What is Zap (ZAP)?
Zap (ZAP) is a trading platform of oracles from the United States of America, created on the Ethereum blockchain, which provides the missing link between smart contracts and the world outside the network.
The Zap Protocol (ZAP) works as a provider of decentralized infrastructure and cryptocurrency. The network combines many useful functions that simplify the creation and integration of smart contracts. The protocol uniquely includes a DEX, an NFT launcher, and data channels. The goal of the project is to reduce the friction that Dapp developers face when integrating external data into blockchain-based smart contracts.
The Zap protocol helps solve many problems. First of all, the Oracle market helps to reduce centralization and technical limitations that slow down the large-scale implementation of blockchains. Modern smart contracts can handle advanced functions that include data from the real world. Thus, they provide a new level of efficiency in many industries.
The Zap Protocol (ZAP) provides an open platform for creating, exchanging, and monetizing deterministic oracles from data streams. This data comes from sensors outside the network, known as oracles. For example, you can set up an oracle to track currency exchange rates, sports results, Internet of Things sensor data, and much more.
Oracles sends and receives data and runs smart contracts on the blockchain. However, since these sensors are often centralized sources, they reduce the decentralization of the entire network. Therefore, whenever the oracle provides slow or incorrect data, it can affect the reliability of the blockchain. Recognizing these shortcomings, the Zap protocol allows developers to create Web applications that combine external data through decentralized oracles in a more rational way.
Who created Zap (ZAP)?
The Zap protocol was launched in May 2017 and is based in Switzerland. The platform was founded by Benjamin Young, Nick Allen and Nick Spanos. Since the launch, the network has grown significantly.
It is noteworthy that the platform received $ 7 million in funding to launch the project. More than $2 million came from the ICO held from October 20 to November 20, 2017.
What is the uniqueness of Zap (ZAP)?
The Zap protocol plays a vital role as a Layer 2 solution. Its unique technical structure makes it easier to overload Ethereum and reduces the gas fee. Second-level protocols are widely used in the market today. They function by removing some aspects of the transaction from the block chain.
The Zap protocol also provides a number of advantages that make it ideal for developers. Firstly, the platform is a multifunctional blockchain solution for a wide range of applications. The network offers tokenization services, low commissions, secure transactions and earning opportunities.
Dapp developers enjoy a high level of flexibility when working in the Zap Protocol ecosystem. The open nature of the market ensures that there is always a great selection of oracles available. It is noteworthy that the developers even encourage the creation of duplicate oracles. This strategy allows the network to provide more reliable data flows from multiple sources.
How many ZAP tokens are in circulation?
If the maximum offer is missing, 236,144,465 of ZAP tokens is in circulation.
At the moment, the asset value is - 0.004411 USD, with a daily trading volume of 35,976 USD, and a market capitalization of 1,041,633 USD.
How is the Zap network protected?
Since the ZAP token is an Ethereum-based ERC-20 token, the security of the Zap network is provided by the Proof of Stake (PoS) consensus algorithm.
- To own your crypto assets, you need to manage your own private keys.
- Ledger hardware wallets make private key management easy and secure.
- Each unique 24-word recovery phrase creates a new set of private keys.
- Make sure you secure your 24-word recovery phrase properly.