Zcoin (XZC) to Rebrand Its Blockchain And Cryptocurrency to Firo (XFR) At Mainnet Launch on November 30
- Privacy-enabled Zerocoin (XZC), also known as ZCoin, will rebrand to ‘Firo,’ pronounced Fee-Roh, starting on November 30th.
- This coincides with the mainnet upgrade launch that switches the privacy mechanism to a “burn and redeem” model.
According to a press release shared to BEG desks, Zerocoin will adopt a new name following the mainnet binaries for Lelantus, expected on November 30. ZCoin will rebrand to “Firo,” and the token symbol switching from XZC to XFR.
The new name gives a direct representation of the new privacy mechanism that will be adopted on the blockchain once the mainnet is released. The blockchain will employ a unique “burn and redeem” schedule that allows users to burn tokens, then redeem brand new coins that do not have any transaction history.
This is similar to you sending cash to the central bank and getting new notes every time you wish to make a transaction – without any record. The new Firo platform will allow users of the XFR token to complete these transactions in a simple one-click interface.
Zerocoin launched back in 2016, offering users a private and anonymous transaction protocol but is now evolving from these origins, Ruben Yap, one of the lead developers at ZCoin said.
“This captures the essence of the burn and redeem privacy mechanism developed by our team and signals a new era of practical yet powerful anonymity,” said Reuben Yap.
“The word Firo also is succinct, easy to say, and sounds like money, so it's perfect for a cryptocurrency.”
The launch of Lelantus will introduce the burning and redeeming of new tokens with no previous transaction history, enhance the cryptographic security of the token with “unparalleled levels of practical privacy,” and anonymize transactions in just one-click.
Once ZCoin mainnet launches at the end of November, the brand name will switch to Firo, and the website will move to www.firo.org. The mainnet is expected to activate at the start of 2021.