The sale of “Seats” in the genesis block node network. A “Seat” entitles its owner to run a node, and earn mining rewards by minting the circulating supply of a new blockchain.
Run a node yourself, or have us host it for you. Either way, you have complete control of your Private Keys.
If you decide to run a node yourself, all it takes is minimal computing power (Rasberry Pi, or equivalent) & a stable internet connection.
There are only 1,001 “seats” available in the INO.
The higher your Participation Score, the more mining rewards you’ll receive - vice versa.
It takes time to build your reputation, INO participants have the chance to benefit from getting ahead.
Once the INO concludes, there will be a 3-month lockout period—no new nodes will be allowed to enter the network. Only those who participated in the INO will have the opportunity to run a node & begin minting ZooBC’s circulating supply.
When the 3-Month Lockout Period ends, a max of 4 new nodes can join per day. The queue of new entrants is challenged with outbidding each other in staking the most ZBC to increase their chances to be granted access to the network. Naturally, the INO participants get the opportunity to produce the coins to make this possible, in turn, generating more rewards.
If you're reading this, I assume we can dispense with the basics.
Proof of Work, can no longer be considered safe from centralization & is a total energy hog.
Proof of Stake is much better. But the rich still get richer then become problematic whales over time, and there's no foolproof ideas yet on how to solve the Nothing At Stake attack vector.
Federated Blockchains. lol
Like many of you, I mined Bitcoin back when it was the only coin and I was on BTCTalk on the original Bitcoin Pizza Day. I participated in the Ethereum ICO & The DAO. I hodled crash & crash & cryptowinter.
And I couldn't help... having watched & sometimes helped buidl the rise and fall (and rise and fall) of countless iterations of these 3 consensus mechanisms... I couldn't help but play with ideas for how to solve the grand decentralization puzzle.
None of us could, or we wouldn't have endured this long.
Now I've been fortunate enough to be able to use the knowledge & funding the blockchain movement has afforded me to buidl a local home for the cypherpunk cryptocurrency community in Bali, and surround myself with veterans of several impactful and industry-leading blockchain projects, just so I could devote everything I had to this one fascinating problem.
Well there's no way to say this without sounding full of myself so I'll just say it: I think I can gratefully stand on the shoulders of our cryptographic giants and propose a third Proof of X consensus mechanism to solve the centralization-susceptible flaws of the first two.
I recognize that's a bold claim in a world that's sick of hearing them.
But if you give me 6.82 minutes, I bet I can convince you that I at least might be onto something.
Here's how it works:
Let's start with the miners.
Similar to a federated consensus, PoP has a federation of mining nodes called the "Node Registry" whose members are allowed to create blocks. However the gatekeeper to this federation is no human or organization, but simple code.
Similar to PoS, each of these nodes holds some amount of ZBC tokens as a "stake", used to insure their trustworthiness. However on PoP the amount of coins at stake is likely to be wildly disparate between nodes, & one's coinbase reward is not proportional to it at all.
The two heretofore unrelated consensus algorithms are meshed into something new by two rules:
1) Roughly once a day, there is an opportunity for n amount (in our case ~4 to start) of new nodes to be admitted into the Node Registry.
2) The winning nodes are chosen by simple auction; whichever nodes have staked the most tokens this round. Stake is set by nothing more complicated than supply & demand on that day.
From this moment forward, both their block reward and their continued existence in the Node Registry is determined solely by their positive participation in the maintenance of the network. Nothing else.
Their Participation Score gradually fills up to 100% with every block created or propagated, and is penalized when they fail to do so or to produce a valid receipt of having done so.
And with every block created, the coinbase rewards are pseudo-randomly distributed. Every node in the registry has ~P/N chance of being the recipient (where P is Participation Score between 0 and 1, and N is the mean-average Participation Score of the entire Node Registry).
I.E. if there's 1000 nodes, each with a perfect Participation Score, everyone has a 0.1% chance to win each block's reward.
This is an element of fairness & integrity not present in most other blockchains. For example in Bitcoin or Ethereum, all a mining node has to do is create blocks; It's taken on good faith that node operators are also contributing to the blockchain's health by propagating blocks and transactions. Good faith which has been completely abused in PoW's race to the cheapest, with the work now left to altruistic validating nodes (which should not have to exist for a chain to be secure).
