Horizen (ZEN) is an open-source decentralized cryptocurrency formerly called ZenCash. Just like ZenCash, the ZEN cryptocurrency platform provides complete privacy and anonymity for its users. Horizen Cryptocurrency (ZEN) is a peer-to-peer electronic money system, a media system, and an anonymous secure messaging network.
To ensure complete privacy, anonymity, and security for its users, Horizen uses protocols such as zk-SNARKS, TLS integration, distributed publishing, client-to-site encryption, and end-to-end encryption. These technologies allow users to choose the desired level of transparency and anonymity for their digital assets, messages, and publications.
Horizen cryptocurrency was built on top of ZClassic (ZCL), which in turn was built on ZCash (ZEC), which in turn was a copy of Bitcoin (BTC) with changes aimed at privacy. We can say that the Horizen cryptocurrency is already the 3rd generation of secure Bitcoin, which was created specifically to provide maximum security and privacy.
Features of Horizen
The developers set out to develop not only ZenCash digital money but also a whole platform for user interaction while maintaining their privacy. To a certain extent, the community was offered an analog of a social network.
Technically, the ZenCash cryptocurrency differs little from the originals:
- mining algorithm (Equihash);
- consensus-building protocol (Proof of Work);
- The maximum issue volume is 21 million.
The system for calculating rewards to miners has undergone certain changes – they receive 88% of the mined coins. The remaining 12% is split between funding for new developments, support for distributed nodes, and developers.
The distinctive features of ZenCash are precisely the priority in the development of communications. Within the framework of the project, it is planned to develop the following capabilities:
- the anonymity of transfers based on advanced Zcash technologies;
- the formation of a decentralized network based on distributed and reliable nodes to protect the confidentiality of all its participants;
- the security of publications and messaging is also based on the anonymity of the network.
Complete decentralization
Most of the problems noted can be solved through decentralization. Horizen stands out from others in that it acts as a completely decentralized system. It implies that when users send coins, they bypass the regular system as the operations are peer 2 peer-based.
ZK-snarks (zero-knowledge proofs)
It is a cryptographic construct that examines the degree of formal logic in solving complex problems. The adoption of zero-knowledge evidence was adopted at Horizen when it was found that cash flow analysis and tracking could be used to de-anonymize transactions.
A system of nodes that help keep the system decentralized, secure, reliable, and accessible
Unlike standard cryptocurrencies, Horizen categorizes nodes to ensure that all transactions are decentralized and secure. For example, master nodes help secure the network and speed up transactions. The coin also supports decentralized governance.
The supernode system supports a layered Zen architecture to help store the state of master nodes and secure nodes.
Extended performance system
These additional features are designed to make Horizen more attractive and valuable to users. ZenChat is a unique feature of the Horizen protocol that allows users to communicate in an encrypted manner on the ZEN system. Messages are limited to 512 characters.
ZenPub is a unique feature designed to help users work in complete anonymity. The purpose of this feature is to completely protect custom operations from the authorities to avoid third-party hijackings. This feature hides users with a domain search by connecting the user to a Content Data Network (CDN).
What are the advantages of Horizen?
- Horizen has one of the largest node networks in the industry with over 40,000 active nodes in 56 countries, a passionate worldwide community, and a team of over 50 professionals;
- It has its educational project. It is called Horizen Academy. Its main goal is to share knowledge and passion for cryptocurrency and blockchain technology with everyone;
- The ZEN network has tools that allow you to send messages to network members and make private or public transactions. These tools are called Horizen’s ZenChat and Sphere;
- Horizen is committed to supporting and encouraging community contributions to its open-source project through its Horizen development environment and the Horizen Early Adopter program, which enable developers to test, learn and contribute to the blockchain project. Horizen Developer Environment offers rewards in exchange for completing tasks;
- High level of confidentiality;
- Fast block creation.
What are the disadvantages of Horizen?
- Volatility, frequent falls in the exchange rate;
- Some people think the ZEN roadmap is not detailed and needs more clarity.
However, what makes Zen special is its approach to building a set of tools, not just a currency, that can guarantee a safe place to work in complete privacy.
