The long-awaited launch for the Zen Protocol ecosystem is coming soon. The team set the date of June 30 to launch the first version of the blockchain that would be capable of carrying and tokenizing trading.
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Malkuth, as the community release of the Zen Protocol is called, will use SHA-3 mining, with multi-algorithm mining available with the next release.
“This release will make all Zen Protocol Native tokens freely transferable and give you the ability to activate smart contracts with proven costs and full formal verification support,” announced Isaac Rodgin, community manager at Zen Protocol.
Users will be able to access and move the tokens after the network launch, by using the 24-word seed phrase used during the crowdsale. The phrase would be usable in the upcoming Zen Protocol wallet.
At the moment, Zen Protocol is in the testnet stage. The wallet for testing is already available for downloads, and the team has been performing a security screening, plus unrolling a bug bounty program:
“As we progress towards Genesis, we are taking steps to ensure a stable and secure blockchain, working with QA specialists and auditors. Specifically, we are working with Jerome Rousselot from Jita and another private auditor who specializes in formal verification and resource verification.”
Specifically, launching a brand new network with a rather widely used hashing algorithm has made Zen Protocol extra wary of a 51% attack. Therefore, as a form of protection, the network would require a higher number of confirmations for a transaction to be considered valid.
The Zen Protocol digital coin is still inactive, with no prediction of when the newly mined asset will hit exchanges. The ecosystem, once complete, will allow users to create additional tokens, to reflect real-world assets or serve in trading. The chief idea is for anyone to be able to create assets backed by a collateral - usually a traditional valuable asset. Those assets can include stocks, bonds, commodities, even real estate.
This article appeared first on Cryptovest
