Known as Zynecoin (ZYN), the project was born in November 2017 and was mainly known thanks to the promotion and support of actor Dieudonné . The latter has indeed multiplied the videos on his YouTube channel where he presents the project accompanied by team members, even calling Zynecoin as the first cryptocurrency 100% African .
Controversies around the Zynecoin quickly emerged for several reasons: lack of real potential technical innovations, incentive to buy with promise of huge gains, past of some team members, the copied Wethio blockchain, etc.
In the context: most of the facts presented in this article are taken from the Zynecoin White Paper, information about theWethio blockchain, the numerous videos of Dieudonné accompanied by the founder of the projectKarim Benabdelkader praising the merits of the Zynecoin as well as the public information about the technical team and its advisers.
Due to the number of publications that have already reported why zynecoine is highly questionable, the project team would have quickly modified a large amount of previously public and supposed information.
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Plan de l'article
What is the Zynecoin project?
Zynecoin (ZYN) is a token ERC-20 created to provide assistance and support to African startups and humanitarian initiatives. In the future, the token will have its dedicated blockchain , so-called development, Wethio . The latter should be the platform for decentralized applications (DAPP) and ecosystem smart contracts .
Zynecoine would therefore be the basic currency for the operation of the different solutions developed around Wethio.
One of the special features of Zynecoin is the rewards allocated to mined blocks . Half of the prize will be allocated to minors, 25% will be paid to funds from the State Treasury of African States, and the remaining 25% will be distributed to non-profit and non-governmental organizations.
The Zynecoin team also plans to create a incubator for blockchain startups in Africa, the Zynecoin Academy .
Transaction history and data for Zynecoine are available on Etherscan. According to the latter, the total supply of Zynecoin is set at 51 million tokens. The Zynecoin is currently available for purchase and sale exclusively on the Bibox exchange.
Before entering the markets, the team behind the Zynecoin set up an ICO with a price per token set at $0.43.
At the time of writing these lines, the above points correspond to the majority of the information provided by the team regarding Zynecoine directly. If you have already had the opportunity to learn more about other more well-known projects, you have surely come to the conclusion that Zynecoine would not be based on something concrete .
The many questionable points of the project
After introducing the Zynecoin, it is important to consider the many points that make this project so controversial among the crypto community. Many issues remain outstanding while the white paper of a cryptocurrency project is normally written to inform and reassure the investor about all the peculiarities of the token.
How many transactions per second will the network support? What language will be used for smart contracts? What will be the transaction fee? How long does it take to execute a transaction? Which states and non-profit organizations joined the project today? So many questions anyone could ask themselves and… it wouldn’t find answers .
A white paper meaningless?
Although a white paper is intended to answer the reader’s questions, much of the 16 pages of the document would aim to explain what Africa is a continent of the future. By analyzing the different graphs that present