Nov 14, 2022
ZINNIA NETWORK TOKENOMICS
Premine
The Zinnia team has been active in the blockchain space for a long time and has witnessed the launch of many projects, both successful and unsuccessful. These projects have highlighted the necessity to have a clear strategy backed up by sufficient resources from the start to reach set goals. For this reason, we have decided to launch the project with a premine.
Zinnia launches with a DAO that governs all of these funds to create a fair network and equal opportunities for everyone in the community. Therefore, the community will have absolute control of the funds and not a centralized team. Furthermore, the premine was kept as small as possible to make the launch successful, and there were no free tokens awarded to anyone on the team.
The Zinnia blockchain launches with a premine that accounts for a total of 13.1% of the supply. Of this percentage, 5% is airdropped to users of the Zinnia network, 5% is used to fund the initial launch of the project, 2% is available for providing exchange liquidity (DAO owned), 0.5% is available for a launch campaign and the remaining 0.6% is available to the team and advisors 24 months after launch.
Please note that all information about the supply is subject to change since Zinnia is still in the seed phase. Final figures will be determined together with early supporters and community members.
Issuance
Zinnia will run based on PoW consensus at launch. This means that new blocks are discovered by the PoW miners roughly every 30 seconds, and each new ZINN is created. During the first two years after launch, PoS will be introduced as a validation mechanism next to PoW, and a part of the rewards will go towards PoS validators.
The block reward starts at 70 $ZINN and will decrease every 10 years. In the table below, you can see the expected validator rewards being generated every 10 years.
Fees
WHAT’S DIFFERENT
Sending money across blockchains should NOT cost a fortune; fees should be minimal compared to the amount sent.
A frustrating problem with most smart contract enabled networks is that layer 1 transactions incur the same priority fees as layer 2 transactions.
We believe native transactions and payments not associated with layer 2 activity should always receive network priority. At launch and for the foreseeable future, fees will be minimal. While this is true for all new chains, Zinnia will not rest on its laurels like others.
Fixed layer 1 fees based on a percentage of the total TX value is where we are going.
Staking on Zinnia
Staking to secure the network on Zinna is very different from staking on most other chains. This is because staking and DAO voting go hand in hand.
To stake ZINN, participate in securing the network, and vote on DAO proposals, a license is required from the DAO.
Licenses entitle the holder to participate in network consensus and vote on any proposals made to the DAO during the period held.
In exchange for their participation, license holders are rewarded with a share of the block reward for the duration the license is valid.
Licenses are purchased by locking up Zinn for a specific period; a small issuance fee must also be paid to the DAO.
Once the lock-up period has ended, the ex-license holder regains full access to their locked coins.
Custody of the locked Zinn remains with the owner at all times.
