The Zinnia Network is a new, purpose-built smart contract-enabled blockchain with a hybrid Proof-of-Work/Proof-of-Stake (POW/POS) consensus mechanism.
Zinnia is governed by its users through its Decentralized Autonomous Organisation (DAO). The DAO works hand in hand with the POS side of network consensus.
The DAO has several core tasks:
To ensure a single entity cannot dominate the network
To ensure that the network governance is decentralized and community-driven
To ensure stakeholder consensus is achieved before any changes to Zinnia are made
Gatekeeper of the Zinnia DAO treasury
Gatekeeper of Z-2122
To develop free public applications
DAO's initial development focus:
Fixed layer 1 fees
Native layer 2 payments
Zinnia mobile application
Decentralized social media
What is ZINN?
ZINN is the native cryptocurrency used on the Zinnia network. Fees are paid in ZINN to use the blockchain and traditionally serve as the market for computation.
Currently, ZINN is the only acceptable form of payment for transaction fees across the network for the mainnet and the token layer.
When Zinnia's full public features are rolled out, ZINN will also be used throughout the ecosystem as payment for storage, minting Non Fungible Tokens (NFTs), and purchasing real-world goods or using services such as DeFi lending markets.
Zinnia will offer a free native mobile application that protects and secures its user's data. The mobile application (dapp) uses ZINN to process and secure user data onto the Zinnia blockchain.
Essentially the ZINN cryptocurrency supports the pricing mechanism for its computing power. When users want to make a transaction, they must pay for it in a small amount of ZINN.
Traditionally miners receive this payment to ensure their transaction is committed to and recognized on the blockchain. These usage costs are known as transaction fees and are derived from the amount of computing power required to execute the transaction and prioritize the users' demand.
Zinnia is approaching its fee structure in a very different way to other chains, we are using a post-mining and network health fund called Z-2122.
The Zinnia Virtual Machine
In the Zinnia ecosystem, there is a single, canonical computer called the Zinnia Virtual Machine, or ZVM.
Everyone who participates in the Zinnia network (every node) keeps an identical copy of the ZVM.
To check the current state of the ZVM, any network user can send a request to the ZVM for it to perform a recent status check on itself; this is called arbitrary computation and checks the computer's current state.
When a ZVM state request is made to the network, other users or participants of the network execute the arbitrary computation, which checks and verifies its current status.
When this check is executed, it causes a change in the current state of the ZVM, which is then committed and updated throughout the Zinnia network.
Arbitrary computation requests are known as transaction requests.
A record of all transactions and the ZVM's current status is then stored on the Zinnia blockchain, agreed upon, and used by all nodes.
The denomination of a cryptocurrency says something about the smallest unit it can be used in. Many networks have tried to reinvent the wheel when it comes to denominations.
ZINN keeps it simple and uses the same denomination as Bitcoin. So just as $1 is divisible by 100 cents, one bitcoin (BTC) is divisible by 100,000,000 Sat's (one hundred million). One ZINN is also divisible by 100,000,000.
The smallest denomination of ZINN is known as a Z (Pronounced Zee).
Proof of work mining
Zinnia's initial consensus mechanism comes from proof-of-work mining; the Proof-of-work mining algorithm used by Zinnia is called Prog-Pow.
Prog-Pow is short for "Programmatic Proof-of-Work."
Prog-pow evolved from the Ethereum mining algorithm "Ethash"; it has been optimized for GPU mining and seeks to plug the efficiency gap experienced with fixed-function hardware.
Zinnia will solely use POW mining for the first 18 months until hybrid POW/POS is activated.
Zinnia is moving to a hybrid consensus mechanism combining proof-of-work (PoW) with proof-of-stake (PoS). Getting PoS right is a technical challenge and not as straightforward as using PoW to reach consensus across the network.
Zinnia will be using a similar hybrid consensus mechanism to Decred's ticketing system with various changes.
The integration will be carefully planned and integrated over the 18 months following the launch.