ZCAP is a blockchain based distributed computing platform or it is protocol based on blockchain. This technology allows to exchange value, like Bitcoin offers, but also to deploy programs on this protocol. “Decentralized networks will be the next huge wave in technology.”These so-called intelligent programs are called “smart contracts.” We have chosen to program the reputation system on these autonomous and decentralized programs.
The value is to: 1) Ensure high availability of the service 2) Validate tellers’ reputations without going through a trusted third party that could be hacked or biased The solution proposed by ZCAP’s team for building the reputation system is “proof-of-burn.” A blockchain is a decentralized and distributed digital system that is used to record transactions across many computers.A blockchain is a digitized, decentralized, public ledger of all crypto currency transactions.ZCAPcoin is used blockchain technology to build up cryptocurrency conceptIn cryptocurrency, this is practically when the money transaction takes place, so a shorter block time means faster transactions. The block time for ether is set to between 14 and 15 seconds, while for ZCAPcoin it is 10 minutes.The decentralized blockchain may use ad-hoc message passing and distributed networking.
“Cryptocurrency payment and smart contract implementation” Blockchain technology is like the internet in that it has a built-in robustness. By storing blocks of information that are identical across its network, the blockchain cannot: 1. it can be controlled by any single entity. 2. it has no any failure3. Transparency data is embedded within the network by definition it is public.
ZCAPcoin and other cryptocurrencies currently secure their blockchain by requiring new entries including a proof of work. To prolong the blockchain, bitcoin uses Hashcash which is a proof-of-work system used to limit email spam and denial-of-service attacks.Nodes are said to be “mining” ZCAPcoin , but the term is something of a misnomer.In fact, each one is competing to win ZCAPcoins by solving computational puzzles. It’s now recognized to be only the first of many potential applications of the technology.
That is, ZCAPcoin is managed by its network, and not any one central authority. Blockchain technology are built from 3 technologies1) Private key cryptography2) P2P network3) blockchain protocol