Zen Protocol is a trading floor, a tool and a broker for making new instruments that give you control over your financial assets. The protocol is designed for P2P trade, allowing users to have total control of their assets. Built from the ground up, it helps developers write fast, reliable and scalable smart contracts. According to their official website, Zen protocol is their language ZF*. It helps them make advanced security techniques such as formal verification natural to use. The contracts also react to events on the Bitcoin blockchain which means users of Bitcoin can also use Zen’s financial system without intermediaries or third parties.
The key components of Zen Protocol
- Contracts: Zen Protocol uses the smart contracts that hole escrow and enforce agreements. The powerful ZF* language makes it easier for users to write secure contracts with proven capabilities. The contracts also compile to run at native app speed.
- Tokens: tokens are used in the protocol to represent valuable rights. The contracts used can understand any token and connect them with oracles to create new hedged asset types.
- Oracles: oracles make contracts useful. They make them meaningful and useful by connecting them to events that happen. Zen’s oracles are profitable, highly scalable and efficient.
How does Zen Protocol work?
The Zen Protocol revolves around token use. Tokens grant rights which means they are valuable digital assets. They are created by one smart contract and used by any other Zen user or contracts. The use of smart contracts enforces agreements and allow users to hold money in escrow. Zen aims to solve a crucial problem with smart contracts like the programmer that designs the contracts.
All transactions on the Zen blockchain will unlock some coins to new owners. Contracts are used to create transactions that add and move value between traders. The smart contracts are written in a dialect of open-source programming language ZF*. Finally, the Protocol stays in sync with bitcoin by rewarding miners such as bitcoin block headers.
Zen Protocol ICO
Zen uses the ZEN token in its platform. The ICO began on November 30 with a total of 12 million tokens for sale. The company accepts bitcoin during the sale which will last until December 30. During the genesis event, 20 million tokens will be created.
The Zen Protocol was developed and CEO Adam Perlow, CTO Nathan Cook, and Lead Developer Sharon Urban. Perlow is a finance grad from the IDC.