Singapore-based privacy coin Zcoin (XZC) announced on Wednesday the rebranding to the new name and ticker Firo (Fee-Roh) (XFR). The rebranding is notably going into effect on November 30th, when the mainnet binaries for Lelantus:, which is a next-generation privacy protocol offers high practical anonymity similar to cash, will be released.
According to Zcoin, the name and branding is a representation of what Lelantus offers: a unique burn and redeem privacy mechanism that allows users to burn (destroy) coins, and then redeem them for brand new coins with no previous transaction history. Reuben Yap, Project Steward of Zcoin, further spoke about the rebranding by stating:
“Going from zero to Firo accurately describes Zcoin’s evolution away from it’s Zerocoin protocol origins. 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. The word Firo also is succinct, easy to say and sounds like money, so it’s perfect for a cryptocurrency.”
Zcoin also revealed that Lelantus allows users to:
- Burn (or destroy) coins of arbitrary amounts and to redeem brand new coins (even partially) that appear to have no previous transaction history associated with them
- Enjoy the same privacy guarantees of cash. Based on proven cryptographic assumptions and elegant cryptography without trusted setup, Firo delivers unparalleled levels of practical privacy
- Anonymize transactions in just one-click, putting privacy at their fingertips. This approach means they can use regular transparent transactions when needed to work with exchanges, wallets, and cross-chain bridges, or simply turn on privacy which is front-and-center in the new interface
Zcoin then added that when Lelantus officially launches its mainnet binaries on 30 November, Zcoin will transition to the new Firo brand, and will move its website. Lelantus will activate on mainnet in mid-January.