The zcoin.io website will redirect to the new URL named firo.org.
Firo will use the same blockchain as Zcoin, there will be no chain exchange.
The team behind Zcoin announced on Tuesday that it will change the name of its privacy-oriented cryptocurrency project. She will now be known as Firo under the ticker XFR, as reported through a press release. Although the rebrand was unveiled yesterday, it will formally take effect on November 30.
The proposal to establish a new identity was raised mainly because of its similarity to Zcash, another project of the bitcoiner ecosystem aimed at user privacy.
The similarity of names caused confusion for several years, something that the developers now hope to minimize. Zcoin was even wrongly said to be a Zcash hard fork.
For the sake of clarifying what are the differences between both projects, Zcoin maintains on its website a Explanation detailed on the characteristics of both. The main one is that Zcoin uses RSA cryptography introduced in 1993, while Zcash uses zero knowledge tests (zk-SNARKs) formulated in 2014. Furthermore, both are based on different white papers. Zcoin is based on the Zerocoin protocol and Zcash on Zerocash.
Another key difference is the audit of the amount of cryptocurrencies in circulation. Zcoin claims that its supply is fully auditable and that in the case of Zcash it is difficult to detect if a vulnerability is exploited that allows an attacker to generate new coins.
“The similarity to Zcash is both confusing and misleading: although we both deal with privacy, they are fundamentally different technologies, based on different priorities and values,” can be read in the release in which it is highlighted that Firo is not a new blockchain, but a new identity.
Firo will use the same blockchain as Zcoin, so there will be no chain exchange. Furthermore, the current owners of Zcoin they can use the same credentials to continue operating with the cryptoasset. The funds in the wallets will not be affected with the update to run next month.
Zcoin brand transition to Firo
As for the new website, the zcoin.io page will redirect to the URL named firo.org. The latter is already active with the new image of the project and information for cryptocurrency and privacy enthusiasts.
On the reasons that motivated the choice of Firo as a new name, the team pointed out that they were inclined for two reasons: the first is because they consider that it establishes “a new metaphor of ‘burning’ the coins and ‘redeeming them’ later.” The second is because Firo “sounds like money” so both would be geared towards ease of use and adoption.
The graphic image of the project goes from a green logo that simulates the letter Z, accompanied by the word coin, to one with two white F letters (one of them inverted) located within a red circle. The name Firo also accompanies the new image.
The promoters of the project affirmed that they are making preparations to carry out the modifications in the exchanges, wallets and other service providers with crypto assets. The intention is to conduct changes in stages to minimize further confusion.
The rebrand from Zcoin to Firo coincides with the teasers running for the next network update. The Lelantus system is expected to be activated on the main network in January.
It is a proposal that, according to its white paper, It represents a “new anonymous payment system that ensures both the confidentiality of transactions and the anonymity” of users.
Zcoin was launched in 2016 as an alternative for conducting private transactions. A year later the developers even presented a proposal for a decentralized mixer for the Ethereum network and its smart contracts, according to a report published by CryptoNews in May 2017.
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Zcoin changes its name: it will now be called Firo to unmark itself from Zcash