Horizen (ZEN) Research

Horizen (ZEN) Research Details

Horizen (ZEN) Horizen

INTRODUCTION

Horizen is a blockchain ecosystem that focuses on privacy and scalability using side chains. The platform gives companies and developers the ability to build their own decentralized applications and public or private blockchains on its distributed network.

The project's sidechain solution is Zendoo, a verified cross-chain transfer protocol. A zero-knowledge proof protocol (zk-SNARK) isalso included in the project to guarantee safe communication with the sidechains.

The network employs zero-knowledge proofs, a cryptographic technique that enables transactions to be passed without disclosing who the transaction involves enabling users to utilize the system and its native ZEN currency secretly. The ultimate goal is to develop highly private smart contracts, which are computer programmes that run automatically when specific circumstances are fulfilled.


HISTORY AND FOUNDERS

Horizen was launched in May 2017 by Robert Viglione and Rolf Versluis. The Horizen project is managed by the Zen Blockchain Foundation, a non-profit organization responsible for managing the main blockchain development team. Additionally, the two co-founders worked with Jane Lippencott, a cryptocurrency venture capitalist, on the initial Whitepaper.

Rob Viglione is the CEO of Horizen Labs presently. Additionally, he co-founded and serves as president of the Zen Blockchain Foundation. The Executive Advisor of Horizen is Rolf Versluis.

The Horizen platform has never conducted an ICO (ICO). However, Grayscale Investments, a company that handles cryptocurrency investment funds, has developed a brand-new fund that is committed to Horizen. Grayscale acquired a lot of ZEN tokens for $6.3 million for their Horizen Trust in 2018.


REASON TO BUILD THE PROJECT

Horizon was built to address the concerns of interoperability and scalability, both of which have affected the blockchain industry for years and must be done in order to go further.

Horizen is highly recognized in the cryptocurrency community for creating and providing zero-knowledge-based blockchain technology and for creating one of the first scaling solutions of this nature. Its blockchain network offers a unique sidechain technology that enables developers to build their own scalable blockchains and handle tens of thousands of transactions per second.

Blockchain interoperability is made possible through Horizen's Zendoo protocol, which makes use of SNARK verification. The protocol allows the project to give total flexibility in terms of speed, consensus, sidechain type, and privacy. The network can handle up to 10,000 sidechains and has a throughput capacity of 10 million transactions per second, which is close to the peak of crypto scalability and interoperability.


BASE OF PROJECT

Horizen states that it makes use of its huge and widely dispersed node system to raise the scalability, stability, security, and speed of its network. The different nodes with their specifications are:

·       Regular Full Nodes: All public blockchains use full nodes to validate or verify transactions. These daily full nodes on Horizen often function as wallets running instances of the platform's core software and hold the most recent copy of the blockchain.

·       Secure Nodes: There are around 41k active Secure Nodes. These nodes, as the name indicates, provide security to the Horizen network through decentralization and end-to-end encryption.

·       Super Nodes: There are around 3.7k active Super Nodes on the network. These nodes improve the network and enable Horizen to run a sidechain platform.


USE CASE

ZEN is utilized as the Horizen network's native currency. Transactions on Horizen can either be open or hidden. Shielded transactions work with secret addresses and transaction amounts whereas transparent transactions function similarly to Bitcoin with public addresses and transaction amounts. Shielded transaction users have the option to selectively provide transaction metadata for regulatory compliance or auditing purposes.

ZEN is the energy source for sidechains and is utilized as a store of value, network fees, and payment method.


MAJOR NEWS AND EVENTS

DATE

NEWS/EVENTS

IMPACT

14/09/2021

Coinbase has announced the listing of the cryptocurrency Horizen

+28% Increase

22/04/2021

Grayscale has added large numbers of altcoins that includes horizen (ZEN) and livepeer (LPT)

+26% Increase


CONCLUSION

Horizen, formerly known as ZenCash, is a decentralized and scalable platform that focuses on giving companies and developers an efficient and cost-effective means to build their own blockchains and DApps. The project depends on Zendoo, a sidechain protocol it uses to build multiple blockchains. These independent blockchains enhance the functionality of the mainchain without affecting speed and reliability, enabling the fast development of low-cost blockchains and DApps. Additionally, the project makes use of zk-SNARK, a form of zero-proof cryptography that increases privacy and security, and the largest node network in the sector for transaction verification. The project has potential since it is backed by Grayscale Investments, a reputable organization for investing in digital currencies.


DISCLAIMER

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto products are currently unregulated and subject to market risk. Please seek independent financial advice or do your own research before investing.