. The Zerocoin protocol was originally designed as an extension for Bitcoin, but from 2016 it became an independent project. The Zero-knowledge proof technology ensures that a third party can't identify the recipient and sender of the coins in any way. It uses RSA 2048 encryption with a 2048 bit key. Users have a choice between open for viewing and anonymous transactions. Transaction speed doesn't exceed 10 seconds.
How does the public nodes system of Firo (FIRO) work?
A combination of algorithms of Proof of Work and Proof of Stake is used. Miners have recently moved to a more advanced Merkle Tree Proof (MTP) algorithm. It provides mining protection on ASIC and also requires a powerful GPU. This makes the network of free public nodes more decentralized as mining is only possible on PC. Both miners and blockchain nodes providers are rewarded. Such a system has shown better reliability and productivity in comparison with systems where the owners of public crypto nodes work with pure enthusiasm without getting a reward.
How to earn rewards for the Firo node support?
Like the DASH cryptocurrency, Firo also uses master cryptocurrency nodes. This is the crypto nodes provider which checks transactions. To become a blockchain node provider in the Firo system, you must have 1000 FIRO coins on your special wallet as a deposit. This deposit can be transferred to another wallet at any time, but the FIRO node will stop working immediately. Public crypto nodes get a fixed reward of 30% of the total amount of coins created for transaction checking. To set up the FIRO node, you need to have a computer with Linux installed. Thanks to the master cryptocurrencies nodes system, the total number of FIRO coins in circulation is reduced, and the exchange rate is increased. Reducing the total number of coins in circulation also ensures that the coins are "burned". Every time an anonymous transaction is made in the system, a certain amount of FIRO is irrevocably destroyed.
What are the advantages of Firo (FIRO)?
The Firo project is actively growing and developing. The reliable but too complex Zerocoin protocol has been replaced by the Sigma protocol, which should replace the Lelantus protocol shortly. As far as the anonymity of payments is concerned, this cryptocurrency has no equal. Leading cryptocurrency exchanges add FIRO to the listing, and many online stores already accept payment in Firo. There are wallets for different operating systems and mobile devices. There is support for the cryptocurrency Firo and in wallets of third-party producers.
What are the disadvantages of Firo (FIRO)?
Firo is not especially popular outside the cryptocurrency community. It is difficult to pay FIRO for goods or services. Hackers found several weaknesses in the software code, which allowed them to withdraw other people's funds, remotely destroy FIRO, and create fake coins. Volatility scares away those who would like to invest in FIRO. The Firo price has fallen 96% from its peak in 2017, and it will take a long time to recover.
