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Zetrix is a layer-1 public blockchain first introduced in October 2021 in a Memorandum of Understanding signing between the China Government owned Institute of Industrial Internet & IoT, China Academy of Information and Communications Technology (CAICT) and MYEG Berhad Services.[1]
MYEG will work together with CAICT to set up China’s National Blockchain, Xinghuo Blockchain Infrastructure and Facility (“Xinghuo BIF”) international extension platform, Zetrix and construct backbone and supernodes globally.[2] Zetrix will also enable a gateway for credible public blockchains such as Ethereum and Private Chains like HyperLedger to integrate into Zetrix and Xinghuo BIF’s permissioned blockchain environments, making the network compatible for developers for governments and enterprises.
Countries and corporations in the Regional Comprehensive Economic Partnership (RCEP) regions can utilise Zetrix to maximise the potential of the free trade agreement with their applications such as Blockchain Digital Identifiers (BID), Verifiable Credentials (VC) and Smart Contracts to facilitate trade traceability, supply chain management, smart financing and digital trade.
Zetrix uses a consensus mechanism called Proof-of-Stake (PoS), which is up to 99% more energy-efficient than Proof-of-Work (PoW). It is designed to be fast, secure, and scalable.
History edit
Zetrix was founded in 2021 by MYEG Services Berhad[3], a leading Malaysian technology company. MYEG Services Berhad is renowned for its e-government services in Malaysia, Philippines and Indonesia. Key milestones in Zetrix's history include:
September 2021: Strategic Partnership with BUBI Technologies Co Ltd
In a monumental move, MYEG Services Berhad solidified its commitment to blockchain technology by entering into a strategic partnership with China's BUBI Technologies Co Ltd.[4] This collaboration laid the foundation for Zetrix, establishing it as a robust blockchain platform infrastructure.
October 2021: Memorandum of Understanding with CAICT
Underlining its global ambitions, MYEG Services Berhad participated in a Memorandum of Understanding signing ceremony with the China Academy of Information and Communications Technology (CAICT).[5]
July 2022: Unveiling Zidentity [ZID]
In a move towards decentralized identity solutions, Zetrix introduced Zidentity [ZID], a decentralized identity (DID) platform,[6] platform that advances secure and privacy-centric identity management advancing.
October 2022: Introduction of ZTradeFi
Zetrix made waves in the financial sector with the launch of ZTradeFi, a pioneering cross-border trade financing solution.[7] Ambank joined hands with Zetrix as the pioneer bank in this venture.
November 2022: Official Launch at China Internet Conference
Zetrix officially launched Xinghuo's International Super Node at the China Internet Conference.[8] Endorsed by China's Ministry of Industry and Information Technology (MIIT) and Shenzen Municipal People's Government, this marked a crucial step in establishing Zetrix on the international blockchain stage.
March 2023: Collaboration with China Customs
MYEG Services Berhad signed a significant agreement with China Customs for enhanced connectivity on the Zetrix Blockchain Platform.[9] This collaboration aims to streamline trade processes and foster international cooperation.
July 2023: Partnership with Philippines Bureau of Customs
Expanding its global footprint, MYEG Services Berhad collaborates with the Philippines Bureau of Customs for the deployment of the China Customs Clearance System.[10]
September 2023: Sponsorship of Coinfest 2023, Bali
Zetrix solidified its presence in the blockchain community by becoming the official sponsor for Coinfest 2023 in Bali.[11] Aiming to engage with industry stakeholders, foster collaborative relationships, and showcase its development and advancement in blockchain technology.
September 2023: Sponsorship of TOKEN2049, Singapore and AFTER TOKEN 2049 Party in conjunction with the F1 Formula
Zetrix took on the role of the official sponsor for TOKEN2049 in Singapore, to contribute to the development and growth of the blockchain system.[12] TOKEN2049 is a premier crypto event that brings together industry leaders, innovators, investors, and enthusiasts from around the world.
Featured apps edit
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Zetrix Wallet edit
Zetrix Wallet is a non-custodial wallet that allows users to store, send, and receive ZTX coins, the native cryptocurrency of the Zetrix blockchain. It is also a gateway to Zetrix decentralised applications (DApps).
Zetrix Wallet is available as a browser extension for Chrome and Firefox and as a mobile app for iOS and Android. It is easy to use and offers a variety of features, including:
- Secure storage of ZTX coins and other digital assets
- Support for multiple accounts
- The ability to send and receive ZTX coins and other digital assets
- The ability to connect to and interact with Zetrix DApps
- A built-in token swap function
- A variety of security features, such as two-factor authentication and biometric login
Zetrix Wallet is designed for users who want to have complete control over their digital assets and interact with the Zetrix ecosystem.
