Abstract. The core of Zioncoin is the protocol for payment systems. This blockchain-based decentralized network consists of mutually- independent, trusted gateways, where information is distributed in different server networks, to offer a safer, cheaper and more decentralized payment method. Our mission is to become an important part of global business by providing users all over the world a trusted, transparent and decentralized payment network protocol. Zioncoin currently operates on the Ethereum blockchain. The Zioncoin token is a digital asset totaling 100 billion. After Zion's main network goes online line, it will be mapped 1:1 with the primary network's native assets.
Ethereum contract:0x5472E246529ba0C2917Eae93d27A7f955d4B1eb4
1. IntroductionBitcoin: A Peer-to-Peer Electronic Cash System declares a new era where people's property can be truly protected and transferred freely.
However, when Facebook released Libra Coin, it threatens our world.
We do not trust Libra Coin because Facebook has a reputation for intruding the privacy of the people.
We cannot trust Libra Coin because Facebook has too much information that it can know who has the crypto asset without the due processing of KYC.
We will not trust Libra Coin because Facebook is an America company which will ultimately turn Libra Association into a more powerful Federal Reserve.
We believe people’s privacy should be protected.
We believe the private property is the foundation of our civilization.
We believe a better world can be built by giving people a safe way to store their property and use it freely.
So we the believers create Zioncoin a safe global currency and financial infrastructure build on blockchain.
IN ZION WE BELIEVE
2. Economic Philosophy of Zioncoin Zioncoin's design philosophy is to use profit incentive mechanism to construct a fast, low cost, efficient, safe and reliable public blockchain ecosystem which satisfies large-scale daily business needs. These requirements include, but are not limited to, trading and clearance of various types of assets, as well as redundant storage of information.
At the same time, in order to protect the autonomy right of the participants in the ecosystem, Zioncoin adopts the multi-chain architecture design principle of main chain plus parallel subchains, which provides the subchain ecosystem with an independent operating system of asset transactions, clearance and storage. This mechanism not only significantly reduce the systemic risk, but will further improve systemic efficiency.
2.1 ZNC: the NativeTokenZNC is the abbreviation of the Zioncoin project's native Token. To some extent, ZNC can be regarded as the “gold” of the digital domain, serving as the pricing unit for everything within the ecosystem ; all economic activities will be settled using ZNC; the establishment and maintenance of all relationships will also depend on ZNC.
As the the foundation of Zioncoin’s economic ecosystem, ZNC will have all the functions of money for social and economic activities - a unit of account, a medium of exchange, a standard of deferred payment, and a store of value.
The blockchain will have a huge impact on the existing economic society and is expected to reshape the human Internet activity.
Zioncoin follows the following four principles to build a self-financial blockchain system.
Cornerstone of trust: Trust is the cornerstone of the blockchain. The purpose of system design is to build a trusted system.
Community governance: The main feature of the blockchain. It is the substantial support for
establishing credibility.
Practicality：All technologies must be considered for the actual application of the service.
Experimental and unstable approaches should be abandoned.
Openness: Openness is a necessary condition for the success of blockchains. Openness means
equality, open source code, and generalization of infrastructure.
3. The Opportunity2 billion people worldwide do not have a bank account or access to a financial institution, and less than a quarter of adults have an account with a formal financial institution in Africa. Those people cannot participate to the economic growth of their regions and develop businesses. Blockchain technology and cryptocurrencies are one way for lesser-developed countries to jump intermediate stages and catch up on the unfair impact the globalization might have had on certain areas of the world. By encouraging and sponsoring initiatives moving towards a demonetized, accessible and inclusion friendly world, ZionCoin wants to maintain a strong focus on the development of financial and social empowerment implementations that can offer unbanked and underserved with highly secure and affordable ways of authenticating, identifying and transacting.
