Horizen (ZEN): A Secure and Anonymous Blockchain

Blockchain technology has evolved dramatically since it was first conceptualized more than four decades ago. There are hundreds of blockchains running today, and more are in development. While they generally embrace established technology, one network continues to push the envelope to advance the technology further. By doing so, it strives to enhance blockchain’s real-world utility.

Key Takeaways:

• Horizen is a blockchain network designed with a cross-chain transfer protocol that supports the development of real-world applications.
• Horizen offers a myriad of features in its ecosystem, such as Zendoo, ZenNodes, Sphere, Academy and the HCC.
• Looking to trade Horizen tokens? Bybit offers the ZEN/USDT Spot trading pair and ZENUSDT Perpetual Contracts for trading.

What Is Horizen?

The Horizen blockchain ecosystem utilizes an advanced protocol, the ZEN token and a series of sidechains that collectively support the development of advanced decentralized applications (DApps). The team’s developers and engineers have created a platform that’s based on core concepts like transparency, privacy and advancing blockchain technology. With its modular protocol, the Horizen ecosystem acts as a truth engine. The core blockchain ensures that sidechains have followed predetermined rules. Modularization allows for extensive scalability, flexibility and creativity in the development of applications.

History of Horizen

When Horizen was originally introduced in May 2017, it was known as ZenCash. On Jun 2, 2018, the network endured a 51% attack, which resulted in three double-spend transactions totaling more than 33,000 ZEN. The project’s developers improved the consensus mechanism, which ultimately increased the difficulty for future attackers. Changes implemented at that time have since been adopted by other blockchain projects. The project was renamed Horizen in August 2018 to preempt confusion that the project may simply be a cryptocurrency, while it also eliminated confusion with the unrelated Zcash project.

What Does Horizen Aim to Achieve?

Horizen has been developed to progressively advance blockchain technology by concentrating on research and development. With a focus on zero-knowledge proof technology, the network strives to introduce products that have real-world utility. Both its engineering and research and development teams have built and are continuing to refine a permissionless blockchain network with optimized utility. Horizen’s additional goals are to incentivize its stakeholders and create a funding model that’s sustainable.

How Does Horizen Work?

Horizen is a zero-knowledge–enabled network that functions with an advanced consensus protocol. Its modularization allows for enhanced scalability to support a growing number of DApps. Developers have access to a wide range of advanced tools to support their projects, and can easily create and launch their own tokens using Horizen’s TokenMint app. Horizen EON is a sidechain/smart contract platform that’s compatible with EVM. Secure nodes and super nodes use a decentralized system and support the many applications on the sidechains.

Features of Horizen

The Horizen blockchain is an advanced network that continues to be enhanced by its engineers. The team has already developed numerous features that allow for greater adoption, improved security and enhanced application development. 

Zendoo

As Horizen’s cross-chain transfer protocol, Zendoo, supports a next-level experience for developers. Specifically, it allows them to build sidechains and features a modular design that facilitates the development of advanced, zero-knowledge applications that have real-world utility. Zendoo is designed to be private, transparent, decentralized and permissionless.

ZenNodes

ZenNodes support Horizen’s extensive sidechain ecosystem. While Horizen originally used a centralized system, it transitioned to a decentralized system to address computational challenges. Secure node operators must stake 42 ZEN, and super node operators must stake 500 ZEN. In addition, super node operators function with half the response time required of secure node operators, and they have fixed computation and storage requirements. Horizen’s mining profit calculator enables users to quickly estimate their returns for contributing to the network in this way.

Sphere

Sphere is the official Horizen wallet. This desktop wallet can be downloaded on Mac, Windows and Linux. It offers private keys, a memo field and a transparent address multisig. Horizen also works with third-party wallets, including Abra, CoolWallet, D’CENT Wallet, DDT Wallet, Guarda Wallet, Ledger, Metal Pay and several others.

Academy

The purpose of Horizen Academy is to improve the knowledge of Horizen’s users. It offers free articles designed for those of all skill and knowledge levels to benefit from. Users can choose from a wide range of core topics. Through links within the articles, users can then explore related topics to further expand their knowledge of various concepts.

HCC

The Horizen Community Council, or HCC, is responsible for the governance of the Horizon blockchain. It links together all of the Horizen ecosystem participants. The HCC serves as a stepping stone for the creation of a sustainable and decentralized governing body. In addition to addressing governance, the HCC evaluates ZenIP proposals to improve Horizen.

Horizen Road Map

Shortly after the project launched as ZenCash in 2017, features like ZenChat, the TLS/SSL certificate, wallets and a node system were established. Over the next several years, the project was renamed Horizen, the zkAudit POC was launched, the cross-chain transfer protocol was developed and numerous other aspects of the platform were introduced. Looking forward, Horizen Global and the Horizen DAO will launch. The cross-chain transfer protocol will offer enhanced interoperability with other SDKs, more zero-knowledge tools will be introduced and additional improvements will be made. Due to the project’s own research and its focus on progressing blockchain technology, improvements are likely to continue well into the future.

ZEN Tokenomics

ZEN is the native token of the Horizen network. This deflationary token must be staked by users who wish to build nodes. It’s also used to pay gas fees. In addition, mining profits are paid in ZEN tokens. 

The finite total supply of ZEN tokens is 21 million, and the circulating supply is over 14 million. 

ZEN Price Prediction

As of Aug 28, 2023, the current price of ZEN is $6.75, down 4.7% over the last 24 hours. The current market cap is $94.6 million, with a 24-hour trading volume of over $5.5 million, which represents an increase of 146.3% over the past day.

The highest price paid for ZEN was $165.92 on May 8, 2021, so the current price is down 95.95% from that high. In contrast, the all-time low was $3.26 on Oct 17, 2019, or 106.02% below today’s price.

Many price sources have analyzed ZEN, and predict that its price will increase over the next several years. DigitalCoinPrice projects that ZEN could reach $15.39 by the end of this year and $32.24 by the end of 2026, with the potential to reach $38.51 in 2028, $73.65 in 2030 and $136.76 in 2032.

Where to Buy Horizen (ZEN)

Whether you want to stake ZEN to be a secure node operator, or you need to pay fees as an application developer using the Horizen network, you need convenient access to new ZEN tokens. Bybit offers the ZEN/USDT Spot trading pair as well as ZENUSDT Perpetual Contracts. To trade ZEN, you must have an active Bybit account that’s properly funded. If you haven’t yet created an account, you can begin the short registration process by selecting the Sign Up link on the homepage.

Is ZEN a Good Investment?

Horizen stands out from other blockchain projects in several key areas. While many projects launch with the intent to offer the latest technologies in different ways for users’ benefits, the Horizen blockchain has consistently operated with the goal of progressively innovating in this key area. Since the project launched in 2017, its engineers have worked tirelessly to move the dial. With the DAO launching soon, the Horizen community will be able to voice their preferences for the direction of the project going forward. Because of its steady focus on research and development, Horizen isn’t likely to stagnate.

Numerous respected sources have analyzed large volumes of data to predict Horizen’s future price. While the actual estimates vary, many anticipate a consistently upward trend over the next decade. However, each investor should conduct their own research before making any type of financial investment.

Closing Thoughts

Horizen is a zero-knowledge-enabled network that supports developers, blockchain enthusiasts and investors. With Horizen’s commitment to focusing on continued research and future development, this may be a blockchain project that deserves a deeper look.

#Bybit #TheCryptoArk