ZTrade edit
ZTrade is a blockchain-based platform that enables seamless cross-border trading. It is developed by MYEG Services Berhad, a Malaysian technology company. ZTrade is powered by the Zetrix blockchain, a layer-1 blockchain that is designed to be fast, secure, and scalable.
ZTrade offers a number of benefits for businesses and individuals who engage in cross-border trade. These benefits include:
- Faster and more efficient customs clearance: ZTrade automates many of the necessary verification processes using blockchain, which can significantly reduce the time it takes to clear customs.
- Reduced costs: ZTrade eliminates the need for intermediaries and paper-based documentation, which can save businesses money on transaction costs.
- Increased transparency and security: ZTrade uses blockchain technology to ensure that all transactions are transparent and secure.
ZTrade is currently being used by businesses in a variety of industries, including food and beverage, electronics, and pharmaceuticals. It is also being used by government agencies to facilitate trade between countries.
Here are some of the features of ZTrade:
- Secure storage and verification of trade documents: ZTrade allows businesses to securely store and verify their trade documents using blockchain technology. This can help to reduce fraud and errors.
- Streamlined customs clearance process: ZTrade automates many of the necessary verification processes for customs clearance, which can significantly reduce the time it takes to clear customs.
- Real-time tracking of shipments: ZTrade allows businesses to track their shipments in real-time, which can help them improve their supply chain management.
- Support for multiple languages and currencies: ZTrade supports multiple languages and currencies, which makes it easy for businesses to trade with partners around the world.
Zidentity (ZID) edit
Zidentity (ZID) is a decentralized identity (DID) platform that provides users with a secure and portable way to manage their digital identities. ZID is built on the Zetrix blockchain, which is a layer-1 blockchain that is designed to be fast, secure, and scalable.
ZID offers a number of benefits for users, including:
- Self-sovereignty: ZID users have full control over their digital identities. They can choose which information they want to share with others, and they can revoke access to their identities at any time.
- Portability: ZID users can take their digital identities with them wherever they go. They can use their ZID identities to access services from any provider that supports ZID.
- Security: ZID uses blockchain technology to protect user identities from fraud and unauthorized access.
ZID is currently being used by a variety of businesses and organizations, including banks, financial institutions, and government agencies. It is also being used by individuals to manage their digital identities for personal use.
Here are some of the features of ZID:
- Verifiable credentials: ZID users can issue and receive verifiable credentials (VCs). VCs are digital certificates that can be used to prove a user's identity or qualifications.
- Blockchain-based identity: ZID uses blockchain technology to store and manage user identities. This ensures that user identities are secure and tamper-proof.
- Easy to use: ZID is easy to use, even for users who are not familiar with blockchain technology.
ZEFI - ZTX Staking edit
ZEFI - ZTX staking is a process of locking up your ZTX tokens for a period of time in order to earn rewards. ZTX is the native cryptocurrency of the Zetrix blockchain, a layer-1 blockchain that is designed to be fast, secure, and scalable.
ZEFi is a staking platform that allows users to stake their ZTX tokens and earn up to 28% Annual Percentage Yield (APY). The APY that you earn will depend on the length of time that you stake your tokens for. You can stake your ZTX tokens for as little as 30 days or for as long as 365 days.
To stake your ZTX tokens on ZEFI, you will need to create a ZEFI account and deposit your ZTX tokens into your account. Once you have deposited your ZTX tokens, you can select a staking plan and stake your tokens.
Once you have staked your tokens, you will start earning rewards immediately. Your rewards will be distributed to your ZEFI account on a daily basis. You can withdraw your rewards and your staked tokens at any time.
Here are some of the benefits of ZEFI - ZTX staking:
- Earn rewards: You can earn up to 28% APY by staking your ZTX tokens on ZEFI.
- Support the Zetrix ecosystem: By staking your ZTX tokens, you are helping to support the security and decentralization of the Zetrix blockchain.
- Easy to use: ZEFI - ZTX staking is easy to use, even for users who are new to cryptocurrency.
Overall, ZEFI - ZTX staking enables you to earn rewards and support the Zetrix ecosystem. It is also a relatively low-risk way to invest in cryptocurrency.
However, it is important to note that staking is not without risk. There is the risk of losing your staked tokens if the value of ZTX decreases, and a security breach or other technical issue with the ZEFI platform.
Before staking your ZTX tokens, it is important to do your own research and understand the risks involved.
