One of the primary traits of cryptocurrencies, and undoubtedly the thing that everyone was most excited about, at least at the beginning, is privacy.<\/p>\n
Early cryptocurrency adopters were discussing the privacy-oriented capabilities of various cryptocurrencies at length, placing great emphasis on this particular feature. For the better or worse, a lot of the contemporary projects place absolutely no attention on privacy as the focus has shifted.<\/p>\n
Yet, this remains a critical component of a cryptocurrency and one that a tremendously large community is concerned with.<\/p>\n
One coin that works towards building a completely private yet robust and convenient infrastructure is Firo<\/a>. Formerly known as Zcoin, the project has recently announced its Elysium testnet that\u2019s aimed at allowing anyone to create their own tokens on Firo while utilizing Firo\u2019s privacy and security.<\/p>\n In essence, Elysium is Firo\u2019s tokenization layer. It\u2019s designed to allow users to create their very own cryptocurrencies or tokens and take advantage of the privacy features of the network\u2019s Lelantus technology.<\/p>\n It intends to open the door to anonymous and verifiable voting tokens and private stablecoins. Firo is no stranger to voting applications, and back in 2018, Firo\u2019s (then Zcoin) blockchain was utilized to run<\/a> the world\u2019s first large-scale political election in Thailand for the Thai Democrat Party\u2019s primaries with over 127,000 votes cast nationwide.<\/p>\n The country has also touted<\/a> blockchain technology as means of increasing its GDP. The team also shared that they are in the process of finalizing the architecture for bridging various cryptocurrencies from other networks to Elysium through decentralized custodians.<\/p>\n This should allow Firo to work as a privacy infrastructure where the crypto economy will be able to benefit from its privacy technology. The latter is structured directly within the protocol, which should allow for cheap and quick private transactions.<\/p>\n To obtain testnet FIRO coins, it\u2019s important to use the testnet faucet, and if for testing purposes, more coins are required, users can inquire through the public Discord or Telegram channels. A detailed guide on how to manage the testnet can be found on the official website<\/a>.<\/p>\n As mentioned above, Elysium allows users to benefit from the network\u2019s Lelantus Spark technology. This is the protocol\u2019s next major update and it was introduced in August 2021. The protocol introduces a lot of privacy-preserving features, which include but are not limited to:<\/p>\n It\u2019s essential to the network\u2019s functionalities, and the team continues to seek new avenues to expand its capabilities, further looking into enhanced addressing and the ability to show proof of payment to various merchants.<\/p>\n While adding more capabilities, the team has also made sure to retain many of its important features. These include, but are not limited to:<\/p>\n Lelantus Spark\u2019s key ideas have also been used in Monero\u2019s upcoming privacy framework Seraphis in an effort to scale its ring sizes. Firo\u2019s implementation of Spark focuses on much higher anonymity sets and utilizes sliding windows between large sets, avoiding many of the issues of decoy selection present in ring-based privacy.<\/p>\n PrimeXBT Special Offer: Use this link<\/a> to register & enter POTATO50 code to get 25% off trading fees.<\/b><\/p>\n<\/div>\n<\/div>\n <\/p><\/div>\n<\/a><\/p>\n
What is Elysium?<\/h2>\n
Lelantus Spark Technology<\/h2>\n
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