Impromptu Community AMA January 22nd on Twitter Spaces: https://twitter.com/i/spaces/1LyxBolmXNaKN
Hello everyone. I would really like some help from the community in transcribing our most recent impromptu community AMA! This way people can copy and translate the text, and for anyone who may be deaf (as the automatic CC are pretty trash)
Reuben hosted an impromptu meeting where he covered several topics including which direction Firo was heading to. The current times are challenging the entirety of the crypto industry, and people are worried about whether Firo will survive. We, as a community, need to decide what direction Firo is going to go.
Are we going to go the privacy infrastructure route? Remain a privacy coin purely focused on payments? Are we going to be on other chains, or do we want other chains on Firo? There is no quick and easy answer, and this should not be taken by the core team alone. This should be directed by the community as a whole!
During this meeting, Reuben covered some of what Firo had in store. As noted in previous blog posts about the future of Firo we have been moving towards a privacy infrastructure route. So what does this mean? Previously Firo was just a privacy coin meant to be used for payments and things like that. However now with the growth of the crypto ecosystem rather than having separate currencies like Litecoin, Bitcoin, etc, it is clear that the crypto ecosystem as a whole is related to each other. It’s not like Bitcoin is going to win everything. It is not so much that one coin is going to win over other coins. It’s more like a symbiotic relationship.
So what being privacy infrastructure means is that Firo is not just providing privacy for its own coin it is actually going to be providing privacy for other chains and where other chains can bridge their assets onto us - similarly we also want to be part of other ecosystems so like you know we want Firo on Ethereum, we want Firo on Solano, we want Firo on Avalanche, and other chains as well.
Although these are all directions Firo can take, we need to decide what directions we want to do first. Right now we’re focusing on finishing Lelantus Spark. Everything is going well and right now we’re moving into the implementation stage, which means we are dealing with the wallets, how to create the transaction, and things like that. We have recently found a way to extend Lelantus Spark’s capabilities to multiple assets. We’ve managed to extend Spark to actually support multiple asset types and to hide that asset type. So what that means is that when I’m transacting, you can’t tell what I’m actually transacting. It could be Firo, it could be USD. It could be something else, but all the blockchain records are that the value transaction has happened. No coins are being created alternate.
Nonetheless, you are hiding actually the asset type, which is really big right? Because that means that we are really, really going down into the privacy infrastructure plan. Now, there are several things that need to kind of happen on the back end. It does mean that we’re probably not going to be deploying like this asset layer straight away. It is a lot of work. The cryptography has been figured out, but the implementation is not trivial. There are quite a lot of things that still need to be decided on. For example, do we want some sort of smart contract capability? What sort of asset issuance model that we want to use? Do we want to follow Ravencoin model? Bitcoin cash model? Some sorta EVM? All of this requires a lot of work and a lot of collaboration. Because of this for now all of our efforts are focused on getting Lelantus Spark out.
We already have a partnership with DotOracle to use with our Elysium layer. We can use this to bridge USDC or DIE, and they will be able to bridge other assets into our Elysium layer! ----
(I stopped at 12 minutes in because I have to do other things, but I will continue later. If you can, please help transcribe! If you are bilingual it would be really cool if you could translate to the other language! Thank you)