As we draw closer to our ICO on 3rd September we wanted to take the time to tell you about the inner workings of Zetochain, and specifically the ZetoToken. Here’s an insight into the ZetoToken economy.
At its core, the ZetoToken is essentially a utility token, however, it will also play an important role within the wider Zetochain ecosystem.
Let’s break it down: the Zetochain blockchain will use proof-of-stake to achieve consensus and will require masternodes to handle requests and store data. All token holders will be rewarded for staking ZetoTokens and masternode owners will be rewarded with ZetoTokens for processing requests.
ZetoToken a foundation for authentication
The ZetoToken forms the basis of the Zetochain authentication mechanism. All devices, as well as legacy and new software systems looking to integrate with Zetochain, will have a private key associated with each request. This key is also associated with a wallet, and the wallet is billed for each request made by the device or application. Access to Zetochain developer tools and services will also be charged in ZetoTokens.
For end users, access to the Zetochain platform will be metered. We’ve devised a number of usage tiers and partners will be charged each month based on the previous month’s usage. Naturally, they will be billed in ZetoTokens.
Seamless integration for ease of use
We want use of the ZetoToken to be seamless and so our marketplace is being designed to make it easy for hardware vendors to accept payment in ZetoTokens. We will also make it easy to integrate the token with DApps in the Zetochain ecosystem. This means that DApp developers will be able to use the token to charge for services, reward customers and incentivise good staff behaviour.
How the ZetoToken will be used
Here’s a summary of how the ZetoToken will function within the Zetochain platform:
- All ecosystem participants need tokens to communicate with the platform
- All transactions will require tokens to purchase “gas”
- Zetochain tools and services will use tokens as a payment mechanism
- Third party DApps will use tokens as a payment mechanism
- Hardware vendors will allow tokens as a payment mechanism
You can read more about the ZetoToken economy, as well as all the finer details about the Zetochain in our white paper, which you can view at www.zetochain.com