As some of you have notice in recent days the Hybrid PoW-PoS new blockchain upgrade of the Zcoin, now rebranded as Firo (spelled feeroh), has figuratively exploded in price with a 4.5x/5x increase in some exchanges. What is going on?
Well there are some few changes in the blockchain's protocol, tokenomics and advertising model.
Firstly I think it could be the Lelantus upgrade, Lelantus Spark, which ads privacy for the recipient or the receiver in a transaction. This evolved from Zero knowledge proof of the prover to a higher privacy of both sender and receiver plus on the prover side as a 3 rd party transaction approval (as far as I understood from their blog).
Secondly the block rewards have changed for miners and has been added a proof of stake protocol as well. In previous years the network had a 51% attack, so to prevent this from happening again, in Lelantus upgrade has been added a PoS to have a higher security. Because most of the times the miners sold right away their coins, by adding the PoS, incentivises either the miners or investors to secure the network with master nodes and makes it even MORE faster then before, by staking Firo. You need at least 1000 Firo to secure a Master Node. On top of that because the network is now a H-POW (hybrid proof of work) they also increased the block size allowing more transactions per second and reduce the block time to 2.5 minutes. Even that the mining profitability is reduced, the coins can still be mined with consumers graphic cards. You can see bellow how they rethink the whole block division rewards:
50% Masternodes, were previously was 35%,
25% Miners (previously 50%),
15% Dev reward (no change),
10% Community Fund (previously 0%).
As you can see, they added a community fund.
This means thirdly, that the community fund will be used to promote and educate the masses of this old but greatly improved cryptocurrency project that it will evolve over time when new challenges occur. If you would like to be a promoter or if you are already an influencer, then you can check out the community page over here. If you are more interested in how the Zcoin evolved into Firo, you can check out the website here.
It might be as well the fact that Binance added a third pair Firo/BUSD on their platform but I did not saw any price action after that introduction.
It also might just a simple hype like all the cryptocurrencies experienced over this week.
What do you guys think, I would really want to know your opinion regarding the "Firo Explosion"...
Chillout and stay safe!
