Firo, the privacy-focused cryptocurrency formerly known as Zcoin, announced plans to activate the Lelantus privacy protocol and complete the network rebranding. The event could take place on January 12 or 13 at block #336,888, according to a press release.
The name Firo combines money and fire and reflects the essence of Lelantus. It envisions user privacy based on burning coins in arbitrary quantities, including partial burns, followed by the purchase of newly minted tokens with zero transaction history.
According to the team, this one-click, simple interface provides an unprecedented level of privacy, comparable to cash.
“Despite the pressing need, there are only a handful of blockchain privacy protocols. The existing ones either do not ensure long-term privacy or rely on experimental mathematics. Unlike them, Lelantus does not require trust, provides high anonymity and uses only well-established cryptographic assumptions in its construction,” said Ruben Yap, head of the Firo project.
Lelantus also envisions:
- Default privacy (with an opt-out). Upon receipt of funds, users can anonymize them;
- More anonymity sets (65,000 with the sliding_window function);
- No fixed denominations — users can burn and redeem arbitrary amounts;
- The ability to modify amounts without compromising privacy.
Firo uses the Zerocoin privacy protocol, which underpinned the popular privacy-oriented cryptocurrency ZCash (ZEC).
What is Zcash (ZEC)?
Earlier, the U.S. Internal Revenue Service announced a $625,000 payment to a contractor to help trace transactions on the Monero network, circumventing technologies that ensure anonymity.
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