Which is all cool and good and an upgrade to how current blockchains function... but that's not why this is huge for decentralization.
The daily auction adds a dimension to centralization-resistance that every consensus algorithm so far has not incorporated.
It's literally the fourth dimension:
Unlike PoW and PoS, the PoP chain can never be attacked quickly.
A hypothetical attacker with near-limitless resources (a nation-state or multinational world bank, perhaps) could theoretically purchase the lion's share of hashing power in a PoS or PoW blockchain in a matter of hours or days. The time between deciding to attack the network and attacking it is almost nil.
But when only ~4 new nodes can join the Node Registry federation every day, an attacker with infinite financial resources can still only acquire 4 new nodes a day. They can't really purchase existing nodes because you can't change the ZBC address a Registered Node is owned by... at best the attacker would share the private key with the original owner (and anyone else they sold to), who could at any moment cut and run with the stake.
To give you an idea of how this changes the game, a chain that's been alive for 1 year would require that an attacker spend another full year making the four highest daily bids to acquire enough hashing power to threaten the network... and if there's more than one attacker simultaneously, they'll be bleeding each other as they compete for the daily four.
To give this math a little boost, ZooBC is starting with up to 1001 active nodes on day 1, sold kinda-ICO-style in what we're dubbing an Initial Node Offering.
And in the one fell sourcecode tweak we've also cut off the rich-get-richer head of the centralization hydra: One cannot become a networking-threatening whale simply by buying up a huge amount of nodes at the INO & reinvesting compounding interest, because there is no compounding interest.
Whew. Okay, let's take a breath for a second, that was a lot and we're 1000 words in.
Lookit this cool Elephant.
Oh and if you've read this far, join our insider's list. We send early-bird updates & news, important INO price updates (so you don’t miss the low prices), host live AMAs with the buidlers, we'll even be planning virtual (and hopefully in person) meetup events.
And, of course, we’re selling ZooBC nodes as well. They’re for sale now if you wanna check it out.
By the way, we also did a whole other code innovation which involves creating a parallel tokenless blockchain to the main chain that kind of does what .zip does to files: it compresses the chain, every day and every month, so that it can always be stored in ≤10gb. We called this Spine Blocks & Snapshots and if you really wanna grok them, give our whitepaper a read.
Besides that, there's one more feature worth mentioning: Limitless Account Customization.
There are Drip Transactions, so you could pay for your Netflix or Spotify subscription with crypto. It's just an escrow-style account that holds a balance you've given it and sends regular transactions (measured in the currency of your choice) to designated addresses.
We allow any digital signature algorithm to create an account, meaning you could send ZBC to your friend's Ethereum or Bitcoin or Monero or Dogecoin address, and they could use their private key on that chain to access that ZBC. If you own a wallet on any blockchain, you've got a wallet on the ZooBC blockchain.
Another plus of this digital signature freedom is that it makes us much more compatible with governments & big business: for many sensitive documents and information, different organizations have different digital signature algorithm preferences/requirements. For these people, ZooBC will often be the only blockchain that's compatible.
You can make accounts that don't accept transactions without manual authorization... again a legal necessity (imagine for example that I created a corporation which performed illegal activities, and transferred equity-tokens to your address without your knowledge).
There are built-in escrow accounts, obviously, with the ability to designate an "approver" and "commission". The approver address can approve or deny the transfer of funds, but never owns them & cannot divert or lock them.
Don't forget Digital Twins, which are functionally alike to Non-Fungible Tokens but, as accounts, can themselves own tokens (which is potentially huge for IoT use-cases like a self-driving car that pays for its own battery-recharging and mechanical maintenance & sends the profits to its owner(s).
Heck there's even weird edge-case uses like Semi-Anonymous Multisignature Wallets, in which signatories can sign a transaction asynchronously instead of having to all be active at the same moment, and one's address as a signatory need not be publicly visible until it's been used to sign a transaction.
Anyway, your time is valuable and this is just supposed to be an intro. If you’ve read this far, definitely join our email list and social media (links below). Take a look at joining our INO as one of the Founding Registry Nodes! For the first 3 months , the registry nodes will be the only nodes in existence, which means we all share the rewards equally between us 1001 and no one else.