cryptocurrencies

Horizen (ZEN) - Everything You Should Know About Horizen

Daksh Murkute | | |

Horizen is a blockchain network purely focused on privacy, it was the hard fork of Zcash.

 

It has a number of applications for its users like Zenchat, ZenPub, ZenHide, etc.

 

The native cryptocurrency of Horizen is ZEN, it has a total supply of 21M ZEN.

 

In this blog, we will discuss all about Horizen blockchain network and its coin ZEN.

Contents

What is Horizen (ZEN)?

History of Horizen (ZEN)

Use case of Horizen

Horizen (ZEN) features and benefits

Disadvantages

Current market value

Conclusion

 

In any business, a vision is an important thing; it provides direction, sets priorities, and provides a market to fulfill desires. Vision should be the realistic, convincing, and attractive showcase of what you want to achieve and where you want to be in the future.

 

In the crypto market, some crypto companies followed their vision and now they are at the top of the market. Some of them are Bitcoin, Ethereum, Zilliqa, Telcoin, etc, everyone has its plus points, Bitcoin has the largest market cap, Ethereum has the most active developers, and another has scalability, and so on. 

 

One of them is Horizen (ZEN), Horizen (ZEN) has a network of 40000 active nodes. Far greater than its closest rivals.

 

What is Horizen (ZEN)?

 

 

 

              

 

We all know – “Privacy is a myth “.

 

  1. A leading antivirus firm estimates that around 90 million people around the world have been suffered from identity theft and it, not just our PC, various cloud-based servers are at a high risk of getting attacked.
     

  2.  Amazon, Google, etc. these big companies have a large amount of data and that’s the data, the attacker wants. Nobody needs more security than these big companies.

 

Horizen (ZEN) came with the solution to this problem.

 

Horizen (ZEN) is a blockchain network technology purely focused on privacy.

 

It is the blockchain of different blockchains and provides a platform in which anyone can develop privacy-focused decentralized apps.

 

The main features of Horizen are:
 

  1. The first one is the main blockchain layer, which supports the functionality of a simple blockchain, it works on a proof-of-work consensus algorithm.
     

  2. Another is a sidechain, it is a parallel blockchain to the first this provides additional functionalities and features to the first blockchain, and it works on a proof-of-stake consensus algorithm.
     

  3. Horizon protects its blockchain from about 51% of attacks, and it uses the Nakamoto consensus algorithm for this.

 

  1. It uses end-to-end encryption between nodes in the transport layer to provide maximum security.

  2. It uses a zk-SNARK consensus algorithm just like Zcash.
     

  3. You can also make your own public or private blockchain using Horizen’s blockchain scaling solution ZENDOO.
     

It is the hard fork of Zcash.

 

History of Horizen (ZEN)

 

It was launched in 2017, the first name was ZenCash. This was the hard fork of Zclassic, which itself was the hard fork of Zcash.

 

It was founded by Robert Viglione and Rolf Versluis. In August 2018, they’ve renamed it Horizen (ZEN).

 

The founder and the team of Horizen (ZEN) are from different regions of the world with different experiences and backgrounds. The team also has opened up a Horizen platform so that anyone could learn and made a privacy-based application.

 

Also Read: Guide to Zcash

 

 

Use case of Horizen

 

 

Celsius: It is a blockchain-based no-fee platform in which its users can access to financial services that are not available through traditional financial institutions.

 

IOTA: It is made to support the research and development of new distributed technologies.

 

DragonChain: It is used to solve anti-fraud and transparency issues.

 

Sikoba: It is providing its services in the field of informal credit in emerging economies.

 

LTO network: Its aim is to create a fully decentralized and efficient blockchain infra.

 

DIA: It is an open-source financial information platform.

 

Horizen (ZEN) features and benefits
 

  1. Horizen (ZEN) has one of the largest node networks in the industry with over 40,000 active nodes.
     

  2. To share the passion and knowledge about cryptocurrencies with everyone, Horizen (ZEN) runs its own educational project called “Horizen (ZEN) Academy”. 
     

  3. Horizen (ZEN) network has tools to send and receive messages and transactions to members, this tool is known as ZenChat.
     

  4. In the world of censorship, a free press is a big challenge, ZenPub provides a platform to journalists all around the world to publish their work and ensures an open and free press.
     

  5. It has its anonymous financial tool just like Zcash named ZenCash.
     

  6. Many developed countries in the world set up firewalls to block cryptocurrency transactions. ZenHide uses proxies to bypass this security.
     

  7. It also has Horizen Developer Environment (HDE) and Horizen Early Adopter Program (HEAP) in which developers can learn and test their skills in the blockchain project.
     

  8. It supports the high level of confidentiality in its network.
     

  9. The creation of blocks is seemingly fast.

 

Disadvantages

  1. It is volatile, volatility shows how quickly the price of crypto changes. The exchange rate of ZEN falls frequently.
     

  2. Lack of clarity in their plans and execution.

 

Current market value

 

 

 

Horizen (ZEN) price is $46.2 at the time of writing. The total market cap of Horizen (ZEN) is $523M. There is a total supply of 11M ZEN coins in the market. The peak price so far for ZEN was $118.36.

 

There was no Initial Coin Offering (ICO) from Horizen (ZEN) side because it was forked from Zclassic, so the coin was inherited from Zclassic on a 1:1 basis. For your information, Zclassic itself was a fork of Zcash. 

 

Horizen (ZEN) is traded on a wide variety of cryptocurrency exchange markets, including the world-famous Binance exchange.

 

Conclusion

 

 

Horizen (ZEN) is expanding its network. The team of Horizen (ZEN) is working hard to achieve its goal. They also have launched various programs for the community. It is among the top 100 cryptocurrencies by market capitalization according to coinmarketcap. It is available to purchase on various exchange platforms. As their network expands the chance of their growth will also increase.
 

Horizen (ZEN) is different from all other cryptocurrencies by any means. It provides a full suite of tools, like ZenPub, ZenChat, ZenHide, and ZenCas and its currency ZEN. With all these features, it has all the potential to become a leading blockchain technology in the world.

If they properly make their plans and systematically execute them then it could provide a great benefit to its investors. 

 

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