The Best Crypto Exchanges to buy and hold Horizen (ZEN)

The Best Exchanges to buy and hold Horizen (ZEN)?

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Horizen (ZEN), launched in May 2017 and formerly known as ZenCash, is a scalable privacy-based platform supported by the industry’s largest network of nodes. The platform focuses on providing a way for businesses and developers to quickly and inexpensively create their own public or private blockchains. Zen trades at $56 per token, with a circulating supply of around $11 million and a market cap of $640 million.

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How does Horizen work?

The Horizon Network uses two of the most common consensus algorithms in blockchain technology: Proof of Work (PoW) and Proof of Stake (PoS). For consensus, the main chain of the network uses the PoW algorithm and the side chains use a modified version of the PoS protocol.

In 2018, Horizen proposed and introduced the sidechain model, which is a split consensus among chains. The main purpose of this model is to perform secure and decentralized cross-chain transfers without the need for mainchain nodes to be tracked to verify sidechains.

Horizen relies on a multi-tier node system, touted as the largest node network in the industry. At the time of writing, the Horizen network has approximately 45,000 active nodes. This network of nodes is geographically diverse and thus distributed. The project claims to be the first network of nodes to incorporate TLS end-to-end encryption between nodes.

Horizen is said to utilize this massively and geographically dispersed node system to improve the scalability, stability, security and speed of its network. There are three types of nodes: regular full nodes, secure nodes, and super nodes. Let’s take a closer look at each type.

NormalFull Node

All public blockchains utilize full nodes to verify or verify transactions. In Horizen, a normal full node holds an up-to-date copy of the Horizen blockchain and usually acts as a wallet running an instance of the core software.

SecurityNodes:

There are approximately 41,000 active secure nodes, and as the name suggests, secure nodes provide security to the Horizen network through distributed and end-to-end encryption.

SuperNodes:

There are approximately 3,700 active supernodes in the network. Supernodes will improve the network and allow Horizen to run the sidechain platform. As a result, the network can have unlimited blockchains and decentralized applications ( DApps ). Supernodes also enable tracking and payment of secure nodes that will go on-chain.

As mentioned earlier, Horizen was formerly known as Zencash. Zencash is branched from ZClassic, which is a branch of ZCash, a clone of Bitcoin (BTC). As a result, Horizen succeeded ZCash’s privacy-preserving technology, Zk-SNARK ( Zk-SNARK ; Zero -Knowledge Succinct Non-Interactive Argument of Knowledge). Snark proves and shows transactions only mathematically, without revealing anything else to the user. Snark allows Horaigen to provide a scalable, privacy-based solution without compromising decentralization and security.

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What is Zendoo?

Horizen provides decentralized, scalable security and privacy-based solutions focused on enterprise applications. The project has evolved since the days of Zencash and now offers Zendoo, an innovative sidechain infrastructure that solves scalability issues such as slow transactions and high fees. Currently, Gendoo is running on Horizen’s testnet, so we can’t see it on the mainnet yet.

A sidechain is a separate, independent blockchain that runs in parallel with the mainchain. It provides additional features to support the main chain without compromising speed and stability. As a result, Horizen can provide businesses and developers with a fast and inexpensive way to create blockchains and DApps on Horizen network. Horizen has several partners, including CEL (Celsius Network) and IOTA ( IOTA ).

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What is Zen Network?

Horizen also provides a native cryptocurrency, Zen, to miners, node operators and validators. Both the miners and validators on the PoS sidechain, who provide the authority to solve PoW calculations on the main chain, the network will reward them with newly mined tokens. In addition to being rewarded for mining, Zen has an optional privacy feature that allows users to control their digital trails, which can be done through two types of addresses:

T-Address:

This type of address is similar to the general address that users use for transactions. Transactions are publicly and transparently recorded on the blockchain just like regular transactions.

Z-Address:

Also known as ‘hidden address’ because transactions between these types of addresses are completely private and anonymous. Z-Address hides personal information such as deposit and withdrawal addresses and number of tokens transferred through the zero-knowledge proof technology mentioned above.

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Who is behind Horizen?

In May 2017, Robert Viglione and Rolf Versluis co-founded Horizen. The Horizen project is managed by the Zen Blockchain Foundation, a non-profit organization that manages the core team in terms of blockchain development. The two co-founders also co-authored a white paper with crypto venture capitalist Jane Lippencott.

