The Blockchain Trilemma, a term coined by Vitalik Buterin, refers to the challenges in creating a scalable, secure and decentralized network. Blockchain developers are often unable to prioritize complete decentralization without compromising on scalability and security.
Zenon – Network of Momentum (NoM) presents a fair approach to decentralized networks that has long been coveted by users in the space. NoM combines a block-lattice and directed acyclic graph (DAG) in its protocol architecture aimed at combating the high transaction fees plagued by legacy networks like Ethereum (ETH).
The network plans to change the fee paradigm through Plasma – a third dimension asset that acts as the network gas, removing transaction fees completely. The more Plasma users generate, the higher the transaction throughput they can achieve.
Zenon uses a dual-coin approach with two primary assets, ZNN and QSR, working in synergy to power the network. In order to generate Plasma, users need to stake QSR coins or submit valid proof-of-work (PoW). This, in turn, increases the overall security of the network.
Aside from generating Plasma, QSR is used as collateral for nodes, while ZNN is used as collateral for the network consensus, ensuring the validity of transactions and recording on-chain data. The novel dual-ledger architecture ensures high-level network scalability, while a hybrid PoW/proof-of-stake (PoS) model enables a high throughput and low latency dual-consensus mechanism.
As is the case with most competing layer-one blockchains, sound infrastructure is only one part of drawing in user interest. To further incentivize network participants and expand its ecosystem, Zenon will let anyone create their own token on the network without writing any code directly from the Syrius wallet.
“The new codebase, wallet, and upcoming SDKs will enable users, developers, and businesses to transact, build, and create new opportunities for worldwide crypto adoption,” said a Zenon community representative to Cointelegraph.
A ‘go-to’ framework for zApps
Zenon classifies the decentralized, mass-scalable applications built on its network as zApps. These hybrid applications could fall under a variety of use-cases ranging from decentralized finance (DeFi) to the Internet of Things (IoT). Confining the network’s utility to one particular use case would be a limitation to what Network on Momentum aims to achieve, according to the team.
Users can participate in the network by running Pillar and Sentinel nodes or by delegating and staking ZNN tokens.
Moreover, thanks to the Zenon Token Standard (ZTS), user-created tokens will also inherit the feeless properties of ZNN and QSR tokens.
“Imagine having a DEX implementation like Uniswap, but with ZTS instead of ERC-20: no more outrageous swap fees and a better experience overall,” explained Zenon.
Following the successful launch of its public incentivized testnet, Zenon has distributed over $500,000 worth of QSR coins between May and November. The testnet also paved the way for a fully automated in-wallet incentivization mechanism to come to fruition.
In the weeks leading up to its Alphanet rollout, Zenon engaged its community in a WarpDrive hackathon with a prize pool of 100,000,000 Plasma Points – a ZTS token that can be converted in QSR at Alphanet launch.
The network also unveiled a BSC bridge and a wrapped ZNN (wZNN) liquidity program where liquidity providers earn fees from the wBNB/wZNN PancakeSwap (CAKE) pair.
Growing into a planetary Web 3.0 ecosystem
The next main event for Zenon will be the launch of its Alphanet in November. The network anticipates that after user adoption of its Network of Momentum architecture takes off, it will grow into a multi-billion user base decentralized network.
Bitcoin (BTC) interoperability can play a key role in Zenon’s efforts to grow its community, along with several other blockchain bridges going forward. The existing platform infrastructure will be upgraded to “Zenon Fabric” to bring on more strategic investors and take the platform to a global scale.
ZNN & QSR coins will be used in a state-of-the-art vesting algorithm, which Zenon expects will lead to mutually beneficial cooperation between its community and leading industry players. The remainder of tokens will be put forth towards elevating the existing system of zApps and, eventually, an accelerator for users, developers and businesses.
“Zenon will emerge as a planetary scale Web 3 ecosystem, powered by the synergy between the efficiencies of centralized services and the security of decentralized solutions, where users always stay in control of their funds and personal data,” said Zenon.
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