SINGAPORE, Oct. 27, 2020 /PRNewswire/ -- ZCoin (XZC) today announced a rebrand to the new name and ticker Firo (Fee-Roh) (XFR), which will be effective on November 30 when the mainnet binaries for Lelantus will be released. The new name and branding is a truer representation of what Lelantus offers: a unique burn and redeem privacy mechanism that allows users to burn (destroy) coins, and then redeem them for brand new coins with no previous transaction history. The result is high practical anonymity similar to cash in a simple one-click interface.
"Going from zero to Firo accurately describes Zcoin's evolution away from it's Zerocoin protocol origins. This captures the essence of the burn and redeem privacy mechanism developed by our team, and signals a new era of practical yet powerful anonymity," said Reuben Yap, Project Steward of Zcoin. "The word Firo also is succinct, easy to say and sounds like money, so it's perfect for a cryptocurrency."
Firo conjures up images of something aflame and alive -- consisting of fire or burning strongly and brightly, the name is set to evoke a phoenix rising from the ashes. This not only describes the privacy mechanism which burns coins, but also Zcoin's passion for privacy as a fundamental human right and belief that it should be accessible for all.
Lelantus allows users to:
Burn (or destroy) coins of arbitrary amounts and to redeem brand new coins (even partially) that appear to have no previous transaction history associated with them.
Enjoy the same privacy guarantees of cash. Based on proven cryptographic assumptions and elegant cryptography without trusted setup, Firo delivers unparalleled levels of practical privacy.
Anonymize transactions in just one-click, putting privacy at their fingertips. This approach means they can use regular transparent transactions when needed to work with exchanges, wallets, and cross-chain bridges, or simply turn on privacy which is front-and-center in the new interface.
The team behind Zcoin has developed some of the most significant blockchain privacy protocols on record. All of these cutting-edge technological innovations will be distilled into Firo, pushing the frontiers of digital privacy. Zcoin was founded in 2016, and pioneered the use of the Zerocoin protocol that became one of the most used on-chain privacy protocols. Zcoin's team of cryptographers and developers improved upon Zerocoin with the Sigma protocol, and now have ushered in the next-generation of privacy with Lelantus.
When Lelantus officially launches its mainnet binaries on 30 November, Zcoin will transition to the new Firo brand, and will move its website to www.firo.org. Lelantus will activate on mainnet in mid-January.
Zcoin is a privacy-first digital currency that enables untraceable transactions and true financial freedom from the prying eyes of large corporations, financial institutions, and oppressive governments. Zcoin advocates privacy as a fundamental human right, and enables users to regain control of their money. As a leading technology innovator, Zcoin designed a simple burn and spend model that strengthens privacy, while making it more broadly accessible.