Firo (cryptocurrency)

Last updated

Firo
Firo-logo.svg
Firo official logo
Denominations
CodeFIRO
Development
Original author(s)Poramin Insom
Reuben Yap [1]
White paper Enabling Untraceable Anonymous Payments in the Lelantus Protocol
Initial release0.1 [2] / 28 September 2016;7 years ago (2016-09-28)
Latest release 0.14.13.2 [3] / 16 February 2024;6 months ago (2024-02-16) [3]
Code repository https://github.com/firoorg/firo/releases [4]
Development statusActive
Written in JavaScript, C, Python, Go, C++ [5]
Developer(s) Poramin Insom [6]
Peter Shugalev
Andrey Bezrukov
Panu Suksumonsin
Rustam Abrahamyan
Sproxet
Aram Jivanyan (Research) [7]
Source model Bitcoin codebase [8]
Ledger
Timestamping scheme Proof-of-work
Hash function Merkle Tree Proof [9]
Block reward6.25 FIRO per block (next halving September 2024)
Block time2.5 minutes [10]
Website
Website https://firo.org/ [4]

    Firo, formerly known as Zcoin, is a cryptocurrency aimed at using cryptography to provide better privacy for its users compared to other cryptocurrencies such as Bitcoin.

    Contents

    History

    Zcoin

    Creation

    In late 2014, Poramin Insom, a student in Masters in Security Informatics from Johns Hopkins University, wrote a paper on implementing the zerocoin protocol into a cryptocurrency with Matthew Green as a faculty member. [11] [6] The project to create a standalone cryptocurrency implementing the Zerocoin protocol was named "Moneta". [12] [13]

    On 28 September 2016, Zcoin, the first cryptocurrency to implement the zerocoin protocol, was launched by Poramin Insom and team. [6] [14] Roger Ver was the initial investor. [6] Reuben Yap, a former lawyer and founder of virtual private network BolehVPN joined the team as co-founder shortly after the launch of Zcoin. [15] [16]

    2017–2018

    On 20 February 2017, a malicious coding attack on the Zerocoin protocol created 370,000 fake tokens which perpetrators sold for over 400 Bitcoins ($440,000). Zcoin team announced that a single-symbol error in a piece of code "allowed an attacker to create Zerocoin spend transactions without a corresponding mint". [17] Unlike Ethereum during the DAO event, developers have opted not to destroy any coins or attempt to reverse what happened with the newly generated ones. [18]

    In September 2017, Poramin set up an exchange named "Satang Pro" that can convert Thai Baht to Zcoin directly. [6] [19]

    In April 2018, a cryptographic flaw was found in the Zerocoin protocol which allowed attackers to steal, destroy, and create Zcoins. [20] The Zcoin cryptocurrency team, while acknowledging the flaw, stated the high difficulty in performing such attacks and the low probability of giving economic benefit to the attacker. [21]

    In August 2018, Boozeat, a liquor delivery service in Malaysia accepted Zcoin as a payment method. [22]

    In September 2018, Zcoin introduced the Dandelion protocol that hides the origin IP address of a sender without using The Onion Router (Tor) or Virtual Private Network (VPN). [23] [24]

    In November 2018, Zcoin conducted the world's first large-scale party elections for Thailand Democrat Party using blockchain instead of relying upon the election commission to count the votes. [25] [26] In the same month, a video named "Rap Against Dictatorship" was uploaded to Zcoin blockchain after Thailand government's threat of arresting the people involved in the video for speaking against government policies. [27]

    In December 2018, Zcoin implemented Merkle tree proof, a mining algorithm that deters the usage of Application-specific integrated circuit (ASIC) in mining coins by being more memory intensive for the miners. This allows ordinary users to use a central processing unit (CPU) and graphics card for mining, so as to enable egalitarianism in coin mining. [9]

    2019–2020

    In February 2019, Zcoin was added to wallet supported by Binance cryptocurrency exchange. [28] In the same month, Zcoin partnered with Binance Charity Foundation to raise funds for "Lunch for Children" program in Africa. The charity used blockchain to track and verify the progress of funds from donor to receiver. [29] On 25 April 2019, Zcoin was listed on the Indonesian digital exchange KoinX. [30]

    On 30 July 2019, Zcoin formally departed from the zerocoin protocol by adopting a new protocol called "Sigma" that prevents counterfeit privacy coins from inflating coin supply. This is achieved by removing a feature called "trusted setup" from the zerocoin protocol. [31] In August 2019, Zcoin was added to an African cryptocurrency exchange named OVEX. [32] In December 2019, Zcoin introduced a decentralised crowdfunding and decision-making system to fund ancillary tasks for the project. [33] In July 2020, using the crowdfunding system, Zcoin raised US$22,500 from 89 contributors to fund the first phase of its third-party audit of Lelantus protocol. [34]

