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HomeOther CryptocurrenciesWhat Is Horizen Network? Introduction to ZEN Token

What Is Horizen Network? Introduction to ZEN Token

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What Is Horizen Community?

Horizen (previously known as ZenCash) is a privacy-focused, zk-SNARKs primarily based blockchain platform that forked from Zclassic, itself a Zcash fork. The Horizen community features a decentralized autonomous group (DAO), ZenChat (a personal messenger), ZenPub (an nameless publishing platform), and ZenHide (TOR-like endpoint masking). ZEN is the native cryptocurrency coin utilized by the Horizen community.

Privateness and safety seem to be area of interest subjects solely mentioned by tinfoil-hat conspiracy theorists, however cybersecurity is a serious concern in as we speak’s world.

Norton estimates 60 million Individuals have been impacted by id theft and the U.S. will account for half of worldwide knowledge breached by 2023. And it’s not your private pc that’s being attacked, particularly in a cloud-based world.

Accounts we maintain with trusted corporations like Amazon, Google, Sony, Microsoft, Equifax, Visa, and the U.S. authorities are the databases criminals need. And these main gamers have loads of knowledge safety guidelines to abide by. Europe’s GDPR and even new U.S. privateness legal guidelines, together with worldwide Secure Harbor legal guidelines, dole out hefty fines and different penalties for permitting knowledge breaches – though not hefty sufficient to really make their habits change, it generally appears.

With the stakes so excessive, Horizen pivoted its focus to enterprise functions. No person wants extra safety and privateness than these organizations, and so they have deep sufficient pockets to spend no matter it takes to remain operating in a technology-run society.

Earlier than exploring Horizon’s nuts and bolts, together with its possibilities of reaching sustainable success, let’s evaluation ZEN, the proprietary cryptocurrency used within the Horizen blockchain, and its efficiency on the cryptocurrency market.

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ZenCash (ZEN) Cryptocurrency Abstract

There’s a complete provide of 21,000,000 ZEN. The height worth thus far of ZEN was $65.16 on January 9, 2018.

No Horizen ICO was held. As an alternative, Horizen (then referred to as ZenCash) forked from Zclassic (ZCL) on Might 23, 2017 at block 110,000. Right now, ZEN was issued to ZCL holders at a 1:1 ratio.

ZEN is mined utilizing the Equihash Proof-of-Work (PoW) mining algorithm. The block reward is ready at 12.5 ZEN, with a block mined roughly each 2.5 minutes. Rewards half roughly each 4 years and are distributed with 20 % break up evenly between Safe Nodes and Tremendous Nodes (which we’ll define within the subsequent part), whereas 10 % goes to the Horizen/ZenCash staff treasury, and the remaining 70 % rewarded to miners.

Safe nodes act as grasp nodes and require staking 42 ZEN. In contrast to different comparable initiatives, it additionally secures the nodes by utilizing end-to-end encryption, just like what you’d discover in [some] in style messengers.

ZenCash is traded on all kinds of cryptocurrency alternate markets, together with Binance, Bittrex, DragonEX, Upbit, OKEx, Sistemkoin, and COSS. ZEN buying and selling pairs embody BTC, ETH, and USDT.

ZenCash makes use of industrial content material distribution networks (CDN) and Hypertext Switch Protocol Safe (HTTPS) to make sure safe transfers. It additionally makes use of the identical zero-knowledge Non-Interactive Arguments of Information (zk-SNARKS) cryptography that ZCash does. This implies ZEN transactions could be each pseudonymous and nameless, offering the very best ranges of privateness and safety.

There are additionally criticisms in opposition to the protocol, starting from rumors of a attainable Zerocoin backdoor (the predecessor of the zk-SNARK powered Zerocash), to the need of conducting a “trusted setup”, an encryption key era occasion that would enable the creation of limitless cash if compromised.

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Horizen has quite a lot of official ZenCash cryptocurrency wallets, together with the Arizen and Swing wallets, net, cell, and paper wallets. It’s additionally supported by Ledger {hardware} wallets.

Attaining a ZEN-like State on the Blockchain

As mentioned above, Horizen is promoting itself as a full-suite of blockchain-based instruments for enterprise. The 4 key capabilities (thus far) are:

  • ZenCash

    – The unique goal of Zcash was to be an nameless monetary instrument, and that instrument remains to be out there in Horizen. It has merely been expanded upon to supply a full suite of choices for enterprise customers.

  • ZenPub

    – Publishing paperwork is usually a dangerous (and infrequently troublesome) enterprise in lots of nations. Even within the U.S., the place freedom of press is among the many first Constitutionally assured rights, journalists could be silenced. ZenPub makes use of anonymized addresses to publish paperwork to IPFS to make sure an open and free press is at all times maintained.

  • ZenChat

    – Our communications are continually monitored, and ZenChat makes use of AES-256 encryption for transaction of end-to-end encrypted messages.

  • ZenHide

    – Nations like China setup firewalls that may block processing to important disable a cryptocurrency inside its geographic borders. ZenHide makes use of proxy-like know-how to move knowledge via HTTPS to bypass such restrictions.

Safe nodes on the Horizen blockchain guarantee all community communication stays encrypted. They preserve the community and supply safe tunnels for encrypted Horizen knowledge to move via. Not too long ago additionally they launched Tremendous Nodes, which can function a supporting community for future sidechains.

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This sort of safety has a variety of enterprise and governmental use circumstances, and even Charles Hoskinson and IOHK have had their sights set on Horizen, with the 2 corporations signing a partnership.

Horizen Abstract

Horizen isn’t your typical privateness coin – as an alternative of catering to privateness advocates like Edward Snowden, they supply a full suite of safe and personal instruments to be used by the establishments he despises. The success of Horizen hinges on these key blockchain options.

  • Horizen consists of 4 primary instruments – ZenPub, ZenChat, ZenHide, and ZEN (ZenCash). Every is privateness centered and encrypted via safe nodes.

  • ZEN is the native cryptocurrency coin utilized by the Horizen platform. ZEN is rewarded to miners and safe nodes and could be traded on the open cryptocurrency market.

  • Horizen makes use of the identical Zerocash protocol as Zcash, Zclassic, and different privateness cash, making it inclined to the identical backdoors and glitches.

With these items in place, Horizen is well-positioned to turn into a sustainable blockchain. Enterprise customers are one of the best use-cases of the know-how as a result of they pay nicely over lengthy durations of time. If the Horizen staff can execute on their roadmap and ship an SDK, ZenCash may present peace of thoughts to loads of buyers.

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