Zen Protocol Extends Smart Contracting Capabilities to Bitcoin Network

Zen is a decentralized financial platform that allows its users to buy, sell and create financial instruments without any third parties having control over the transactions. It is a parallel blockchain to Bitcoin which allows users to create assets that react to events on the Bitcoin Network. Zen targets financial use cases such as trading and creating new kinds of assets. These assets connect to digital agreements with powerful, programmable abilities to process information and grant rights.

The Zen protocol allows Zen contracts to depend on transactions which happen on the Bitcoin Network. The cross-chain can be used for side-chain functionality and for cross chain contracts. Users, therefore, do not have to convert their Bitcoin to Zen coins and then interact with a smart contract, they can easily send Bitcoin to a normal Bitcoin address.

Zen has a rare native token for contract activation which is not intended for wealth competition. The native token lowers the cost of using Zen by subsidizing the miners who secure the chain. Zen also produces verified contracts for transactions. The contracts are pay-per-block, that is, they pay miners for every block in which they are active. Only contracts that affect the blockchain  are cached in memory

How Zen Differs From Other Platforms

The Zen protocol eliminates some of the problems experienced with Ethereum smart contracts. In the case of Ethereum, all transactions must be paid in Ether. For Zen, only contract creation requires the native token while the rest of the transaction fees can be paid with any asset. Another problem arises when gas has run out when sending out a transaction. When this happens, the transaction stops and your currency is returned. On the Zen platform, transactions will not be executed unless the correct amount of “gas” is included and the miners know the cost beforehand.

ICO

The token sale will begin on 30th November and go on until 30th December. A total of 12,000,000 tokens will be distributed to the public for sale, 6.5M will be distributed among the team members and 1.5M will be retained for future incentives. The token can be purchased using Bitcoin. The price of 1 Zen is set at  $2.75.

More information about the Zen platform is available at – http://www.zenprotocol.com/

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Source: Newsbtc