Mining on Mobile Phones

Proof-of-Work is the core principle behind many Blockchains, including Bitcoin and Ethereum. The idea behind it is simple: a node, in order to win the game and earn something, has to compete with all other nodes. There is only one thing that guarantees success in the competition: its CPU power. The more expensive and fast is the computer, the higher the chances that it will find the nonce for the next block.

Why Score Is Not Stable

Each Zold node has a score that reflects the amount of CPU power it managed to invest into the system. It is expected that the longer the node is online, the larger the score. However, this is not the case, because the score expires in 24 hours and has to be re-calculated again. Here is a quick summary of how exactly score farming works.

Response Time is Crucial

We’ve been having technical issues recently and they all were caused by one serious problem—our nodes were not responsive enough. This literally means that they were not responding to HTTP requests as fast as it would be required for the network to function correctly. Why response time is important and what happens when nodes get slow? Here is my post-mortem analysys. Yes, the problem is gone and now it’s time to analyze why the speed of data delivery is so crucial for Zold.

Hosting Bonuses

As you know from the White Paper, each wallet has to pay taxes to some network nodes in order to stay alive. The taxes those nodes collect is the incentive for their owners to keep servers online. In other cryptocurrencies this mechanism is called mining, we call it taxes. However, while the network is still young, the amount of taxes we can collect is way smaller than what server owners pay for the hardware and electricity. That’s why, to incentivize them, we pay hosting bonuses, on top of taxes.

What Blockchain Is And What It Is Not

Blockchain, obviously, is a hot market trend. Every single person I’ve met over the last few months has had a business plan somewhere in the area of cryptocurrencies and, of course, Blockchain. Very few of them, when I’ve been asking “Why Blockchain?” were capable of giving any reasonable answer. The savviest ones have been saying that it’s a very reliable and immutable database. Others just claimed that “It’s the future!”

Invoices Against Wallet Forging

Each Zold transaction requires an invoice. This may sound a bit confusing, since most other cryptocurrencies don’t have such a thing. Here is a quick explaination of invoices: what they are for, how they improve security, and why they usually are not visible during payments making.

Zold Consensus

Any distributed database that consists of anonymous zero-trust servers must have a certain consensus protocol, which guarantees that conflicts between different versions of the same data are resolved in favor of a dominating part of the network. Zold has its own consensus protocol, which is different from what Blockchain uses. However, Zold, just like Blockchain, relies on the proof-of-work principle.

Pros and Cons

Zold is an experimental digital currency, which has its own pros and cons. It was designed as an alternative to existing dominating cryptocurrencies, like Bitcoin, Etherium, and others. As explained earlier, its mission is to support the revolution of the software development industry, Zerocracy is leading. Explaining what Zold is, I often hear the question: “What’s so unique about it?” Here is the answer.

How Fast Is Zold?

Zold is a non-blockchain cryptocurrency without a central ledger. Each Zold wallet has its own list of transactions, both positive (coming in) and negative (coming out). Two wallets take participation in each payment. The first wallet gets a money spending transaction and the second one gets a money receiving transaction. In order to spread the knowledge about a new payment both wallets get distributed to as many nodes as possible. The question is how long will it take for the entire network to accept new payments, if they are coming in at high speed? What will be the so called “confirmation time”?

Why Mined Coins Are the Only True Consensus Coins?

CoinMarketCap provides an interesting statistics: there are only 25 mineable coins in the Top 100 coins based on the market capitalization. The rest 75 in Top 100 are pre-mined. Only 25% at the top of the list. Down the list the picture is even more dominated by the pre-mined coins.

One can ask: what’s wrong with the pre-mined coins? Nothing in particular. The only issue is that the action of pre-mining entirely contradicts the very essence of the consensus money system. Any monetary system is not only about the distribution of the money to its participants and the transactions between them. A monetary system starts with the creation of the money, then moves to its initial distribution, then—transactions/redistribution, then expansion, then contraction, and the final stage in the monetary system—sterilization/utilization of the redundant money supply.

How Trustable Is Blockchain?

It seems that the concept of trust in Blockchain is not understood clearly enough. Most of us believe that Blockchain is an “immutable ledger,” but how trustable it is and what is the difference between Blockchain and, for example, MySQL—are the questions usually left without explicit answers.

NScore

As you know, each node in Zold continuously calculates a trust score, by finding hash suffixes (the White Paper explains the mechanism in details). All scores together constitute a summary score, which is called NScore (network score). Here is how it affects the decisions to be made by Zold users.

Why Ruby?

The first version of Zold is implemented in Ruby, a semi-object-oriented programming language. It was my personal decision to choose Ruby, even though I’m pretty fluent in Java, JavaScript, C++, and PHP. “Why Ruby?” is the question I’ve been hearing since the first day of our Telegram group. Here is the summary of my reasoning.

Keygaps in Web Wallets

To make a payment in almost any digital cryptographic system you need a private RSA key. Your public key is visible to everybody, but the private key is what makes it possible to make modifications to your wallets. This is exactly how Zold works too. However, remembering those long multi-symbol cryptic texts is a hassle. For micro payments it’s easier to use keygaps.

What's the Big Deal?

It may look like Zold is yet another cryptocurrency. And it actually is. However, aside from a simple desire to dominate the market of digital payments, we do have a bigger vision. We see Zold as a vehicle to help Zerocracy fix the software development industry.