Zerocracy has completed testing of Zold’s decentralized digital currency with a different architecture than blockchain. The new cryptocurrency is faster in terms of transaction processing speed and cheaper than Bitcoin, which makes Zold a convenient solution for fast transactions with small amounts of payments – parking, coffee, and mobile communications.
The first experimental version of cryptocurrency was created and launched by the founder and CEO of Zerocracy, Yegor Bugaenko, on May 27, 2018. From June to December 2018, the cryptocurrency was tested on several hundred thousand transactions.
The Zold cryptocurrency architecture is based on principles different from the blockchain – a lot of wallets with their own individual transaction logs that are collected into a single picture only at the time of the payment on the client’s computer.
The test results of cryptocurrency confirmed that the Zold architecture allows for several thousand transactions per second. For comparison, the VISA network processes an average of 1800 tps, Bitcoin – 7 tps, Ethereum – 14 tps. High transaction processing speed is achieved in Zold due to the fact that payments are made locally on users’ devices, and only after that they are sent to the network for connection and storage. While in currencies with blockchain-architecture, payments are waiting for their turn in the memory pool, after which they sequentially fall into the blockchain. That is, in Zold, parallel processing of payments, and in cryptocurrencies based on blockchain principles, is consistent.
Zold does not have a central distributed accounting book, each wallet has its own. Accounting books are supported by an unpredictable number of anonymous server nodes, which makes high-performance and scalable databases possible.
Transactions in Zold are cheaper compared to popular cryptocurrencies: 1000 Bitcoin transactions cost $ 500, Ethereum $ 300, and Zold $ 4. It was possible to reduce the cost of a transaction in Zold by simplifying the mining procedure, which basically relies on the principle of “Proof of Work”