Uncategorized

Zen Protocol Extends Smart Contracting Capabilities to Bitcoin

Jayanand Sagar | November 24, 2017 | 2:17 pm
Zen Protocol
Uncategorized

Zen Protocol Extends Smart Contracting Capabilities to Bitcoin

Jayanand Sagar | November 24, 2017 | 2:17 pm

Zen Protocol is a complete decentralized financial system that gives users the ability to buy, sell and create financial instruments without any third parties. An alpha client and running testnet is available.

Zen targets financial use cases, such as trading and creating new kinds of assets. An advanced contract language helps to make smart contracts fast, scalable, and secure. Zen Protocol runs as a parallel blockchain to Bitcoin, with its own mining, but aware of everything that happens on the Bitcoin network. This tight integration allows users to create assets that react to events in Bitcoin, with applications like BTC-powered asset sales, sidechains and Bitcoin-based derivatives.

A new governance mechanism, MultiHash Mining, aligns the incentives of miners and stakeholders, by allowing holders of the Zen Protocol Native Token to vote on which mining algorithms are used.

The native token is also used to activate contracts. This provides a fundamental utility for the token. Mining lowers the cost of using the Zen Protocol, by subsidizing the miners who secure the chain.

How Zen Protocol Differs from Other Platforms

The Zen Protocol’s architecture is designed to make contracts fast and safe. Contracts are compiled to run as fast as native code – made possible by “pre-costed” contracts, which prove how long they take to run. This differs from every current system. For example, in the case of Ethereum, every use of each contract must be paid in Ether, purchasing “gas”. This gas has to be counted as the contract executes, making contracts much slower and potentially resulting in a bad transaction that costs the user money. Zen contracts never take payment unless they run to completion.

A fast, scalable, economical oracle method makes it possible for independent services to put data into consensus while making a profit. Zen Oracles can commit to huge amounts of data in a small transaction, then sell access to each piece.

Token Sale

The token sale will begin on 30th November and go on until 30th December. A total of 12,000,000 tokens are available for sale to the public, with 6.5M distributed to team members and 1.5M retained for future incentives. The token can be purchased using Bitcoin, using Zen Protocol Development’s custom crowdsale client. The price of 1 Native Token will be set on the 28th of November, using the last 30 days of bitcoin prices.

More information about the Zen Protocol is available at https://www.zenprotocol.com/

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