ZCoin, which became Firo after rebranding, is the first implementation of the proprietary ZeroCoin algorithm designed to provide complete anonymity for Bitcoin transactions. However, agreements with BTC owners were not reached, so the ZCoin coin was developed and launched in 2016. Today it can be purchased on the LetsExchange under the name Firo.
What is Firo Cryptocurrency?
Firo, previously known as ZCoin, is a crypto-asset that declares maximum anonymity as its main superpower. You should agree that in the cryptocurrency world, this is absolutely regular thing. However, ZCoin not only promises but also delivers. This has been achieved through its proprietary ZeroCoin algorithm, which enables payments to be sent without the recipient or sender’s information:
- When the intention to make a payment is announced, a serial number and a secret code are generated, which form the value of the cryptographic function;
- this value can be provided as proof of ownership of the required amount of coins;
- when the recipient confirms that he/she is ready to receive payment, the algorithm checks the crypto functions links to the serial number and performs the payment – the funds are credited to the recipient’s wallet.
XZC tokens used in transactions are “burned”, so, unlike Bitcoins, ZCoin coins received in the recipient’s wallet do not contain the history of all transactions.
How to Mine Firo
The Firo network allows the creation of new coins by mining but imposes restrictions on the use of specialized equipment – field-programmable gate arrays and application-specific integrated circuits – so that Firo can be mined quite efficiently using computers based on CPUs and GPUs.
Instead of the traditional Proof of Work, Firo uses the Merkle Tree Proof consensus to validate the mining process, which makes the mining of coins as democratic and accessible as possible to the average user.
The Firo miner starter kit includes:
- CPU and GPU-based computer;
- software for mining crypto-assets with Merkle Tree Proof algorithm.
And that’s basically it!
How to Mine Firo and How Profitable It Is
By 2019, the complexity of BTC mining had grown so much that a single miner, even with special equipment costing tens of thousands of dollars, had practically lost his chances for success. Many seriously thought that the era of cryptocurrency mining was over. However, new wave cryptocurrencies like Firo, Monero, and others offered a new algorithm that enables ordinary users to create coins.
As for the price of Firo, its peak value was recorded at $132 per coin. However, at the time of writing the review, it keeps at the level of $2-3 with rare upsurges to $10-15 per Firo. There are many complaints about the level of privacy associated with traditional cryptocurrencies right now, so Firo, which stands out in this regard, has all the prospects for growth in price.
Thanks to the algorithms used, the hardware requirements are more than democratic:
- a minimum of 8GB of RAM;
- a minimum of one CPU core dedicated solely to mining;
- optional reinforcement in the form of a GPU.
Theoretically, it is possible to achieve results even with an old graphics card but it is better to arm yourself with at least 6 GB of video memory.
Don’t forget to take care of the software as well. Software for mining BTC-like crypto-assets will not work because of the completely different algorithm used.
The software you need depends on the hardware you use:
- CPU — Zcoin NVidia Miner;
- GPU NVidia — Zcoin NVidia Miner;
- карта AMD — Zcoin AMD Miner.
Owing to the restriction of uber technologies and democratization of the mining process, Firo aka ZCoin has prospects for further development but at the moment it is hindered by the low price of the asset.
Follow the LetsExchange updates to avoid missing the point when the price starts to rise.