What is Zenon?
Zenon (ZNN) is one of the tokens of the dual-token system of Alphanet (Network of Momentum). If you are interested in knowing the current ZNN price, you can check the Zenon price chart featured above.
Alphanet is a decentralized self-evolving dual-ledger system. There are four actors involved in the maintenance and growth of the network: stakers, delegators, Sentinel, and Pillars. Being a staker of ZNN is a requirement to be an active part of the dual-coin economy of Alphanet. Sentinels are full nodes that overview the operations in the system. Furthermore, Pillars are the backbone of Alphanet as they have the power to participate in the consensus protocol as well as in the governance structure. Lastly, delegators support Pillars by increasing their rank.
Another token of Alphanet is Quasar (QSR). It is employed to produce Pillars and Sentinels Slots, as well as Plasma, which is needed for higher transactional throughput.
As of January 2023, Alphanet is only at Phase 0. It has already released such features as wZNN, Accelerator-Z, and Zenon Fabric. However, it plans to release much more features in the future including ORBITAL Program, a new NFT standard, zApps, and so on. Overall, by addressing scalability, usage costs, initial distribution fairness, and decentralization, Alphanet seeks to surpass networks like Ethereum or Solana.
Use Cases of ZNN Tokens
The main use case of Zenon tokens is staking. Network users need to stake certain amounts of ZNN tokens to take one of the aforementioned roles. Besides that, holders of ZNN can delegate their tokens to Pillars if they don't want to become ones themselves. By doing that, they increase the influence and prominence of Pillars inside the network.
Besides, ZNN tokens are used for rewarding Zenon network users.
As the Alphanet grows, more use cases might be created for ZNN coins.
Don’t forget you can check the live Zenon price above.
Who Founded Zenon?
Zenon Network is a community initiative that was founded in 2018 as a layer 1 network. However, in 2021, it announced the launch of Alphanet – the Network of Momentum (NoM), which became the main focus of the project.