Zen Protocol's New Look -- Financial Engine

By: Zen Protocol
 
May 29, 2019 - PRLog -- If there is any theme that describes Zen Protocol, it would have to be classified as evolution. Prior to the community release otherwise known as the genesis block, Zen Protocol Ltd sold software which was held under a proprietary IP license. This software was developed and owned by Blockchain Development Ltd. - https://www.zenprotocol.com/

In light of the community release, genesis block on June 30th, 2018, Zen effectively changed their license to the Authorized Protocol, a customized license to protect the interests of its users in the Zen Protocol community. There are several perks to the protocol such as the corporate entity relinquishing control over the protocol. A new form of governance is now able to be conducted using coin votes to accept or reject potential future changes to the protocol, and finally consensus level changes are executed every 6 months subject to a community vote. They're calling it, Community Governance.

How community governance works

The Zen Protocol software implements a mandatory version update every 6 months .In order to continue using the software, users must download the new version every 6 months. This both pushes back the expiry date and implements consensus changes,  if there are any to be made.

With these bi-annual updates token holders have the opportunity to exert their influence. It is the token holders themselves who decide,  by method of a coin vote,  what consensus changes the next version will contain. This means the more tokens you have, the higher the weight of your vote.

Furthermore, developers can propose changes to the protocol by providing a working release candidate for the community to review prior to the bi-annual hard fork. The release candidate which receives the most votes wins, and will be adopted by the community as the next release.

We have witnessed the potential of this unique project and will continue to track it. At the end of the day cryptocurrency and blockchain technology was created as a revolt to government centralization, with this new software update Zen has created the most decentralized and purely democratic platform we have seen to date.
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Source:Zen Protocol
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Tags:Cryptocurrency
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Page Updated Last on: May 29, 2019
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