There are many shitcoins out there and I’m about to introduce yet another one to you.
NYZO has been developed from the ground up, it is an open-source initiative and isn't a copy of any existing blockchain project.
The network has been running for more then one year now and the source code can be found on Github. The NYZO codebase is going to start acting as an API server. This will be run-mode dependent, just like the various web server functions that are available now. It will interact with the mesh on one side and whatever it needs to interact with on the other side.
At a first glance this is just the repository of every coin you have seen or you don’t really care at all at this point, that’s perfectly fine. Let’s continue.
Developers update NYZO all the time with fixes and performance and stability improvements. Every update which has been created for the network so far has been accompanied by a release note, a detailed document detailing every change to the network to make it better.
We can find these release notes on the website of the developers: What's new? - as you can see, the network has been worked on on a regular basis and each release note is multiple pages long - developers are dedicated to making this a success and this is their testament.
Verifier
Mesh (cycle) participants are called verifiers. Verifiers are in charge of verifying transactions and producing blocks. In exchange for securing the network, verifiers collect transaction fees which are distributed fairly among all of them. Each verifier gets a chance to verify one block in one mesh cycle. NYZO don't need mining equipment and large amounts of processing power like others, only unique IP address and always on Linux VPS is required.
Sentinel
The purpose of the NYZO Sentinel is to provide improve stability of the cycle by producing blocks for in-cycle verifiers that are unable to produce blocks due to temporary hardware and network issues. The Sentinel should not be run on an instance that is running the verifier.
The Mesh (cycle)
is simply a network of computers known as verifiers all running NYZO and communicating information to each other. The Mesh is a central point of PoD system. For securing the Mesh these computers are given 10% reward of transaction fees for each block they secure.
Nyzo Mesh Bot provides real-time updates about NYZO chain.
One part of the consensus algorithm is the block consolidation process which ensures that a small machine such as a Rock64 Pro or a beefy Raspberry Pi can run a NYZO verifier with little storage space. 1000 blocks are consolidated into 500 Kb of storage space. Very efficient.
Newcomers can sometimes get confused with how Nyzo verifier lifecycle works in practice or how to join the cycle.
51% attack resistance and energy efficiency
NYZO has a properly designed economic model that relies on time. Therefore, the cost for 51% attacks (relative to market cap) is huge, there is ongoing incentive to participate in the network, and attacks based on computing power (PoW) or ownership of token (PoS) aren't feasible. NYZO uses only a tiny fraction of Bitcoin’s resources while performing the same tasks. 58 000 000 000 kwH - 58 TWh : current BTC power cons. per year vs 36500 kwH - 0.0000365 TWh : current NYZO power cons. per year = 1,589,041 times more efficient and 51% attack resistant.
The proof-of-diversity blockchain uses analysis of verification cycles to establish the authoritative form of the blockchain. The design and technology are simple and clearly explained in NYZO whitepaper. This document was created in the very beginning and it might not cover all aspects as it should, the release notes make up for this.
Still too lazy and didn't read NYZO whitepaper? Relax, and listen to the soothing audio version.
Roadmap
NYZO developers have been asked many times for a roadmap. The roadmap is to keep making the code more stable, more robust, and more efficient. Take a look at this Project Periodic Report from October 26, 2019.
Scalability
NYZO doesn’t require any Layer 2 scaling solutions and is able to handle high transaction volumes per second which is only dependent on the performance of the verifiers in the mesh. The block time is seven seconds and block size is 28 Kb.
Micropay is a lightweight way of using NYZO that shifts as much burden as possible to the person receiving the payment to make it as easy as possible for someone to send small payments. Next step is an API server for Micropay.
Useful guides and articles
How to setup a NYZO verifier and sentinel on a VPS - Almost 1.5k nodes are in the cycle and 10k are patiently waiting to join the mesh. This videot tutorial will explain in detail how to set up your own NYZO mesh verifier node. For more information about set up visit NYZO Discord.
Nyzo review and guide how to set up verifier - very detailed review and guide
Nyzo — Time and diversity as a currency (+ 4 translations here) This article goes into detail about the consensus algorithm and its benefits, it sketches a hypothetical attack scenario and the cost of an attack at this point in time (while the market cap is still low).
Arguments against early entrants This article goes into detail about the early stages of the project, what has happened, how certain events have unfolded and the diversity of the project, it creates a parallel between Bitcoin and NYZO to cover an important aspect of the network in detail.
Time An article going deeper into the time aspect of the network, written by a community member.
Ethereum An article comparing NYZO’s consensus algorithm to the development state of Ethereum, written by the same user as the article above.
Bitcoin Yet again an article comparing NYZO, this time with Bitcoin.
Proof of Diversity - A novel solution for limitless blockchain scalability | Micky.com.au
Developer fund
The initial developer fund plan can be found here , this has been followed up and the details have changed. The developers effectively own 0.6% of the total supply. So far around 8 million has been “mined” and the remainder is spendable by the network through governed voting, with a minimum amount of votes required for NYZO to be released (75% of the network needs to agree).
Important community links and exchanges:
Discord - There are currently 1300 active members in the discord group with multiple joining every day. Most of the community communicates here. Here is where you’re guaranteed to have a one-on-one with the developers.
New Community Forum website (you can get here lots of useful information)
Chinese Community website NYZO社区
Nyzo Tips website (website will help you easy to find right solution, like how to create and use the wallet, how to setup verifier or sentinel and clarification for other important processes, all with step-by-step walkthroughs.)
Trading:
more exchanges are coming soon.
Given the current bear market many coins are struggling to gain any traction, at all. I hope people will get inspired to learn about NYZO and its use case.
As inflation drops daily (it’s somewhere around 40%/y right now and dropping) the chart itself should curve up due to inflation-based selling drying up and the coin becoming more scarce (similar to bitcoin’s halving but on a daily basis).
If you’ve read above post you will understand the novelty of this, which lays in its ecologically small output and fast transaction finality.
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