Zennet aims to be a public, distributed, and decentralized Supercomputer.
Zennet is trying to provide the technology for Computation power to be freely traded on the Zennet’s open market platform. The goal is to offer anyone the possibility to rent computation power and use it to run arbitrary tasks and for anyone to monetize their hardware by making available their unused computation power.
In the Zennet platform, users who need computation power to run arbitrary computational tasks will have the chance to find other users who will be lending their spare computational power. Computation power is supplied by Providers for a negotiated fee. A free-market infrastructure brings Publishers and Providers together. Publishers can hire many computers and run whatever they want on them safely, thanks to cutting-edge virtualization technology. Payment is continuous and frictionless, thanks to Blockchain technology, among other technologies. Participants are free to pay or charge any rate they want.
Following the original Satoshi Nakamoto idea, the network is 100% distributed and decentralized, with no central entity of any kind. All software will be open source. Publishers pay Providers directly, there is no middleman. Accordingly, there are no payable commissions, except for regular transaction fees which are being paid to XenCoin miners.
“It is a totally free market: all participants are free to pay or charge by any rate they want. There are no restrictions. Hence, we put additional focus on customizability. We allow advanced participants to control all parameters and conditions of their nodes in a versatile way. On the other hand, simplicity and automation are made possible by making the client software implement automatic risk-reward considerations by default. In addition, we present a novel pricing model.”
Xennet wants to borrow the idea of a blockchain algorithm. XenCoins will be the medium by which users who want to run computations (Publishers) pay to whoever provides the computation power (Providers) and the blockchain will also be the medium of communication between these Publishers and Providers.
The Zennet Environment
The open-source-based system consists of new-generation virtualization technologies, benchmarking technologies, an improved Blockchain technology, and a novel protocol. Zennet includes software components such as:
• Linux distribution (zennet-os),
• Client software (zennet d and zennet-qt)
• Blockchain (xencoind and xencoin-qt) implementing XenCoin as a cryptocurrency, being used as tokens to use computing machines.
XenCoin is not a currency. Its purpose and design goal are to be a token for activating computational machines. XenCoin has a real intrinsic value, as it is fully backed by the right to use a certain amount of computation power.
XenCoin can be monetized by using it to rent computational power used for mining crypto currencies.
The computing resources market is much larger, with faster growth than the crypto market. A quick query about big data and high performance computing industry would lead to the conclusion that the numbers are at the many billions.
Development of Zennet
The Zennet Team is working hard to bring this huge benefit to the world as soon as possible. It will give scientific research abilities that are magnitudes stronger than those currently at its disposal while spreading wealth among many people.
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Nuno Menezes is a Portuguese Bitcoin Entrepreneur and a crypto currency’s enthusiast supporting the Bitcoin Portuguese Community. He is an Anthropologist and a Writer and his current field of work is virtual currencies. Complementing his Social Sciences Master degree with a Professional background in telecommunications along some experience in Computer Science, he intends to bring knowledge and understanding about the impact of crypto currencies in society.
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