Horizen

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Discover Horizen's fundamentals and latest news.

This content was generated by Whalee (BETA), an AI crypto assitant that analyses cryptocurrencies. Informations can be incomplete and/or erroneous. Please always double check and DYOR.

What is Horizen?

Horizen (ZEN) is a privacy-focused cryptocurrency that implements complete end-to-end encryption, utilizing zk-SNARKs for high-security and optional privacy options. It is built on a multi-tiered nodal architecture, allowing users to create their own blockchains on its network. Horizen is known for its shielded transactions and various privacy tools, making it a popular choice for those valuing privacy.

How is Horizen used?

Horizen (ZEN) is the native cryptocurrency of the Horizen ecosystem. It serves several purposes within the network:

  1. Staking and Gas Fees: ZEN is used for staking and as gas fees on the Horizen EON blockchain, which is a fully EVM-compatible and zk-friendly smart contract platform designed for massive scalability.

  2. Payment Currency: ZEN is the payment currency for transactions within the Horizen ecosystem, allowing users to purchase goods and services. It is available on major exchanges and is connected to various crypto-payment providers, making it easy to use for everyday transactions.

  3. Reward Mechanism: ZEN is used to reward contributors to the network, including miners, supernode operators, and secure node operators. The distribution of block rewards is divided among these groups, with 60% going to miners, 20% to the treasury, 10% to supernode operators, and 10% to secure node operators.

  1. Zero-Knowledge Transactions: ZEN transactions can benefit from zero-knowledge anonymization technology, which allows for the validation of transactions without disclosing associated information such as sender and receiver addresses and amounts.

Overall, ZEN plays a central role in the functioning and incentivization of the Horizen ecosystem.

How do I store Horizen?

To store Horizen (ZEN) tokens, you can use various wallet options. Here are some of the most popular ones:

  1. Ledger Hardware Wallet: Ledger offers a secure and trusted hardware wallet that stores your private keys offline, protecting them from malicious attacks. You can pair it with the Ledger Live app to manage your Horizen on the go.

  2. Guarda Wallet: Guarda is a non-custodial, user-friendly wallet that supports over 400,000 assets. It allows you to store, send, receive, and exchange Horizen securely. You can download the app from the AppStore or Google Play or use the desktop version.

  3. Atomic Wallet: Atomic Wallet is a decentralized, multi-asset wallet that supports Horizen. It offers private and secure storage, with your private keys encrypted and never leaving your device. It also provides 24/7 online support and allows for fast and secure swaps.

  1. Horizen Official Wallets: Horizen offers its own official wallets, including Sphere by Horizen, Cobalt, and others. These wallets are available for desktop and mobile devices and provide transparent address management and user control over private keys.

  2. Third-Party Wallets: There are several third-party wallets available, such as Coolwallet, D'cent, and NOW Wallet, which also support Horizen storage and management.

Before choosing a wallet, consider factors such as security, user interface, and the range of features you need.

How to buy Horizen?

To buy Horizen (ZEN) tokens, follow these steps:

  1. Create an Account: Open an account on a cryptocurrency exchange that supports Horizen, such as Coinbase, Binance, or Gate.io. You will need to provide identification and proof of address.

  2. Choose a Payment Method: Select a payment method, which can include credit or debit cards, bank deposits, or third-party payment channels. Some exchanges also offer peer-to-peer trading.

  3. Fund Your Account: Deposit funds into your exchange account using your chosen payment method. Ensure you have sufficient funds to cover the cost of the Horizen tokens you want to purchase.

  1. Buy Horizen: Search for Horizen on the exchange and select it. Enter the amount you want to buy, and the exchange will automatically convert it to the equivalent Horizen amount. Review the details and confirm your purchase.

  2. Store Your Horizen: Once the purchase is complete, you can store your Horizen tokens in your exchange wallet or transfer them to a personal cryptocurrency wallet for added security.

Remember to research the fees and terms associated with each exchange and payment method to ensure the best option for your needs.

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History of Horizen

Horizen (ZEN) was initially launched as ZenCash in May 2017 by Rob Viglione and Rolf Versluis. It was created as a fork of ZClassic, which itself was a fork of Zcash. The primary objective of ZenCash was to provide a privacy-focused crypto trading space for users and autonomy for developers. The innovative node system of ZenCash quickly attracted crypto enthusiasts.

However, ZenCash faced a significant challenge when it was hit by a 51% attack, which allowed hackers to control the majority of the network's computing power. This attack resulted in the loss of between $550,000 and $700,000 in ZEN crypto. In response, the founders initiated a fork, improving the consensus protocol and partnering with a digital company to protect against future 51% attacks. This led to the birth of Horizen (ZEN) in July 2018, a name change aimed at better aligning with the network's ambitions and transitioning to a more ambitious operation of offering an environment of interoperable blockchains and facilitating the creation of decentralized applications (dApps).

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How Horizen works

Horizen (ZEN) is a zero-knowledge-based blockchain project that offers a highly scalable network, strong privacy and security features, and interoperability between different blockchain ecosystems. Here's how it works:

Consensus Mechanism

Horizen uses a combination of Proof of Work (PoW) and Proof of Stake (PoS) consensus mechanisms. The PoW mechanism, based on the Equihash algorithm, ensures the security and decentralization of the network. The PoS mechanism, with a delayed block penalty algorithm, helps maintain the stability and speed of the network.

