Zenon

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Discover Zenon's fundamentals and latest news.

This content was generated by Whalee (BETA), an AI crypto assitant that analyses cryptocurrencies. Informations can be incomplete and/or erroneous. Please always double check and DYOR.

What is Zenon?

Zenon (ZNN) is a hybrid PoW and PoS cryptocurrency that aims to solve fundamental issues in decentralized networks. It achieves true decentralization through a fair launch and decoupling coinbase incentives from governance. Zenon tokenizes network bandwidth, eliminating transaction fees and rewarding those who help secure the network. It is designed to complement and add value to the Bitcoin ecosystem, leveraging taproot and acting as a standalone L1 that uses Bitcoin’s PoW as root consensus.

How is Zenon used?

Zenon (ZNN) is a cryptocurrency that plays a crucial role in the Zenon Network, a decentralized, hyper-scalable global network based on a novel dual-ledger architecture. The primary uses of ZNN include:

  1. Network Consensus Infrastructure: ZNN is necessary to run the network consensus infrastructure and participate in protocol emissions. It secures the network through lock-up by Pillars, ensuring the integrity and stability of the network.

  2. Participating in Proof-of-Stake (PoS) Mechanism: Users can help secure the network and earn rewards by participating in the PoS mechanism. This involves locking up ZNN tokens, which incentivizes users to maintain the network's security and stability.

  3. Validating Transactions: ZNN is used to validate transactions within the network. The hybrid consensus approach, which combines elements of Proof-of-Work and Proof-of-Stake, ensures that transactions are verified and secured efficiently.

  1. Creating and Managing Digital Assets: The Zenon Token Standard allows users to create and manage digital assets, such as ZTS tokens, which inherit the same properties as ZNN and QSR, including security, censorship-resistance, and feeless transfers.

  2. Running Nodes and Participating in Governance: ZNN holders can run nodes, participate in governance, and contribute to the decentralized decision-making process within the network.

Overall, ZNN is essential for the functioning and security of the Zenon Network, and its uses are centered around maintaining the network's integrity, validating transactions, and enabling the creation and management of digital assets.

How do I store Zenon?

To store Zenon (ZNN) tokens, you have several options:

  1. Syrius Wallet: This is a state-of-the-art, non-custodial wallet specifically designed for the Network of Momentum. It is cross-platform, user-friendly, and secure, allowing you to manage your ZNN, QSR, and ZTS tokens. You can download the Syrius wallet to store and manage your tokens safely.

  2. Centralized Exchanges (CEX): You can store your Zenon tokens on a CEX, which provides convenient access to investment products and features like spot and futures trading, staking, and lending. However, be sure to select an exchange with strict security measures to ensure your assets are safe.

  3. Non-Custodial Wallets: These wallets, such as hardware wallets, Web3 wallets, or paper wallets, grant you complete control over your private keys. This option is more secure but may be less convenient for frequent trading or using your assets for staking or lending.

  1. Hardware Wallets: For maximum security, you can store your Zenon tokens in a hardware wallet and keep it disconnected from the internet. This method ensures the highest level of protection against potential security threats.

It is essential to choose a method that aligns with your needs and preferences, ensuring the safety and accessibility of your Zenon tokens.

How to buy Zenon?

To buy Zenon (ZNN) tokens, you can follow these steps:

  1. Choose a Wallet: Select a reliable and reputable crypto wallet that supports Zenon (ZNN). Ensure the wallet is secure and user-friendly.

  2. Select an Exchange: Choose a centralized exchange (CEX) or decentralized exchange (DEX) that supports Zenon (ZNN) purchases. Consider factors like ease of use, fee structure, and supported payment methods.

  3. Create an Account: On the chosen exchange, create an account by providing the required information and setting a secure password. Enable two-factor authentication (2FA) for added security.

  1. Verify Your Identity: Complete Know-Your-Customer (KYC) verification, which may require providing personal information and identification documents.

  2. Add a Payment Method: Follow the exchange's instructions to add a credit/debit card, bank account, or other supported payment method.

  3. Buy Zenon (ZNN): Use your added payment method to purchase Zenon (ZNN) directly with fiat currency or by first buying a popular cryptocurrency like USDT and then exchanging it for ZNN.

  1. Transfer to Wallet: Once purchased, transfer the ZNN tokens to your secure wallet for safe storage and management.

Additionally, you can also buy Zenon (ZNN) directly through certain wallets that support fiat-to-crypto purchases. Ensure you understand the fees and security measures involved in this process.

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History of Zenon

Zenon (ZNN) is a cryptocurrency that was launched in March 2019 as a hybrid POS/MS (Proof of Stake/Masternode) cryptocurrency. It proposes a sharding-based decentralized architecture called the Network of Momentum (NoM), which aims to build upon existing blockchain and DAG (Directed Acyclic Graph) architectures. This innovative approach allows for linear scalability as the number of nodes grows, making it a significant player in the blockchain industry.

The Network of Momentum technology, which underlies the Zenon cryptocurrency, was initially set to go live on the mainnet in 2020. Since its launch, Zenon has gained attention for its unique features, such as its ability to process transactions asynchronously within shards and its Turing complete scripting language, which enables developers to build and run zApps and create digital assets.

Zenon's focus on scalability, security, and sustainability has positioned it as a key player in shaping the future of blockchain technology. Its strong and dedicated community has contributed significantly to its growth and adoption, making it a standout in the world of cryptocurrency.

