What is 0Chain?

0ChainNet is a fast, secure, scalable, public enterprise-grade blockchain powered by an innovative consensus protocol. It enables decentralized applications such as 0Box and 0Wallet to abstract infrastructure and ‘zero-trust’ protocols, and offer fiat based services. 0ChainNet is secured by a native cryptocurrency, ZCN, and is used to compensate the service providers.

0Chain is targeting a Mainnet 1.0 launch towards the end of Q2, assuming everything goes as planned with the Alpha and Beta testing. For more information you can reference our roadmap section on the homepage.

The average person spends about 4 hours a day at least on the internet, according to the 2018 Digital Future Report. This leads to a massive accumulation of data, most of which is stored in centralized servers, and monetized by big corporations. This growth in data accumulation has led to an increasing amount of data breaches, making your personal information vulnerable to identity theft on dark markets, among several other concerns. 0Chain has numerous use cases beyond cloud storage, but our decentralized storage protocol is a key pillar in our platform — addressing these major problem areas as the world continues to consume more and more data.

We have several different areas where you can get involved with 0Chain! If you’re interested providing services such as mining, you can consult our service provider page here. If you’re interested in joining our enthusiastic community of 0Chainers we have a tight-knit group that can be found on our Telegram. If you’re interested in developing on 0Chain, please head over to our SDK page. If you would like to use our storage service, you can get started by downloading the 0Box app.

How is 0Chain decentralized?

Anyone can be a service provider. Anyone can be a miner, sharder, or a blobber. 0Chain is comprised of up to 1000 miners, and a 100 active miner set which is randomly selected from the pool of 1000. There is no predetermined order of block generators — each are randomly selected through VRF (Verifiable Random Function).

0Chain consensus protocol offers a) faster finality because of a finite active set and relaxed network constraints, b) infinite scalability through self-forking and separation of duties to miners, sharders, and blobbers, c) prevent DDoS attacks using VRF and multiple generators, and d) higher Sybil resistance by using squared proof-of-stake approach. The 0Chain protocol assigns various parties in the system with specialized roles: 0Chain generators (or miners) generate blocks, produce random numbers, and verify blocks; sharders store the blockchain history and respond to queries about that history; and blobbers store large files, images, and video. For more information you can read about our consensus protocol here.

Most if not all storage services upload data to a single server in the cloud and then replicate the data to provide reliability. When a request for the data comes in, it is served by a single server closest to the user. In our case, we split the data into parts and send it to multiple servers, thus enabling parallel upload streams and acceleration; for downloads, the data is downloaded from multiple servers in parallel streams.

Our Split Key technology enables secure value transfer without the need for hardware wallet technology. A 0Wallet user can keep their passphrase in a safe place, and use it to generate “split-keys”, which are factor authenticators via a device of the user’s choosing, such as a laptop and a mobile phone. Since the pin code is used on the second device, even if one of the devices or both devices are compromised, the user needs the pin code to send a transaction. There is no need to remember back-up codes for traditional 2FA, nor a need for hardware wallets. For more details check out our conference paper.

0Box doesn't have control over which blobbers get allocated. Blobbers are chosen randomly by the miners after they are sorted on price, and during the allocation process, the blobber I.D.'s are registered on the blockchain for verification.

How are protocol upgrades decided?

There are various degrees of upgrades. The voting and execution process varies on how critical the upgrade is to the protocol. These processes are explained in further detail in our Governance Protocol.

It depends on how it is set up by the initiator. It can take seconds to weeks. These processes are explained in further detail in our Governance Protocol.

It's secure because it involves burning the tokens. It is an expensive process if you're trying to move the vote in one way or another. It is decentralized because anyone can vote.

How do I become a Service Provider on 0Chain?

Keep an eye out for our offical announcement and the blog post.

Check out the Service Providers page here

It will be sent to your Miner account, or if through a pool contract, automatically disbursed to individual accounts.

Which currencies are useable on 0Chain?

Starting out, ZCN will be the exclusive currency on the 0Chain platform. ZCN will always be the currency that service providers are compensated in for their services on the 0Chain platform.

Expensive transaction fees and the volatility of native blockchain cryptocurrencies is an unresolved problem for today’s public blockchain networks. To address this pain point, 0Chain’s native cryptocurrency (ZCN) is uniquely programmed as an asset- backed token.

When a user locks their ZCN, these tokens collect an “interest” which can be used toward payment of transactions or data services. Through this interest-bearing feature, the transaction fee is absorbed by the interest generated on the locked tokens. Additionally, 0ChainNet’s core service — data storage — is also enabled by locked tokens. Upon locking, a storage service can be activated and the extent of service is determined by the number of tokens locked by the user (for more details refer to section 3.2 of the Whitepaper).

In both of these services, the initial locked tokens are fully redeemable upon unlocking, thus facilitating free services on the network. It’s free because the network mints these tokens and is part of the inflation and underlying token economics. Storage and transaction services have a quantifiable, real world market value. Conversely, it’s frequently argued that other popular native blockchain cryptocurrencies (such as BTC, ETH, etc.) in their current state lack such an economic value beyond raw speculation. This creates a challenging process for accurate price discovery of cryptocurrencies, resulting in unprecedented price volatility.

0Chain has programmed value economics into the ZCN token to curb price volatility. After a user completes a 0Chain service, they leave with the same amount of ZCN as they had prior to initiating that service. As a result, the lower bound value of the ZCN token can be mathematically estimated based on the number of tokens locked relative to the demand or usage of data storage and transaction services (for more details refer to section 3.4 in the whitepaper.

In other words, ZCN is backed by an allocation of transaction and data storage services, thus injecting a non-speculative, integral value into the ZCN token. The asset-backed nature of ZCN can buttress its market value and reduce its price volatility unlike other popular native cryptocurrencies.

The current inflation rate of ZCN will run at 10% per year of the outstanding token supply. The 120m tokens from quadrants “Team & Advisors” & “Seed & Community” are vested linearly over a 4 year period beginning in January 2018. To summarize, at the end of 2019 there will be 70m ZCN outstanding, 100m in 2020, 130m in 2021, 160m in 2022, etc. The 40m ZCN from quadrant “Future Reserves” will fully vest after four years (if, and only if, price exceeds $10/ZCN).