The Firo privacy coin previously known as the Zcoin, has just suffered a 51% attack as the team tries to tackle the issue so let’s read more in today’s altcoin news.
The Firo privacy coin which is previously known as the Zcoin, is now going through a 51% attack and the team is still to release the details but they did clarify that they are working with exchanges and pools at the time of writing. The privacy coin is now going through what is known as a 51% attack with the nature of the attack entailing a malicious actor which managed to get a hold of 51% of the hashrate of a blockchain-based on the proof of work consensus algorithm which is what exactly happened to Firo.
We are under 51% attack at the moment. We recommend not to make transactions during this time until the network returns to a normal state. We will post updates when we have them. Note this is not a coding error but a nature of PoW. $XZC $FIRO
— Firo (formerly Zcoin) (@firoorg) January 20, 2021
The team made it clear that this is not a coding error but is the true nature of the PoW. What’s more, to it is that they are working with other exchanges and pools as they said that the chain locks that could prevent this “were being tested on tested and was weeks away from deployment.” The price of Firo dripped by about 15% and the 51% attacks are not something new to the field with last year seeing Ethereum Classic going through one. The popular analytics resource said that the cost of attacking Bitcoin’s network through a 51% attack will be about $716,072 per hour making it by far the most secure network out there.
Zcoin rebranded to Firo at the end of November 2020, and the decision coincided with ZCoin’s Lelantus upgrade. The upgrade will offer improved privacy, faster transactions, it will become much easier to use and many other features as well. Zcoin which is a minor privacy coin announced that it will undergo a rebranding on November 30 after which the coin will be known as Firo. The name”firo” means “Fire” which reflects one of the main features of the coin which is burning. Zcoin allows users to destroy old coins and obtain new coins that have no previous transactions. Zcash described this and other features as a form of “one-click privacy.” Firo was chosen for the practical reason which includes an easily rememberable name which is “succinct, easy to say and sounds like money, so it’s perfect for a cryptocurrency” according to the company’s press release.
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