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How Zenon works

Zenon (ZNN) is a cryptocurrency that operates on the Network of Momentum (NoM), a decentralized, hyper-scalable global network. Here's an overview of how it works:

Architecture

The Network of Momentum uses a novel dual-ledger architecture, which combines a Meta-DAG (Directed Acyclic Graph) for consensus with a block-lattice structure. This allows for asynchronous processing of transactions, making it more efficient and scalable compared to traditional blockchain systems.

Consensus Mechanism

Zenon employs a hybrid consensus approach, combining elements of both Proof-of-Work (PoW) and Proof-of-Stake (PoS). This ensures the security and decentralization of the network while avoiding the limitations of either mechanism alone.

Token Economy

The Zenon ecosystem is based on a dual-coin mechanism, with Zenon (ZNN) and Quasar (QSR) working together to incentivize fair participation in the network. This approach helps avoid the compounding effect of many PoS systems and ensures a more balanced economy.

Wallet and Node Management

Users can manage their ZNN, QSR, and ZTS tokens using the Syrius wallet, a state-of-the-art non-custodial wallet designed for the Network of Momentum. When creating a wallet, users automatically create their own node, which they can manage and monitor independently. This node is responsible for verifying transactions and maintaining the user's transaction history.

Smart Contracts and zApps

The Zenon Token Standard ensures that all crypto-assets issued on the Network of Momentum inherit the same properties as ZNN and QSR, including security, censorship-resistance, and feeless transfers. This enables the creation of zApps, a new breed of applications that leverage advancements in zero-knowledge proof systems, homomorphic encryption, and unikernel design to provide enhanced security, privacy, and speed.

Interoperability and Cross-Chain Bridge

Zenon aims to achieve interoperability with other blockchain systems, including Bitcoin, through atomic swaps and a decentralized cross-chain bridge. This allows users to access and transfer value in a censorship-resistant manner, unlocking new use-cases with enhanced portability.

Funding and Development

The project is funded through a protocol-level treasury called Zenon Fabric, managed by the Accelerator-Z embedded contract. This treasury supports ongoing operations, research, and development, as well as new products and services to expand the ecosystem.

Overall, Zenon's unique architecture, consensus mechanism, and token economy are designed to provide a scalable, secure, and decentralized platform for creating digital value and building innovative applications.

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Zenon's strengths

The token Zenon (ZNN) has several strengths that set it apart from other cryptocurrencies:

  1. Decentralized Governance and Consensus: Zenon integrates Proof-of-Stake (PoS) and Byzantine Fault Tolerance (BFT) mechanisms, ensuring decentralized decision-making and consensus among participants. This ensures the stability and resilience of the network, reducing the risk of centralization.

  2. Deflationary Token Model: With a limited supply of tokens, Zenon follows a deflationary token model. As the network grows and transaction volumes increase, the value of the token is expected to increase in correlation.

  3. Energy Efficiency: Unlike many other blockchain networks, Zenon prioritizes energy efficiency by utilizing Proof of Stake (PoS), significantly reducing the energy consumption associated with transaction validation.

  1. Quantum-Resistant Cryptography: Zenon has incorporated quantum-resistant cryptography into its protocol, ensuring that the network remains secure and resistant to potential future threats from quantum computers.

  2. Cross-Chain Interoperability: Zenon has developed innovative solutions for cross-chain interoperability, facilitating seamless communication and data transfer between different blockchain ecosystems.

  3. Sustainable Ecosystem: By promoting transparency, inclusivity, and community engagement, Zenon is building a sustainable ecosystem that encourages collaboration and innovation. Developers and entrepreneurs can leverage the platform’s tools and resources to build decentralized applications (dApps) and contribute to the network’s growth.

  1. Strong Community: The Zenon community is composed of passionate individuals who believe in the project’s vision and actively contribute to its development. Through active participation, community members help shape the future of Zenon and drive its adoption in various industries.

These strengths position Zenon as a unique and promising player in the blockchain industry, offering a robust and sustainable platform for decentralized applications and transactions.

Zenon's risks

Zenon (ZNN) is a cryptocurrency that carries significant financial risks. One of the primary concerns is its high risk gauge rank, which indicates that it is a high-risk investment. This assessment is based on various factors, including the potential for manipulation and market volatility.

Historically, Zenon has faced security issues, such as the November 2021 hack, where an attacker exploited poor access control within the protocol to drain a $1 million BNB pool. This hack was made possible by an unprotected burn function within the smart contract, which allowed the attacker to manipulate the token supply and drain the pool.

Additionally, trading in Zenon, like any other cryptocurrency, involves high risks, including the risk of losing some or all of the investment. This is due to the inherent volatility of the cryptocurrency market, which can be influenced by various factors such as market sentiment, regulatory changes, and global economic conditions.

Overall, investors should exercise caution when considering Zenon as an investment, as it carries significant financial risks that can result in substantial losses.

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Did Zenon raise funds?

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Zenon’s team

  • The Zenon Team: The team behind Zenon (ZNN) remains anonymous, focusing on network development and communicating through limited channels such as Twitter, Discord, and Telegram groups. Key figures include "Mr. Kaine" (@mrkaine) and "Sigli" (@SigliZNN), who helps moderate online communities and answer questions.

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