Merge pull request #1 from Gonbatfire/main
Re-worked emission and FAQs pages, Companion guide
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9 changed files with 119 additions and 71 deletions
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@ -8,75 +8,47 @@ sidebar_position: 6
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Zano has a hybrid PoW/PoS consensus algorithm to secure the network and therefore emission is generated from two distinct sources:
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Proof of Work (PoW) mining. PoW mining creates new ZANO coins to reward miners for completing the calculation and therefore contributing to the network. 100% of the block reward goes to miners.
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Proof of Work (PoW) mining, which creates new ZANO coins to reward miners for completing the calculations and therefore contributing to the network.
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Proof of Stake (PoS) staking. PoS staking also creates new ZANO coins to reward stakers for staking their funds and therefore contributing to the network.. 100% of the block reward goes to stakers.
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Proof of Stake (PoS) staking, which also creates new ZANO coins to reward users who stake their funds and therefore also contributing to the network's security.
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### Emission specifications
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100% of the block reward goes to the miner or staker that found the block.
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| Emission |
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| --------------------- | ------------ |
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| Block Time | 1 minute |
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| Block Reward | 1 ZANO |
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| Maximum Supply | ∞ (uncapped) |
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| Fee on TXs (flat fee) | 0.01 ZANO |
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| Emission specifications | |
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| ------------------------ | --------------------------------------------- |
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| Block Time | 1 minute |
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| Block Reward | 1 ZANO (fixed amount) |
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| Maximum Supply | Uncapped |
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| Yearly Inflation | Ever decreasing trend towards 0% (asymptotic) |
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| Fee on TXs (flat fee) | 0.01 ZANO |
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| Fee burn | 100% (all fees are burned) |
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### Emission motivation
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Zano made the decision to set the block reward relatively low to avoid unnecessary selling price pressure while keeping the chain safe from TX flood. The block reward is fixed at 1 ZANO per block. We have an uncapped max supply because the assumption that TX flow and its fees would be enough to cover miners' appetite might not be accurate and Bitcoin might become a sad example of this. Having a fixed and slow emission (backed by strong consensus algo) looks like a more safe choice to us.
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Zano decided to set the block reward relatively low to avoid unnecessary selling price pressure while keeping the chain safe from flood attacks. We have an uncapped max supply because the assumption that only the TX fees would be enough to cover miners' appetite might not be accurate and Bitcoin might become a sad example of this. A fixed emission ensures that stakers and miners will always secure the network.
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Zano total supply increases slightly over time while the inflation percentage decreases sligthly over time which can be seen below.
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On Zano, all network fees are being burned. With enough network usage, the daily fee burning could surpass the emission from block rewards, resulting in supply becoming deflationary over time.
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| Date | Total Supply (ZANO) | Increasement of total supply compared to the year before |
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| ---------- | ------------------- | -------------------------------------------------------- |
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| 01-01-2023 | 13,530,567 | ~4,04% |
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| 01-01-2024 | 14,056,167 | ~3,88% |
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| 01-01-2025 | 14,581,767 | ~3,74% |
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| 01-01-2026 | 15,107,367 | ~3,60% |
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| 01-01-2027 | 15,632,967 | ~3,48% |
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| 01-01-2028 | 16,158,567 | ~3,36% |
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| 01-01-2029 | 16,684,167 | ~3,25% |
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| 01-01-2030 | 17,209,767 | ~3,15% |
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| 01-01-2031 | 17,735,367 | ~3,05% |
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| 01-01-2032 | 18,260,967 | ~2,96% |
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| 01-01-2033 | 18,786,567 | ~2,88% |
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The chart below visually displays the emission (shown in blue) of the number of coins (on the vertical access) and the time duration (in 6 month timestamps) of the total supply.
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This combination of small, minimalistic daily emission, together with daily burns, results in little to no sell pressure on the exchanges.
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### Is the block reward enough to secure the network?
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### Why was there a coinswap with Boolberry?
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Zano has a unique consensus system in which in order to perform the classic 51% attack, you need to have at least 51% PoW hashrate AND 51% PoS power (there can also be other ratios like 20%/90% and so on (see the [whitepaper](https://github.com/hyle-team/docs/blob/master/zano/Zano_WP_1.1.pdf)).
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The Zano project is a technological evolution of the Boolberry (BBR) project, a previous project of the Zano team. However, at the same time, the project has different emission curve and premine. To not screw over holders of Boolberry (BBR) we decided that it would be fair to give ₡BBR holders a choice: they were able to join in on the new model by participating in the coinswap and exchanging their BBR to ZANO, or they were welcome to keep their stake in BBR (which will continue to be supported).
