ALL ABOUT ZENLAND
WHY TRUSTLESS?
‘Trustless’ refers to a quality of a decentralised blockchain, whereby in using the network there is no need to rely on trust in a third party. A trustless system has a mechanism in place where all participants can reach a consensus on a single truth without any one overarching authority and without needing to know or trust each other. A trustless system means that the participants involved do not need to know or trust each other or a third party for the system to function. In a trustless environment, there is no single entity that has authority over the system, and consensus is achieved without participants having to know or trust anything but the system itself.
The property of trustlessness in a peer-to-peer (P2P) network was introduced by Bitcoin, as it allowed all transactional data to be verified and immutably stored on a public blockchain.
Trust exists in the vast majority of transactions and is a vital part of the economy. However, trustless systems have the potential to redefine economic interactions by allowing people to place trust in abstract concepts rather than institutions or other third parties.
ESCROWS
Escrows are third-party systems that help facilitate business transactions between two parties thereby prohibiting monetary losses.
For example, Carl who lives in the US wants to buy a new car from Frank who sells from the UK. But Carl doesn’t know Frank who lives far away and can’t trust that he will deliver the goods.
This scenario is exactly what escrows resolve, bringing the Carl and Frank example to resolution via an escrow service. By so doing, Carl gives the money to the Escrow provider also Frank also gives the car to the Escrow provider as well. The Escrow provider hand over the car to Carl and Frank the money for the laptop while the Escrow provider takes their commission or percentage of the transaction.
This is how the system works: escrow smart contracts protect your funds until conditions are met and all parties involved in the trade are satisfied.
The seller delivers the product The funds are held in the escrow smart contract until all conditions have been met and the buyer has confirmed receipt. The buyer approves, and the seller gets paid The funds will be automatically transferred to the seller's digital wallet by the smart contract.
HOW DOES THIS APPLY TO ZENLAND?
Zenland is the first no-code smart contract platform where anyone buying or selling products/services can be sure the deal is safe.
This is done through a smart contract, a simple programmable agreement between two parties. Such agreement is written in the form of computer code and stored on the blockchain.
Smart contracts are simpler and faster alternatives to formal agreements. They can easily be created and deployed through the Zenland platform by anyone without knowing how to code.
ZENLAND USE CASES
Domain names and websites
Domain names and website flipping are part
of today's "make-money-online" economy.
Unsurprisingly fraud incidents with the online
business sales and purchases are common.
Transparency and trustless nature of the
Zenland contracts ensure security of the
ownership transfer and piece of mind on
both sides.
NFT Flipping
NFTs are goods targeted by fraudsters. Using
simple escrow contracts stored on the
blockchain ensures a safe and successful
purchase or sale of digital artwork, NFT, and
other vintage items.
Anything tradable online
Any product, service, or asset that is traded
online can be bought or sold with Zenland
contracts. Fully customizable contract
conditions approved before sending the
contract to the blockchain allow no
manipulation or deceit and ensure these
conditions are met before the payment is
made and the contract is executed.
In-game assets, games,
Game account credibility
Zenland contracts ensure the p2p transaction is fair and both sides complete
their part of the deal.
OTC currency exchange
Currency exchange is a high risk area where
most people lose money to carefully planned
phishing schemes, exchange rates, and
middleman fees. Run on the blockchain,
Zenland escrow contracts ensure a safe and
trustless exchange of crypto to fiat, crypto
to crypto, and fiat to crypto between peers
without a middleman.
RESOURCES
https://zen.land/
https://token.zen.land/
https://t.me/zenlandofficial
About the Author
Joseph Johns is a successful Emergency Medicine Physician and an ardent cryptocurrency and Blockchain connoisseur
Bitcointalk Username: Janus23
Bitcointalk Profile: https://bitcointalk.org/index.php?action=profile;u=3528981
Proof of Authentication
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