Zeepin — Empowering the creative industry space.
This time around I’ve decided to branch out from the normal, bog-standard masternode space and will be looking in more detail at a project that I’ve heard great things about. That project is Zeepin.
As always nothing in this article is meant to be taken as investment advice and you should always DYOR (Do Your Own Research)
What is Zeepin?
I’m glad you asked that…. 😊 Zeepin are looking to provide a platform for the creative industries providing a platform and ecosystem to be used by writers, designers, architects, content creators, freelancers, tech developers, investors, manufacturers plus insurance and law agencies.
They are underpinning this with something they call the Zeepin chain.
In essence the platform/chain will support a range of Zeepin dApps which will provide services to the creative industries to support and secure the creation of their content. With these dApps you will be able to:
· copyright content
· transact on the platform
· insure your content
· connect with other users of the ecosystem
· securing crowdfunding
· launch exciting and innovative projects
The core range of solutions the Zeepin platform will offer, aligned with the dApps mentioned above, encompasses the following:
· copyright validation and insurance
· team management
· talent recruitment
· digital asset authorization and transaction
The whole of this ecosystem will be underpinned by the Zeepin digital currency called ZPT. ZPT will act as one of the economic tokens within the platform and used in payment for copyright purchase, insurance purchase, crowdfunding, etc.
Holders of ZPT will also be able to participate in project voting, participate in infrastructure decisions and generate rewards (more on this in a moment….)
There are currently 500,000,000 ZPT in circulation at the present time with a maximum supply of 1,000,000,000 ZPT. At the time of writing the price of ZPT is hovering around the 2 cent mark.
You can pick up ZPT on the following exchanges:
As mentioned above ZPT will be one of the currencies of the ecosystem but there will also be an additional currency called GALA.
GALA? How does that fit in?
GALA will be used within the ecosystem to pay for things such as transaction fees and smart contract deployments. It’s also the main token in CryptoGalaxy, a virtual GALA mining game — more information on this is here — https://medium.com/@zeepin/cryptogalaxy-tutorial-guide-for-beginners-a84f72283b3 ). Additionally, it will be used to rent storage through GalaCloud (galacloud.io). The GalaCloud initiative is currently on hold but plans are in the works to progress this in the future.
So, in short ZPT is the main utility token and GALA is the service token. Similar to the relationship between ONT and ONG or NEO and GAS.
OK how do I get this GALA?
Well there are two ways to get your hands on GALA. The first is simply hold ZPT in the ZeeWallet. This will emit GALA to your ZeeWallet. More information of how this part of the ecosystem works is detailed in this article — https://medium.com/@zeepin/gala-unlocking-mechanism-passive-income-for-zpt-holders-ee42d94d7747
The second, and this is where the whole Zeepin ecosystem grabs my personal interest, is Masternodes!
Yes, Zeepin will have Masternodes — or to more accurately name them Galaxy Nodes!
OK I wanna run a Galaxy Node — what do I do?
So, in order to run a Galaxy node there are a few components you will need to get hold of. Firstly, there is the collateral.
Collateral required to run a Galaxy Node is 1,000,000 ZPT — based on today’s prices that equates to approx. $21,600.
Next is the server you’ll need to run a Galaxy node. And here it’s a little more complicated. Because within the Galaxy node system you have two types of active nodes, Consensus and Candidate, plus an inactive type called Backup nodes.
Without overly complicating things there can only be 51 active nodes on the network, 9 of these are Consensus and 42 are Candidate.
Depending on which node you run your rewards from the network will vary.
In addition, a Consensus node requires a higher spec server to run whereas Candidate nodes can run on any standard PC hardware.
To run a Consensus node, you need a machine with the following minimum spec:
CPU — 4 core+
Memory — 16GB+
Local Storage- SSD 500GB+
Network — 2Gb+
This type of machine will cost circa $200 per month to rent
OK I’ve got my ZPT and machine. How do I get started?
Given the limited number of nodes on the Zeepin network it’s clear not everyone who wants to run a node will be able to do so. Therefore, Zeepin have enacted an application and voting process to select nodes.
In short, the amount of collateral you put up plus the number of votes you garner in the application/selection round will determine what type of node you will be able to run. Whilst the minimum number of ZPT to run a node is 1,000,000 you can increase your chances of being selected to run a node by committing more ZPT as collateral to the application.
Those applications ranked 1–9 will be eligible to run a Consensus node, 10–51 will be eligible to run a Candidate node and anyone placed outside the top 51 will be rated a backup node. Backup nodes do not participate on the network and sit on a waiting list in the event a selected node withdraws or is blacklisted.
The selection process will take 120,000 blocks which equates roughly to 1 month. The current selection phase started on 29th October 2018.
Hey lucky me got selected! What next?
The next step is to undergo a simple KYC verification and then, once verified, you can spin up your node. At this time the specific steps to setup a node have not been documented but these are due to be issued before the end of the first selection window.
In addition, once selected you have the right to run your node for one calendar year.
