Zenon (ZNN) is a hybrid PoW and PoS cryptocurrency that aims to solve fundamental issues in decentralized networks. It achieves true decentralization through a fair launch and decoupling coinbase incentives from governance. Zenon tokenizes network bandwidth, eliminating transaction fees and rewarding those who help secure the network. It is designed to complement and add value to the Bitcoin ecosystem, leveraging taproot and acting as a standalone L1 that uses Bitcoin’s PoW as root consensus.
Zenon (ZNN) is a cryptocurrency that plays a crucial role in the Zenon Network, a decentralized, hyper-scalable global network based on a novel dual-ledger architecture. The primary uses of ZNN include:
Network Consensus Infrastructure: ZNN is necessary to run the network consensus infrastructure and participate in protocol emissions. It secures the network through lock-up by Pillars, ensuring the integrity and stability of the network.
Participating in Proof-of-Stake (PoS) Mechanism: Users can help secure the network and earn rewards by participating in the PoS mechanism. This involves locking up ZNN tokens, which incentivizes users to maintain the network's security and stability.
Validating Transactions: ZNN is used to validate transactions within the network. The hybrid consensus approach, which combines elements of Proof-of-Work and Proof-of-Stake, ensures that transactions are verified and secured efficiently.
Creating and Managing Digital Assets: The Zenon Token Standard allows users to create and manage digital assets, such as ZTS tokens, which inherit the same properties as ZNN and QSR, including security, censorship-resistance, and feeless transfers.
Running Nodes and Participating in Governance: ZNN holders can run nodes, participate in governance, and contribute to the decentralized decision-making process within the network.
Overall, ZNN is essential for the functioning and security of the Zenon Network, and its uses are centered around maintaining the network's integrity, validating transactions, and enabling the creation and management of digital assets.
To store Zenon (ZNN) tokens, you have several options:
Syrius Wallet: This is a state-of-the-art, non-custodial wallet specifically designed for the Network of Momentum. It is cross-platform, user-friendly, and secure, allowing you to manage your ZNN, QSR, and ZTS tokens. You can download the Syrius wallet to store and manage your tokens safely.
Centralized Exchanges (CEX): You can store your Zenon tokens on a CEX, which provides convenient access to investment products and features like spot and futures trading, staking, and lending. However, be sure to select an exchange with strict security measures to ensure your assets are safe.
Non-Custodial Wallets: These wallets, such as hardware wallets, Web3 wallets, or paper wallets, grant you complete control over your private keys. This option is more secure but may be less convenient for frequent trading or using your assets for staking or lending.
- Hardware Wallets: For maximum security, you can store your Zenon tokens in a hardware wallet and keep it disconnected from the internet. This method ensures the highest level of protection against potential security threats.
It is essential to choose a method that aligns with your needs and preferences, ensuring the safety and accessibility of your Zenon tokens.
To buy Zenon (ZNN) tokens, you can follow these steps:
Choose a Wallet: Select a reliable and reputable crypto wallet that supports Zenon (ZNN). Ensure the wallet is secure and user-friendly.
Select an Exchange: Choose a centralized exchange (CEX) or decentralized exchange (DEX) that supports Zenon (ZNN) purchases. Consider factors like ease of use, fee structure, and supported payment methods.
Create an Account: On the chosen exchange, create an account by providing the required information and setting a secure password. Enable two-factor authentication (2FA) for added security.
Verify Your Identity: Complete Know-Your-Customer (KYC) verification, which may require providing personal information and identification documents.
Add a Payment Method: Follow the exchange's instructions to add a credit/debit card, bank account, or other supported payment method.
Buy Zenon (ZNN): Use your added payment method to purchase Zenon (ZNN) directly with fiat currency or by first buying a popular cryptocurrency like USDT and then exchanging it for ZNN.
- Transfer to Wallet: Once purchased, transfer the ZNN tokens to your secure wallet for safe storage and management.
Additionally, you can also buy Zenon (ZNN) directly through certain wallets that support fiat-to-crypto purchases. Ensure you understand the fees and security measures involved in this process.
