Horizen is formerly known as ZenCash. It is a cryptocurrency platform that prioritizes decentralized software and privacy. Developers Rob Viglione and Rolf Versluis headed a group that released it on May 30, 2017. The project’s objectives are to facilitate the creation of scalable and secure decentralized apps (dApps) and to provide customers with improved privacy features for their transactions. The zk-SNARKs protocol, used by Horizen, enables users to carry out private transactions on a blockchain network. The term “zk-SNARKs” stands for “Zero-Knowledge Succinct Non-Interactive Argument of Knowledge,” and it allows for the verification of transactions without disclosing the specifics to other network users.
ZEN
On the Horizen platform, a cryptocurrency with the name of ZEN is utilized. It is used as a medium of exchange inside the network and may be acquired by miners via the mining process or by operating secure nodes to support the network’s operations. Over 11,700,000 of the 21,000,000 Horizen coins that are available at any one time—the maximum supply—were in use as of November 2021. A multi-tiered node design makes Horizen’s node network one of the biggest. A strong infrastructure is provided by the distributed node network to support a sidechain and application ecosystem, and the operators get 20% of the total block subsidy. The Equihash algorithm is used to mine ZEN, which is an ASIC-mineable cryptocurrency. Blocks pay 60% to miners, 20% to the treasury, and 20% to nodes.
Horizen’s uniqueness
A feature of the Horizen design is the inclusion of sidechains, which are unrelated blockchains connected to the main blockchain. Developers may create and deploy dApps on the platform thanks to these sidechains, which increase scalability without placing undue pressure on the primary blockchain. As a result of the platform’s significant emphasis on community governance, token holders may take part in decision-making via voting and other means. With this strategy, it will be made sure that the interests of the neighborhood are taken into consideration when crucial choices about the project’s future are being made.
Horizen’s potential for profit
Several variables, such as your investment horizon, risk tolerance, and trading style, will determine whether or not trading ZEN is lucrative. A cryptocurrency that prioritizes anonymity, Horizen, has been more popular recently. According to CoinMarketCap, it is the 100th biggest cryptocurrency and has a market valuation of more than $1 billion. The profitability of trading ZEN depends on a variety of variables. A big price increase for Horizen may occur, for instance, if the cryptocurrency industry as a whole keeps expanding. The price of the coin may potentially increase if ZEN can garner greater acceptance on a large scale. Nevertheless, trading ZEN has a variety of hazards. One market where values may change drastically is the one for cryptocurrencies. Furthermore, there is no assurance that ZEN will maintain its current level of success since it is a very new coin. In the end, you will need to decide whether or not trading ZEN is lucrative depending on your particular situation. If you’re thinking of trading ZEN, it’s crucial to carry out a study and comprehend the hazards.
Additional factors to consider when evaluating the profitability of trading Horizen
Here are some additional factors to consider when evaluating the profitability of trading Horizen:
- The current price of Horizen
- The historical price volatility of Horizen
- The overall cryptocurrency market
- The adoption rate of Horizen
- The technical analysis of Horizen
- Your investment horizon and risk tolerance
Always remember, when trading Horizen or any cryptocurrency, success is not guaranteed. Put research first, and only invest what you can afford to lose. Make prudent and well-informed decisions.
