What Is Zano (ZANO)?

Zano is an evolutionary project of developing a stable and safe coin that can be used in the e-commerce industry. According to the website, the main purpose of developing Zano based on blockchain is the variety of features the technology has to offer. These features include reliability, flexibility, and security, all which make the platform an ideal choice for P2P and e-commerce transactions. Thus, the Zano project aims to provide stability and performance to its users. 

According to the whitepaper, the network aims to be driven by crucial code design qualities such as forward and backward compatibility, asynchronous core architecture, and component-based modular format. This network framework ensures the maintenance of a proper operational structure to support the e-commerce industry. Further, to assure additional security on the network, the transactions performed by users are made untraceable with ring signatures and stealth addresses. A ring signature is a unique kind of digital signature performed by a user of a group of individuals who have the keys. Stealth addresses are a method for covering public blockchain transactions by developing one-time addresses for every transaction. 

Further, according to the website, to provide maximum utility to the users through their wallet, Zano has introduced a multi-signature wallet. Multi-signature, or just multisig, is the crucial mechanism that permits two or more participants to handle a single wallet. The mechanism is mainly utilized in the escrow service. Escrow is a mechanism developed to encourage secure, unidentified payments between the counterparties. The token claims to offer a safe and private transaction framework without requiring a delegated third party. When utilizing the Zano network, all parties need to put collateral on the line as an economic incentive to reduce malicious action. With the escrow service, individuals can make completely customizable contracts, which are a means that enable any agreement requirements to be obeyed by all parties in a trustless manner. 

Besides these facilities, Zano also uses the verified and time-tested cryptographic primitives initially presented with CryptoNote, while working on a hybrid PoS — PoW consensus mechanism. This structure claims to safeguards the platform from double-spend attacks, both improbable and unfeasible. PoS was enforced to complement and improve the security offered by standard PoW blockchains. 

Further, to support this overall structure of the project, ZANO coins were introduced. The coins are used to make payments and support all the operations carried out within the network. 

History of Zano (ZANO)

The Zano project was cofounded by Andrey Sabelnikov and Pavel Nikienkov. The total supply of tokens is 13,105,947 ZANO.