BitWell Labs and Firo have reached a strategic cooperation to jointly explore on-chain privacy solutions and asset information protection
Recently, BitWell Labs, the venture capital and innovation incubation department of BitWell which is the world’s leading growth asset trading platform, has reached a strategic cooperation with the anonymous currency project Firo. The two parties will cooperate in the protection of user finance privacy, asset anonymity, and transactions security.
The two parties will carry out technical cooperation on the protection of user financial privacy. BitWell Labs will conduct technical connection with Firo, and introduce the Lelantus protocol for BitWell and BitWell DEX. It ensures that the relevant address information of both parties is not leaked, and further improves the security of the transaction by using zero-knowledge proof to protect users’ account privacy.
BitWell will also support the new privacy payment protocol (Lelantus Spark) by Firo after the upgrade in the future, which can ensure the confidentiality and anonymity of blockchain transactions, complete privacy protection payment scenarios such as small-scale, short-term verification, and no pre-trust mechanism, and enhance privacy of user assets and assist Firo to improve transfer and payment speed through technical support.
BitWell Labs will provide support in market drainage, community promotion, privacy payment, etc. It will take advantage of its own cooperation channels to bring more cooperation resources to Firo, and promote Firo’s vision of making digital cash a global public utility and financial infrastructure.
About BitWell Labs
BitWell Labs is the venture capital and innovation incubation department of BitWell which is the world’s leading growth asset trading platform, dedicated to providing more investment, cooperation and incubation opportunities for the world’s top blockchain projects.
BitWell Labs has established a $50 million Metaverse Special Fund to support and invest in GameFi and NFT, as well as other Metaverse-related projects as a bid to help more high-quality projects develop in terms of market, operation, trading, etc.
Firo (FIRO), is a cryptocurrency that focuses on being private digital cash. Firo created the Lelantus privacy protocol which allows users to burn their coins and redeem brand new coins from an anonymity pool, which breaks any links from all previous transactions.
The parameters of FIRO are similar to those of Bitcoin, the block time is 2.5 minutes, and the output halving cycle is the same as that of Bitcoin, which is about halving every 4 years.