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The coinSwap resulted in 7.8M swapped coins. The remaining ~6M of the initial supply were burned the day after the end of coinswap (proof link): https://explorer.zano.org/transaction/4d4ff1cf20fd18cc72eb88e36da5430498d343bcd21122de5b0ba2d324944722
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More information on the concluded coinswap can be found here: https://blog.zano.org/the-coinswap-has-concluded/
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### Why is the block reward just 1 ZANO?
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Zano has a unique consensus system in which in order to perform the classic 51% attack, you need to have at least 51% PoW hashrate AND 51% PoS power (there can also be other ratios like 20%/90% and so on (see the [whitepaper](https://zano.org/downloads/zano_wp.pdf)). This way an attack becomes very expensive, in particular because the purchase of a significant portion of the coins on the market, would dramatically increase the price. If you try to use a small percentage of PoS coins for the attack, then the PoW power necessary for the attack becomes 800% or more. This makes it possible to establish a relatively low block reward and at the same time provide a high security level for the transaction history.
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This way an attack becomes very expensive, in particular because the purchase of a significant portion of the coins on the market would dramatically increase the price. If you try to use a small percentage of PoS coins for the attack, then the PoW power necessary for the attack becomes 800% or more. This makes it possible to establish a relatively low block reward and at the same time provide a high security level for the transaction history.
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### Premine
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Being actively involved into crypto space since 2014, the Zano team has been studying every financial model in the crypto market. Some of them are more sustainable than others but in the end they all come down to burning through reserves if the project doesn’t get picked up before reaching the “mainstream” phase.
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Being actively involved in the crypto space since 2014, the Zano team is well aware of the financial struggles that projects face in development, especially during the first years where the community is small and thus crowdfunding is hardly an option.
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Even top tier projects have come across this issue in the past. These financial struggles have either required another round of personal investment, a second ICO, a call for donations, or simply resulted in the end of those projects.
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Our decision to do a premine allowed us to keep our core team full-time since launch focused on Zano, even during harsh crypto-winters.
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Zano proposes a new solution. By staking our own development fund we will be able to run our operations using the interest gained, giving the team an ongoing source of funding to keep everyone paid and working happily. This also means that the actual development fund will remain intact.
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The premine consisted of 3.6M ZANO, it was set aside for marketing, partnerships, ongoing project expenses, as well as to pay a loan to fund initial development back in 2018.
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As of June 2024, considering what has already been spent for development, our foundation fund sits at **just \~6%** of the total ZANO supply.
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**55% Foundation fund (2029500 ZANO)** Set aside for marketing, partnerships, and ongoing project expenses. This will be transparent and reported.
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You can track the amount of the foundation fund via our [explorer](https://explorer.zano.org/) or by importing its tracking seed into your wallet:
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**30% Founders, team members, and contributors (1107000 ZANO)**
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Coins are reserved for incentivizing current and future team members and contributors.
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**15% Development loan (553500 ZANO)**
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Repayment of the coins loaned by a group of Boolberry shareholders in early 2018 to fund the project development leading up to the coinswap.
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The Zano Foundation will issue regular reports on project expenses. The dev fund amount can be tracked live via our [explorer](https://explorer.zano.org/).
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**Conclusion**
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Most important to us is the long-term security and stability of Zano. This ability to generate income to fund the project continuously is a new and exciting possibility. We’ve spent a great deal of time pouring over the numbers and believe this path forward not only assures success for the team, but also for all holders of Zano coins for years to com
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`aZxat4HAWriVQ3enkGcVsrZRdMseAJswG3CSEwTqZS246VsFQ53w26eZstYsu1jWE74Atz9ajLxFnBsVTafncWNH5SMv4zHFaTS:1780c4d5dd7e97cc4a75ea8baa7977d12ef948b9a6dddc2a9a37e5e22ac7180e:1599495055`
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@ -4,42 +4,88 @@ sidebar_position: 7
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# Frequently Asked Questions
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### What is Zano?
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### **What is Zano?[](https://docs.zano.org/docs/learn/frequently-asked-questions/#what-is-zano)**
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Zano leverages the proven and time-tested cryptographic primitives that were first introduced with CryptoNote. Transactions are made both untraceable, and unlinkable by using stealth addresses and ring-signatures. As first implemented in Boolberry, downstream sender privacy is guaranteed by using output flags.
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Zano is an open-source cryptocurrency (layer-1) and ecosystem with enterprise-grade privacy, security, and scalability that operates as a robust foundation for confidential assets and decentralized applications (dApps).
