Man’s Next Step: Securing a Digital Financial Realm with Zenon and the Network of Momentum
Occasionally, global occurrences of cyber attacks and financial hacking remind digital security experts (and the wider affected public) of both how rudimentary our data storage systems can be considered, and how frail the systems by which we house such critical information can be to online acts of theft, fraud, and even terrorism.
Take for example the SQL Slammer and MyDoom Worms, which between 2003 and 2004 propagated themselves across the web with such resilience and ferocity that global internet traffic stunted. Coupled to create billions in dollars of economic damage, it laid users vulnerable to data and identity theft, and shook the hopes many of us had for a coming digital age of mutual data reciprocity and protection.
Fast-forward 14 years, and still our internet is a fragile bridge by which the individual and institution can interact. As the popularity and phenomenon of online banking continues, so too do preventable financial attacks; not even the SWIFT transactional messaging system is exempt, which in 2016 was hacked to issue fraudulent payments totaling over $80 million USD via the Bangladeshi Central Bank’s SWIFT servers. Similarly, a 2018 digital heist attempted (and intercepted) against the Malaysian Central Bank’s SWIFT servers could have resulted in even more damaging losses. Every year, hacking and identity theft result in billions of U.S. dollars stolen, with consumers no more adept at preventing these attacks as they were in 2003 and 2004.
Our internet is weak. Our strategies for the financial protection of both the institution and individual must evolve.
What if we freed our financial system from the internet’s weak grasp? What if the transmission of value relied on a linear network interconnected by nodes as various and fast as neurons of the brain, scaling to match the coming unimaginable growth of our global economy as Man dares to venture past Earth? What if a financial network could ‘shard’ in the way it processes transactions, just as fractals fold in on themselves continuously? What if there were a digital network, currency, and cryptographic language based upon decades of research could answer these questions and prevent the aforementioned historic financial attacks from ever occurring again?
There is. It is $Zenon, and the Network of Momentum.
Zenon is a new, programmable currency that uses its own cryptographic language for the creation of ZTS tokens, the development of smart contracts as leverage for zApp programming, and acts as a store of value for transactions that linearly scale as the Network of Momentum grows.
Unlike other networks solely relying on PoW or PoS to reach consensus, the Network of Momentum utilized both in order to support wide scale, efficient decentralization. This decentralization is further nurtured by a combined block-lattice DAG ledger type, which supports network scaling through an asynchronous transactional model. This model, in turn, processes transactions through a ‘sharding’ method much faster than the batch method natural to blockchain ledger types.
If human economies are going to evolve towards mass-scale adoption of cryptocurrency as a transactional store of value, so too do our networks need to scale. This is Ethereum’s and Bitcoin’s fatal flaw; slow, expensive technologies cannot garner long-term civil and institutional fascination. They do, however, highlight what network characteristics are required of a Network to functionally protect the assets and identities of both the individual and institutions. Characteristics which Zenon and the Network of Momentum, hopefully, can one day provide for all.
