BCGAME - Free 5BTC Daily Bonus!Launched in May 2017, Horizen (ZEN), formally known as ZenCash, is a scalable, privacy-based platform with an ecosystem supported by the largest network of nodes in the industry. The platform focuses on providing companies and developers with a fast and affordable way to create their own public or private blockchains. ZEN trades at $56 per token, with a current inventory of around 11 million, for a total market capitalization of $640 million.
How does the Horizen token work?
The Horizen Network token uses the two most common consensus algorithms in technology blockchain – Proof of Work (PoW) and Proof of Stake (PoS). For consensus, the network's main chain uses the PoW algorithm, while sidechains employ a modified version of the PoS protocol.
Horizen cryptocurrency proposed and implemented this sidechain model with decoupled cross-chain consensus in 2018. The main goal of this model is to enable secure and decentralized cross-chain transfers without requiring mainchain nodes to track sidechains for verification.
The Horizen token relies on a multi-tier node system, where the project is considered the largest node network in the industry. To date, there were around 45 active nodes on the Horizen network. Furthermore, this network of nodes is geographically diverse and therefore decentralized. The project also claimed that its network of nodes is the first to integrate end-to-end TLS encryption between nodes.
According to Horizen, it utilizes this massive, geographically dispersed node system to improve the scalability, reliability, security and speed of its network. There are three types of nodes, which are regular full nodes, Secure nodes and Super nodes. The details about each type are as follows:
Full regular nodes: all public blockchains use full nodes for transaction verification or validation. In Horizen, these regular full nodes contain the latest copy of the Horizen blockchain and are usually wallets running an instance of your core software.
We insurance: there are about 41.000 active insurance nodes. As the name implies, these nodes provide security for the Horizen network through end-to-end decentralization and encryption.
Super Nodes: There are approximately 3.700 Super Nodes active on the network. These nodes provide enhancements to the network and allow Horizen to run a sidechain platform. As a result, there can be unlimited blockchains and decentralized applications ( DApps ) on the network. In addition, Super Nodes allow tracking and payment of Secure Nodes that will be moved in the chain.
As mentioned earlier, Horizen is formerly known as ZenCash. ZenCash was forked from ZClassic, which was forked from ZCash, a clone of Bitcoin (BTC). Consequently, Horizen inherited zk-SNARK (Zero-Knowledge Succinct Non-Interactive Argument of Knowledge), ZCash’s privacy technology, which is a specific type of zero-knowledge proof technology where it mathematically proves and shows users that transactions have occurred without revealing any other information. With zk-SNARK, Horizen is able to offer scalable and privacy-based solutions without compromising decentralization and security.
What does the Horizen token offer?
What is Zendoo?
Horizen offers decentralized, scalable, secure and privacy-based solutions focused on enterprise applications. The project has evolved since its ZenCash days and now provides Zendoo, a revolutionary side infrastructure that solves scalability issues such as slow transactions and high rates. Zendoo is currently live on Horizen's test network and has not yet reached the main network.
Side chains are separate, independent block chains that run parallel to the main chain. They provide extra functionality to support the main chain without compromising speed and stability. As a result, Horizen can provide businesses and developers with a fast and cost-effective way to build blockchains and DApps on the Horizen network. Horizen has several partners such as Celsius Network (CEL) and IOTA ( IOTA ).
What is the ZEN network?
Horizen also offers ZEN, its native cryptocurrency, for miners, node operators and validators. The network rewards freshly mined tokens to both miners, providing power to resolve PoW calculations on the mainchain and validators on the PoS sidechains. In addition to its role as a mining reward, ZEN has an optional privacy feature that users can use to control their digital footprint. ZEN offers this feature by providing two different types of addresses, which are:
T addresses: this type of address is similar to the regular addresses that users use for transactions. The transaction is then publicly and transparently recorded on the blockchain as regular transactions.
Z addresses: this type of address is also called shielded addresses, as transactions between these addresses are completely private and anonymous. This is achieved with the zero knowledge proof technology mentioned above, which hides personal information such as deposit and withdrawal addresses and the number of tokens transferred.
Who is behind the Horizen cryptocurrency?
Robert Viglione and Rolf Versluis co-founded Horizen in May 2017. The Horizeon project is managed by the Zen Blockchain Foundation, a non-profit organization responsible for managing the core team in terms of blockchain development. In addition, the two co-founders wrote the original article with Jane Lippencott, a venture capital investor in cryptocurrencies.
