What is Horizen?
Horizen, formerly known as ZenCash, is a blockchain ecosystem that allows businesses and developers to build their own public or private blockchains and decentralized applications (dapps) on its distributed network. The platform utilizes Zendoo, a verified cross-chain transfer protocol, as a sidechain solution to improve privacy and scalability. The project also includes a zero-knowledge proof (zk-SNARK) protocol to provide secure communication with the sidechains.
The native currency, ZEN, is a privacy-based coin that offers two types of addresses - T-Addresses (public) and Z-Addresses (private) - in order to maintain privacy of ZEN transactions. It is rewarded to miners and secure nodes, and can be traded on the open cryptocurrency market.
The project was founded in 2017 by Robert Viglione and Rolf Versluis, and launched as ZenCash as a fork of Zclassic, which itself was a fork of Zcash. The initial focus was on developing privacy-focused, zero-knowledge-proof technologies with a sustainable funding model to incentivize stakeholders. However, in 2018, ZenCash was the target of a 51% attack, which prompted the team to rebrand as Horizen and shift their focus from a cryptocurrency to a privacy platform with a scalability focus.
The Horizen blockchain ecosystem has both a main blockchain and a sidechain platform that enables developers to build custom private or public blockchains and dapps. It combines Proof of Work (POW) and Proof of Stake (POS) to maintain consensus and reward new tokens to both PoW miners and PoS validators. With its zero-knowledge-based blockchain technology, interoperability, Zendoo, and scalability, Horizen's solutions provide the foundation for long-term blockchain sustainability.
The native Horizen token, ZEN, is used to fuel the project and its optional privacy feature allows users to control their digital footprint. Transactions can be made using T-Addresses, which are public and transparent on the blockchain, or Z-Addresses, which are completely private and anonymous. Horizen's network also allows developers to create their own blockchain by using its unique sidechain solution, making it ideal for constructing large projects such as decentralized applications.
Additionally, ZEN can be used for staking and governance on the Horizen network. Stakers can earn rewards for supporting the network by holding and staking their ZEN, and they can also participate in the decision-making process for the network's future development through the community governance system.
Horizen also provides secure node services, which allow users to run a full node on the network in exchange for rewards in ZEN. These secure nodes are responsible for maintaining the network's privacy and security, as well as facilitating faster and more private transactions.
In terms of real-world use cases, Horizen's privacy-focused platform and sidechain solutions have attracted interest from various industries, including finance, healthcare, and gaming. The platform's scalability, security, and privacy features make it well-suited for applications that require high-volume, low-latency transactions and data protection.
Horizen's partnership with ChainGuard, a blockchain-based security platform, is an example of how the platform's privacy and security features are being used in the real world. ChainGuard utilizes Horizen's sidechain technology to provide secure and private data transfer for its clients in the finance industry.
In conclusion, Horizen (ZEN) is a blockchain ecosystem that allows businesses and developers to build their own public or private blockchains and decentralised apps (dapps) on its distributed network. With its privacy-focused technology, scalability solutions, and community governance system, Horizen is well-positioned to attract interest from various industries and to serve as a foundation for the next generation of decentralized applications.
The investment information, comments, and recommendations provided here do not fall under the scope of investment consulting. Therefore, making an investment decision based solely on the information and comments provided here may not yield results that meet your expectations.
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