Zenny - A semi-serious virtual currency that is "backed" by spent CPU cycles.
This service is in BETA. Use with caution.
Each account will be awarded 1/10000th of a zenny for each BOINC Seti@home or Einstein@Home credit.
An average computer produces about .6 zenny per month.
Inspired by The Monetary Economics of Thurston Howell III and Hashcash.
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How can zenny be backed by CPU cycles?
History has proven many times that currency does not need to be backed by something of future value. The value of a currency comes from it's easy of use and from the supply and demand for it.
What can zenny be used for?
Currently, you can only transfer zenny from one account to another.
Here are some services that will be available.
- Global Combat has agreed to be an early partner and will probably initially sell 6 month subscriptions for 5.99 zenny.
- Invoicing
- Donation Buttons
- Reoccuring Payments (for subscription services)
- Messaging Zenny Account Holders (Each account will be able to set a "postage" amount that they will receive from the sender)
Anyone can setup a service easily by connecting to our secure Web Service.
If there is demand for zenny, then currency traders will come into existance and you will be able to trade your zenny for other currencies.
Why use zenny?
1. To support BOINC projects like SETI@Home.
2. Since just about anybody can get a little zenny without using money, it's very accessible and lots of people may use it.
3. There is a market for a fun, disposable, semi-serious currency for use in such things as micropayments and online games.
Will zenny be awarded for other BOINC projects?
Very possibly. We would like to support these other projects as well. Each project will have to be carefully evaluated.
Is it secure?
Communication with this web site is protected by strong encryption and our databases are transaction safe.
While our software systems are generally secure, the Zenny Exchange currently lacks the resources to provide proper (Fort Knox like) physical security for the servers.
The BOINC projects have withstood numerous attempts to gain false credit, but the operation of their systems are entirely outside of our control.
Is zenny a real currency?
No. The Zenny Exchange reserves unlimited control over all zenny accounts and you have no legal right to it. Perhaps someday this will change. The Zenny Exchange currently lacks the resources to do so.
Can I buy or sell zenny for a real currency?
Yes. We do not intend to restrict these kinds of transactions.
Will you mint a physical currency?
Perhaps someday. The Zenny Exchange currently lacks the resources to do so.
Won't you have an inflation problem?
Anytime there are fluctuations of available currency there is the potential for inflation. Prices will naturally adjust to the supply and demand of a currency.
The rates at which zenny is issued for BOINC credits may be adjusted to account for a lowered cost of computing power.
The rate of credit being issued is likely to be predictable and that will boost confidence in the currency.
How can I contact the Zenny Exchange?
Our preferred method of contact is via email at info@ZennyExchange.com.
TODO list:
Lost Password Form
Shopping Cart Integration
Payment Requests (Invoicing)
Public Account Flag
Clickable Account Numbers
Messaging
Paging of transactions. Range selections.
Donation Button
GC Integration