So, if I run a Galaxy Node what rewards do I get and what is the ROI?
Within the Galaxy Node ecosystem, the following rewards are issued:
· All Galaxy nodes will receive 5% of their collateral (plus votes) paid in ZPT — this will be issued on a monthly basis (for example 1,000,000 ZPT would return 50,000 ZPT in 12 months)
· All Galaxy nodes will receive 20 times their collateral (plus votes) paid in GALA tokens — again this is issued on a monthly basis (as per the example above 1,000,000 ZPT would generate 20,000,000 GALA).
At this time as GALA isn’t currently trading on any exchanges it’s difficult to derive an exact ROI for GALA tokens.
But using the currently lowest OTC GALA price and current ZPT price, ROI could be more than 200%.
In addition to the direct rewards paid for running a Galaxy Node each node will earn a cut of the transaction, smart contract and network fees on the chain:
· The 9 Consensus nodes will share 40% of these fees (or 4.44% approx.)
· The 42 Candidate nodes will share 60% of these fees (or 1.43% approx.)
I’m definitely interested now. What do you know about the team behind Zeepin?
The Core Team at Zeepin numbers 5 individuals with another 7 supporting the community in their community team member roles.
For the purposes of this article I’ll focus on the Core team members:
Zhu Fei — Founder & Chief Executive Officer
Zhu Fei has been at the heart of the creative industries for more than 15 years, starting as a designer, later leading teams to complete more than 200 large and medium sized projects.
He was awarded Shanghai’s Top 20 Young Creative Talents in 2011 and went on to establish several successful Internet companies involving creative e-commerce, media and education. One of these was Arting365 — a creative community which he grew to more than 1.2 million active members from around the world.
Zhu Fei’s enthusiasm for evolving the creative industries has seen him take on leadership roles as Director of Shanghai Top Young Creative Talents Association and Director of Shanghai-Jiangnan Intelligent Manufacturing Park Creative Industry Promotion Centre. Establishing Zeepin is a natural progression in his creative journey.
Shenbi Xu — Co-Founder & Chief Strategy Officer
Shenbi has extensive experience in product design and application research. His 18-year career, largely servicing multinational companies including Apple, Microsoft, Huawei, Xiaomi and Samsung, has revolved around developing design solutions for a global market.
A veteran in leading large-scale global and regional IT and business process improvement projects, Shenbi is highly skilled in strategic planning, project management and customer service.
He was previously Asia-Pacific Head of GE Innovation Centre and Chief Strategy Officer of Arting365, and now spearheading the design of Zeepin’s ecosystem.
Glovia Gu — Co-Founder and Chief Operating Officer
Glovia’s corporate operation and management career has seen her lead more than 50 major events for international brands Coca-Cola, Adobe, Haier, Chow Tai Fook, Capital Airlines, Lenovo, HP, and Epson.
With a keen interest in the creative industries as a digital media graduate from the China Academy of Art, she has also managed a variety of creative incubation courses and workshops attended by more than 1000 participants.
Glovia is highly skilled in project management and marketing planning and enjoys the dynamic engagement of working in community operations.
Jason Xu — Senior Developer
Served multiple well-known enterprises, and has over 10 years of technology development and operation experience;
Familiar with the deployment and optimization of distributed applications, and carried out certain research on data structure, asymmetric encryption, security protocol, and encryption algorithm;
Has rich experience in the development of blockchain-based upper applications and bottom application interfaces;
Responsible for realizing the smart contract and relevant logic according to different business applications in the Zeepin ecosystem, including the development of Zeepin Chain application interfaces, architecture design, deployment, and automatic operation and maintenance; Responsible for the architecture design, upgrading, and optimization of overall project planning and technology decision proposals.
Leo Cai — Head of Investor Relations
Has years of venture capital experience; dedicated to blockchain and artificial intelligence sectors.
Studied at the School of Informatics of the University of Edinburgh, and obtained a bachelor’s degree in computer science and a master’s degree of Artificial Intelligence;
Participated in the development of many AI projects in Britain; Conducted in-depth research on a large number of blockchain projects across the globe; Has a profound understanding of blockchain technology and applications;
Responsible for the investment in multiple domestic blockchain application projects; One of the early investors of Zeepin.
And that’s it for this article on Zeepin — I’ll definitely be keeping track of the project and watching developments with interest.
For updates for when my next article lands or just general Masternodes updates, advice and guidance follow me on Twitter at https://twitter.com/Ade_Redman
Until next time.
Resources on Zeepin:
News Channel: https://t.me/ZeepinNews
Zeepin Chain tech white paper: https://www.zeepin.io/pdfs/Zeepin%20Chain%20Tech%20WP%20V1.0%20EN.pdf
Node selection process: https://www.zeescan.io/tool/documents/candidateRules
Node economic model: https://www.zeescan.io/tool/documents/economicModel
Coin Market Cap listing: https://coinmarketcap.com/currencies/zeepin/#charts
Medium articles: https://medium.com/@zeepin