[PRE-ANN][ZEN][Pre-sale] Zennet: Decentralized Supercomputer - Official Thread

[ohad]

I have found your first customers.

http://thehackernews.com/2014/09/the-pirate-bay-runs-on-21-raid-proof.html

And I have found 100+ customers. Unfortunately they are botnet owners.

that's why we plan to deliver the client configured by default to block internet connection to the publishers.
providers will be able to change this setting, and moreover, they'll be able to allow this for publishers they trust only (such as universities). all the publisher has to do is to publish their zennet address on their website, and providers can trust it.

[mikenz]

when can I buy this? tomorrow, next week, next year?

[ohad]

when can I buy this? tomorrow, next week, next year?

a very few weeks i'd guess

[xenmaster]

https://i.imgur.com/06H71TY.png
InsideBitcoin TLV conference was a great success. Thank you to all the people that came to our booth and expressed interest in zennet.
We made a promotional video for the conference which can be seen here:

https://i.imgur.com/JKUrih1.png
                  link to youtube video!

[Hueristic]

http://youtu.be/fC9qVrlKXRs

We need more info On ZenCoin.

[lordoliver]

http://youtu.be/fC9qVrlKXRs

We need more info On ZenCoin.

I would prefer to be able to invest before all those information is out there and everybody is jumping in...

[Jackson86]

when can I buy this? tomorrow, next week, next year?

you can't wait to buy this  ？ guys you should be careful

[fran2k]

This sounds great.

We need someone to take the power of our GPUs into real computing.

How are going to price the IPO ?

[innovina]

We need someone to take the power of our GPUs into real computing.
How are going to price the IPO ?

Take a look at GRIDCOIN http://www.gridcoin.us which uses the BOINC infrastructure to use your CPU & GPU power for scientific projects. Already at position 24 in the world ranking of number crunching. Established for over one year and you can buy these coins.
http://us.allprojectstats.com/top.php?type=2&o=1&projekt=0&s=0&desc=y&hl=24

[torusJKL]

This sounds like a very interesting technology.
Looking forward to the IPO.

[tobeaj2mer01]

@DEV, what's the difference between this coin and GRIDCOIN, can you brief it?

[ohad]

@DEV, what's the difference between this coin and GRIDCOIN, can you brief it?

The main difference is that on Zennet, anyone can be a publisher (rent computers), at any time, for any purpose. World Community Grid indeed helps the academic society, but it's not open for everyone, has specific uses only, and does not pay according to actual resources consumes. The variety of resources to be offered is also a major difference.
Gridcoin, as far as I understood, is about making the mining useful.
On Zennet, computation has nothing to do with mining or coin generation.

I didn't forget about the pre-sale details, it's a matter of ~1 day until we post the info.

[xenmaster]

Hi All,
Following are the pre-sale details.
The date isn't 100% final yet, and maybe not only the date. We keep the right to make some minor modifications till the final date announcement.

Launching the Zencoin Pre-Sale


First of all, we would like to thank the community for their interest in Zennet and for their patience regarding the launch of the Zencoin pre-sale.

Zencoins will be pre-sold by sending Bitcoins to a fixed address that will be given on our website http://zennet.sc. Bitcoins will have to be sent from an address that you own, for example Bitcoin Core or Bitcoin-QT wallet, or from Blockchain.info. Future address verification, for the sake of Zencoins distribution, will be done safely via the Sign Message mechanism, with a fallback option to other methods of verification.

This pre-sale focuses on the Bitcoin community, of which Zennet's founders are proud members. We believe that this community understands the future of decentralization better than anyone else.

In this pre-sale we will sell 10% of all future Zencoins that will exist. The community will set the price. The coins will be distributed proportionate to the amount each buyer bought in BTC/USD (average) value (in order to be fair to all buyers disregarding BTC ups and downs. It doesn't matter from our side), and not according to a fixed price.

This price-discovery sale will precede other sales that are intended mainly for the global crowd (via cryptocurrencies or fiat money), such as corporations, academia, research centers, etc. Any future selling of Zencoins (by the Team) will only occur at a price higher than the price set during this initial pre-sale. This is to ensure that the early adopters are rewarded by having purchased zencoins at the cheapest possible price point.

The following is our high-level roadmap:
    Q4'14: Pre-sale campaign launch. Core development.
    Q1'15: Core development. Worldwide corporate and academic marketing.
    Q2'15: Functional beta.
    Q3'15: Zennet release.
    Q4'15: ZenFS beta.
    Q1'16: ZenTube beta, ZenFS release.


