ZINNIA NETWORK UPDATE JANUARY 2023
January 4, 2023
First and foremost we would like to take this opportunity to wish you a happy and prosperous new year. Our sincere apologies for being so quiet over the last few months. 2022 was a challenging year, not only for the market and raising funds but also for the team in general; the ill health of some team members contributed significantly to the difficulties thrown our way. The good news is the worst is behind us, and we are very much looking forward to the successes that 2023 will bring.
With the devastating market events of 2022, such as the collapse of LUNA and FTX, we continue to believe that a return to decentralization is what is most required by the market in general.
Zinnia is a purpose-built, smart contract-enabled, Hybrid POW/POS public blockchain protocol governed by its participants through its layer one DAO, with its governance working hand in hand with the POS mechanism.
The Zinnia DAO is self-funded by the network, as it receives 10% of all block rewards, which it utilizes for network development, marketing, and community initiatives. The DAO will be initially funded by 1% of the total supply (20,000,000 ZINN) as part of the premine. The DAO also receives an additional revenue stream through issuing POS licenses to the community.
POS licenses allow users to stake, propose and vote on Zinnia's governance. The ideal POS license pool is 80,000 which are held by the user for up to 28 days. To purchase a POS license, users lock the license price in their desktop wallet (Zinnia Terminal) for a maximum of 28 days. A license issuance fee, and transaction fee must also be paid. At the launch the issuance fee, paid to the DAO treasury in ZINN, will be equivalent to 1 USD. The fee can be raised or lowered should it be proposed and voted on. The license fee mechanism essentially provides the DAO with an additional 80K USD of development funds every 28 days.
For the first six months following launch, the DAO will have a relatively small monthly expenditure cap, in this period, the community will vote on the next expenditure cap and revisit duration.
DAO treasury funds can only be spent once a vote has taken place and POS license holders have approved the transaction.
A fully decentralized, self-funded, smart contract-enabled, EVM compatible blockchain is required… And that is precisely what we are building!
ZINNIA DAO’S FOCUS - WEB3 DEVELOPMENT
Let's face it, those who haven't bought bitcoin or other digital assets at this point aren't likely to soon, given what the market has just experienced. However, digital assets and blockchain technology go hand in hand with web3, so how do we migrate the everyday person to use web3 technology? Zinnia's DAO will directly address this problem by building easy-to-use open-source blockchain-based tools with familiar user experiences for the everyday person.
You may be asking what the motivation will be to use our web3 tools; the answer lies in privacy, security, ownership, transparency, and, ultimately, proof of digital interactions. The global events of the last three years have resulted in unprecedented levels of censorship, tracking, and governmental control, which has not gone unnoticed by an increasingly aware public. Across social media, people were already talking about how their digital communications and interactions were under siege even before Elon Musk jumped into the mix. Now is the time for solutions that return balance to the digital world and put everyone on a level playing field.
Zinnia DAO will become a web3 hub for development teams worldwide to build tools that have privacy, security, ownership, transparency, and proof at their core and solve real-world problems. Whether it's decentralized social media tools, communication platforms, or proof of creation plugins for digital artists, developers can build anything as long as DAO stakeholders have voted for them. These solutions will be free for the public to access and can be used for a small transaction fee. Such tools and applications will belong to the network; however, the DAO will pay developers in ZINN to build them.
For various reasons, the blockchain industry has many talented developers and entrepreneurs whose ideas never see more than a piece of paper. However, Zinnia's network-funded development DAO, with its vision for a collective, collaborative and flexible development environment, will provide the required platform for this talent to change how the internet of the near future is developed.
DEVELOPMENT
- Zinnia Navigator:
Zinnia Navigator is the block explorer for Zinnia. It functions by indexing the Zinnia Chain starting from the genesis and will index all Transactions and Tokens included in each Zinnia Block. Zinnia Navigator will also provide an API that will allow third party developers to build applications on top of the Zinnia Network. The Zinnia Network is currently in development and operating on a closed testnet . However, our current development progress can be seen on the link to our explorer below. As development continues, the progress status shown on the homepage will be updated, and additional chain metrics shown when available. The POS metrics currently shown on the advanced home screen are not live and indicative only. The explorer API docs are written and will be available when the public testnet is released.
https://explorer.zinnia.network/#/home-page
- Zinnia Terminal:
Zinnia Terminal is our platform agnostic desktop wallet that will communicate with Zinn-Core using the RPC Protocol, initial front-end development has begun. Terminal will allow you to manage your ZINN and token portfolios, purchase POS licenses, submit network proposals, and vote. Post-launch you'll also be able to manage decentralized storage and create NFT/s easily from inside Terminal.
Please find this PDF displaying a few interface screens of Zinnia Terminal.
JOIN US ON CREW3
Crew3 is a web-based tool that allows users to join communities primarily focused on Web3 projects and earn rewards by completing tasks referred to as 'quests.' The platform links users' social media accounts allowing them to complete multiple quests across platforms without leaving Crew3.
We are using Crew3 to achieve the following objectives;
- Create a set of quests for new and old community members to follow us on social media and learn about Zinnia.
- Launch a 4-Week Sprint Leaderboard whereby community members can earn ZINN by completing social media quests.
- Teach the community about Zinnia through a 'Learn and Earn' program where Discord Titles and XP are up for grabs.
The Zinnia Network Crew3 project was launched on 17th October this year and has been highly successful, boosting our social media statistics significantly and creating a direct means for the community to rally behind and support Zinnia. Currently, there are 2011 Crew3 community members who have collectively completed over 100k quests.
Moving forward we will commence a guerilla marketing strategy on social media using the Crew3 platform and the Zinnia community to target 'Crypto Influencers' on Twitter to gain further engagement and followers.
CONTRIBUTE
- Development Funding
We are in the process of raising a 1.2M seed round. Please reach out to the team if you are interested in participating.
- Participate
Developers please reach out to the team if you are interested in joining the project.
Team@zinnia.network
Kind regards,
The Zinnia Team
