In the world of commerce, internet is king as it never sleeps and continues to take transactions long after you and I have laid to rest for the night. With the evolution of finance and online transactions the internet world has taken large steps to make it easier for the consumer and investor to feel more safe and secure with the funds which are being processed.
Remember when Paypal came on the scene? “E-commerce”? It was still like a toddler – wobbling across the room and making the grown-ups feel just a little nervous. Now it’s just commerce. People latched onto this new way of transacting and now it is one of the biggest modes of payment.
Like Paypal, cryptocurrency has big potential. In 2009, Bitcoin launched onto this transactional scene and today, hot on its heels, enters Zen Protocol, a blockchain which is built for finance and completely erases the need for bankers and brokers.
What does this mean for you as a consumer or financial investor, and how does Zen Protocol make a good product even greater? I’m glad you asked. Let me give you the three tips why ZP is one of the hottest reasons you should get involved.
#1 – Safety and Security are Key
When you press the “BUY” button on your favorite clothing line do you pause and hope your financial information won’t be stolen?
I would wager the answer to that question is a “No”. You trust them. You’ve purchased from them before or know someone who has. Besides, their site has that little “s” at the beginning of the URL.
All joking aside, when it comes to cryptocurrency, security and safety is no joke with these guys. You may or may not have heard, but a few weeks ago over $150 million were permanently frozen on the Ethereum blockchain by what seems to have been a mistake. The cause: an Ethereum contract called “Parity multisig”, used by numerous individuals and organizations to store their funds, contained a simple bug.
Believe it or not, this was the second critical bug for this contract. Back in May, when the first flaw was discovered, some “white hat” hackers saved most of the tokens and returned them to their owners. Not this time.
Zen Protocol takes steps to solve the security and safety issue by making it easy to ensure the code actually works for you. It works with a language designed to prove what contracts do – a method called “formal verification”. It also makes simple transactions – like multisig – easy to do, without using special contracts.
In case you’re not completely sure of what I just said, know that ZP has uncovered some of the basic flaws in the system and has solved these issues making it easy and safe for you.
#2 – The Zen Method
One of the great benefits of Zen Protocol is speed. Their smart contract language makes it easier to run contracts faster. This is thanks to the ability to prove how long contracts take to run before running them, meaning the “proof of cost” contracts can be compiled to machine code. Making contracts faster means the network can handle heavier usage than alternative systems, and the proofs let Zen offer a guarantee that Ethereum cannot.
A smart contract is a set of promises, specified in digital form, including protocols within which the parties perform on these promises. Smart contracts are believed to improve efficiency with transactions/processes.
Smart contracts process efficiency, and removes ambiguity and third party involvement. This basically means the agreed next step between parties will proceed automatically.
Through reading various projects information on smart contracts at a design and architecture level, they appear to lack specificity and detail; this is probably because smart contracts are created to be adaptable to particular tasks and/or are project specific.
Another economic innovation is a link to Bitcoin. Even though the Zen Protocol backs its own blockchain, the Zen blockchain has strong links to Bitcoin, giving contracts the ability to see what’s going on in the Bitcoin network. This makes a wide variety of new asset types possible – Bitcoin futures are only the start. Zen also supports “asset for Bitcoin” sales: traders can create an asset, then accept automatic payment in Bitcoin, on the Bitcoin blockchain. Options, digital currencies, ETFs, swaps and many more asset classes can all be traded this way. In the future, Zen could even act as a “sidechain” to Bitcoin, letting users freely and securely move their bitcoins on and off in order to trade.
#3 – Cut Out Your Intermediaries
Here, blockchain is a real game changer. By reducing transaction costs among all participants in the economy, blockchain supports models of peer-to-peer mass collaboration that could make many of our existing organizational forms redundant.
Blockchain changes the equation by enabling companies of any size to raise money in a peer-to-peer way, through global distributed share offerings. This new funding mechanism is already transforming the blockchain industry.
Blockchain could upend a number of complex intermediate functions in the industry: identity and reputation, moving value (payments and remittances), storing value (savings), lending and borrowing (credit), trading value (marketplaces like stock exchanges), insurance and risk management, and audit and tax functions.
Could this be the end of banking as we know and understand it? One thing is for sure, cutting out the middleman from a consumer’s line-sight is a great option when it means faster, safer, and a more pleasant result or experience.
Zen Protocol isn’t the first blockchain to offer different options, however, it’s one of the best and most trustworthy cryptocurrency options for financial investors I’ve seen. Technology talk aside, the great thing about ZP is they are informed about the landscape and excel at adapting and evolving with the current atmosphere of the cryptocurrency scenery.
I’ll be getting involved with them, will you?Opinions expressed here by Contributors are their own.