May 21, 2021
ZENCHAIN- TAKING DECENTRALIZED FINANCE AND NON-FUNGIBLE TOKENS TO THE NEXT LEVEL
Blockchain technology has become a useful tool in many industries and sectors because of its great potential and innovative approach. This cutting-edge technology known as blockchain technology is a type of distributed ledger designed for the recording of the provenance of digital assets. Once data has been recorded on a blockchain, it becomes practically impossible to modify or alter such data. This is why blockchain technology is seen as a legitimate disruptive technology in the financial industries, cybersecurity, educational and healthcare sectors, etc.
This powerful technology aims to enable the recording and distribution of digital information without it being edited at any time. Blockchain's decentralized feature makes it reliable in terms of providing data security, it utilizes a method known as cryptography in adding a layer of security to any data that is stored on its network. The importance of blockchain technology can not be overemphasized, and apart from managing ownership protection and data privacy easily, it also forms the base that will allow the development of new services.
One of the recent achievements of blockchain technology’s innovations is the introduction of a decentralized system of finance popularly known as DeFi, which is currently revolutionizing the global financial industry and markets. Decentralized Finance (DeFi) is promising and its concept is overwhelming, making money accessible to all and allowing everyone to have full control of their funds.
DeFi has become the backbone of many financial platforms, although more than ninety percent (90%) of DeFi projects that are in the market presently use the Ethereum blockchain’s network, the truth is that true DeFi services are still lagging. For this reason, ZENCHAIN which is a unique blockchain for DeFi has come to take Decentralized Finance to the next level.
ZENCHAIN- A POWERFUL AND RELIABLE BLOCKCHAIN BUILT EXCLUSIVELY FOR DECENTRALIZED FINANCE AND NON-FUNGIBLE TOKENS
ZENCHAIN is a unique and reliable blockchain that is specially designed for Defi and NFTs. It is a top-notch blockchain that is dedicated to improving decentralized finance and non-fungible tokens by making them smarter and more viable. ZENCHAIN focuses more on its functionality to continue providing outstanding and high transaction throughput (speed). With the ZENCHAIN blockchain risk of errors is drastically reduced and it offers the entire world satisfactory financial services which are unrivaled by the existing blockchains.
Unlike other blockchains, ZENCHAIN is built for decentralized finance and non-fungible tokens. It sees DeFi as a distinct, and important segment of its blockchain community, thereby making it the most trusted and ideal blockchain for DeFi projects. Additionally, ZENCHAIN blockchain contains every of the core DeFi applications which are not written by smart contracts as like the Ethereum blockchain, rather they are built in the core of the chain. In terms of NFTs, all the applications that support non-fungible tokens (NFTs) such as minting as well as trading and auctions are all contained in the ZENCHAIN blockchain, giving people the opportunity to earn extra or free tokens by using NFTs as collateral in DeFi either for a loan or for staking in a pool.
Although ZENCHAIN blockchain also allows people to share valuable data in a tamper-proof and highly secured way which blockchain is known for, the truth is that its primary aim is to ensure that people from all parts of the world can have seamless access to Defi with special NFTs which will enable them to enjoy the powerful and amazing economic benefits that Defi offers. ZENCHAIN will go a long way in helping Defi fulfill its promises which is to provide financial services where people will be truly under the control of their finances or funds, which we are yet to see from the current system.
ZENCHAIN- REVOLUTIONIZING THE GLOBAL FINANCIAL INDUSTRY THROUGH DEFI AND NFTs
Decentralized Finance which is also known as DeFi can easily be described as an ecosystem of financial products that are built on blockchain technology. The essence of Defi is to bring long-lasting solutions to the challenges facing the traditional financial system such as high transaction fees, lack of security and transparency, etc. With ZENCHAIN, Defi becomes more innovative, fascinating, and profitable, allowing anyone with smartphones or computers and internet connections to buy, sell, and borrow digital assets as well as getting insurance policies in a financial ecosystem that is truly decentralized.
DeFi provides people with the opportunity of being the custodians of their assets or funds rather than funds being controlled by a central authority as we experience in the traditional system of finance. Another interesting thing about this wonderful financial system (Defi) is that it allows everyone to have financial freedom, giving them equal rights to financial services. DeFi products are built on efficiency, transparency, and safety, and ZENCHAIN blockchain ensures that all these are guaranteed in fullness. Furthermore, on ZENCHAIN which is a top-class blockchain technology unlocking Defi various financial opportunities becomes easier and simpler.
Non-Fungible Tokens (NFTs) in a nutshell is a distinctive and authenticated digital file. NFTs items are usually in the digital form thereby making their value subjective, this is because they can not be exchanged for anything else. Non-Fungible Tokens are built with some unique identification codes which are securely stored on a blockchain, these codes set every NFTs apart from others. Examples of Non-Fungible Tokens include digital arts, digital sports cards, etc. ZENCHAIN blockchain through these non-fungible tokens now gives investors a new opportunity to invest and purchase a new asset class in the form of NFTs. It has also paved the way for artists by creating a new source of revenue as well as a platform for their art and music.
