Zen Protocol – Bitcoin Cryptocurrency Financial Engine ICO Tokens?
The Zen Protocol lets users create assets backed by collateral held on a blockchain. Find out how it works today in our review.
What is the Zen Protocol?
The Zen Protocol, or simply Zen, wants to solve the problem of digital agreements by giving users total control over their financial assets. Just like bitcoin solved the problem of digital money, giving owners total control over a store of value, Zen wants to do the same for digital agreements in general.
In other words, Zen is a platform for financial instruments. Intermediaries are not involved with the platform. The Zen Protocol blockchain acts as the intermediary. It functions as a trading floor, a broker, and a tool to help you create assets. Some of the possible assets that can be created on the Zen platform include simple assets like bonds, or more complex assets like derivatives and swaps.
You create assets on the Zen Protocol using smart contracts. All smart contract coding is performed in F*.
The token sale for the Zen Protocol begins on November 30.
How Does Zen Protocol Work?
The Zen Protocol revolves around the use of tokens. Tokens grant rights, and that means they can be valuable digital assets. Tokens created by one contract can be owned and used by any other contract or Zen user.
Zen also uses smart contracts. The platform relies on smart contracts to enforce agreements and to hold money in escrow. Zen aims to solve a crucial problem with smart contracts: we still need to trust the third party – like the programmer – that designed the contract. Zen aims to go beyond existing smart contract platforms by allowing contracts to prove what they do.
“The Zen wallet understands these proofs, giving users the information they need to trade safely,” explains the official website.
Zen also uses oracles, which are smart contract functions that can connect to real world events. The Zen Protocol enables efficient, profit-making oracles “which commit to a lot of data in a very small transaction, then get paid for each piece of data they reveal on the blockchain.”
All transactions on Zen’s blockchain will unlock some coins, then lock those coins to new owners. Contracts are used to create transactions that move value between traders. Zen contracts are fixed from the moment of creation, and they use transaction outputs to store data.
All Zen Protocol smart contracts are written in a dialect of open-source programming language F*, which was developed by a team at Microsoft Research and Inria. Once a smart contract has passed F*’s checks, the contracts are extracted and compiled to .NET bytecode.
Finally, Zen Protocol will stay in sync with bitcoin by rewarding miners for including bitcoin block headers. Zen nodes “watch” the bitcoin network, then reach consensus on which blocks are in bitcoin’s longest valid chain. Zen can also be merge-mined with bitcoin, making Zen’s consensus about bitcoin transactions even stronger.
You can discover the Zen Protocol online for yourself today here: alpha.zenprotocol.com/. The company has released an alpha version of the platform that lets you browse active and inactive contracts.
Some of the contracts listed on the alpha version of the platform include a Google Call Option, an AAPL Call Option, and similar contracts.
The Zen Protocol Token Sale
The Zen Protocol token sale begins on November 30, 2017 at 16:00 UTC. The token sale has a hard cap of $30 million, with a total of 12 million tokens for sale. The company is exclusively accepting bitcoin during the sale, with coins priced at 1 ZEN = $2.75. The token sale period is from November 30 to December 30.
A total of 20 million tokens will be created during the genesis event. Aside from the 12 million tokens for the sale, the remainder will be dedicated to the Zen Protocol team (6.5 million tokens) and a reserve fund (1.5 million).
An additional 40 million tokens will be created between the genesis block and year 6, with 20 million tokens released from years 6 to 12, and 10 million tokens created from years 12 to 18. Every 6 year period after that will lead to the creation of half of the previous period, with a maximum of 100 million Zen tokens ever to exist.
Who’s Behind Zen Protocol?
The Zen Protocol is being developed by Adam Perlow (CEO), Nathan Cook (CTO), and Sharon Urban (Lead Developer).
Perlow is a finance grad from the IDC who joined the bitcoin community in 2011. He’s also an Israeli Army reservist. Cook, meanwhile is a mathematics post-graduate student from Cambridge University.
The team announced the Zen Protocol token sale in October 2017.
Zen Protocol Conclusion
The Zen Protocol is a blockchain built for finance, where users can create assets and digital agreements through a no-nonsense smart contract creation tool. All Zen Protocol smart contracts are coded with F*, a secure open source programming language.
To learn more about the Zen Protocol and the platform’s upcoming token sale, visit online today at ZenProtocol.com