Zenon Network Guide — All you need to know — part 1
Warning! Always do your own research!
This is not a financial advice
Always invest only the amount you afford to lose. Cryptocurrencies can drastically fluctuate in price
What is Zenon?
Zenon is a cryptocurrency based on an open, worldwide decentralized network using a highly scalable consensus protocol based on mathematically verifiable cryptographic mechanisms.
Now let’s explain some terms:
Decentralized network — Decentralized networks are protocols distributed across multiple computing devices, commonly known as nodes. The decentralization factor is enabled by the nodes having the ability to communicate without a monitoring entity. Additionally, each computer on a distributed system has an updated copy of available data.
Highly scalable — Scalability is the ability of a cryptocurrency to cope with the influx of a large number of transactions at a time. For example, Bitcoin operates smoothly at seven transactions per second. If there are more than seven transfers per second, then all transactions are queued for a refill.
How is Zenon different from other cryptocurrencies?
Zenon challenges the existing status quo of currently available cryptocurrencies by initiating a paradigm shift towards a novel scalable private and secure decentralized ecosystem of zApps. zApps are the core component of Zenon future distributed apps system.
What problems does Zenon solve?
Zenon aims to remove the entry barrier for developing high performance decentralized applications by enabling a zero infrastructure platform with minimal setup and costs.
Now you know some basic informations about Zenon Network. If you want to learn more, please visit their website at zenon.network
Let’s take another step and see how you can buy $ZNN (Zenon’s cryptocurrencies). First you need to change you FIAT money(your actual money, USD, EUR etc.) in crypto money( Like BTC, USDT, USDC). You can do this on exchanges or on other trusted site (always buy from a trusted website.). Now you have crypto. The following step is to transfer your coins to one of the following exchanges to buy ZNN.
Buy ZNN from these exchanges:
CREX24.COM — You can buy ZNN with BTCH. KYC required.
BILAXY.COM — You can buy ZNN with BTC. KYC required for larger withdraws.
STEX.COM — You can buy ZNN with BTC. KYC required.
MERCATOX.COM — You can buy ZNN with BTC or USDC. No KYC required.
Please note that those info are valid for the day I wrote this article. Some info may be different later.
KYC (know your customer), refers to the verification process that customers to go through in order to:
- Verify their identity and link it to a cryptocurrency wallet.
- Get a better understanding of the potential customer’s activities and determine whether or not these are of legal nature.
- Evaluate the possibility of money laundering risks associated with a particular customer.
So, now you have ZNN, what to do now?
You have 2 options.
- Keep them on Exchange. (not recommanded)
- Transfer to your Zenon Wallet. You can find it here https://zenon.network/wallet. Be careful when you create your wallet. Wrote down your seed and do not share it with anyone. If you forgot or lose the seed, you won’t be able to recover your wallet and you’ll lose your money.
Once you have your ZNN in the Wallet, I advise you to start staking them. But this will be a subject for another post.
Thank you for your time and stay ahead of the curve.
Reference:
https://zenon.network/download/whitepaper.pdf
https://paybis.com/blog/what-is-kyc/
https://coinmarketcap.com/alexandria/article/how-decentralized-are-decentralized-networks
https://medium.com/@makvitaly/why-scalability-is-a-big-problem-for-cryptocurrency-34f0909a757a
