Jane The team wants to bring efficiently smart contract The functionality of the bitcoin blockchain. They want to use sidechain technology, which involves creating a new blockchain bitcoin blockchain, to allow users to create and trade advanced financial assets in a decentralized manner. We have already presented his project in our blog.
Today we are pleased to interview Nathan Cook, CTO of Zen Protocol, about his project.
When do you think Zen will go live and what are the next steps ahead of launch,
Testnet alpha is up, and finishing mainnet Going faster than expected. Our roadmap says Q2, 2018, but we expect to complete a successful and stable mainnet before that, if possible. We have some big features to add – notably multi-hash-mining – and then we’ll transition to rigorously testing and hardening the client.
What about multi-hash mining?
multi-hash mining Our solution is to reduce the conflict between miners and users. The Zen protocol maintains a target ratio between various hash functions such as equish, SHA-256^2, scrypt, etc., then adjusts the difficulties to maintain that ratio. Token holders – on-chain – can vote what ratio they want. The idea is that if miners see the ratio moving away from “their” hash function, they’ll know that users don’t like something about what they’re doing, and to change the way they behave. They will have encouragement.
Can you describe to us the features of the Zen blockchain?
We are targeting a block time of four or five minutes in our version 1 release. We are considering implementing spectre (protocol invented by Yonatan Sompolinski, Yoda Levenberg, and Aviv Zohar), which should easily allow blocks of 20 seconds if we work well with the rest of our protocol.
We don’t have an explicit block size – we have a limit on the amount of computation a block can do. We’re pretty sure there will be a higher demand for computation than storage on the Zen protocol in the beginning, so we’re trying to manage that first. ZP is flexible enough that we can increase the computation limit by soft-fork, so this type of limit is not as big as some other blockchains.
Some specifics about our platform: Our contracts prove how many resources they have, which lets us compile them and make them run much faster. Also, theypay as you go”, which means you only pay to keep them active for as long as you need to use them. And of course, they work smoothly with the core types of objects of the Zen protocol, such as tokens, permissions, and data from the bitcoin blockchain.
Why do you think there is a need to create another cryptocurrency to reach your goals?
The Zen Protocol aims to focus on financial products combining with bitcoin as the monetary unit of account – this means that bitcoin transactions are not more expensive to use as smart contracts are competing with them for resources. Do not offer a mix of existing platforms Security, pace And usable that we need. We’ve seen smart contract failures over and over again over the past year or two, costing hundreds of millions of dollars – and just knowing how important security is hasn’t stopped these problems.
We’ve built a platform that makes it even easier to verify your smart contracts. That proof is integrated into the consensus layer of the Zen protocol. And some of that same technology lets us do contracts a lot faster.
We know Rootstock has the same goal as yours. Why is Zen better than Rootstock and what are the differences between the two projects?
Rootstock is largely “Ethereum with Bitcoin” – it uses EVMs with a few additions. So it suffers from the same problems making smart contracts secure – it’s really, really hard to write bug-free contracts for EVMs. Zen Protocol is a completely new design – contracts are more Safe And fasterAnd blockchain supports financially relevant concepts, such as “tokens” and “rights”, without developers having to reimplement them, as Ethereum and Rootstock require.
Rootstock also uses a single “federation” that controls all the bitcoins that are locked into the sidechain. Federation is a group of people using multi-signature transactions – it is completely centralized. By the way, Rootstock chain miners are also dependent on this group, so it is quite difficult to see how the security of Rootstock’s blockchain depends on mining rather than consortium. may allow for zen protocol many competing associations, because our blockchain does not rely on a trusted group to control the tokens that pay miners. ZP also supports bitcoin upgrades which make the sidechain more Decentralisation – something that would require rootstock to work hard to implement.
What about a reserve fund for the future (1.5 million ZEN tokens)?
The reserve will be a useful resource for incentivizing new employees and rewarding independent developers and collaborators. For example, someone working in the open source community and integrating Zen protocol functionality would be a great candidate for an award from Reserve.
Are you facing regulatory challenges? What could be the potential issues with regulators?
The regulatory environment has been very favorable for us. Our tokens give you a license to use the protocol’s smart contract creation function, which is something that is well understood in the software industry. We keep up to date with any messages that local and international regulatory agencies are sending about blockchain more generally.
What is your opinion about regulation in decentralized finance?
Ironically, decentralization can make regulation more localized. Right now, the biggest brokers, exchanges and governments have such a strong influence on the financial system that their rules are effectively international. A decentralized “base layer” for finance would leave regulators with their historical role of regulating commerce within the borders of their own nations.
Thanks Nathan for answering these questions.
ZEN Token Sale Will End on December 30th, Visit Theirs for More Information on the Zen Protocol Website,