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Scalable impulse

Achieving security and anonymity: Zano Network

About the project

At the end of 2018, work began on the Zano platform, a multifunctional service for e-commerce, for secure storage and distribution of the digital assets (own coin Zano).

The project team is headed by Andrey N Sabelnikov, one of the leading developers of the CryptoNote protocol (a group of anonymous cryptocurrencies is built on this basis), exactly the co-founder of Zano and Boolberry who revealed a critical error in the Monero network in 2019, which caused the theft of XMR coins from exchange platforms.

The main concept of Zano is the creation and development of affordable instruments for reliable purchase and sale transactions, contractual obligations, any contractual interactions of market participants.

The decentralized network ensures strict adherence to agreements, transparency of cooperation for counterparties, guarantees the execution of transactions when the terms of the deal are met and penalties in case of an unfair partnership.

СryptoNote protocol

To fully understand the benefits of the Zano network, you need to familiarize yourself with the key project foundation, the CryptoNote protocol.

The main distinguishing feature of this protocol is the implementation of processes with the maximum degree of reliability and confidentiality, the interacting subjects are confident in their anonymity (all details are inaccessible to outsiders) and in the accurate execution of all operations within the system (guarantee of invariability and availability of data).

CryptoNote allows you to generate stealth addresses of the recipient of cryptoassets, there is no specific binding of payment details to a specific account; the sender cannot be accurately identified due to the use of ring signatures, since a group of possible payers is formed, equally meeting all the criteria for a true transaction.

CryptoNote-based e-money meets 2 requirements for confidentiality: untraceable and disconnected.

Escrow

The Zano infrastructure allows performing reliable transactions in non-loyalty cases between the parties to the contract, during initial interactions, without the ability to check the partner’s reputation.

The escrow offered by the Zano project retains all the benefits of the non-digital counterpart of this service and even adds new ones:

  1. the system performs the function of a full-fledged guarantor, reserves a pledge, transfers funds
  2. decentralization excludes collusion between the participant and the guarantor, all parties are equal
  3. no manipulation and pressure from the guarantor
  4. speed of transactional execution
  5. transparency of all operations and transaction details, invariability of conditions

The Zano Network uses a simple and easy-to-use escrow mechanism, whereby a conditional seller and buyer make equal deposits as collateral, in addition to this, the buyer makes a special deposit for the amount of the contract. If all parties comply with their obligations, the seller receives a special deposit on his wallet (payment for a product/service), deposits-pledges are returned to their senders.

If a participant violates the terms of the transaction, he loses his deposit — penalties are applied.

Creation of Consolidating-Transaction. Source: Zano.org

The implementation of escrow in the Zano ecosystem allows investors to have complete control over all processes.

Key features of Network

The stability and sustainability of the Zano platform is achieved through the use of a progressive PoS-PoW consensus algorithm.

Such a hybrid bundle maximally protects the network, to have computational superiority and to manipulate more than 50% of the existing capitalization (finding large coin holders in an anonymous environment, offering a reward for complicity that exceeds the value of the deposit) is an almost impossible condition.

Clear interface of Zano tools, ease of use: adapted wallets, the ability to synchronize readable aliases with a payment account (the alias serve as full details for transactions).

Privacy is guaranteed by the source code of the blockchain, developers ensure the confidentiality and reliability of all operations using the CryptoNote protocol, system solutions — a component-based modular structure, an asynchronous core architecture.

The decentralized ecosystem allows you to quickly perform any operations even in a distrustful environment, the subjects are motivated to comply with agreements, the data is unchanged and available to the parties to the transaction, but hidden from outsiders.

Tokenomics

Basic information about the project Zano is presented in the table:

Source: Zano.org

E-commerce solution

Zano contributes to the expansion of opportunities, the development of the infrastructure of marketplaces and exchange platforms, the creation of decentralized online stores with independent trade entities.

For example, the guarantor services offered by Amazon and AliExpress will be significantly improved by the introduction of escrow on the blockchain (transaction speed, access to the payment database, strict fulfillment of conditions, no intermediaries).

Buyers and sellers can create contracts with advanced settings for a specific situation, the collateral will ensure the execution of transaction.

Using the multi-signature mechanism, multiple participants will be able to access the same wallet or use multi-level authentication to make only joint decisions.

API and plugins will ensure the massive introduction of Zano tools into the global trading infrastructure, users will receive an adapted product for performing various tasks in e-commerce.

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