Rob Viglione is the current Chief Executive Officer (CEO) of Horizen Labs. He is also the co-founder and chairman of the Zen Blockchain Foundation. Prior to the Horizen project, he worked as a software project manager for the US Air Force and as an analyst for Tecolote Research and Lanmark Technology. Viglione holds a PhD in Finance from the University of South Carolina, an MBA in Finance and Marketing, and a BA in Physics and Applied Mathematics. He is also a former consultant for Aave and HeroEngine.
Rolf Versluis is currently the Executive Advisor of Horizen. He worked for Cisco Systems in the semiconductor industry and served as a Navy officer in the US Submarine Force. Versluis also founded North Georgia Crypto Mining, a provider of cryptocurrency mining services, and now works as an operator and technical consultant for cryptocurrency mining facilities. He holds a BA in Electrical Engineering from the US Naval Academy and attended Nuclear Engineering Training in the US Navy's Nuclear Program.
Jane Lippencott is a former member of the founding team. In addition, she is a former associate at Winklevoss Capital, where she has invested in various cryptocurrency companies such as Chainlink, Aave and Synthetix. Lippencott is currently 2021 VC Cohort at All Rise, consultant at Teller Finance and mentor at CeloCamp, Open Web Collective and Gitcoin. She holds a BA in Management from Darla Moor School of Business.
Horizen has never held an Initial Coin Offering (ICO). However, Grayscale Investments, a company that manages cryptocurrency investment funds, has created a new fund focused on Horizen. In 2018, Grayscale purchased several ZEN tokens worth $6,3 million at the time for its Horizen Trust.
ZEN cryptocurrency price history
ZEN's price rose more than 1.500%, from $5 in November 2020 to $81 in mid-February 2021. The rise between February 9th and February 19th, in particular, possibly followed news of partnerships and listings of cryptocurrencies. Unfortunately, the price of ZEN soon corrected itself and dropped about 40% to $42 a few days later.
Like most cryptocurrencies, the token price gained ground during the bull run of the cryptocurrency market🇧🇷 At that point, the price of ZEN surged 250% to its all-time high of $147 on May 19. However, the price plummeted the next day. ZEN is now trading at $56, which is around 40% of its all-time high.
Is the ZEN Coin cryptocurrency a good investment?
ZEN is ranked 110th by market value. Similar to Bitcoin (BTC), the ZEN token has a total supply of 21 million and performs a periodic reduction in block rewards. The first halving event took place in December 2020, where the number of Horizen awards generated per block was reduced from 12,5 ZEN to 6,25 ZEN. As mentioned earlier, the miners and node operators receive the newly mined tokens as a reward. Of the total block reward, 60% is for Miners, 10% for Secure Node Operators, 10% for Super Node Operators and 20% is for the Treasury of the Horizen Autonomous Decentralized Organization ( DAO ).
What is the future of the Horizen token?
As mentioned earlier, Zendoo is still on testnet. According to Horizen's roadmap, the team expects to transition from the sidechain protocol to the core network in the third quarter of this year. Once Zendoo hits the core network, that would mean the project has delivered on its promises, and the value of the ZEN token could increase after this news.
There are reports that a major cryptocurrency exchange in the United States is looking to support ZEN on its platform. Historically, cryptocurrencies on this exchange have generated considerable buzz and seen a price surge upon their recent listing. If ZEN passes the rigorous technical and compliance review, the token could experience a short bull run once it is listed.
Horizen is currently one of the 13 institutional-grade investment projects in Grayscale. Grayscale’s CEO stated that Horizen uses superior technology and has a good team behind the project. He believes that companies using blockchain technology will pay a premium for privacy-based applications in the future. Grayscale’s support for the Horizen project builds trust among traditional companies. Given this trust and the project’s massive node network, Horizen is highly likely to be the first choice for companies looking for a decentralized, scalable, secure, and privacy-based blockchain solution.
Conclusion
Horizen, formerly known as ZenCash, is a decentralized and scalable platform that focuses on providing businesses and developers with a fast and affordable way to build their own blockchains and DApps. The project relies on Zendoo, its sidechain protocol that creates blocks of separate blocks. These separate blockchains complement the features of the mainchain without compromising speed and stability, thus enabling the rapid creation of accessible blockchains and DApps. In addition, the project utilizes the industry's largest network of nodes for transaction verification and leverages zk-SNARK, a zero-proof encryption that enhances privacy and security. The project has potential as it is supported by Grayscale Investments, a leading digital currency investment institution.
