SINGAPORE , Oct. 18, 2023 (GLOBE NEWSWIRE) -- What is Zetrix and what problem does it solve?
Zetrix is an interoperable, decentralised, blockchain network designed to facilitate smart contracts while providing privacy, security, and scalability. As an open network, Zetrix allows developers to build decentralised applications independently whilst also working with governments and enterprises to build secure blockchain infrastructure to enable real world use cases such as cross- border trade and supply chain financing.
Problems Zetrix aims to solve:
- Lack of Trust: In a digital age rife with bad actors, Zetrix aims to provide a "trustless" environment where actions can be verified and are tamper-proof. This is achieved through the use of self-sovereign identity (SSI) and verifiable credentials (VC).
- Inefficiencies in the Supply Chain: Zetrix seeks to streamline various operations, particularly in the supply chain, to create more transparent and efficient business processes.
- Lack of Enterprise-Ready Solutions: Many available blockchain solutions are experimental and not built for enterprise-grade applications. Zetrix aims to fill this gap with a platform that uses proven technologies.
- Governance Issues: Zetrix takes a risk-based approach to compliance and governance, aiming to provide a well-regulated environment that is still flexible enough to foster innovation.
- Lack of Interoperability between Blockchains: One of the key challenges in blockchain technology is the ability of different platforms to interact with each other. Zetrix prioritises interoperability to facilitate smooth transactions across different blockchain networks.
- Environmental Concerns: Zetrix uses a Delegated Proof-of-Stake mechanism that is up to 99% more energy-efficient than traditional Proof-of-Work models, thus aligning with global net-zero carbon emission goals.
- Regulatory and Compliance Issues: Zetrix aims to offer compliance-friendly solutions that can work in tandem with public sector regulations, making it easier for adoption at a large scale.
- Complex Trade Financing and Cross-Border Transactions: Through its ZTrade and ZTradeFi solutions, Zetrix aims to simplify and secure cross-border trading processes, making it easier for local businesses to connect with international counterparts and intermediaries such as customs and financial institutions.
- Limited access for SME : Zetrix aims to democratise access to advanced blockchain technologies for small-to-medium enterprises through subscription-based, easy-to-use services.
By offering these solutions, Zetrix aims to position itself as a leader in technology innovation, particularly within the Regional Comprehensive Economic Partnership (RCEP), and aims to help solve problems like the high cost of trade, the risk of fake goods, environmental issues, and more.
- Token name: Zetrix
- Token symbol: $ZTX
- Total Supply: 1,102,197,129.11* (at Start of IEO (18 Oct 2023 1200))
*Note: this is a projection because Zetrix’s consensus model produces ZTX reward blocks based on network activity and not at fixed intervals
● Total Locked: 1,038,343,694.41 (at Start of IEO (18 Oct 2023 1200))
● Max. Supply: 2,110,067,061.2416 (estimated to be reached in 2126)
○ Note: Total Supply is over the lifetime of the project case Zetrix has (1) Genesis block with 1,000,000,000 pre-mined ZTX which is subject to locking and vesting & (2) dPOS consensus which continually produces ZTX reward blocks the rate is subject to halving every 4 years.
● Private Sale Allocation (number & percentage): No private sale allocation during IEO; previously 140,000,000 ZTX have been sold in Zetrix’s Seed Round- of which 20,100,000 ZTX have been released into circulation and the remaining 119,900,000 ZTX are vaulted an subject to vesting from 15 Oct 2023 (3 days before IEO) with ⅙ released every six months for 36 months (ref. Total Locked).
● Private Sale Token Price: $5.00
(For Coinstore Launchpad)
● Initial Circ. Supply When Listed on Coinstore( number & percentage): 66,754,234.70 ZTX (6.05% of Total Supply)
Key features of ZTX:
The ZTX Token is integral to the Zetrix blockchain ecosystem, serving various functions to power the network and facilitate its operations. Here are some key utilities of the ZTX Token:
On-Chain Governance: ZTX Token holders can influence the decision-making process of the Zetrix public blockchains. This enables a decentralised model of governance where stakeholders can contribute to the platform's future direction.
Transaction Validation: ZTX Tokens are used to validate transactions on the network, ensuring they are legitimate and preventing 'double spend' scenarios.
Vested validators: DPoS (Delegated Proof of Stake) consensus requires active staking of ZTX to continually operate validator nodes.
Powering the Network: Tokens often serve as the "fuel" for blockchain networks, compensating miners or validators for their efforts in maintaining the network.
Cross-Border Asset Movement: ZTX is used in the tokenisation process to facilitate cross-border asset transfers within the RCEP region.
Traceability-as-a-Service (TaaS): Although not explicitly stated, ZTX Tokens might be used to facilitate the subscription payments for services like TaaS, making transactions smoother and possibly offering discounts for token holders.
Supply Chain and Trade:
Trade Financing and Digitisation: ZTX could be integrated into solutions like ZTrade and ZTradeFi, which aim to revolutionise trade financing and supply chain processes. Tokens can add an extra layer of trust and utility in these transactions.
What does the project ecosystem include?
The Zetrix project aims to offer a robust ecosystem for enterprise-level blockchain applications with a focus on international markets. Based on the information provided, the Zetrix ecosystem includes the following components:
- Public Blockchain: Zetrix is designed as a public blockchain that supports smart contracts, meaning that it is open and can serve international markets.- Partnership with CAICT: Collaboration with the Institute of Industrial Internet and Internet of Things of the China Academy of Information and Communications Technology (CAICT) ensures that the project has the technical backing and research capabilities to keep it at the forefront of blockchain technologies.- Connection to Xinghuo BIF Chain: Zetrix Supernodes will be connected to the Xinghuo Blockchain Interoperability Framework (BIF) through overseas supernodes hosted by MYEG, enhancing the blockchain's reach and capabilities.- Inter-Chain Protocols: These protocols allow Zetrix to communicate not only with the Xinghuo BIF chain but also with other participants connected to it, thereby increasing interoperability.- Enterprise-Grade Features: Including development tools, smart contracts, multi-asset wallets, and cryptographic security, designed to be robust and reliable for large-scale applications.- Developer-Centric Approach: The Zetrix ecosystem has been created with developers in mind, offering tools to help build, test, and deploy applications seamlessly.- Regulatory Compliance: Built to be fully compliant with regulations, adding a layer of security and trust for network participants.- Ongoing Support and Upgrades: The team behind Zetrix plans to continue supporting and improving upon these applications by incorporating the latest technologies.- Cross-Border Focus: Through its relationship with MYEG, Zetrix is being positioned not just for success in Malaysia but within the broader Regional Comprehensive Economic Partnership (RCEP) and international markets.- Multi-Asset Wallets: The ecosystem includes multi-asset wallets that are designed to hold and transact various types of assets, offering flexibility and utility to users.
- Ztrade: This is aimed at next-generation trade connectivity, utilising blockchain for document digitisation and custom clearance to enhance trade efficiency.
- ZTradeFi: This is focused on trade financing solutions using blockchain technology to ease and secure cross-border trading processes.
In summary, Zetrix aims to be a complete ecosystem of blockchain software targeting enterprises, backed by technical expertise, enterprise-grade features, and global partnerships.
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