Zenon 101: 10 Frequently Asked Questions when investing in Zenon.
1. What is Zenon
Zenon is an evolutionary step in distributed ledger technology, enabling an efficient trust layer for the transfer of value and data globally. Based on The Network of Momentum, it proposes a new type of architecture designed to overcome the limitations of current blockchain or DAG-based cryptocurrencies.
If you would like to have a deeper understanding of Zenon Network, please refer to this beautifully written article, it is the most complete you will find out there: Zenon Network — An Ape’s Guide to the Galaxy.
Architecture
Pillar: Representing the foundation layer of the Network of Momentum, they participate in the consensus protocol and hold information about network transactions. Requires high resources to operate and sustain the network.
Sentinel: A unique type of node, resembling a Pillar, but acting only as an observer of the consensus algorithm. It carries out the creation of PoW links for transactions. Requires moderate resources to operate.
Sentry: A lightweight node that performs basic operations for the network and stores only the block-lattice data structure. It can be configured to respond to queries from clients. Requires minimum resources to operate.
Satellite: In the pursuit of decentralization of the geographical distribution, we’re exploring the possibility of integrating a satellite dedicated SDK for Pillars.
2. Where can I buy?
Mercatox.com
Pairs: ZNN — BTC ZNN — USDC
No KYC required.
Stex.com
Pairs: ZNN — BTC
KYC required and it could take up to 36 hours.
Bilaxy.com
Pairs: ZNN — BTC
They have KYC to withdraw bigger quantities, but you can still withdraw by setting up your Security Password.
Crex24.com
Pairs: ZNN — BTCH
KYC required.
3. Is it on Uniswap?
No. $ZNN is not an ERC20 as of this date. Any $ZNN tokens you find on the Ethereum network are fake ones and you will most likely lose your money if you trade them.
4. Can I add it to Metamask?
No. As $ZNN is not an ERC20 or BEP20 token you can’t add it to your Metamask, you can download the official wallet on the Zenon Network website zenon.network/wallet
Also, there is a guide on all the basics things you need to know to use your wallet here: zenon.network/howto
5. Is this the Jack Dorsey/Square/InsertChoosenCorporationNameHere project?
Zenon Network is an independent entity. Unofficial partnerships or any associations with other projects are just speculations.
6. How much is APY?
As of this date, APY is about 0.15% daily. Around 50–55% per year. Notice that these percentages can vary depending on your internet connection and computer performance while staking in your wallet.
7. How do I set up my wallet?
First, download the wallet from zenon.network/wallet install it on your computer and then let it sync, notice that syncing can take a couple of minutes or even hours, so let the wallet do its syncing and you will be fine.
After syncing is done you will find everything you need to know about it here: zenon.network/howto
If you still need help, approach the official Telegram group: t.me/zenonnetwork and ask an admin for help. They are very helpful so just say hi.
8. How do I set up staking?
The following conditions must be simultaneously true:
1) Blockchain must be fully synced, NOT importing or reindexing.
2) Chain tip’s timestamp must be passed a certain time (was many many months ago).
3) Wallet must have active connections (Tools -> Peers list -> check that there are more than 3 active peers).
4) Wallet must be unlocked. Read the important information section (here: zenon.network/howto) first and after that proceed to carefully encrypt the wallet (Settings -> Encrypt wallet). After the encryption process ends, the wallet will close. Reopen the wallet and wait for it to fully sync before unlocking. To unlock it, enter your passphrase and check For staking only box situated below.
5) Must have mintable coins. Mintable coins (maturated coins) have 600 confirmations or more.
6) Must have more coins than reserve balance (reserve balance default is 0).
7) Nodes additional data must be synced (after the progress bar reaches 100%, it should disappear).
8) Double check the status of these conditions by going into Tools -> Debug Console -> type getstakingstatus. All the outputs should be true in order for successful staking.
The staking icon indicator (right bottom icons) should be green if all conditions from point 8 are true.
Staking is a probabilistic type selection, proportional to your ZNN balance. The more ZNN you have, the higher the probability to get staking rewards.
The wallet must be always opened and connected to the network for staking to be enabled at any time, so make sure your machine doesn’t enter sleep mode.
9. Do I have to run my computer 24/7 for staking?
Yes. If you want to stake, for now, your computer must be on at all times.
You can also create a Virtual Private Server only for staking. Refer to this article if you would like to learn How to setp up your own AWS Windows Server for Staking $ZNN so you don’t have to leave your computer on 24/7.
10. Who is the team?
The power behind us is the community. We chose to remain anonymous because there can be no true decentralization with a public figure in charge.
For further information, join the official Telegram group here: https://t.me/zenonnetwork
