New Protocol Submission

[gerta17]

Protocol Name

0Chain

Symbol

ZCN

Description

0Chain is a Decentralized Storage Network (DSN) with built-in proxy re-encryption allowing for public and private sharing of data. Through its fast and scalable platform, 0Chain offers secure data storage for enterprises, developers and NFT platforms.

Fee / revenue data source

Service Providers (known as miners, sharders and blobbers) earn rewards for participating in mining blocks, writing/storing data, and passing challenges via proof of storage. Users are able to lock tokens for interest rewards or delegate to service providers to earn additional rewards.

Can you describe the protocol's tokenomics? Who are the demand and supply side participants in the protocol?

0Chain’s economic protocol offers incentives to holders as well as service providers. Token holders can “lock” ZCN for rewards that are paid out immediately, use tokens for storage allocations, or delegate to Service Providers (Miners, Sharders, Blobbers) for additional rewards. Meanwhile, Service Providers must stake ZCN as part of the proof-of-stake protocol in order to contribute services to the network while also earning tokens in return for their work. As more service providers join the network, more tokens must be locked to the network in correlation to the amount of data storage they are offering. Meanwhile, users must lock tokens to the network in order to leverage data storage allocations. Due to this, the available circulating supply decreases with network adoption and as more data is stored on the network. The ZCN native token must be used for all transactions, CRUD operations, and staking, meaning that enterprises, startups, and developers will use the ZCN token in order to get storage allocations.

How much demand-side revenue (non-inflationary or subsidized earnings) did the protocol generate over the past 30 days?

The protocol has not generated earnings yet as the Mainnet is not launched yet, which means the token economics have not started yet.

How much demand-side revenue (non-inflationary or subsidized earnings) did the protocol generate over the past 90 days?

The protocol has not generated earnings yet as the Mainnet is not launched yet, which means the token economics have not started yet.

Why do you believe this protocol is a good fit for The Web3 Index?

Decentralized storage is a critical aspect of Web3 in order to connect L1 platforms, smart contracts, and oracles to secure data. 0Chain's storage protocol enables any developer, enterprise, or blockchain to use its storage network for fast, scalable data storage with high efficiency and security. By offering enterprise-grade storage solutions, L1 applications can connect to high secure data sources while also maintaining the fully-decentralized approach. IDC forecasters expect IoT devices to generate as much as 79 zettabytes of data by 2025 – more than four times as much as in 2019 – driven by surges in wearable medical devices, autonomous vehicles and other sectors. All this data must be securely processed, validated and stored. For this reason, the demand for scalable storage solutions will continue to rise.

Category

Decentralized storage

Subcategory

Storage

Website

https://0chain.net

Twitter

https://twitter.com/0Chain?s=20

Coingecko or Coinmarketcap URL

https://coinmarketcap.com/currencies/0chain/