Frequently Asked Questions

The deadline for swapping old coins to new coins is August 1, 2022. How does this process work?

Transitioning a blockchain to new codebase is a complex process. It is especially challenging for a widely held coin like Zetacoin. Because of this, we created dedicated, user-centric resources that provide ample information and allow Zetacoin holders to seamlessly complete a self-directed 1:1 swap well before the old blockchain is decomissioned in August, 2022. For more information, including step-by-step instructions and community support, users can join our Reddit and Discord . In addition, our new staking wallets are available for download on GitHub . From time to time, we will also post critical update info and other Zetacoin-related content on the unified EWMCI Twitter feed

What could you say about Zetacoin emission model?

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.

What is a “staking”?

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.

How is Zetacoin energy efficient?

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).

How can I acquire Zetacoins?

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 , AtomicDEX , or Unnamed Exchange ; 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.

Where can I store my Zetacoins?

There are several ways of securely storing Zetacoin (ZET): [1] Our desktop Qt wallet [2] The state-of-the-art AtomicDEX multi-wallet and [3] The Gemmer Wallet by Primecoin In addition, we are working on our own, native EWMCI wallet platform called CoinMunityWallet

Important note: The overall transition from legacy to new Zetacoin chain is scheduled to be complete on August 1, 2022. After this date, all legacy coins (addresses starting with “Z…”) will be considered retired and only new coins (addresses starting with “9…”) will be supported.