The success of cryptocurrencies has undoubtedly spurred a paradigm shift towards tokenization. As the days go by, more enterprises are launching proprietary tokens. Consequently, the need for an effective and scalable protocol to control Web and IoT applications is at an all-time high. By providing a zero-rated decentralized cloud, 0chain is an affordable, fast and an infinitely scalable blockchain made for the Internet of Things and Web applications.
The inbuilt self-forking allows the component applications to independently adjust their needs in separate chains without affecting the credibility of the larger blockchain. Contrary to conventional cloud subscription models, DApps within the 0chain have to be token holders to access the blockchain. Hence, it is fundamentally a scalable cloud, set to grow in value as more digital apps enroll for the program.
Problems Facing Blockchain Technology And Cryptocurrencies
Presently, blockchain applications do not scale adequately and the cost of consensus is expensive. This make its impractical to implement the technology in micro-transactions and IoT devices. Usually, such gadgets transmit voluminous amounts of data, and would therefore require substantially high amounts of money to run on blockchain platforms. Furthermore, the response it time is considerably slower, since the data rates are miles apart from each other.
Typically, Bitcoin and its subsidiaries use proof-of- work mechanisms to build consensus and advance blocks in the blockchain database. In addition to demanding specialized hardware, this method is not friendly to energy resources. Due to the enormous hashing power required to mine digital currencies, only a limited number of miners can mine the assets in bulk. This defies decentralization, a cornerstone of blockchain technology.
Ethereum, Bitcoin's closest competitor, has recently ingrained scripts on transactions to keep check of how users compute, store and utilize data on the blockchain. This has resulted in the imposition of gas (charging fees) to restrict the usage of computing power and storage space. As a countermeasure, applications run offline since gas costs significantly inflate the total expenditure. For IoT devices, this is impracticable since they have to be online throughout. Going by the prevailing gas rates, an average IoT device will attract an annual gas fee of $200,000, a cost that is unbearable.
Over time, blockchains need to overhaul their source code to add new features. During this period, their values are prone to plummeting.
Inflation And Volatility
Cryptocurrency values fluctuate at an astonishing rate and are heavily influenced by external factors. 0chain’s value us intrinsic and is affected by the number of users at a time.
- Start date: April 2018
- Token symbol: ZCHN
- Total number of tokens: 400,000,000
Distribution Of Funds
- 50% will go to Miners, Sharders and Blobbers.
- 30% will go to Team, Advisors and Development Partners
- 10% will go to pre-sale and ICO.
- 10% will go to reserve