Traditional financial institutions have made outstanding contributions to the economy, however, they are faced with inherent risks and are falling short of the rapid social and economic transformation. The financial sector may be exposed to new risks and problems in this high-tech era, which may magnify those inherent risks of traditional financial institutions. The emergence of Internet + finance has made it possible for mixed operations and finance groups. However, under mixed operations, information asymmetry is more prominent, thus making financial risks more likely. Modern economic activities seek higher financial efficiency. However, transactions through traditional financial institutions require significant fees and prolonged process time, accompanied by increased risks of data breach of related parties due to human error.
Internet finance has unique advantages over traditional finance. However, due to limits of the credit information system and lack of a shared credit information platform, the Internet finance is prone to credit risks. The consensus mechanism in the blockchain can be introduced just to mitigate these risks. The cryptocurrency based on blockchain technology provides convenient alternatives to traditional financial payment and settlement. The technology promotes decentralized and peer-to-peer payment methods, breaking through the cumbersome bank transfers required by traditional financial institutions, and prompting great vitality in commercial activities.
We believe that many more people should have access to financial services and to cheap capital.
We believe that people have an inherent right to control the fruit of their legal labor.
We believe that global, open, instant, and low-cost movement of money will create immense economic opportunity and more commerce across the world.
We believe that people will increasingly trust decentralized forms of governance.
We believe that a global currency and financial infrastructure should be designed and governed as a public good.
We believe that we all have a responsibility to help advance financial inclusion, support ethical actors, and continuously uphold the integrity of the ecosystem.
4. Objectives
The proposed solution improves accessibility to essential financial services:
1.Secured value storage.
2.Convenient cashless payments relying on blockchain and payment channels infrastructures.
3.Straightforward cross-border transfers.
4.Optimized cryptocurrency acceptance and payment processing solutions for merchants.
5.Fingerprint-based identification and protection.
Zioncoin targets several groups of users and solve different industry problems.
The number of cryptocurrency holders is increasing at a staggering path. Initially orientated towards the opportunity to cheaply and securely transact in a peer-to-peer manner, the cryptocurrency holders now have various types of objectives: means of payment, utility value, store value and speculation. The community keeps on growing but the ecosystem needs the right tools to trigger a wider acceptance into our societies and at different levels e.g. individuals, enterprises, financial institutions, central banks etc.
Individuals, merchants and other SMEs are currently bearing very high and opaque money transfer
costs. Building the most convenient and secure framework to welcome individuals and institutional
participants to adopt and transact with cryptocurrencies is entirely part of Zioncoin’ objectives.
Apart from a very few cashless and crypto-friendly countries where various daily transactions can be performed in cryptocurrencies, it is still very challenging to be able to spend cryptocurrencies on everyday purchases. Zioncoin, its ecosystem are specifically designed to encourage and strengthen the adoption of cryptocurrencies in mainstream payments.
Zioncoin network：The source code and data of the Zioncoin network are completely open source and can be accessed and accessed at will. The blockchain characteristics can be proved by anyone, allowing enterprises or individuals to independently carry out financial activities without relying on financial intermediaries.
Zioncoin's underlying protocol is designed and positioned to ensure that our self-finance agreements fully meet the needs of the ecosystem, that is, allowing any institution or individual to issue new assets based on the public chain native asset (ZNC as the Native Token).
Zioncoin network consists of many gateways，Gateways are entities that people trust (most gateways are financial institutions such as banks and payment companies).
The Zioncoin Mobile App：can be used to send, receive and exchange cryptocurrencies: ZNC,BTC, ETH, XRP, LTC and BCH. Zioncoin also wants to connect and facilitate accesses to Ethereum ERC20 tokens whether they are native Ethereum tokens, or tokenized assets. On the midterm, Zioncoin is committed to implement payment channels feature in order to provide a frictionless experience when interacting on-chain, and off-chain using channels. The Zioncoin team is testing different implementations and is currently developing the first smart hardware wallet based payment channels transaction
Please read the technical part https://zionc.info/blog/2019/6/14/white-paper-10
