Recapitulation of ZENCHAIN PROJECT AMA event held at AMA LOVERS CLUB.
Date: Saturday, 24th April, 2021
Time: 14:00 UTC
The ZENCHAIN PROJECT team was represented by @Weizenchain and @Takaozen who judiciously shared with us detailed knowledge and information about ZENCHAIN PROJECT.
1st Segment: INTRODUCTION
Q1: Can you please introduce yourselves and your background, also introduce the team working on Zenchain?
ANS: My name is Takao, from Japan. I am the tech lead at Zenchain Foundation.
I have been involved in cryptocurrency for over 6 years. I have supported many blockchain projects.
I have joined Zenchain Protocol since last September
We have just released our testnet/explorer.
The NFT marketplace beta version is being test. We expected to release it within 2 weeks.
Zenchain Foundation is a team of blockchain experts and marketing gurus. Our team members are from different countries such as China, Japan, USA, Singapore and Italy.
But we have the same mission and vision to bring Defi x NFT to a higher level.
Our team has been backed by top giants in crypto space. Even we are getting more and more proposal everyday about the funds.
Q2: Can you introduce Zenchain, what critical problems does it solve that existing solutions are not solving and what's the competitive advantage?
ANS: IDO is not our MAIN goal, our goal is to release good products first. And then we will try to raise people attention and awareness about our project.
While crypto has attracted billions in investments, decentralized financial services are lagging.
Another big problem with DeFi projects is the scalability of the host blockchain. Two major problems arise from the scalability problem:
Transactions take a long time to be confirmed and the transaction is extremely expensive at times of congestion.
Example: Ethereum at full capacity can process about 13 transactions per second, while centralized counterparts can process thousands and thousands of transactions.
There are different types of blockchains such as Bitcoin, Ethereum, Binance Smart Chain, each with its DeFi ecosystem and community. Interoperability enables DeFi platforms, tools, DApps, and smart contracts on different blockchains to interact with each other. Until this becomes simpler, many projects are siloed.
Smart contract vulnerability is a major source of issues for many DeFi projects. If there is the slightest flaw in the code of a smart contract, it can lead to loss of funds. But smart contract is immutable. If smartcontract under attack, we just see funds go away.
Our competitive advantage is a dedicated blockchain that is optimized speed and security specifically for DeFi and NFT applications.
ZenChan does contain all core DeFi applications built in the core of the chain, not written by smart contracts like swap, lending, and insurance dapp. ZenChain also contains all applications supported for NFTs like minting, auctions, and trading. And special, with ZenChain, your NFTs can use it as collateral in Defi to make a loan or staking in a pool to earn extra token …
We support crosschain also.
Q3: Zenchain seems to be interested in the gas war
How low do you think the gas fee will be on Zenchain?
ANS: User don't need to pay gas fee on ZenChain :). But must pay fee for using DEFI App like swap fee, loan fee or fee for Issue new NFT, auction NFT ...
But at all, ZEN still cheaper.
User don't concern about fee just enjoy speed, safe and valuable product.
Q4: Can you give an overview of your Tokenomics, and the UTILITY of the $ZEN Token?
ANS: Follow about answer, the use cases intended for ZEN include but are not limited to: protocol governance, exchange fee value capture, derivative collateralization, liquidity mining, and staking...
Further details regarding each of these use cases can be found below.
Protocol Governance: The ZEN token can be used to govern various components
Mint, Auction, Rent NFTs: To mint NFTs, or bid in the marketplace, users will use ZEN to bid and pay a fee.
Collateral Backing for Derivatives
Tendermint-based Proof-of-Stake (PoS) Security: To ensure the security of ZenChain, ZenChain will incentivize nodes to stake ZEN and participate in the ZenChain network consensus with block rewards
Token sales and economics
Token Name: ZEN
Token Type: BSC
Public IDO: 5% of the total token supply
Early Contributors: 8% of the total token supply
Strategic Partners: 20% of the total token supply
Team: 5% of the total token supply
Advisors: 2% of the total token supply
Ecosystem Development: 33% of the total token supply
Community Growth: 10% of the total token supply
Liquidity And Staking: 17% of the total token supply
Moreover, for the token allocations belong to Public IDO, Early Contributors, and Strategic Partners, if any of them have been unallocated, unsold or unused, this proportion will be burnt before trading.
Moreover, for the token allocations belong to Public IDO, Early Contributors, and Strategic Partners, if any of them have been unallocated, unsold, or unused, this proportion will be burnt before trading.
2nd Segment: LIVE Questions
Q1: How does Zenchain Protocol combine NFTs & DEFI? And how this combination can be beneficial for us? Why anyone would need the combination of NFTs & DEFI?
ANS: In short, users can use NFT as collateral for their loans. Or defi dapp could issue some special NFT to bring some discount fee or raise interest rate in their Defi.
Please check our reading paper to see more.
Both NFT and DEFI are hot trends right now. It comes from their true value. DEFI makes your cryptocurrency more valuable, NFT brings real-world assets to security with blockchain. We need a strong connection between DEFI and NFT to make blockchain more valuable.
Q2: Why ZENCHAIN use COSMOS SDK? How COSMOS SDK is better than others? What extra facilities it can provide?
ANS: We choose cosmos because they have a lot of chain in ecosystem, they also support IBC, this is good way to connect with a lot of blockchain.
Also clearly development documents, high activity development and strong developer community, that's will make our development process will go fast.
Q3: While researching about ZENCHAIN i found that you guies are launching Zenchain Testnet Campaign. Can you tell me when and where the campaign will be live? And how can i earn $ZEN from the campaign?
ANS: Yes, the correct testnet is named Lotus-Tesnet
You can earn $ ZEN testnet tokens in the form of blockreward as validators and delegator.
As a validator, you will run the node and generate the block to earn the block
As a delegator, you will get a blockreward shared by the validator you authorize.
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