Node Infrastructure

Horizen has a robust node infrastructure with over 40,000 nodes distributed globally. These nodes are categorized into three types: full nodes for transaction validation, secure nodes for protection against Sybil attacks and network communication, and super nodes for PoS and dApp deployment.

Zendoo Protocol

The Zendoo protocol enables the creation of sidechains, which are customizable and can be designed for specific applications. These sidechains can have their own consensus mechanisms, privacy settings, and operating principles. The main blockchain ensures the reliability of these sidechains, providing a high level of interoperability and scalability.

Zero-Knowledge Technology

Horizen utilizes zk-SNARKs (Zero-Knowledge Succinct Non-Interactive Argument of Knowledge) technology for anonymization and privacy. This technology allows for the validation of transactions without revealing the details, ensuring a high level of confidentiality.

ZEN Token

The native cryptocurrency, ZEN, is used for staking and as a gas fee in the ecosystem. It can be mined using the Equihash algorithm and is traded on several major exchanges.

Applications and Tools

Horizen offers various tools and applications, such as ZenChat and Sphere by Horizen, which enable secure messaging and transactions. The Horizen Academy provides educational resources, and the Horizen Developer Environment supports developers in building and contributing to the project.

Overall, Horizen's architecture is designed to provide a decentralized platform for the development of scalable and secure applications, with a strong focus on privacy and interoperability.

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Horizen's strengths

Horizen (ZEN) has several strengths that make it a notable player in the blockchain industry:

  1. Scalability and Interoperability: Horizen offers a highly scalable network that allows developers to build their own blockchains through its unique sidechain solution. This enables the creation of complex projects such as decentralized applications (dApps) without the difficulties typically experienced with other blockchain platforms. Additionally, Horizen's solutions may be the foundation for lasting interoperability in the blockchain world, allowing different ecosystems to connect seamlessly.

  2. Optional Privacy Features: Horizen offers a zero-knowledge-enabled cross-chain protocol that ensures great privacy for its main chain and sidechains. This feature is optional, giving users the choice to apply it or not, which is a significant advantage compared to traditional privacy coins.

  3. Native Gas Token: ZEN is not only the native cryptocurrency but also the native gas token powering the ecosystem, enabling connections between different chains. It is connected to many crypto-payment providers, allowing users to purchase goods and services with ZEN.

  1. Multi-Tiered Nodal Architecture: Horizen's architecture is designed to provide high security and flexibility. It allows developers to create their own blockchains, transact daily, develop and deploy decentralized applications, and more.

  2. Enterprise Focus: Horizen's suite of tools appeals not only to individuals but also to enterprise users. This could be a key factor in ZEN adoption, as enterprise users tend to remain loyal to a technology once adopted and often have the ability to pay well for long periods of time.

  3. Decentralized Applications: Horizen's ecosystem includes various privacy-focused projects such as a decentralized autonomous organization, a private messenger (ZenChat), an anonymous publishing platform (ZenPub), and a TOR-like domain fronting service (ZenHide).

These strengths position Horizen as a robust and versatile blockchain project with significant potential for growth and adoption.

Horizen's risks

Horizen (ZEN) faces several risks. One significant risk identified in 2020 was the potential for a consensus fork and double-spend attack due to an unpatched Zcash CVE-2020-8806 vulnerability. This risk was mitigated by fixing the issue with the release of ZEN 2.0.21.

In terms of investment risk, Horizen is considered a moderate risk investment. Portfolio managers who prioritize risk assessment will find this relevant. The risk gauge score is based on factors such as the amount of money required to shift the price over a 24-hour period, recent volume and market cap changes, and the potential for price manipulation.

Additionally, Horizen faces sustainability risks, including climate risks such as physical risk, carbon risk, and transition risk, which are monitored by Grayscale Horizen Trust.

The Horizen ecosystem, which relies on zero-knowledge proofs for inter-chain communication and its native token ZEN, also has its own set of strengths, weaknesses, and risks. These are detailed in a comprehensive report by CryptoEQ.

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Did Horizen raise funds?

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Horizen’s team

  • Rob Viglione: Co-founder and CEO of Horizen Labs, co-founder and President of the Zen Blockchain Foundation. He holds a Ph.D. in Finance, an MBA in Finance and Marketing, and a Bachelor's in Physics & Applied Mathematics. He has been an advisor to several blockchain projects, including Aave.
  • Rolf Versluis: Co-founder and Executive Advisor of Horizen. He has a background in the semiconductor industry and served as a Navy Officer in the US Submarine Force. He also founded North Georgia Crypto Mining, a cryptocurrency mining service provider.
  • Jane Lippencott: Former member of the founding team and a former associate in Winklevoss Capital. She is currently a 2021 VC Cohort at All Rise, an advisor for Teller Finance, and a mentor for CeloCamp, the Open Web Collective, and Gitcoin.
  • Rowan Stone: Business Development Director for Horizen. He has 15+ years of experience in strategic business development, sales, procurement, and commercial management, spanning the oil and gas, IT, and blockchain industries. He previously founded a mid-sized cryptocurrency mining operation in Scotland.

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