Firo (FIRO) ex-ZCoin (XZC) Price Prediction 2022-2030

What is Firo?

Firo (ex-ZCoin (XZC)) is a popular token, the purpose of which is to ensure the complete confidentiality of users when trading on the exchange. 

The coin allows you to track private transactions, offering the user freedom from large financial institutions.

Firo uses the unique Zerocoin protocol to provide a reliable bridge between itself and Ethereum, allowing the user to freely enter and exit the ecosystem of decentralized finance (DeFi) without KYC.

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In 2018, a cryptographic error was discovered in the Zerocoin protocol, on which the coin was originally based, which allowed attackers to steal, destroy and create Firo. The Firo team admitted the mistake, pointed out the high complexity of performing such attacks and the low probability of obtaining economic benefits for the fraudster. 

The cryptocurrency uses zero-disclosure cryptographic technology. It can be minted using a home PC or by joining a mining pool. The Firo block time is 5 minutes, and the block reward is 12.5 coins. (≈$175)

Zcoin (XZC) was renamed Firo in October 2020.

The algorithm of Firo operation 

During Zerocoin mining, the available Firo coins are destroyed. In the process, the Zerocoin protocol generates a random sequence number "R" and a secret number "S". The metrics are used in a cryptographic function to create a "V" value to which users are now bound.

"V" is sent to the blockchain to prevent its changes in the future. The value is available for viewing to anyone, as well as the "V" of other network members.

Now for spending Zerocoin R, the protocol confirms that the value of R corresponds to the public value of V. The zero-knowledge proof demonstrates that there is a value V that fits the user's R but does not name it. This is what allows you to spend Zerocoin without disclosing the sources of coins, which makes one hundred percent anonymity. 

Minting Firo and anonymity - the principle of operation

For anonymization, users burn their Firo for the sake of getting Zerocoin. The commission is 0.01 FIRO per transaction. Zerocoin is new, so in fact, it is unrealistic to track their activity. 

The developers also introduced a limited denomination: Zerocoin can only be minted in blocks of 1, 10, 25, 50, and 100 coins. In the future, the team plans to add the ability to create 1000 coins in one operation.

You can also add a few words about anonymity. In cryptography, this term hides the possibility of one side proving to the other that the first one knows the value of X. At the same time, no other data is disclosed - the first group says only that it knows the desired value without disclosing it. Each coin does not contain information about old transactions. 

FIRO Features

When making a money transfer on the FIRO network, the history of your transactions is not associated with valid cryptomonets FIRO has its own concept of monetary transactions - money is not transferred between users: the transfer amount is destroyed on the sender's wallet and a similar amount of coins is generated on the buyer's account. (Only the participants of the transaction interaction can know about the transaction itself)
Complete anonymity of transactions

FIRO Bugs

One of the well-known reasons for distrust of cryptocurrency turned out to be an unfortunate case, about which there were a number of posts of explanations from the developers. 

"One day there was a typo in the currency code (just one unnecessary character), which led to the fact that the scammers managed to withdraw about 350 thousand coins within a few weeks, totaling at that time ≈ $ 500 million."

The second reason for distrust is the comparison with the Zcash cryptocurrency, which has identical technical characteristics and even the general spelling of the market. Later, the creators of Zerocoin had to prove the existing difference between the two cryptocurrencies.

Purchase and mining of FIRO cryptocurrency 

Currently, Zerocoin mining is possible, but it is necessary to have CPU standard CPUs or GPU GPUs. 

The token mining principle adheres to the Proof of Work (POW) standard, which is known as Proof of work. Mining FIRO involves the use of an algorithm like Lyra2z. 

This algorithm was a chain of initial protocols for the Blake256 and Lyra2 algorithms. 

To transform a coin into Fiat, you will have to use the services of cryptobarges. 

Cryptocurrency can be bought on many exchanges, such as Binance, Kucoin, Bittrex, HitBTC, etc. But each platform has its own commission and it is quite large, to buy a token with a minimum commission you need: 

We create our working account on Exmo and replenish it in dollars. After that, we buy Zcash and then transfer altcoin to Binance according to the proposed scheme, change coins to Bitcoin, then exchange for Firo. 

Prospects for the development of the coin

If we take into account the similar Firo with BTC, additional work is underway on mixing, further translation to the MTP algorithm. 

Such a step will increase the generation of crypto assets and speed up the execution of transactions. The introduction of additional protection from computing on the ASIC will provide new opportunities for creating an improved decentralized distribution network 

Consequently, the coin has a successful future and it is quite optimistic due to the fact that with each step the transaction speed increases, and accordingly the total number of coins. 

Price prediction 2022-2030

By the end of 2022, the value of the coin may reach a maximum level of $5.65 with an average trading rate of $4.93.

But there is an assumption that is likely to be confirmed, the period from 2023 to 2024 will be golden for the coin because by the middle of this period the maximum price of the token will be $12.5, which is almost 4 times more than at the beginning of 2022. By the end of 2025, experts see the FIRO price somewhere between $16.8 and $18.72.

The maximum exchange rate until 2030 can reach $132, which serves as proof of a very successful future in the development of the coin and buying it now for long-term storage.