    In May 2020, Zcoin announced that all founder rewards will be ceased, while at the same time increase development funding to 15% of the block reward, and allocated 35% of the block reward to masternodes. Besides, a US$100,000 reserve fund was set up to protect against price volatility. [35] In September 2020, Zcoin completed first halving of block rewards. [36] In the same month, Zcoin was added to Stakehound for easy accessibility to Decentralized finance (DeFi) while earning staking rewards. [37]

    Firo

    In October 2020, Zcoin announced rebranding to new name called "Firo" which signifies a unique way of burn (destroy) and redeem coins. [38] Firo suffered an 51% attack in January 2021. [39] In June 2021, Firo was added to NOBI trading platform based in Indonesia. [40] Firo implemented Receiver Address Privacy (RAP) in June 2021. [41] In August 2021, Firo announced the Lelantus Spark protocol. This protocol offers additional privacy features, including generating new one-time addresses for receiving payments, efficient multisignature operations, and the availability of view keys for authorised third parties to view a transaction. [42]

    Design

    Firo Core wallet GUI 0.14.6.0 on Windows 10. Firo Core wallet GUI 0.14.6.0 on Windows 10.png
    Firo Core wallet GUI 0.14.6.0 on Windows 10.

    Zero-knowledge proofs

    Firo initially implemented the Zerocoin protocol. Unlike bitcoin, money does not travel from one block to another. Instead, it is traded as Zerocoin and redeem for a new coin without any history of transaction. However, the disadvantage of this system is that the transaction amount cannot be hidden. [14] There had been little research interest into Zerocoin protocol because of its similarity to Zerocash protocol. [43]

    There are three phases of a Lelantus transaction. Since trusted setup is not needed, it makes the algorithm faster. In the first phase, a block with transaction history is deleted, while generating a new block with no previous history (minting). A serial number is added to the minted coin to prevent double spending. In the second phase, all previous minted coins are parsed and the serial number are published to the blockchain (spending). In the third phase, the participants can verify the block without any actual inputs. [44]

    Dandelion++ protocol

    Firo implemented the Dandelion++ protocol in 2018. It is a protocol that helps to increase the anonymity of a sender during the dissemination of a transaction. There are two phases in the Dandelion protocol: stem phase and fluff phase. In the stem phase, a message is forwarded to a single, randomly chosen neighbour. Then, in the fluff phase, the message is broadcast to all the neighbours except forwarder of the message. Dandelion ++ is an improved version of the Dandelion protocol where the problem of transactions lost due to defective or malicious nodes is avoided by broadcasting the message if a node does not receive the message after a certain period of time in the fluff phase. [45] These steps shuffles the IP addresses of the nodes to help to protect users' anonymity. [46]

    Receiver Address Privacy (RAP)

    In June 2021, [41] Firo introduced Receiver Address Privacy (RAP) addresses, an adaptation of BIP47. [47] RAP allows users to be able to publicly post their wallet addresses without having to worry about privacy. In the past, wallet users had to create and share freshly generated addresses to attempt to maintain their privacy. [47]

    Mining

    Firo implemented the MTP algorithm in December 2018. Using video cards, mining Firo can be more profitable than mining ethereum. [48] [49] Nvidia GeForce RTX 3080 Ti is able to churn out 6 to 6.5 Mhash/s of hash rate, earning about US$5 per day. Meanwhile, GeForce RTX 3080 is only able to churn out 5. 3 Mhash/s on this cryptocurrency. [50] The algorithm has been changed to FiroPoW on October 26, 2021.

    Regulatory responses

    In February 2021, Thailand Securities and Exchange Commission (SEC) mooted an idea of banning privacy coins from exchanges. Poramin Insom argued that such ban lacks rationale and clarity because all cryptocurrencies including bitcoin have some privacy features in it. Besides, exchanges can easily track customers' details by using Know-Your-Customer (KYC) and Anti-money laundering (AML) procedures. [51] In September 2022, Seychelles-based cryptocurrency exchange Huobi delisted Firo because of financial regulations. [52]

    Price and volatility

    In October 2018, Firo was ranked top 25, with fully diluted market capitalisation of US$194,506,940. [53] Firo had an all-time high price of US$170 per coin in 2017–2018. [54] In February 2020, Firo price dropped to US$3 to US$5 per coin. [55] Firo was priced at US$7.5 in September 2021.