Additional documents providing further details on the sale as:
- Terms and Conditions of the Zencoin Genesis Sale
- Zencoin Product Purchase Agreement
(To be published soon)

Additional terms:

- Zencoin will NOT be usable or transferable until the launch of the genesis block with the official Zennet platform release.

- Ongoing Zencoin generation, similar to mining, is not planned for Zennet. Upon the launch of the genesis block, all coins will be distributed to their owners, except for 8 percent of the Zencoins that will be retained for the Zennet Team, and another 8 percent of the Zencoins that will be retained for community applications and bounties.

- An additional 4 percent of the Zencoins will be retained for supporting initial network growth. These coins will be spent on the network to create resource demand and incentivize the joining of new nodes during the early stages of the network. These coins will be fairly distributed to the network participants as they will be used to continuously rent computing resources until the coins are exhausted, in order to bootstrap fast network growth and early adoption.

- All other unsold coins will be destroyed when the official Zennet network launches.

- The estimated launch date for the genesis block is Q3 2015.  Up till then we will be working hard on developing the product. We have already recruited a full development staff, and have began development months ago.

- The tentative date of the pre-sale is mid-November, exact date will be published ahead of time.

- Zencoin is a token being used only for a certain commodity (namely computational resources). It is NOT a security, a currency or an investment offering. Zencoin is simply a token useful for renting computational resources on the Zennet platform after its development is complete; it does not give you voting rights over anything nor shares in some kind of profit, and we make no guarantees of its future value. Also, we do not and will not make any plans to make Zencoin a general purpose currency. It's solely intended to be used within the Zennet network as an in-application computational resource credit.

[Hueristic]

I don't quite understand the need for the token. Why not just sell shares that generate a percentage of the network profit to the initial investors and have the network power purchasable in BTC (or any coin for that matter)?

[xenmaster]

I don't quite understand the need for the token. Why not just sell shares that generate a percentage of the network profit to the initial investors and have the network power purchasable in BTC (or any coin for that matter)?

Because there are no future profits.
The payment on Zennet is directly between the provider and the publisher (bidder).
No middleman at all. No fees. We (nor others) don't make a dime after the Genesis block is out.
In addition, using existing coins is impossible due to technichal reasons (also discussed on this thread).

[Hueristic]

I don't quite understand the need for the token. Why not just sell shares that generate a percentage of the network profit to the initial investors and have the network power purchasable in BTC (or any coin for that matter)?

Because there are no future profits.
The payment on Zennet is directly between the provider and the publisher (bidder).
No middleman at all. No fees. We (nor others) don't make a dime after the Genesis block is out.
In addition, using existing coins is impossible due to technichal reasons (also discussed on this thread).

I'm not that bright these days so can you link me the post that explains why a renter cannot purchase with a btc address and when confirmed the contract is provided and when fulfilled the address that was paid then pays the recipients and also the share holders?

[xenmaster]

I don't quite understand the need for the token. Why not just sell shares that generate a percentage of the network profit to the initial investors and have the network power purchasable in BTC (or any coin for that matter)?

Because there are no future profits.
The payment on Zennet is directly between the provider and the publisher (bidder).
No middleman at all. No fees. We (nor others) don't make a dime after the Genesis block is out.
In addition, using existing coins is impossible due to technichal reasons (also discussed on this thread).

I'm not that bright these days so can you link me the post that explains why a renter cannot purchase with a btc address and when confirmed the contract is provided and when fulfilled the address that was paid then pays the recipients and also the share holders?

The main reason that BTC is inadequate is that the Micropayments protocol might require an initial time of  even 30-60 mins until the computational job will begin. This is of course unacceptable (even 5mins aren't).

[mishax1]

Additional terms:
- Zencoin will NOT be usable or transferable until the launch of the genesis block with the official Zennet platform release.
- Ongoing Zencoin generation, similar to mining, is not planned for Zennet. Upon the launch of the genesis block, all coins will be distributed to their owners, except for 8 percent of the Zencoins that will be retained for the Zennet Team, and another 8 percent of the Zencoins that will be retained for community applications and bounties.
- An additional 4 percent of the Zencoins will be retained for supporting initial network growth. These coins will be spent on the network to create resource demand and incentivize the joining of new nodes during the early stages of the network. These coins will be fairly distributed to the network participants as they will be used to continuously rent computing resources until the coins are exhausted, in order to bootstrap fast network growth and early adoption.
- All other unsold coins will be destroyed when the official Zennet network launches.
- The estimated launch date for the genesis block is Q3 2015.  Up till then we will be working hard on developing the product. We have already recruited a full development staff, and have began development months ago.
- The tentative date of the pre-sale is mid-November (currently 11/11 is planned, though this is subject to change), exact date will be published ahead of time.
- Zencoin is a token being used only for a certain commodity (namely computational resources). It is NOT a security, a currency or an investment offering. Zencoin is simply a token useful for renting computational resources on the Zennet platform after its development is complete; it does not give you voting rights over anything nor shares in some kind of profit, and we make no guarantees of its future value. Also, we do not and will not make any plans to make Zencoin a general purpose currency. It's solely intended to be used within the Zennet network as an in-application computational resource credit.

hmm what ?

