Zen And The Further Art Of Blockchain Mainnet

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Towards the end of last year smart contract blockchain company Zen Protocol announced a move to create a secure and peer-to-peer financial platform on a public blockchain.

The thinking behind this was to create the well-known ‘decentralized’ ecosystem that would not depend on traditional banks and the old-fashioned infrastructure they depend on.

As much a FinTech play as a blockchain one, the company’s ambition was high and 370,000 Forbes readers seemed to agree by reading the story. Who knew that such a subject was of such wide interest?

Now, eight months later the company appears to have moved to the next level by launching the first ‘block’ on its blockchain, the so-called Mainnet Genesis Block.

This is the first step in a ‘chain’ that will eventually create a single global ledger of transactions and become a blockchain in itself with its users holding a stake in the future of the Protocol.

The company says that the Mainnet Genesis Block will be the first instance of blockchain implementing general smart contracts without a virtual machine (NoVM) and targeting financial applications specifically.

Zen Protocol creates Proof-of-Cost smart contracts, meaning the resource bounds or maximum resources that can be used are pre-calculated. Current solutions require individuals to use a Virtual Machine as an interpreter, which requires counting of the steps with no predetermined costs.

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Towards the end of last year smart contract blockchain company Zen Protocol announced a move to create a secure and peer-to-peer financial platform on a public blockchain.

The thinking behind this was to create the well-known ‘decentralized’ ecosystem that would not depend on traditional banks and the old-fashioned infrastructure they depend on.

As much a FinTech play as a blockchain one, the company’s ambition was high and 370,000 Forbes readers seemed to agree by reading the story. Who knew that such a subject was of such wide interest?

Now, eight months later the company appears to have moved to the next level by launching the first ‘block’ on its blockchain, the so-called Mainnet Genesis Block.

This is the first step in a ‘chain’ that will eventually create a single global ledger of transactions and become a blockchain in itself with its users holding a stake in the future of the Protocol.

The company says that the Mainnet Genesis Block will be the first instance of blockchain implementing general smart contracts without a virtual machine (NoVM) and targeting financial applications specifically.

Zen Protocol creates Proof-of-Cost smart contracts, meaning the resource bounds or maximum resources that can be used are pre-calculated. Current solutions require individuals to use a Virtual Machine as an interpreter, which requires counting of the steps with no predetermined costs.