Question 1

What is the Zama Protocol?

Accepted Answer

Zama is a cryptography company building infrastructure for confidential smart contracts on existing blockchains rather than launching a standalone Layer 1. The Zama Protocol is designed to let decentralised applications process and store sensitive values on-chain in encrypted form, while still enforcing smart contract rules. It aims to keep application state and computation encrypted so values are not exposed on-chain. It also lets smart contracts define when and to whom results may be revealed and uses distributed key services run by multiple operators so decryption does not depend on a single party.

This design can support applications that require on-chain data confidentiality, including confidential transfers, private DeFi positions, sealed-bid mechanisms and identity or compliance workflows with selective disclosure.

Question 2

What is the ZAMA token used for?

Accepted Answer

ZAMA is the utility token used to operate the protocol and pay for protocol services. Its core functions are:

- **Protocol fees**
  - ZAMA is used to pay for protocol actions required to run confidential applications, such as operations tied to encrypted execution, authorised decryption requests and cross-network confidentiality services (where supported).
  - Fees can be paid by an end user or by an application/relayer on the user’s behalf, allowing applications to abstract direct token handling for users.

- **Staking and delegation**
  - Operators stake ZAMA to provide protocol services (for example, roles related to encrypted computation and roles related to key services used for authorised decryption).
  - Token holders can delegate ZAMA to operators, aligning incentives between operators and delegators.
  - The design includes rewards for operators/delegators and may include penalties (slashing) for protocol violations, depending on the active rules.

- **Economic flow**
  - A common model for this type of protocol is fees being burned while new tokens are minted to fund operator rewards, so the cost of usage and the cost of security are handled through separate flows.

Question 3

Who created Zama (ZAMA)?

Accepted Answer

Zama was founded in 2020 by Dr Rand Hindi (CEO) and Dr Pascal Paillier (CTO), with other named senior researchers including Prof Nigel Smart (Chief Academic Officer) and Dr Marc Joye (Chief Scientist). The company describes a global team of more than 90 people, with a high proportion of PhDs and a focus on research and engineering in fully homomorphic encryption (FHE).

**Rand Hindi (CEO)**
Rand is an entrepreneur and deeptech investor. He is the CEO at Zama and a partner at Unit.vc, where he has invested in 100+ companies across cryptography, AI and biotech. He founded Snips, a privacy-focused AI company that was acquired by Sonos. He has served on the French Digital Council advising on AI and privacy, lectured at Sciences Po in Paris and advised companies in biotech, AI and defence. He holds a BSc in Computer Science and a PhD in Bioinformatics from University College London (UCL).

**Pascal Paillier (CTO)**
Pascal is a cryptographer and CTO at Zama. He invented the Paillier encryption scheme, an early additive homomorphic encryption system that remains widely used. He has published dozens of papers across cryptography, including work related to FHE and smart card security. Before Zama, he led a cryptography innovation team at Gemalto and founded CryptoExperts, a cryptography consulting firm. He is an IACR Fellow (2025), has received research awards and has led work connected to ISO cryptography standards. He holds a PhD in cryptography from Télécom Paris.

