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.