What is ETZ Coin? Learn about the project EtherZero & ETZ Coin
Compared to Ethereum Classic, EtherZero (ETZ) is also a fork from Ethereum but less well known. Officially separated from the Ethereum mainnet in 2018, EtherZero initially caused quite a bit of skepticism. However, after many improvements to the protocol, this blockchain is relatively complete. ETZ Coin also started to be listed on many major crypto exchanges. Let's learn about ETZ Coin with Hay Mod Game below.
What is EtherZero?
As just mentioned, EtherZero formed from an Ethereum blockchain fork . The purpose of this divider is to create a new generation of smart contract platform. To optimize the user experience and the activities of dApp developers.
The EtherZero project is backed by a team of leading technical experts. Compared to the Ethereum native network, EtherZero has a faster block time of about 1 to 2 seconds. Especially transaction fees have been eliminated, transactions are performed almost instantly.
The development team says the platform is capable of supporting a huge masternode network. The masternode is capable of processing over 10,000 transactions per second much faster than the Ethereum network.
How EtherZero . works
EtherZero is designed as a simple powered smart contract with more extensive and unique features than the Ethereum native network. Highlights include transaction fees, proof-of-work mining using the EtherZero system. The ability to process transaction ideas is also superior.
The reason EtherZero possesses many of the above advantages is due to the application of dual network and PoW. Besides, the architecture is also decentralized like DASH. There is also the Clique protocol, the Proof of Authority consensus mechanism.
Although it has only been forked for a short time, EtherZero is very active in the sleep improvement phase. Accordingly, the project's development team has successfully researched a private consensus algorithm called Masternode Proof of Stake (MPoS).
The research team believes that this algorithm is the best solution for dApp users and developers. With MPoS, the security of the EtherZero blockchain network is also significantly enhanced.
Now, users can experience EtherZero 2.0. This is a two-layer network structure (masternode layer and Proof of Stake consensus layer). Thus, compared to the first version, the 2.0 update has converted from PoW to PoS. With PoS, it will be more difficult for hackers to deploy attacks.
As for MPoS, this algorithm is responsible for verifying the safe blockchain, enhancing the security of the entire network. The process of locking the ETZ to verify a valid transaction is as follows.
- Each Masternode proceeds to lock 20,000 ETZ Coin if it wants to become a master node.
- Every 10 minutes, the system randomly selects 21 nodes to participate in block confirmation.
- Within 10 minutes, 21 nodes are selected to confirm and prevent a block from repeating for 10 seconds.
The right to block belongs to the master node in the MPoS consensus system. The MPoS algorithm has overcome the linking disadvantage of PoS, preventing centralization.
In terms of scalability, the MPoS consensus mechanism maintains the Masternode referral mechanism as an alternative to the PoW miner mechanism. Each Masternode maintains the decentralization of the entire network. Network-wide operation always ensures transparency, good scalability according to actual requirements, shortening block generation time.
EtherZero . project development team
Although not mentioned on the website, in part of the white paper there is mention of the Code EtherZero team and the EtherZero support team. The core members of the project development team are mainly from China. In addition, there are some members from Japan, Australia, Indonesia, Russia, Germany and the US.
In which, holding the role of project founder is Gary Luo. It was Luo who came up with the original idea for EtherZero and realized this project. According to the project white paper, Gary Luo once gave up the university to create his own business.
The project's technology director is Rolong, who has 10 years of experience working in the field of full-stack, server research. Rolong is extremely knowledgeable about the Ethereum blockchain, a leading expert in security.
In addition, in the development team of EtherZero, there is also Roger Luo, a senior Ethereum research expert, with more than 10 years of experience in the financial technology field.
The project support team comes from many parts of the world, they have an important role in community development. The most prominent are probably two members Bryan Vukich and Evgeny Egorov.
Both of these members have 20 years of experience in the field of information technology. In which, Bryan is known as a strong senior engineer who has participated in researching and designing many network platforms. This member has also been active for more than 6 years in the cryptocurrency market as a trader and operator.
Meanwhile member Evgeny owns a telecommunications company of his own. This female member has been around for more than 3 years in the cryptocurrency market.
EtherZero's Strong Community
Any cryptocurrency project, if it wants to develop in the long term, always needs to have a head of people put on the network. It is the support of the users that is the deciding factor in whether the value of a cryptocurrency will increase sharply and be widely applied.
After more than a year of release, ETZ Coin has gradually built up a relatively large user community. Specifically, EtherZero's Telegram p channel currently attracts over 36,000 participants. Discussions on this platform are always quite active.
The EtherZero project's Twitter page owns over 14,000 followers. The research team regularly updates 3 to 4 articles/day. EtherZero also has its own Facebook fan page, but the level of interest is not as much as on Twitter.
What is ETZ Coin?
ETZ Coin is the cryptocurrency representing the EtherZero blockchain. Because of the fork from the Ethereum main branch, ETZ is not issued through an ICO . Instead, it is distributed to ETH holders in a 1:1 ratio, at the time of the hard fork. This means that for each ETH in a personal wallet, the user will receive 1 ETZ respectively.
The initial supply of ETZ Coin is around 194 million ETZ. The developer side owns 97 million ETZ. They intend to double the supply against ETH. Holding more than 50% of ETZ Coin can cause more or less controversy about the decentralization of the EtherZero platform.
How to buy, sell and store ETZ Coin
In general, the way to buy, sell and store ETZ Coin is not difficult. However, if compared with ETH, the capitalization and value of ETZ coin are still not comparable.
How to buy and sell
ETZ Coin has been listed on many major cryptocurrency exchanges. In which, trading volume on BitMAX floor currently accounts for the largest proportion. Next comes Hotbit and DigiFinex. A major ETZ Coin recovery is also regularly traded on BitHump. This is a cryptocurrency exchange from South Korea.
To buy and sell ETZ Coin, you need to register an account at one of the trading platforms that list this coin. Next buy BTC, ETH or USDT with fiat currency and use one of these 3 coins to buy ETZ Coin.
How to store
ETZ Coin is no less than a storage wallet. It is compatible with all Ethereum wallets. Traders who do not feel secure to leave ETZ on an exchange wallet can switch to an independent wallet application or store it in a cold wallet.
Latest ETZ Coin exchange rate update
In early 2018, ETZ Coin once established a historic price of 5.69 USD. However, this price cannot be maintained for long. Even at the beginning of 2021, the ETZ coin also bottomed at $0.00084753.
Currently, the ETZ price, although it has recovered a bit, is only slightly above 0.001 USD. The market capitalization of this coin has not reached 1 million USD.
ETZ Coin is a cryptocurrency that represents EtherZero, the blockchain fork from the Ethereum network. The initial supply of ETZ will be around 194 million ETZ. This coin is mixed 1:1 with ETH holders, at the time of the hard fork.