Zynecoin Announces Mainnet Token Swap From Ethereum to Blockchain WETHIO
Exciting news with the release of the WETHIO protocol! The Zynecoin team are implementing a corresponding token swap of their previously issued ERC-20 tokens onto their proprietary blockchain, Blockchain WETHIO.
Currently listed on Bibox Exchange, trading for the token will be temporarily suspended during the swap. For more details, please click here:
The Zynecoin token is designed to improve Africa’s economic standing and support African innovators and entrepreneurial ecosystems as well as humanitarian initiatives. By introducing a digital currency powered on its own blockchain in a decentralized ecosystem, Zynecoin’s innovative model seeks to improve transparency, security and enable smoother transactions across borders.
Collaborative Proof-of-Stake (PoS) Mining
WETHIO will be the first blockchain built and based in Africa. Unlike most blockchains, it incentivizes cooperation among crypto miners by introducing a reward strategy for miners to cooperate in order to secure the greatest collective payout. The five principles governing the collaborative mining are:
- Hash power is split evenly among blocks
- Miners can choose any block that best fits their hashing power
- This ensures that all blocks are distributed evenly and that the system throughout increases as the number of blocks increases
- Miners benefit the entire system by pursuing their own best interests
- Everyone shares the benefits of a successful transaction, allowing smaller miners to collect rewards without needing to join a mining pool.
Proof-of-Work (PoW) mining systems require enough computing power to solve complex algorithmic problems to ensure the validity of newly minted blocks.
For WETHIO’s Proof-of-Stake (PoS) system, the probability of creating a block and reaping the reward is designed to be proportionate to the user’s financial participation in the system (their stake). This results in everyone in the system sharing the benefits of a successful transaction, with even the newest miners able to collect rewards without joining mining pools.
Security is also ensured since any hacker wishing to carry out an attack on the system would first have to acquire the largest share of tokens in circulation, effectively pricing them out of this damaging course of action.
The collaborative model allows anyone, regardless of computing power to participate in and profit from blockchain mining, even if they are only using mobile technology. As a result, WETHIO encourages a greater number of participants to mine on its blockchain, increasing the number of nodes and transaction speeds, thereby leading to widespread adoption.
Last but not least, a portion of the mining commissions are directed to national treasuries, part of Zynecoin and WETHIO’s unique solution to support the continent’s economy.
Secure Blockchain Marketplace
Focusing on the functionalities of a blockchain marketplace, every transaction performed on WETHIO is recorded in a tamper-proof, irreversible and large database. This serves to enhance trust in important areas such as taxation, administration, notary, judicial and electoral processes, property amongst other applications.
WETHIO helps to facilitate the everyday use of cryptocurrencies in commercial and business transactions, aiding in the adoption of cryptocurrencies across multiple industries and functionalities.
Also as an open-source system, the WETHIO protocol allows for future improvement and development towards greater efficiency and operations.
Decentralization to Unlock Economic Growth in Africa
The introduction of a native token backed by a decentralized blockchain system improves overall confidence in partnerships and collaborations involving foreign businesses, especially since credit risk is high for many of Africa’s nation states.
Stimulating economic growth across the board, this will level the playing field for African startups that hope to participate in global markets. The growth of an African-based cryptocurrency will not simply change the way we transact — it will also lead to the growth of the African economy.
While offering benefits to its investors and token holders, the Zynecoin and WETHIO initiative targets to advantage the African economy as a whole. The inclusion of a d’App ecosystem and incubator (Zynecoin Academy) is part of a move to provide technological support to the infrastructure development sector.
Zynecoin and WETHIO’s decentralized system solution focuses on integrating the large and potent African economy with the emerging global digital economy. A revolutionary and innovative solution that will indeed go a long way in unleashing the enormous potential of the African continent.
