Zenotta, a peer-to-peer electronic trade system, redefining the way we use and value data, has now mined its genesis block. This marks the first step where issues of data privacy, digital content ownership, and creative freedom are solved through programmable Smart Data.
The ZDS comprises the twin pillars of the Zenotta Data Protocol (ZDP) and the Zenotta Network Protocol (ZNP). The ZDP turns digital content into a digital asset. Any file type, be it static (such as a signed contract in PDF format or a photo in JPEG format), or dynamic (such as a data streaming service in MP3 or AVI format), can be converted into a Smart Data file with its own, unique DNA.
This new invention, a decentralized file format, combines the power of encryption with the utility and security of blockchain technology to enable ownership that is identity-based. Identity-based ownership is a more secure, and egalitarian alternative to the current restrictive access-based possession and handling of digital content.
Until now, blockchain ledgers have dealt with payments but not the goods that were paid for. This is the recipe for a one-sided economy. Zenotta introduces the first dual, double-entry ledger which enables the bi-directional movement of both the payment and the notarized Smart Data asset, creating a real digital economy through the invention of decentralized trade.
In introducing the first dual double-entry blockchain ledger, Zenotta makes this concept a reality by combining a peer-to-peer electronic cash system with a notarized receipt of the asset that is paid for. This transaction is concomitant and atomic, meaning that the seller is not capable of accepting the payment without issuing the receipt for the asset.
The Zenotta blockchain is much more than just a decentralized ledger; it can mitigate uncertainty in transactions through technology rather than through third parties. Its real power comes from its transparency, and trustless security, over the history of the asset being transacted. The Zenotta solution of governance without control is made possible by the dual double-entry ledger.
The Zenotta Digital System consists of three layers:
- Data protocol that gives life to an Internet of True Value based on real economic goods & services, powered by Smart Data.
- Blockchain network as the backbone for the Smart Data universe, engineered with the next generation of Proof-of-Work consensus to be resistant to mining centralization and to monopolies.
- Governance philosophy that adheres to the principle of governance without control: a community-focused, fair partnership built on a Socratic interpretation of Athenian democracy that ensures compliance with private legal acts and mandatory law.
Built and backed by a team of pioneering entrepreneurs, Zenotta AG is the product of over seven years of research and development, and was inspired by the realization of the Data Problem (the inability of machines to preserve or ascribe data value) and Blockchain technology. The founding team is headed up by Roelou Barry, CEO, and Andrew Kessler, CTO, who have both held key roles in the preeminent development of biometric technology and cloud software.