A quiet week in some regards for the Züs (formerly 0Chain) team. We continue to make great progress on the dev side. This week, Sculptex dives into the importance and functionality of cryptocurrency wallets on Züs network. We wish to extend a Happy Thanksgiving to our USA community as well, hope you enjoy your holiday.
Sculptex’s Use Case of The Week: Cryptocurrency Wallets
“This week, I am taking a look at some of the ways that wallets are required and used on our platform. Züs wallets have a format much like other cryptocurrency wallets, e.g. BIP39, in this case, derived from a 24-digit seed phrase.
The 0Wallet app is destined to be the standard method for holding native ZCN. It includes enhanced security features, but I’ll look specifically at that another time. A Züs wallet is a fundamental base for all storage and other activity. You need one of our cryptocurrency wallets before you can interact with the BlockChain or Storage Layer.
Unique Cryptocurrency Wallets
So, on a Service Provision level, each different node type (Miner, Sharder & Blobber) requires a unique wallet address. However, these are regarded as Operational Wallets and need to be sufficiently Staked (or delegated to) from a native ZCN wallet.
In the instance of Miners and Sharders, the total staked amount will eventually be used to shuffle the Active Set through the View Change protocol. In the instance of Blobbers, they will be required to Stake at least equal to the Storage Provision they are offering (in terms of Write Price).
Other Wallet-Related Functions
Of course, we can use wallets to send and receive tokens, but let’s look at a few other wallet-related functions:
- Locking (for interest): This is when tokens are locked for a set period. The user immediately gets rewarded proportional tokens for the duration and interest rates at the time.
- Locking (for Service): This is when tokens are locked into a pool for say allocation or read or write pools. In this scenario, some of the tokens will get used so only if any tokens are unused at the end of the lock period will they become unlocked. *In both types of locking, at the end of the lock period, the (remaining) tokens become unlocked and can be returned to the user’s wallet.
- Vesting: This functionality allows tokens to be disbursed via a pool to a group of recipients over a period of time at variable proportions. This is useful for team payments etc. There is also an option to cancel or trigger vesting immediately, so only tokens that have already been vested so far can be certain to be unlocked by the recipients.
Each wallet transaction generates a tx on the BlockChain. To be sure that a particular tx has achieved full finality, it is recommended to wait a few seconds and query the particular tx to ensure it has achieved consensus.”
A quiet week on the non-dev side as the team continues to make progress on multiple fronts. Stay tuned for more info coming soon on our AMA with Züs CEO Saswata Basu. This is likely to occur in the first weeks of December. The team continues to collaborate with UI designers to finalize the app interfaces and hopes to have finalized models in the coming weeks.
Development Team Updates
Over the past few weeks, weekly updates detailed our efforts in-chain scaling and testing under load. Now that we have that stable baseline to work against, this week has been spent building upon that foundation. For example, multiple blockchain bug fixes are ready to merge, having passed all internal and automated tests. On top of that, there has been a massive internal drive to finish out the core system testing and round out any in-flight features. Most non-mainnet work has been paused allowing some devs to be redeployed to help with this effort. Expect a flurry of feature/bug fix merges in the coming weeks!
0Box and 0Wallet
Following the push of updates, the team has conducted additional testing resulting in 0Box and 0Wallet Android undergoing optimization updates. We also continue to work on chain allocations by enabling the ability to create storage allocations with specific blobbers. The team continues to research and build out the best methods to enable anyone to quickly access ZCN. Accelerating their ability to begin using our apps. Development for DeFi swap integrations has begun, with the intent of users being able to quickly swap ETH-based tokens to ZCN.
Last week, we successfully scaled internal testing to 100 miners and 25 sharders. We continue to build upon this recent success by enabling all features so that we can continue to progress with testing. This process has had a focus on improving CPU efficiency as noted in recent updates. During this time, we are also conducting further fault tolerance testing. While we continually improve the stabilizations of miners and sharders by optimizing verification processes. The team has begun planning for how future blockchain and smart contract upgrades will be implemented in the future without hard forks. Most blockchain issues have been resolved at this time. They will be merged shortly into the staging branch, which will be available for use on the testnet.
Züs is a high-performance storage platform that powers limitless applications. It’s a new way to earn passive income from storage.