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### What consensus mechanism is used?
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### **How does Zano achieve privacy?**
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Zano uses a hybrid PoS — PoW consensus mechanism. This makes double-spend attacks both un-feasible and improbable. PoS was implemented to complement and enhance the security provided by traditional PoW blockchains.
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Zano leverages the proven and time-tested cryptographic primitives that were first introduced with CryptoNote, a protocol of which one of our founders was a lead-dev for, origin for over 300 forks and used by the biggest private cryptocurrencies.
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### What is alias and how does it work?
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Our implementation boils down to:
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Each Zano user can register with an alias, for example: @mywallet, a human-readable name associated with a payment address. Zano users can easily send transactions to an alias: their wallets automatically check whether the name is registered in the blockchain.
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-  **d/v-CLSAG** **Ring Signatures** that hide the sender.
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### What is escrow contracts?
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- **Stealth addresses** that hide the receiver and asset type being transacted.
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Escrow, like its name, is a mechanism that was designed to facilitate secure anonymous payments between counter-parties. Zano provides the framework for a secure and private transaction without the need for a trusted third party. Our Escrow system (as proposed) will require participants to make additional deposits, which they will forfeit if there is any attempt to act maliciously, or in a way that is contemptuous toward their counter party.
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- **RingCT** which hides amounts/balances, even when staking thanks to **Zarcanum.**
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### How can I get Zano coins?
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This makes sure that **by default,** transaction data being stored on the blockchain is **only** accessible by parties who authorized the transactions, none of it is ever publicly published.
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You can mine coins and use staking to increase your balance or trade coins on cryptocurrency exchanges.
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### **How is the network secured?[](https://docs.zano.org/docs/learn/frequently-asked-questions/#what-consensus-mechanism-is-used)**
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### Is Zano a hardfork of Boolberry?
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Zano uses a hybrid consensus algorithm that alternates between Proof-of-Work (PoW) and Proof-of-Stake (PoS) blocks.
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Zano and Boolberry are completely separated blockchains. Boolberry network will remain after Zano launch. None of Boolberry transactions will be copied to Zano network. The Dev team will continue to maintain and support Boolberry however, most of the new features will be developed into the Zano codebase.
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This approach combines the benefits of both mechanisms to enhance blockchain security and decentralization. If performing a 51% attack on Zano, one would need the majority of the hash rate **and** a significant amount of the total amount of staked coins, making the cost of an attack incredibly high, thus becoming infeasible.
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### What is mixin and what it's used for?
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### **What is an alias and how does it work?[](https://docs.zano.org/docs/learn/frequently-asked-questions/#what-is-alias-and-how-does-it-work)**
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The mixin count refers to the number of signatures (apart from yours) in the ring signature that authorizes the transaction. Higher mixin value will typically provide more privacy because it will provide greater plausible deniability. It is impossible for any observer to know which is the real source of the funds.
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All Zano network users can create aliases, for example: @username. These aliases provide a short, easy-to-remember name rather than a long string of characters that form a blockchain address. To send coins to an alias, simply type it in the address field starting with @, wallets will automatically detect it.
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### When trying to send coins I get an error stating that transaction is too large.
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Aliases will be used in a dedicated messenger, a user reputation service, and an alias-based authentication system that can connect to the dApps running on Zano’s ecosystem.
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### **What are Confidential Assets?[](https://docs.zano.org/docs/learn/frequently-asked-questions/#what-is-alias-and-how-does-it-work)**
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Anyone can easily issue user-creatable currencies and digital tokens on the Zano chain, such assets are secured by the same mechanisms that make Zano so much more secure than first-generation cryptocurrencies, namely hidden addresses and hidden amounts. This unique technology can be used to create private stablecoins, shielded versions of existing assets, and much more, without the overhead of having to create, manage, and secure your own blockchain.
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### **What are Ionic Swaps?**
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Ionic Swaps are an improvement on Atomic Swaps, innovating seamless cryptocurrency exchanges while preserving user privacy. Ionic Swaps are a safe and consistent way to perform peer-to-peer swaps in which neither party has an unfair advantage. This technology is used by the DEX and for instant swaps.
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### **What are Escrow Contracts?[](https://docs.zano.org/docs/learn/frequently-asked-questions/#what-is-escrow-contracts)**
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With Zano’s Escrow Contracts, users can create fully customizable contracts, which essentially allow for any agreement conditions to be followed by all parties in a trustless way without any intermediary involvement. When using escrow contracts, a deposit is required from all parties involved, which they will forfeit if there is any attempt to act maliciously, peer-to-peer settlements in its purest form.