    Analysis

    According to researchers from Technical University of Denmark, Sigma and Lelantus protocols both contributed to the area of specialised trustless zero-knowledge proofs but seldom offered strong anonymity guarantees when compared to zk-SNARKS because of performance limitations. However, ZK-SNArK-like proof is complicated and research into simpler zero-knowledge protocols can provide practical and anonymous payments in the future. [43] A cryptographic audit was done in September 2020. According to the audit, Lelantus protocol offers good privacy without trusted setup and reasonable proving time within 2 seconds and anonymity set size of 216. [56] According to R.E Shibai et al., Lelantus was described as "promising" in ensuring privacy and anonymity in cryptocurrency transactions. [57] However, according to a master thesis written by Bontekoe, T.H from University of Twente, he would prefer zk-SNARKS for digital payments because as "the used primitives in Zcoin (Lelantus) do currently not allow for the extensive statements that we most likely require to make our scheme anonymous and auditable." [58]

    Lelantus was also implemented into the Mimble Wimble protocol to produce a new protocol named Oscausi. [59]

    See also

    Related Research Articles

    Proof of work (PoW) is a form of cryptographic proof in which one party proves to others that a certain amount of a specific computational effort has been expended. Verifiers can subsequently confirm this expenditure with minimal effort on their part. The concept was invented by Moni Naor and Cynthia Dwork in 1993 as a way to deter denial-of-service attacks and other service abuses such as spam on a network by requiring some work from a service requester, usually meaning processing time by a computer. The term "proof of work" was first coined and formalized in a 1999 paper by Markus Jakobsson and Ari Juels. The concept was adapted to digital tokens by Hal Finney in 2004 through the idea of "reusable proof of work" using the 160-bit secure hash algorithm 1 (SHA-1).

    <span class="mw-page-title-main">Bitcoin</span> Decentralized digital currency

    Bitcoin is the first decentralized cryptocurrency. Nodes in the peer-to-peer bitcoin network verify transactions through cryptography and record them in a public distributed ledger, called a blockchain, without central oversight. Consensus between nodes is achieved using a computationally intensive process based on proof of work, called mining, that guarantees the security of the bitcoin blockchain. Mining consumes large quantities of electricity and has been criticized for its environmental impact.

    <span class="mw-page-title-main">Cryptocurrency</span> Digital currency not reliant on a central authority

    A cryptocurrency, crypto-currency, or crypto is a digital currency designed to work as a medium of exchange through a computer network that is not reliant on any central authority, such as a government or bank, to uphold or maintain it. It has, from a financial point of view, grown to be its own asset class. However, on the contrary to other asset classes like equities or commodities, sectors have not been officially defined as of yet, though abstract versions of them exist.

    Litecoin is a decentralized peer-to-peer cryptocurrency and open-source software project released under the MIT/X11 license. Inspired by Bitcoin, Litecoin was among the earliest altcoins, starting in October 2011. In technical details, the Litecoin main chain shares a slightly modified Bitcoin codebase. The practical effects of those codebase differences are lower transaction fees, faster transaction confirmations, and faster mining difficulty retargeting. Due to its underlying similarities to Bitcoin, Litecoin has historically been referred to as the "silver to Bitcoin's gold." In 2022, Litecoin added optional privacy features via soft fork through the MWEB upgrade.

    Zerocoin is a privacy protocol proposed in 2013 by Johns Hopkins University professor Matthew D. Green and his graduate students, Ian Miers and Christina Garman. It was designed as an extension to the Bitcoin protocol that would improve Bitcoin transactions' anonymity by having coin-mixing capabilities natively built into the protocol. Zerocoin is not currently compatible with Bitcoin.

    Blockchain.com is a cryptocurrency financial services company. The company began as the first Bitcoin blockchain explorer in 2011 and later created a cryptocurrency wallet that accounted for 28% of bitcoin transactions between 2012 and 2020. It also operates a cryptocurrency exchange and provides institutional markets lending business and data, charts, and analytics.

    <span class="mw-page-title-main">Ethereum</span> Open-source blockchain computing platform

    Ethereum is a decentralized blockchain with smart contract functionality. Ether is the native cryptocurrency of the platform. Among cryptocurrencies, ether is second only to bitcoin in market capitalization. It is open-source software.

    Circle is a peer-to-peer payments technology company that now manages stablecoin USDC, a cryptocurrency the value of which is pegged to the U.S. dollar. It was founded by Jeremy Allaire and Sean Neville in October 2013. Circle is headquartered in Boston, Massachusetts. USDC, the second largest stablecoin worldwide, is designed to hold at or near a stable price of $1. The majority of its stablecoin collateral is held in short-term U.S. government securities.

    CryptoNote is an application layer protocol designed for use with cryptocurrencies that aims to solve specific problems identified in Bitcoin. Namely:

    A blockchain is a distributed ledger with growing lists of records (blocks) that are securely linked together via cryptographic hashes. Each block contains a cryptographic hash of the previous block, a timestamp, and transaction data. Since each block contains information about the previous block, they effectively form a chain, with each additional block linking to the ones before it. Consequently, blockchain transactions are irreversible in that, once they are recorded, the data in any given block cannot be altered retroactively without altering all subsequent blocks.

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    <span class="mw-page-title-main">Zcash</span> Cryptocurrency aimed at privacy

    Zcash is a privacy-focused cryptocurrency which is based on Bitcoin's codebase. It shares many similarities, such as a fixed total supply of 21 million units.

    <span class="mw-page-title-main">Cardano (blockchain platform)</span> Public blockchain platform

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