CURRENT DEFI PROBLEMS AND THEIR ZENCHAIN SOLUTIONS
The current DeFi projects are faced with many challenges such as scalability of the blockchain hosting the projects, poor interoperability, lack of insurance, smart contracts issues, high transaction fee and delays in transactions, etc. ZENCHAIN blockchain solutions to these problems can be seen below:
- SCALABILITY: Lack of scalability on the existing blockchain has become a major challenge to the progress of Defi projects, which has led to delay in transaction confirmation as well as making transactions more costly especially when there is congestion. ZENCHAIN is a perfect fit for Defi projects because of its scalability, and with its high-throughput PoS which is fully compatible and interoperable with Ethereum network transactions become faster and less expensive even when there is congestion.
- LOW OR POOR INTEROPERABILITY: Interoperability is referred to the ability of a blockchain to read or access information from other blockchains. This feature makes it possible for decentralized networks to communicate or interact with one another without the involvement of a third party. This interoperability must be made simpler and functional for Defi projects to excel. ZENCHAIN blockchain makes it easier for tokens to be exchanged or transferred across various blockchains by utilizing Bridge solution which will enable interaction between ZENCHAIN and BSC, Ethereum, Tron and Polkadot blockchains, etc by using ZenBridgr module, and IBC solution which will allow communication among ZENCHAIN and blockchains from the Cosmos family through inter-blockchain Communication protocols.
- LACK OF INSURANCE: For Defi to fulfill it potentially there is a need for insurance and this can be obtainable on the ZENCHAIN. Insurance gives investors more confidence in investing in Defi projects because it protects them against any form of fraudulent activities or hacks. In traditional finance, insurance plays a vital role in attracting investors while the current DeFi has paid less attention to that, but with ZENCHAIN blockchain investors will be well insured.
- PROBLEMS WITH SMART CONTRACTS: Smart contracts weaknesses has become the main source of challenges in decentralized finance projects. The truth is that every blockchain-based platform that utilizes code trust through smart contracts ends up suffering the same centralizing challenges, and once the code of this smart contract develops little flaw it can lead to massive loss of assets or funds. Another thing is that it is difficult for smart contracts to access data directly by themselves due to the lack of a simple and intuitive query interface for dApps to receive real-world data. ZENCHAIN blockchain utilizes an effective oracle that is decentralized which makes the bringing of off-chain data to on-chain possible to remedy this situation. Unlike smart contracts, an oracle simply refers to a mechanism that is capable of importing off-chain data into a blockchain virtual machine and this makes it possible for smart contracts to access or read them.
FEATURES OF THE ZENCHAIN BLOCKCHAIN
These are the features of ZENCHAIN blockchain that make it perfect for DeFi and preferable to other blockchains.
- WEB3 COMPATIBILITY: ZENCHAIN through this feature exposes a Web3 RPC layer that is very much compatible in terms of interacting with the Ethereum clients and other financial tooling like Metamask, Truffle, etc.
- HIGH THROUGHPUT: ZENCHAIN is a high-throughput blockchain that makes transactions faster than other blockchains. This throughput is achieved by implementing a Tendermint Core' ABCI application interface which is used in managing the blockchain.
- HORIZONTAL SCALABILITY THROUGH IBC: This leverages modules and some other kinds of mechanisms that are implemented by the Cosmos SDK. It is important to note that ZENCHAIN is built by utilizing the Cosmos SDK that runs on the Tendermint’s Core consensus engine which makes it possible to exchange value with other Cosmos environments or ecosystems via IBC known as Inter-Blockchain Communication Protocol.
- FAST TRANSACTION FINALITY: ZENCHAIN transactions are fast and confirmation takes minimum time compared to its Ethereum counterpart. By utilizing get as a library code reuse is avoided which will also help to improve the maintainability of the blockchain.
ABOUT THE ZENCHAIN TOKEN
ZENCHAIN token is known as ZEN, it is an ERC-20 and BEP-20 compatible token with an initial and maximum supply of 1,200,000 ZEN and 100,000,000 ZEN respectively. ZEN token is used as protocol governance in governing different components of the ZENCHAIN and apart from being used as the exchange fee value capture, ZEN is used as an alternative to stablecoin especially collateral both margin and collateral for markets. And to crown it all, this valuable token (ZEN) can also be used when there is a need for collateral backing as well as for insurance pool staking, thereby giving people the opportunity to earn more free tokens when they stake or lock their tokens.
CONCLUSION
The usefulness of ZENCHAIN can not be overemphasized. Its high throughput for all transactions coupled with other powerful features makes it a secure and safe blockchain for DeFi. As an innovative blockchain, ZENCHAIN enables the running of vanilla Ethereum as a Cosmos application-specific blockchain which is impressive, because it will enable DeFi developers to have all the Ethereum features and also to enjoy the benefits from Tendermint’s Proof-of-Stake implementation of ZENCHAIN.
ZENCHAIN supports cross-chain NFTs and DeFi and with this blockchain, owners of NFTs become more powerful because they will be able to stake their NFTs as collateral in the ZENCHAIN’s lending and borrowing application. Above all, ZENCHAIN blockchain allows artists, DeFi applications, even influences to make their non-fungible tokens with the blade of speed. Embracing this unique blockchain will not only make DeFi better but it will also help artists, etc to manage their NFTs efficiently.
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WRITER’S INFORMATION
Writer: Mansonndubuisi
Bitcoin talk Username: Mandez4real