Convinsure edit
Covinsure by Zetrix is an NFT-based insurance product that covers COVID-19 positivity. It is one of the first insurance products in the world to use blockchain technology and cryptocurrency to provide coverage.
To purchase Covinsure, users need to create a Zetrix wallet and deposit 1 USD or 1 USDT. Once they have purchased Covinsure, they will receive an NFT certificate that proves their coverage.
If a user tests positive for COVID-19 within one year of purchasing Covinsure, they can submit a claim by uploading their positive test results to the Covinsure website. If the claim is approved, the user will receive 20 ZTX tokens and a new personalized NFT.
Covinsure offers a number of benefits over traditional insurance products, including:
- Affordability: Covinsure is very affordable, costing only 1 USD or 1 USDT to purchase.
- Transparency: All Covinsure claims are processed on the blockchain, which makes the process transparent and tamper-proof.
- Speed: Covinsure claims are processed quickly, with users typically receiving their payouts within 24 hours of submitting their claims.
- Accessibility: Covinsure is accessible to anyone with a Zetrix wallet and an internet connection.
Here are some of the additional benefits of Covinsure:
- No paperwork required: To purchase Covinsure, users only need to provide their name and passport number. There is no need to submit any medical records or other paperwork.
- Global coverage: Covinsure is available to users all over the world.
- Easy to use: Covinsure is easy to use, even for users who are not familiar with cryptocurrency or blockchain technology.
NFT Pangolin edit
NFT Pangolin is a regional NFT marketplace for digital artworks in Asia. It was launched in May 2022 by MYEG Services Berhad, a Malaysian technology company. NFT Pangolin is powered by the Zetrix blockchain, a layer-1 blockchain that is designed to be fast, secure, and scalable.
NFT Pangolin offers a number of benefits for creators and collectors, including:
- Easy to use: NFT Pangolin is easy to use, even for users who are new to NFTs.
- Low fees: NFT Pangolin charges low fees for minting, buying, and selling NFTs.
- Secure: NFT Pangolin uses blockchain technology to protect user assets and transactions.
- Regional focus: NFT Pangolin is focused on supporting regional creators and collectors in Asia.
Here are some of the features of NFT Pangolin:
- Support for multiple currencies: NFT Pangolin supports a variety of currencies, including USD, MYR, and SGD.
- Support for multiple languages: NFT Pangolin supports multiple languages, including English, Malay, and Chinese.
- Advanced search and filtering: NFT Pangolin offers advanced search and filtering features to help users find the NFTs they are looking for.
- Creator royalties: NFT Pangolin supports creator royalties, which means that creators earn a percentage of every sale of their NFTs.
References edit
- ^ "MoU signed between MY E.G. Services Berhad (MYEG) and Institute of Industrial Internet & IoT, China Academy of Information and Communications Technology". Acrofan. Retrieved 13 October 2021.
- ^ "MyEG inks 4 years collaboration deal with Xinghuo BIF". The Malaysian Reserve. 12 November 2021.
- ^ "MY EG'S Zetrix partners Xinghuo BIF to introduce blockchain-based services to international markets". The Star. 1 July 2022.
- ^ Sulhi, Khalid (21 September 2021). "MYEG inks partnership with China's Bubi to set up blockchain platform infrastructure". The Edge Malaysia.
- ^ Adilla, Farah (12 October 2021). "MyEG inks blockchain backbone, supernodes deal with China's CAICT". New Straits Times.
- ^ Yee, Elizabeth (1 July 2022). "Web3 Services Jointly Introduced by Xinghuo BIF and MyEG's Zetrix Blockchain". BusinessToday.
- ^ Ignatius, Cynthia (6 October 2022). "MYEG's Zetrix, Ambank To Pilot Trade Financing On Blockchain". BusinessToday.
- ^ Shen, Timmy (17 November 2022). "China's state blockchain infrastructure Xinghuo BIF partners Malaysian MyEG to fuel global push". Forkast News.
- ^ Aman, Azanis Shahila (30 March 2023). "MyEG signs pact with China Customs for cross-border trade link". New Straits Times.
- ^ "MYEG collaborates with PH for deployment of China Customs clearance system". Manila Standard. 30 July 2023.
- ^ Liew, Niel (9 September 2023). "Malaysian Minute: Zetrix Makes Waves & ACCESS MY's Renewed Town Hall". Blockhead.
- ^ "Shimza, Enzo Siffredi to headline AFTER 2049, the biggest Formula 1 Grand Prix pre-weekend party". Cointelegraph. 28 August 2023.