Zano mainnet announcement
We want to take this opportunity to announce our new project, Zano — a privacy coin designed for P2P ecommerce. Zano is a crypto project built upon the Boolberry protocol, making it an ideal solution for secure, private, and easy to use transactions. Our primary goal is to design a coin so simple that anyone can use it while maintaining all security features.
Zano is the hybrid PoS/PoW project with 50–50 reward distribution. PoW will also be ProgPoW; we’ll explain all the reasoning behind that decision in the next post. Zano’s total supply will remain similar to Boolberry with a few tweaks; it will rise linearly by 1440*366 coins per year, 1 Zano per block. At that pace, the total supply will reach 19.7 million in 10 years.
The idea behind this kind of emission rate is to add additional protection from double spend attacks since block reward is the main protection instrument from transaction history forging. With a lower block reward, an attack is cheaper. Bitcoin-like projects — with a classic exponential curve — assume that with a rising number of transactions, commission from these transactions will become equivalent to the block reward and will completely replace it at some point.
Since Zano inherits aspects of Boolberry’s emission strategy — with classic curve scenario — — shortly the reward and coin price ratio won’t be enough to secure the network, as the transaction flow won’t yet be sufficient.
Another difference in supply between Boolberry and Zano is a 20% premine reserved for the team as compensation for years of project development as well as an incentive for future work and R&D efforts. The team recognized that Boolberry fell short in this regard, leading in part to its lack of success. We feel strongly that the best way to ensure the success of all Zano holders will be to set aside a budget for the team’s continued work.
Why are we doing a coinswap? We recognize that there are a lot of differences between Zano and Boolberry, both technically and in the business approach. By offering a swap, we’re allowing holders to choose which project they’d like to support as they will both be maintained. However, most of the new features will be developed into the Zano codebase. We recognize that the new approach of Zano might not appeal to everyone holding Boolberry and we felt it was important to let everyone decide for themselves if they would like to join this new project.
Coinswap timeframe & ratio
The coinswap will take place over a year with a swap ratio that decreases over time. For the first three months, the Boolberry to Zano ratio will be 1:1. After that initial swap period ratio will start linearly decreasing until it reaches 0 at the first anniversary of the launch.
Coinswap start date will be announced shortly after mainnet launch.
Certain amount of reserved Zano coins won’t be swapped for BBR for various reasons. These coins we plan to split in half and release one half back to emission. The other half will remain locked on the viewable address reserved for project expenses. If the price of BTC stays around 3k, the coins set aside for development expenses will not support the project for long. Alternatively, if the price of BTC jumps back up to the 15k range, it will be quite easy to fund our future expenses with the current plan, but, we need to keep in mind that the expense of listing on the major exchanges is getting crazy at the pump period, this alone can cost in the hundreds of thousands of dollars.
Team will maintain reports on the spending of those coins, set up a voting system for their use, or any other system of transparency that we think would be helpful. If we do this, these coins will provide a contingency for the project. One that lets us keep working regardless of the motions of a volatile market.
Mainnet launch date
By the end of the month.