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”?