The ZenChain Foundation is a bewildering company that is developing ZenChain, a blockchain specifically dedicated to decentralized financial (DEFI) applications and non-fungible tokens (NFTs). One of the main benefits of owning a digital collectible versus a physical collectible is that each NFT contains distinguishing information that makes it both distinct from any other NFT and easily verifiable. You will get all the benefits of NFTs in ZenChain Protocol.
Issues came without ZenChain
Moreover, at a technical level, the blockchains underlying DeFi are facing significant challenges. Blockchain transaction fees have risen considerably during periods of congestion, with the fees for relatively simple smart contract operations running into the hundreds of dollars. Rising transaction costs price out small transactions, in turn restricting the set of transaction types for which the layer-one blockchain can be used.
Low Interoperability
There are different types of blockchains such as Bitcoin, Ethereum, Binance Smart Chain, each with its DeFi ecosystem and community. Interoperability enables DeFi platforms, tools, DApps, and smart contracts on different blockchains to interact with each other. Until this becomes simpler, many projects are siloed.
Lack of Insurance
Insurance protects investors in the event of hacks or other fraudulent activities. Insurance plays a very important role in centralized finance while it is much rarer in DeFi.
ZenChain protocol’s solution
ZenChain gives some solution to resolve this problem:
- Scalable, high-throughput Blockchain with Tendermint Power
- Bridge from Ethereum, Tron, Binance smart chain makes cross-chain Defi and NFTs solutions.
- Decentralized pricing oracles built-in
- DeFi primitives built-in: Dex, Lending & Borrowing, token IDO, insurance.
- Non-fungible Token applications like a mint, auction, rent NFTs
- NFTs X DEFI: bring the power of NFTs to the Defi ecosystem and Defi to NFTs.
ZenChain and Use of NFTs as collateral in Defi
The special feature of ZenChain is full support for cross-chain NFTs and Defi. ZenChain allows NFTs owners to get more powerful with their NFTs, is just not collectible, user can stake their NFTs as collateral in lending & borrowing application, and can borrow some fungible token (ERC20, BEP20, TRC20) to using another Defi strategy.
The price of NFTs is determined by the Auction system. That means just users and NFTs which use the ZenChain auction system can use their NFTs as collateral. ZenChain allows users to borrow up to 50% of the highest auction price.
Non-fungible Token applications in ZenChain
Minting
With ZenChain, artist, influencer, game production, Defi dapp can easily make their NFTs with blade speed.
Because ZenChain knows the artist or influencer focuses on their amazing job. ZenChain will bring them an easy and secure way to mint, manage their own NFTs with the power of blockchain.
Auction
ZenChain Auction is the marketplace for user-owned digital goods, which include collectibles, gaming items, domain names, digital art, and other assets backed by a blockchain.
A core part of our vision is that open protocols like Ethereum and interoperable standards like ERC721 and ERC1155 will enable vibrant new economies where users truly own this powerful brand-new type of digital item. Because ZenChain thinks open, liquid marketplaces will help power these new economies, It is building tools that allow any developer to build rich, integrated marketplaces for their digital assets. And it is doing this with the help of a community of passionate users, developers, and creators.
Rent
With the Rent market, NFTs owners don’t need to sell their NFTs, just use them for rent. The renter can rent NFT in a short time to use in some special situations. Example: With some games, users rent NFTs as wearable items to join some special campaign, after they can pay back NFTs with a small fee, they don’t need to buy NFT at a higher price.
In conclusion, since over 90% of DeFi projects are based on Ethereum blockchain, ZenChain will consider the challenges for Ethereum challenges as DeFi challenges: By focusing on the functionality of the blockchain and dedicating it specifically to DEFI and NFTs, ZenChainprovides unparalleled high transaction throughput, reduced risk of errors, and intelligent feature development specifically for the fulfillment of financial services for both fungible token and non-fungible token (NFT) on the blockchain. So, this will be a beneficial project for you to make your investment profitable as per my experience.
Website :http://www.zenchain.co/
Medium page :https://medium.com/zenchain-protocol
Twitter page :https://twitter.com/zenchainco
Lite paper: https://docs.zenchain.co/
Telegram group : https://t.me/zenchaingroup
Facebook : https://www.facebook.com/Zenchainofficial
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