1.1 Abstract
The crypto market capitalization enjoyed a fantastic bull run in 2017, with financial experts valuing it at $90 billion. The wide acceptance by investors has pushed the market to grow more than ten times in valuation in just two years and has stimulated and kept the pace of the bull run. There are different types of digital currencies in the market today that have caught the world’s attention as the blockchain technology it is based on is advanced. For an individual or company to thrive in today's digital age, it must adapt to the dynamic technologies that may threaten its existence if not properly harnessed. More companies are shifting their sights to digital marketplaces as it enables them to connect to people outside their target. It has proven to be more effective than traditional advertising. These transformational trends are a mix of technology and effective business models. They are based on patterns such as investments and the influence of the younger generation. With the advent of the 5G technology, the cost of reliable internet and mobile telephony will crash as people will demand more effective and cheaper access. More people will require access to affordable connectivity and data. The use of blockchain technology can be done in both financial and non-financial manners. With blockchain, it becomes impossible to tamper with data or hack into the system. The openness of the public blockchain brings people all around the world together, whereas the private blockchain ensures that a closed ecosystem can also thrive with blockchain capabilities. Blockchain has recently emerged as an important tool that can enable critical distributed applications without requiring centralized trust. For example, public blockchains have been used to enable many different cryptocurrencies. Unfortunately, existing public blockchains and smart contracts deployed on them may disclose sensitive information.
The number of online shoppers in 2020 increased astronomically as more people shopped for food and groceries from their homes. In the past, it was difficult to get people to shop for food online as consumers did not mind the inconvenience of going to the supermarkets to get their groceries. The 2020 lockdown necessitated the digital transformation. The ease of getting fresh products and cooked meals convinced shoppers to do more online transactions. The financial institutions also profited immensely as most of these deliveries were paid for by cashless transactions. 5 There is a dire need for a reliable cryptocurrency that can be used for online transactions. An underlying feature of the cryptocurrency that made it easily accessible is the exquisite blockchain technology. Technological advancements allow for a decentralized network. This means it casts out the need for third parties such as banks and online exchange platforms. This enabled it to reduce third-party costs and further enhance peer-to-peer purchasing. Transaction histories are also accessible to the public. It can be compared to Microsoft Teams. It's like a folder several people can access at once. This reduces the chance of fraudulent acts drastically. Decentralized trades can likewise forestall value control or faked exchanging volume through wash exchanging and are more mysterious than trades that execute know your client (KYC) necessities.
There are a few signs that decentralized trades have been experiencing low exchanging volumes and market liquidity. The 0x undertaking, a convention for building decentralized trades with compatible liquidity endeavors to settle this issue.
Zenith Chain is an innovative solution that brings programmability and interoperability. One of the banes of Cryptocurrency is that the parties involved in the transaction do not know or even trust the intentions of each other. We have always used third-party mechanisms to sort out such issues. This is a dilemma for Cryptocurrency where third parties are non-existent. With the rigid blockchain protocols that serve to protect the integrity of Cryptocurrency, there are still lingering doubts about whether either of the parties can circumvent the system. There are currently 87 and counting validators with Proof of Stake Authority consensus that can enable Zenith Chain to have a shorter time for block generation and lower fees. In addition, Zenith Chain would guarantee native support of interoperability; provide security and safety with the validators. Zenith Chain also provides a system for participants to agree on a single history of the order in which they were received by including a timestamp server. This works by taking a hash of a block of items to be time stamped and proves that the data must have existed at the time to get into the hash. Each timestamp includes the previous timestamp in its hash, forming a chain with an additional timestamp reinforcing the ones before it.
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