Zoin Whitepaper February 2018
Table of contents
II. Why community-governed?
IV. Economic Model
VI. Zerocoin protocol
IX. Voting System
ZOIN (ZOI) is a decentralized cryptocurrency that seeks to provide a secure and untraceable payment service for its users.
Being based on the proven cryptographic technology of the Zerocoin protocol, ZOIN offers anonymity and privacy to its users when desired.
ZOIN is in comparison to many other coins completely governed by the community and belongs to all who want to participate in shaping its future.
II. Why community-governed?
The reason why ZOIN has become a community-governed cryptocurrency is ingrained in its history. It was the community who decided to take over the project after it was abandoned by the original dev(s).
Today, the Zoin Team consists of volunteers from the community and who offered their time, knowledge, experience, and dedication to the development of ZOIN.
In the near future, major decisions will be made by the community as a whole. This will be done through voting, which will be integrated in the official wallets (see roadmap).
Through this process, people with different ideas, goals, and opinions will be able to help shape the future of ZOIN.
The goal is to turn ZOIN into a currency for one’s daily payments.
A coin that is not only traded for speculative reasons, but a currency that enables people to buy products and services in a secure and untraceable way.
One of the main goals is therefore to develop a wallet that integrates markets, users democracy, exchanges, communities and security for both buyer and seller.
The Road Ahead
Our plans for the next few years include:
• Mobile wallets on iOS and Android
• Add Zoin to more Exchanges
• Web wallet
• Web Tor Wallet
• Zoin Masternodes (Zoinodes)
• Encrypted Chat System
• Community voting build right into the wallet
For an up-to-date roadmap, please visit https://zoinofficial.com
IV. Economic model - Zoin Foundation
The foundation will function as an umbrella under which all expenses and funding for the development of Zoin will be managed and be accounted for.
This means full transparency towards the community on the costs and funding of the project, but also the community’s participation on how we want and / or can fund future development.
The Development Reward Fund
It was voted on by 95% of the community, has been instated and initiate at block 230250 until block 255250 increasing block rewards to 50 and allocation 37.5 Zoin per block to the fund.
This will not affect miner rewards, once block 255250 is reached, block rewards will go back to 12.5.
Where / What
The Zoin Foundation can be found on the official website and will offer updates and information on:
• The current balance of the development fund in ZOI & BTC
• Incoming donations
• Cost of current and past projects
• Information on how to donate ZOI & BTC
ZOI : ZSod6aYiSPwDUFA2R9EUshrWnxRg7hqQeQ
BTC : 16et3UzdsLgbubKbthJArkbzYt3Hev75U2
Launch date : 05 November 2016
No Premine, No ICO
Only mineable per CPU
Total Coins: 21 Million
Proof of Work, Algo : Lyra2Zoin (2,330,256)
Initial reward : 100 ZOI per block
With block 210000 the reward is 12.5 ZOI and halving every 210000 blocks
Block time: 2.5 minutes
VI. Zerocoin protocol
What is Zerocoin?
Zerocoin is a project to fix a major weakness in Bitcoin: the lack of privacy. Our goal is to build a cryptocurrency where your neighbours, friends and enemies can’t see what you bought or for how much. This project began with a proposed extension, called “Zerocoin”, to the Bitcoin protocol that allowed users to mix their own coin. A collaboration between the original Zerocoin project members and cryptographers at MIT, The Technion, and Tel Aviv University, has produced a far more efficient protocol that allows for direct private payments to other users.
How Zerocoin Works
With the new Zerocash protocol, Zerocoin allows direct anonymous payments between parties. Zerocoin transactions exist alongside the (nonanonymous) normal transactions. Each user can convert non-anonymous coins into anonymous coins, which we call Zoin-Zerocoins. Users can then send Zoin-Zerocoins to other users, and split or merge Zoin-Zerocoins they own in any way that preserves the total value. Users can also convert Zoin-Zerocoins back into normal Zoin, though in principle this is not necessary : all transactions can be made in terms of Zoin-Zerocoins.
Zerocoin scheme for bitcoin : For more information about the Zerocoin protocol, please visit http://zerocoin.org
Initial reward 100 ZOI per block
Reward halves every 210,000 blocks
Total coins : 21 Million hard cap
Mined blocks mature in 120 blocks
Block time 2.5 min
VIII. Masternodes (Zoinodes)
What is a Masternode?
Masternodes are nodes running the same wallet software on the same blockchain to provide extra services to the network such as instant send, coin mixing to support privacy, and help in stabilizing the network. Anyone can run a Masternode and the objective is to have enough online to provide a true level of decentralization, which doesn’t favour a country, geography, company, or person. For providing such services, masternodes are also paid a certain portion of the reward of each block.
How much Zoin for one Masternode?
To create a masternode called a ZOINODE, a user needs to lock in a specific amount of Zoin. 1 ZOINODE = 25,000 ZOIN
IX. Voting system
Zoin’s online-based voting represents an ideal decentralized platform for exercising democracy.
One of our goals is to create a decentralized voting system that allows anyone to vote and participate from his wallet.
That ensures the entire network can’t be taken over by a single entity and that every member of the community gets a say in important decisions.
ZOINOFFICIAL.COM 2018 - The Zoin Team