10% will be sold to "investors" , 8% for you, 8% apps&bounties , 4% some initial network growth (what ever that is).
That's 30% of an unknown amount. and you destroy the 70%?

I.. don't.. what? how..?


People that rent their power getting paid in zen or btc?
If it's in zen then where do I get zen after the IPO ? off the exchange?

[xenmaster]

Additional terms:
- Zencoin will NOT be usable or transferable until the launch of the genesis block with the official Zennet platform release.
- Ongoing Zencoin generation, similar to mining, is not planned for Zennet. Upon the launch of the genesis block, all coins will be distributed to their owners, except for 8 percent of the Zencoins that will be retained for the Zennet Team, and another 8 percent of the Zencoins that will be retained for community applications and bounties.
- An additional 4 percent of the Zencoins will be retained for supporting initial network growth. These coins will be spent on the network to create resource demand and incentivize the joining of new nodes during the early stages of the network. These coins will be fairly distributed to the network participants as they will be used to continuously rent computing resources until the coins are exhausted, in order to bootstrap fast network growth and early adoption.
- All other unsold coins will be destroyed when the official Zennet network launches.
- The estimated launch date for the genesis block is Q3 2015.  Up till then we will be working hard on developing the product. We have already recruited a full development staff, and have began development months ago.
- The tentative date of the pre-sale is mid-November (currently 11/11 is planned, though this is subject to change), exact date will be published ahead of time.
- Zencoin is a token being used only for a certain commodity (namely computational resources). It is NOT a security, a currency or an investment offering. Zencoin is simply a token useful for renting computational resources on the Zennet platform after its development is complete; it does not give you voting rights over anything nor shares in some kind of profit, and we make no guarantees of its future value. Also, we do not and will not make any plans to make Zencoin a general purpose currency. It's solely intended to be used within the Zennet network as an in-application computational resource credit.

hmm what ?

10% will be sold to "investors" , 8% for you, 8% apps&bounties , 4% some initial network growth (what ever that is).
That's 30% of an unknown amount. and you destroy the 70%?

I.. don't.. what? how..?


People that rent their power getting paid in zen or btc?
If it's in zen then where do I get zen after the IPO ? off the exchange?

80% will be sold. 10% now for price discovery. but the plan is to sell them all before the genesis block. if we won't be able to sell them all, we'll destroy what remains. the dedicated 4% will be spread to the people. the remaining 16% will be used for building and maintaining the products etc.
people rent their power are getting paid in Zencoin.
There will never be an IPO since it's not shares we're talking about. We sell a commodity.
The tokens will be distributed to their owners when the network begins working. We might consider a slow distribution in order not to flood the market.

[Hueristic]

I don't quite understand the need for the token. Why not just sell shares that generate a percentage of the network profit to the initial investors and have the network power purchasable in BTC (or any coin for that matter)?

Because there are no future profits.
The payment on Zennet is directly between the provider and the publisher (bidder).
No middleman at all. No fees. We (nor others) don't make a dime after the Genesis block is out.
In addition, using existing coins is impossible due to technichal reasons (also discussed on this thread).

I'm not that bright these days so can you link me the post that explains why a renter cannot purchase with a btc address and when confirmed the contract is provided and when fulfilled the address that was paid then pays the recipients and also the share holders?

Days aren't bright for shares issuers and exchanges. We're of course neither. Zencoin is not intended to be a currency, not to mention shares. It is designed and intended to be used only within the Zennet network, to use computational resources. Hence, it is a commodity and has to be treated as such. Recall that we all know how much it costs to rent hardware. Zencoin has an intrinsic value, like commodity, and unlike pure currencies, and of course is not a share at all (no profit share, no voting..).

The main reason that BTC is inadequate is that the Micropayments protocol might require an initial time of  even 30-60 mins until the computational job will begin. This is of course unacceptable (even 5mins aren't).

I'm not going to spend the time to pick this apart, but I will say these arguments you just made are beyond thin. I no longer have any faith this will exist at all and it will be a money grab. To bad it's a great Idea. Hope I'm wrong.