The developers of the Firo cryptocurrency, formerly known as Zcoin, launched the Lelantus protocol on the main network of the project, which ensures the privacy of transactions by default.
The protocol invites users to anonymize their cryptoassets to ensure the privacy of transactions sent through Firo wallets. Transparent transactions have moved to the optional options. The update makes it possible to use the Firo partial pay-off and burn model.
Lelantus launched on Firo’s testnet last October. Then the project manager, Reuben Yap, compared the Firo redemption and burning model to buying a ticket for an attraction – when you go to the turnstile, you just need to show your ticket. Yap explained:
“The ticket acts as a receipt for payment, but it does not reveal information about who paid for it and how. The same principle applies to the Zcoin burn and redemption model. If the receipt can be verified, I can redeem it and receive new coins. ”
After the launch of the Lelantus protocol on the main network, this “ticket” became possible to use not all at once, but in parts. Firo’s chief said:
“With previous burn and redemption systems like Zerocoin and Sigma, if I burned $ 100 worth of assets, I had to redeem them in full. The main innovation of Lelantus is that I can burn these assets in full and repay any smaller amount without disclosing that it was derived from $ 100. ”
This mechanism prevents third parties from tracing the source of the transaction by the number of coins burned. The next step for Lelantus is to enable users to “transfer the redemption right to someone else without disclosing the source or amount”. The developers plan to roll out this update in 2021.
“As a result of the activation of the update on the mainnet, we see an increase in the number of transactions using Lelantus, which is very encouraging. The massive adoption of cryptocurrencies cannot happen without meaningful privacy protections, especially given that no one wants to make their financial history available to the public. Protocols like Lelantus open up new opportunities for understanding how cryptocurrencies approach the privacy of transactions, making these protections even more accessible and their adoption more achievable, ”Yap said.
Other cryptocurrency developers are also making efforts to improve transaction privacy. In the fall, Litecoin founder Charlie Lee announced plans to introduce a function to improve the privacy of transactions in the blockchain. In addition, in October, Taproot and Schnorr Signatures were introduced into the Bitcoin Core code – updates to improve the privacy and scalability of the Bitcoin network.
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