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### **What are Auditable Wallets?**
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Auditable wallets allow people and organizations to create transparent wallets for situations where a third party would rather verify than trust. Creating auditable wallets doesn’t affect the privacy of the Zano network in any way. We use this feature for our foundation fund.
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### **What is Zarcanum?**
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Zarcanum is the world’s first Proof of Stake scheme that enhances traditional PoS with untraceability and hidden amounts, revolutionizing blockchain consensus. Thanks to this innovative approach our stakers can stake in complete anonymity.
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### **How can I get Zano coins?[](https://docs.zano.org/docs/learn/frequently-asked-questions/#how-can-i-get-zano-coins)**
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You can mine coins and stake them to increase your balance or trade coins on cryptocurrency exchanges, including our own DEX.
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[List of exchanges that currently list Zano](https://zano.org/community/exchanges)
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### **Where can I store my Zano?**
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[Wallets where Zano is available](https://zano.org/downloads) (Mobile & Desktop)
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### **Where can I spend Zano?**
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Zano is currently integrated in Trocador's Anon Pay, this means that any website that uses this payment processor will accept Zano, that includes buying gift cards and prepaid cards at [Cake Pay](https://buy.cakepay.com) and [Trocador](https://trocador.app/es/prepaidcards/) itself.
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We are also working on further integrations and a Zano based decentralized [marketplace](https://zanobazaar.com) is in the works by a community member.
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### **What’s the plan for scaling?**
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We'll continue to improve our dynamic blocksize (which our team pioneered initially with Cryptonote) and we're currently researching horizontal L1 scaling (sharding).
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### **What is a mixin and what it's used for?[](https://docs.zano.org/docs/learn/frequently-asked-questions/#what-is-mixin-and-what-its-used-for)**
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The mixin count refers to the number of signatures (apart from yours) in the ring signature that authorizes the transaction. A higher mixin value will typically provide more privacy because it will provide greater plausible deniability. It is impossible for any observer to know which is the real source of the funds.
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### **When trying to send coins I get an error stating that the transaction is too large.[](https://docs.zano.org/docs/learn/frequently-asked-questions/#when-trying-to-send-coins-i-get-an-error-stating-that-transaction-is-too-large)**
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This is due to sending many small inputs to the address. The solution is to split up the transaction and send smaller amounts.
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### What is a seed phrase?
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### **What is a seed phrase?[](https://docs.zano.org/docs/learn/frequently-asked-questions/#what-is-a-seed-phrase)**
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To access the wallet in the event of a loss, you need something called a mnemonic recovery phrase or seed. This group of words that you received while creating your wallet are designed to add an extra layer of security. With these phrases you can easily restore lost wallets if you don’t have the passkey.
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### Why application starting time takes so long?
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### **Why does the desktop wallet take so long to start?[](https://docs.zano.org/docs/learn/frequently-asked-questions/#why-application-starting-time-takes-so-long)**
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As Zano wallet is a full node application, due to loading a blockchain and multiple wallets synchronizing , start time depends on your system specification and may be bottlenecked by internet connection speed.
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Zano wallet is a full node application, due to loading a blockchain and multiple wallets synchronizing, start time depends on your system specification and may be bottlenecked by internet connection speed.
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# Zano Companion
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TBD
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Zano Companion is a Metamask-like browser extension that enables authentication and connects the Zano desktop wallet to the web applications built on Zano.
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It's your gateway to the broader Zano ecosystem!
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## How to use
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1. First, open your Zano desktop wallet, and wait until it finishes syncing the blockchain.
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2. Go to settings, and flip the "Zano Companion" switch. If you haven't set up a master password yet, it will ask you to create a new one in the fields below.
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3. Right-click to copy the secret that will be displayed.
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4. Open your browser and install the Zano Companion extension from the Chrome Web Store.[ \[Here\]](https://chromewebstore.google.com/detail/zano-companion/akcgnllhhhkcpmlenfpicmcpgfpindlb)
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5. Click on the extension, and paste the secret you copied in the appropriate field, as well as the password that you will use to log in to the Companion.
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6. You can now register an[ alias](https://app.dhub.dev/c/goncativas-projects/zano-docs/docs/use/aliases.md) if you haven't done so already, this will be displayed as your identity when using the Zano ecosystem.
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7. To connect to a Zano web application, simply click on its "Connect Wallet" button and select Zano Extension if asked.
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8. A popup will appear on the Companion to authorize the connection, you will only need to this on the first time.
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**And that's it! Welcome to the Zano Ecosystem!**
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