550 FireCord is a project currently up for funding on Kickstarter. It consists of 550 paracord with the inner core replaced with a composite that functions as an fire starting material.
FireCord is completely functional in all the same ways that standard 550 paracord is: it can be made into lanyards and zipper pulls, used as a survival material, etc. While the composite is encased in the paracord sleeve, FireCord is no more volatile than traditional paracord. Outside of the sleeve, the composite ignites with ease, burns very hot, features a long burn time for its volume, and is completely waterproof. Of course, the paracord sleeve is still functional even after the composite core is removed.
