Zenit blockchain is growing as a competitor of Ethereum. It supports the creation of dApps and smart contracts, and it is designed to offer fast and cheap transactions. You don’t need to have any developer knowledge or experience in order to build applications on this network. The company behind this blockchain has invested in many other useful projects, including Zenith Pay and the Zenith Metaverse.
Briefly about Zenith Chain
Zenit blockchain was started by Jonathan Emmanuel, and he now serves as the CEO of the company. The chain was birthed towards the end of 2020, when the gas fees on Ethereum were skyrocketing. This was because Ethereum was hosting a wide range of NFTs, DeFi, tokens, and gaming applications. The main purpose of Zenith chain was to lower gas fees and make crypto technology accessible to more people around the world.
The hybrid smart chain for extensive use.CryptoLists.com
This network combines the best parts of private blockchains with the best parts of public chains, and this is how it is able to offer near-zero transfer fees and quick transactions. The nodes and validators of the chain keep increasing. Another unique aspect of Zenit blockchain is that it is interoperable with other networks. It can currently communicate with BSC, and over time, it should be able to interact with Solana, Polygon, and Ethereum.
Utility of Zenith Chain?
Zenit blockchain is used to create smart contracts, and these cannot be changed once the code has been programmed. These smart contracts provide the same level of security as the Ethereum network. Zenith Chain also allows for peer-to-peer cryptocurrency exchanges, which means there is no central authority to censor the transactions. The main benefits of this network are its high transfer speed, low transaction fees, and the high levels of security.
Zenith Chain Consensus Method: Proof of Authority
Release Date: May 30, 2021
Advantages at Zenith Chain+ Zenit blockchain has a short block time & low fees.
+ The Zenit chain offers interoperability.
+ Its transactional throughput is very high.
+ Compared to Bitcoin and Ethereum, Zenith Chain is highly energy-efficient.
Disadvantages- Zenit blockchain is fairly new and hasn’t been tested sufficiently.
- It has a lot of competition from established and fast-rising blockchains.
- There is no guarantee that the network is secure.
- Its native cryptocurrency has a very low market cap.
Costs▪ Rated at 10/10
The transfer fee of Zenit blockchain is almost negligible. Most transfers come with a fee of about 0.00023 Zenith, which is almost nothing. In order to make transfers on the network, you will have to hold Zenith tokens in your wallet.
Reputation and Buzz▪ Reputation rated at 8/10
▪ Buzz rated at 7/10
Zenith Chain hasn’t been around for a long time, and this may have affected its popularity. It also seems to have a poor marketing team. It is slowly building a strong community on platforms like Twitter and Reddit, and many people appreciate its low transfer fees and high transfer speeds. On Twitter, the official page of Zenit blockchain has more than 62,000 followers, and this number is constantly growing.
Who created Zenith Chain?
This network was created by Jonathan Emmanuel, and he is still in charge of the project. Before developing Zenit blockchain, he founded a US-based startup known as Tipstack LLC. The CTO of the company, Rajesh Chinnadurai, has also played a major role in developing the blockchain.
Is Zenith Chain proof of stake?
This network doesn’t use proof of stake or proof of work and is instead secured using proof of authority. This consensus supports short block times and lower transfer fees.
Will Zenith Chain overtake Ethereum?
Although Zenith Chain has many benefits, it is unlikely to ever overtake Ethereum. This is because Ethereum is an old, trusted, and established blockchain. Lots of dApps are already hosted on the network, and people are unlikely to shift to a new blockchain.
What is Zenit coin used for?
Zenit coin is the native cryptocurrency of this blockchain, and it is used to cover the transfer fees. It is worth noting that Zenit blockchain supports zero-gas transfers, so the transaction fees are generally extremely low.
What is Zenith Centralized Exchange?
This is a creation of Zenith Chain, and it offers spot trading, margin trading, peer-to-peer trading, futures trading, and direct deposits. Users can also launch new products on this CEX as it has a launchpad.