#	Instrument	Exchange	Benchmark Score	Price	24h Change	24h Volume	24h Trades	24h Open	24h High
1	ZAMA-USDT ZAMAUSDT	binance	AA	0.07684USDT	-7.48%	63,601,685.00ZAMA	51,248	0.08305USDT	0.08344USDT
2	ZAMA-USDT ZAMA_USDT	whitebit	BB	0.07699USDT	-7.24%	32,192,791.00ZAMA	49,410	0.08300USDT	0.08349USDT
3	ZAMA-USDT ZAMA-USDT	okex	A	0.07679USDT	-7.49%	9,668,989.00ZAMA	9,578	0.08302USDT	0.08342USDT
4	ZAMA-USD ZAMA-USD	coinbase	AA	0.07685USD	-7.47%	8,102,637.00ZAMA	5,737	0.08305USD	0.08344USD
5	ZAMA-USDT ZAMAUSDT	bybit	A	0.07689USDT	-7.34%	6,954,066.40ZAMA	7,127	0.08298USDT	0.08345USDT
6	ZAMA-USDT ZAMAUSDT_SPBL	bitget	BB	0.07678USDT	-7.39%	6,873,131.84ZAMA	4,298	0.08291USDT	0.08347USDT
7	ZAMA-USDT ZAMA_USDT	gateio	A	0.07668USDT	-7.65%	4,937,669.00ZAMA	4,207	0.08303USDT	0.08346USDT
8	ZAMA-USD ZAMAUSD	kraken	AA	0.07660USD	-7.80%	4,856,492.17ZAMA	2,744	0.08308USD	0.08343USD
9	ZAMA-USDT ZAMA-USDT	kucoin	BB	0.07675USDT	-7.33%	1,540,546.40ZAMA	1,147	0.08283USDT	0.08340USDT
10	ZAMA-EUR ZAMAEUR	kraken	AA	0.06812EUR	-8.09%	1,078,596.51ZAMA	831	0.07412EUR	0.07412EUR
11	ZAMA-USDC ZAMAUSDC	binance	AA	0.07673USDC	-7.40%	844,934.00ZAMA	1,704	0.08286USDC	0.08336USDC
12	ZAMA-USDC ZAMA-USDC	okex	A	0.07685USDC	-7.75%	179,100.60ZAMA	249	0.08331USDC	0.08331USDC
13	ZAMA-EUR ZAMA-EUR	okex	A	0.06806EUR	-8.40%	58,904.30ZAMA	103	0.07430EUR	0.07430EUR
14	ZAMA-TRY ZAMATRY	binance	AA	3.80TRY	-7.76%	32,146.00ZAMA	23	4.12TRY	4.12TRY
15	ZAMA-TRY ZAMA-TRY	okex	A	3.78TRY	-7.26%	21,876.19ZAMA	13	4.08TRY	4.08TRY
16	ZAMA-USDC ZAMAUSDC	cexio	BB	0.07805USDC	-7.57%	339.66ZAMA	1	0.08443USDC	0.08443USDC
17	ZAMA-USD ZAMAUSD	cexio	BB	0.07733USD	-7.12%	226.44ZAMA	1	0.08326USD	0.08326USD
18	ZAMA-USDT ZAMAUSDT	cexio	BB	0.07800USDT	-6.39%	226.44ZAMA	1	0.08333USDT	0.08333USDT
19	ZAMA-KRW KRW-ZAMA	upbit	B	105.00KRW	-7.08%	26,272,802.37ZAMA	2,459	113.00KRW	113.00KRW
20	ZAMA-USDT sZAMAUSDT	phemex	C	0.07680USDT	-7.66%	23,129,799.00ZAMA	6,565	0.08317USDT	0.08354USDT
21	ZAMA-USDT ZAMAUSDT	toobit	C	0.07689USDT	-7.41%	7,769,926.00ZAMA	16,532	0.08304USDT	0.08345USDT
22	ZAMA-THB THB_ZAMA	bitkub	C	2.61THB	-5.86%	6,976,553.20ZAMA	7,221	2.77THB	2.82THB
23	ZAMA-USDT zama_usdt	xtpub	-	0.07678USDT	-7.55%	5,641,973.42ZAMA	6,182	0.08305USDT	0.08344USDT
24	ZAMA-USDT ZAMAUSDT	bitrue	D	0.07679USDT	-7.56%	4,877,065.70ZAMA	8,111	0.08307USDT	0.08345USDT
25	ZAMA-USDT zama_usdt	digifinex	D	0.07675USDT	-7.51%	4,124,812.70ZAMA	11,736	0.08299USDT	0.08341USDT
26	ZAMA-USDT ZAMA-USDT	bigone	-	0.07678USDT	-7.53%	3,141,653.00ZAMA	4,443	0.08303USDT	0.08347USDT
27	ZAMA-EUR ZAMA-EUR	bitvavo	B	0.06845EUR	-7.02%	2,819,733.52ZAMA	808	0.07362EUR	0.07396EUR
28	ZAMA-USDT ZAMA-USDT	bingx	D	0.07692USDT	-7.37%	2,723,784.18ZAMA	19,844	0.08304USDT	0.08345USDT
29	ZAMA-KRW ZAMA_KRW	bithumbkorea	-	104.00KRW	-7.96%	2,335,877.52ZAMA	773	113.00KRW	113.00KRW
30	ZAMA-USDT ZAMAUSDT	mexc	C	0.07679USDT	-7.53%	1,806,899.53ZAMA	4,069	0.08304USDT	0.08345USDT
31	ZAMA-USDT ZAMA_USDT	bitunix	C	0.07685USDT	-7.45%	1,445,398.00ZAMA	10,358	0.08304USDT	0.08344USDT
32	ZAMA-USDC ZAMA_USDC	cryptology	D	0.07685USDC	-7.43%	1,379,514.00ZAMA	1,396	0.08302USDC	0.08345USDC
33	ZAMA-USDT ZAMA_USDT	cryptology	D	0.07684USDT	-7.52%	1,355,997.00ZAMA	1,386	0.08308USDT	0.08345USDT
34	ZAMA-USDC ZAMAUSDC	hyperliquid	-	0.07624USDC	-8.26%	931,996.98ZAMA	651	0.08310USDC	0.08335USDC
35	ZAMA-USDT zamausdt	huobipro	C	0.07885USDT	-7.68%	696,250.31ZAMA	974	0.08541USDT	0.08541USDT
36	ZAMA-USDC ZAMAUSDC	mexc	C	0.07679USDC	-7.58%	675,924.15ZAMA	2,948	0.08310USDC	0.08349USDC
37	ZAMA-IDR zamaidr	indodax	E	1,357.00IDR	-7.77%	47,141.00ZAMA	46	1,471.27IDR	1,471.27IDR
38	ZAMA-USDT ZAMAUSDT	hitbtc	E	0.02681USDT	0.00%	0ZAMA	0	0.02681USDT	0.02681USDT
39	ZAMA-BTC BTC-ZAMA	upbit	B	0.0₆8200BTC	0.00%	0ZAMA	0	0.0₆8200BTC	0.0₆8200BTC
40	ZAMA-USDT USDT-ZAMA	upbit	B	0.04639USDT	-23.63%	898.60ZAMA	1	0.06074USDT	0.06074USDT
41	ZAMA-USDT ZAMAUSDT	coinex	C	0.07806USDT	0.00%	0ZAMA	0	0.07806USDT	0.07806USDT