The privacy coin ZCoin will be rebranded to Firo by the end of November after introducing coin burns and other general improvements so let’s read more in today’s altcoin news.
Zcoin will rebrand to Firo by the end of November and the decision coincided with ZCoin’s Lelantus upgrade. The upgrade will offer improved privacy, faster transactions, it will become much easier to use and many other features as well. Zcoin which is a minor privacy coin announced that it will undergo a rebranding on November 30 after which the coin will be known as Firo. The name”firo” means “Fire” which reflects one of the main features of the coin which is burning. Zcoin allows users to destroy old coins and obtain new coins that have no previous transactions. Zcash described this and other features as a form of “one-click privacy.”
Zcoin is becoming
— Zcoin (soon to be Firo) (@zcoinofficial) October 27, 2020
Firo was chosen for the practical reason which includes an easily rememberable name which is “succinct, easy to say and sounds like money, so it’s perfect for a cryptocurrency” according to the company’s press release. The transition to Firo will start on November 30 at which the project will move its website as well. The rebrand is a part of the Lelantus upgrade as mentioned and explained by Reuben Yap, the project manager of Zcoin:
“Going from zero to Firo accurately describes Zcoin’s evolution away from it’s Zerocoin protocol origins.”
Zcoin was originally built on the Zerocoin protocol which is closely related to Zcash’s Zerocash protocol. Back in 2019, it introduced a new protocol that offered multiple improvements like anti-counterfeiting measures. Lelantus will offer many new features like “on-by default” privacy, smaller proof sizes, greater ease of use, and faster transaction times.” The update software will be released on November 30, 2020, and will become active by January 2021. Zcoin will also release its Lelantus upgrade which coincided with the Firo rebrand. However, the upgrade will not be active on the mainnet until January 2021. Zcash is now the 155th biggest cryptocurrency on the market with a $42 million market cap.
As previously reported, Zcoin announced the new Zcoin Crowdfunding System which is a new platform that will serve as a shift from direct funding from block rewards and will operate as a donation model. The new system will help to further decentralize the project, sticking true to the company’s vision of a privacy-focused cryptocurrency.
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