“Hello, this is Zenon” – Bullrun Gravano

“Hello, this is Zenon” – Bullrun Gravano

With a simple hello and a wave, the project we have come to know as “Zenon” made its introduction to mainstream crypto enthusiasts. Ancient Greeks referred to the name as someone who received life from Zeus. In the world of cryptocurrency and blockchain, many could imagine something like this:

Zeus = Satoshi (H.F.)

From day 1, Zenon Network has captivated the interest of those who distrust centralized systems and seek solutions to the scalability limitations of the chain. Not to mention, a small cult-following was born seeking the answers to what’s behind the curtain.

Since the birth of Bitcoin, scalability has been one of the most significant problems in the industry. Obviously, with 10 years gone by, the amount of data or “work” on the network has vastly increased.

In order for the system to be scalable, it must achieve a higher TPS (Transactions per Second) via its POW consensus.

This is where Zenon comes in.

Zenon has proposed a new approach called the “Network of Momentum” which can scale linearly as the network grows while maintaining an immutable ledger and retaining privacy. Within the Momentum Network, the team at Zenon has proposed a new sharding protocol to reach consensus on the network.

Today’s blockchains do not scale in a meaningful sense. As more nodes join the system, the efficiency of the system (computation, communication, and storage) degrades. Sharding has been introduced over the last couple of years, which can make DLT more secure and efficient. But more importantly, it makes blockchain scalable and sustainable by splitting up data into chunks (or shards). This, in turn, enables a form of load balancing on the network. Over the last couple of years, different methods of sharding have been introduced by some prominent projects. Some to name would be Elrond, Zilliqa, and Cardano.

Many in this field believe that sharding s the future of blockchain. With DLT’s disrupting nearly every industry nowadays, projects seem to be looking for the best ways to enable their network to scale out.

Linear scalability: scales as the network expands. Higher transactional output / low latency

Security: “An immutable ledger secured by quantum-resistant cryptographic algorithms based on a decentralized P2P network with distributed topology”

Byzantine fault tolerant: In the absence of BFT, a peer would be able to transmit and post false transactions effectively nullifying the blockchain’s reliability.

Sybil attack resistant: In a Sybil attack, the attacker would subvert the reputation system by creating a large number of pseudonymous identities and use them to gain a disproportionately large influence.

Turing complete scripting language: Developers will be able to easily build and run zApps. Technologies that could benefit from this protocol include but are not limited to decentralized storage solutions, A.I. systems, IoTs, etc.

In order for a transaction to complete, there must be an irreversible agreement across a network of nodes. In the Network of Momentum, transactions are issued by users connected to nodes on the network. There are 2 key elements that play a role in the consensus mechanism.

  • Pillars: represent the foundation layer of the network and randomly interconnect with each other. By doing so, they generate sharding spaces. They also privately check to make sure certain nodes can participate in the consensus protocol.
  • Sentinels: enable inter-sharding communication channels within the network. The validate the integrity of the shards.
  • Pillar formation/ lock-in: created to form the foundation for the network. Individuals can purchase pillars for 15,000 ZNN.
  • zWallet beta release
  • Testnet: Pillar nodes will have exclusive participation access.
  • Network Genesis: Deployment of pillars to the new network.
  • Whitepaper: Q1 2020. Currently, the whitepaper is undergoing an academic review. It should be noted that only a select few projects such as Cardano have ever gone through an academic review by their peers.
  • Testnet: Q2 2020
  • Nano-satellite deployment: the launching of pillars into orbit, taking privacy and decentralization to a new level

After 3 years of personally reviewing projects, hosting AMA’s, trading, performing FA analysis and more, I can say that Zenon is one of the most intriguing projects I’ve come across. As someone who’s kept a close eye on projects that look to solve the scalability issues in blockchain, I feel that if successful, Zenon could provide the network with the solution the industry so badly needs.

The network continues to grow exponentially…..and so does my hope for Zenon.

Telegram link @Bullrun Gravano

Published at Sun, 08 Dec 2019 07:52:36 +0000

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