Rob Viglione is currently the Chief Executive Officer of Horizen Labs and Co-Founder and President of the Zen Blockchain Foundation. Prior to Project Horizen, he was a software project manager for the US Air Force, where he worked as an analyst at Tecolote Research and Lanmark Technology. Viglione holds a PhD in Finance, an MBA in Finance and Marketing, and a BA in Physics and Applied Mathematics from the University of South Carolina. He is also a former advisor to Aave and HeroEngine.

Rolf Versluis is currently Chief Advisor at Horizen. He has experience working with Cisco Systems in the semiconductor industry and served as a Naval Officer in the US Marine Corps. He also founded North Georgia Crypto Mining, a cryptocurrency mining service provider, and currently works as an operator and technical consultant for a cryptocurrency mining facility. He received a degree in electrical engineering from the U.S. Naval Academy and received training in nuclear engineering from the U.S. Naval Atomic Energy Program.

Jane Lippencott is a former member of the founding team. She is a former employee of Winklevoss Capital, where she has invested in several cryptocurrency companies such as Chainlink, Aave, and Synthetix. Lippencott is currently a member of All Rise’s 2021 VC collective, an advisor to Teller Finance, and a mentor to CeloCamp, Open Web Collective, and Gitcoin. She holds a BA in Business Administration from the Darla Moor School of Business.

Horizen has never conducted an ICO ( Initial Coin Offering ). However, Grayscale Investments, which manages cryptocurrency investment funds, has created a new fund around Horizon. In 2018, Grayscale purchased ZEN tokens worth $6.3 million at the time for the Horizen Trust.

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Zen price history

Zen is up more than 1500% from $5 in November 2020 to $81 in mid-February 2021. In particular, the rally between February 9th and February 19th may have occurred after news of the partnership and listing on cryptocurrency exchanges became known. Sadly, Zen’s price immediately adjusted itself and after a few days fell about 40% to $42.

As with most cryptocurrencies, the token price has risen during the bull market in the cryptocurrency market. At this time, the price of Zen rose 250% to its all-time high of $147 on May 19th, but plummeted the next day. Currently, Zen is trading at $56, down about 40% from its historical high.

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Is Zen Coin a Good Investment?

Zen is ranked 110th by market cap. Similar to Bitcoin (BTC), the Zen Token has a total supply of 21 million and periodically halves the block reward. The first halving event took place in December 2020 and the number of Horizen rewards generated per block has been reduced from 12.5 zen to 6.25 zen. As mentioned earlier, miners and node operators receive newly mined tokens as a reward. Of the total block rewards, 60% were miners, 10% secure node operators, 10% super node operators, and 20% Horizen DAO (Decentralized Autonomous Organization) Treasury.

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What is the future of Horizen?

As mentioned earlier, Gendoo is still on the testnet. According to the Horizon Roadmap, the sidechain protocol will transition to mainnet in the third quarter of this year. When Zendoo transitions to mainnet, it means that the project has fulfilled its promise, which may increase the value of Zen tokens accordingly.

There is news that a major US cryptocurrency exchange is trying to support Zen. Historically, cryptocurrencies on this exchange have generated quite a bit of buzz and their prices have risen as soon as they go public. Once Xen passes rigorous technical and compliance reviews and the token goes public, we can expect a short term bullish.

Horizon is currently one of 13 ‘Investable Institutional Grade Projects’ on Grayscale. Grayscale’s managing director said Horizen has a good team and good technology. And he added that in the future, he believes that companies using blockchain technology will pay a premium for privacy-based applications. When Grayscale supported the Horizon project, Horizen gained trust from established companies as well. Because of this conviction and the project’s vast network of nodes, Horizen is likely to be the first choice for companies looking for a decentralized, scalable, and secure privacy-based blockchain solution.

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Summary

Horizen, formerly known as Zencash, is a decentralized and scalable platform focused on providing businesses and developers with a fast and affordable way to create their own blockchains and DApps. This project relies on the sidechain protocol Gendoo to create a separate blockchain. These separate blockchains complement the functions of the main chain without compromising speed and stability, making it possible to create blockchains and DApps inexpensively and quickly. The project also utilizes Snark, a zero-knowledge proof encryption that leverages the industry’s largest network of nodes for transaction verification and enhances privacy and security. The project has potential as it is supported by Grayscale Investments, a major digital currency investment institution, and has increased reliability among companies, increasing the likelihood of adopting Horizen as their blockchain solution.

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