Zetacoin (ZET) is a well-proven digital currency and an early adopter of advanced coin features that today may appear standard, but at the time of their introduction were truly on the “cutting edge” of the crypto technology! The legacy Zetacoin chain, based on SHA256 block validation, was a true pioneer of fast transactions – Something that was clearly lacking across early cryptocurrency projects. Because it was designed with super-fast transaction (and block generation) times, the original Zetacoin was inherently vulnerable to both 51% attacks and unintentional forks. This, in turn, affected its reliability and adoption.
In response, EWMCI-led group of developers implemented a critical code upgrade in late 2021. This important upgrade significantly reduced the probability of a 51% attack by introducing hybrid PoW (Scrypt-based) and PoS block validation methodology. Following successful rollout of the upgraded code, the new Zetacoin can provide all of the features of the legacy Zetacoin (e.g., fast transaction / block times) while ensuring enhanced blockchain security. At the same time, the emission model was reformed to reflect supply-demand considerations inherent to a fully mature blockchain. Thus, annual emission of new Zetacoins was reduced from 1 million to only 50,000 coins / year.
Proof-of-Stake (PoS) refers to the use of currency itself (e.g., your ownership of Zetacoin) to achieve certain pre-defined goals. In Zetacoin network, PoS is used to provide minting and transaction processing alongside the PoW capability to do the same. This provides an important redundancy and increases overall blockchain security.
Because at the “network-level” there will are multiple active participants who “stake” their coins, a significant number of coins (e.g., collateral) will be present on deposit (and thus not free to move or be spent). This, in turn, stabilizes the network and protects it from malignant, third-party actors by making attacks costly, impractical, and in effect self-destructive.
The enhanced energy efficiency of Zetacoin refers primarily to the long-term benefits of PoS. This is because Zetacoin is not dependent on the use of energy-hungry PoW coin-generating application-specific integrated circuits (ASICs), thus reducing the overall network energy consumption and reducing its environmental impact.
At the same time, PoW is the most practical way of supporting the early phase of minting of a cryptocurrency like Zetacoin, as well as introducing an added layer of network security. Because of this, our developer team decided to keep PoW as part of Zetacoin’s hybrid design. To further optimize energy efficiency, we transitioned to the currently utilized and more environmentally friendly Scrypt algorithm (e.g., when compared to the energy-hungry legacy SHA256).
There are three main ways of acquiring Zetacoin (ZET): [1] Purchase with fiat currency using a specialized vendor, such as BexCrypto ; [2] Exchanging other cryptocurrencies for ZET on platforms such as FreiExchange , FreiXLite , Komodo Wallet , or XeggeX ; and [3] Selling goods or services for ZET, using platforms such as the EWMCI Shop .
Important note: There are unreliable and/or outright fraudulent exchanges out there. Unless specifically verified and pre-vetted by our team (e.g., LISTED ONLY HERE ON THIS WEBSITE) please DO NOT engage in any trading outside of the EWMCI-certified list of exchanges (AtomicDEX, FreiExchange, FreiXLite, and Unnamed). Trading outside of these four exchanges will likely result in LOSSES and is outside of the scope of our team’s influence due to regulatory and legal jurisdictional limitations.
There are several ways of securely storing Zetacoin (ZET): [1] Our desktop Qt wallet [2] The state-of-the-art Komodo Wallet and [3] The Gemmer Wallet by Primecoin and [4] Wally.ID multi-wallet. In addition, we are working on our own, native EWMCI wallet platform called CoinMunityWallet. Additional resources and links can be found on the EWMCI Resources Page EWMCI Resources Page
Important note: The two-year migration period from legacy to new Zetacoin chain was completed on August 1, 2022. After this date, all legacy coins (addresses starting with “Z…”) are considered retired and only new coins (addresses starting with “9…”) will be supported.