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Anonymous cryptocurrency ZCoin will turn into Firo

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Behind the Rebrand – Zcoin to FIRO

Anonymous cryptocurrency ZCoin will turn into Firo

Anonymous cryptocurrency ZCoin will turn into Firo
CONTENT

  • Anonymous currency ZCoin will become Firo

  • Cryptocurrency functionality allows maintaining user anonymity

  • Cryptocurrency is still the most popular means of payment on the darknet

International consortium of news organizations developing transparency standards.

The developers of the anonymous cryptocurrency ZCoin announced a rebranding. ZCoin will now be marketed under the name Firo.

Firo – a new step in the evolution of ZCoin

Anonymous cryptocurrency ZCoin will turn into Firo

Lelantus, the developer of the anonymous cryptocurrency ZCoin, announced a rebranding. Coin name and ticker will change Firo (Fee-Roh) (XFR) from 30 November when mainnet binaries for Lelantus are launched.

The new name and brand more accurately reflect Lelantus’ proposal: a unique burn and redemption privacy mechanism that allows users to burn (destroy) coins and then exchange them for new coins without previous transaction history. The result is high practical anonymity, similar to cash in a simple one-click interface..

“The move from Zero to Firo accurately describes the evolution of Zcoin. It captures the essence of the privacy protection mechanism developed by our team and signals a new era of practical yet powerful anonymity. Firo is also concise, easy to pronounce and sounds like money, so it is perfect for cryptocurrency, ”said Ruben Yap, project manager for Zcoin..

Lelantus allows you to:

  • Burn (or destroy) coins of an arbitrary amount and redeem new coins (even partially) that have no previous transaction history associated with them.
  • Receive the same guarantees of confidentiality as when paying in cash. Firo provides a high level of privacy.
  • Activate data protection to ensure privacy. This approach means that users can use transparent transactions when they need it to work with exchanges, wallets and bridging. Otherwise, the user can activate the personal data protection function, and it will become impossible to track the address of the sender of the cryptocurrency..

The company tries to preserve the main principle of cryptocurrencies – the anonymity of users and transactions..

Anonymous cryptocurrency ZCoin will turn into Firo

Cryptocurrency Developers Fight For Anonymity

Despite the fact that the legislation of the European Union and the United States requires making the use of cryptocurrency transparent, some exchanges and developers of digital coins are trying to maintain confidentiality for their users. At the beginning of the year, the European Union adopted the Fifth Directive (5AMLD), which actually obliged all crypto exchanges and companies working with cryptocurrency to introduce a mandatory verification procedure and KYC. In fact, this means that each registered user must provide information about himself, which is contrary to the principles of anonymity of the use of cryptocurrency..

According to experts from the FATF, the Organization for Combating Money Laundering, the introduction of mandatory identification of the identity of users will reduce cases of misappropriation of money through cryptocurrencies. In addition, this will prevent the financing of drug trafficking, trafficking in persons and weapons, terrorism on a global scale. Today, cryptocurrencies are the most common way to pay for prohibited goods on the darknet..

According to the resource Chainalysis, more than half a million bitcoins rotate in the darknet space. Most often, cryptocurrencies are used for payments for prohibited goods, including pirated programs and computer viruses.

“585,000 BTC revolves on the illegal market, scammers own 99,000 BTC, the stolen funds amount to another 205,000 BTC, and everyone else holds an additional 3,000 BTC – a total of 892,000 BTC,” Chainalysis said in a statement..

The report also states that the growth in darknet user activity is hurting the image of cryptocurrencies in the world. However, the introduction of strict measures for the circulation of bitcoins on the network, which were developed by the FATF employees, will reduce the rate of MTC use on the darknet..

 

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