Firo wallet

The Sigma Protocol is the cardinal feature of Firo, which formerly relied on the ZeroCoin protocol for its use of ZKPs. Sigma Protocol is different in that it has an anonymity set encompassing all minted coins in a particular RSA accumulator set. Users can mint and burn privacy coins in Firo without a transaction history, thus severing any links between inputs and outputs on the network.

ZCash extends this privacy emphasis to the network layer with Tor, the onion-routing overlay network, and Dandelion — a broadcasting protocol designed to make tracing IP addresses more challenging.

Like some other privacy-oriented cryptocurrencies (e.g., Monero), Firo has an egalitarian focus on mining with a strong position on maintaining decentralization. Using its MTP mining algorithm, Firo precludes specialized mining hardware, called ASICs, from being able to mine on the chain — fostering a mining ecosystem of CPUs and GPUs.

Firo distinguishes itself from Bitcoin and other cryptocurrencies in several clever ways, including the implementation of its MTP hashing algorithm for its PoW consensus (designed to be ASIC-resistant), and its unique Sigma Protocol version of zero-knowledge proofs (ZKPs).

The FIRO coin follows a mining schedule derived from Bitcoin, where block reward halving occurs every 4 years, and is also coupled with a founders reward that allocates 7 percent of mining rewards to the founders for the first 4 years.

When you first buy crypto, you’re issued with two keys: public and private.

• A public key serves as an address that can be shared with other parties to perform transactions.
• A private key represents a randomly generated number that signs transactions and protects your assets from malicious attacks. If it gets compromised or lost, you won’t be able to access your cold wallet to spend, withdraw, or transfer your cryptocurrencies.

To safeguard and keep track of your keys, you can use online or offline wallets. Online wallets, also known as hot wallets, store private keys on systems or devices that are connected to the internet. Hot wallets are easy and convenient to use, however, they come with several drawbacks. Besides being susceptible to attacks and a honeypot for hackers, with hot wallets, the custody of private keys is often entrusted to a third party such as a crypto exchange, which means you never have full control over your funds. The safer choice are specialized hardware wallets that store private keys offline. Stealing private keys from a hardware wallet would require physical access to the wallet and corresponding PIN or the recovery phrase. What’s more, with hardware wallet, you don’t need to rely on third party custodians.

Ledger Nano is the industry-leading hardware wallet. With more than five million customers, Ledger Nano wallets have several layers of security that protect private keys, and hence your assets:

• Your private keys are stored on secure element chips.
• A PIN code and a 24-word recovery phrase are required to access the wallet.
• Ledger Nano cryptocurrency wallets have been built using highly durable materials for protection against physical damage.

With full isolation between private keys and your computer/mobile, Ledger Nano cryptocurrency wallets keep your keys secure and give you complete control over your tokens.