Horizen, which was previously called ZenCash is a newly launched cryptocurrency attracting countless crypto enthusiasts with its focus on security and privacy. The coin has gained immense traction with its privacy feature, which has also led to the anticipation that it is Bitcoin’s great-grandson. This decentralized blockchain network can be used for private, public, and anonymous transactions. It can also be used for publications and communications. The cryptocurrency used in the Horizen ecosystem is denoted by the symbol ZEN, which has a total supply of 21 million.
This short guide will explain what Horizen is designed for, the team behind it, the way it works, and the various uses and applications.
What Is Horizen Designed For?
With Edward Snowden’s claims that the NSA has a “collect all” process in place that attempts at collecting, monitoring, and storing all forms of human communications on earth, it can become very disconcerting for the average human being.
Horizen is working on a technology platform, which offers optional privacy features to enable an inclusive ecosystem that is application-rich. The ecosystem shall provide people with the freedom they require with everyday usability. Horizen believes that privacy doesn’t refer to hiding something. It means that you have something to protect. For this purpose, the team has designed Horizen to allow people to gain the right to the ‘self’.
Who Is The Team Behind Horizen?
Ron Vigilione currently heads the Horizen team. He is also the founder of William Wolf and ZenCash. Vigilione is a former physicist and mathematician with experience working on Bitshares, BlockPay, Zclassic, Seasteading, and Bitgate.
The crypto platform is backed by a hardy team of veteran coders and software developers. They are very regular with their updates. Rolf Versluis is the Executive Advisor and an important member of the core team. He has prior experience at Cisco Systems, the semiconductor industry, and the US Submarine force as a nuclear-trained officer.
How Does Horizen Work?
Horizen makes use of zero-knowledge Succinct Non-interactive Arguments of Knowledge (zk-SNARKs) technology to follow through with private publishing, communication, and transactions. The tech is the backbone of the Zen network and now the Horizen network. It allows for full encryption of all communication on the network.
A secure node system is used by the blockchain platform to relay data by using connecting nodes. The data is then delivered by the core protocol. This helps in enforcing strict privacy requirements and encryption of network data. ZenChat service is used to deliver secure messages by the core protocol.
Masternodes protects the blockchain from network attacks. The bonded validator systems help in fastening transactions and support in the creation of decentralized governance.
What Are Current and Future Applications of Horizen?
There are multiple use cases to Horizen since anonymity and security is built-in at the most basic protocol level. ZEN can be sent with private and anonymous messages through off-the-grid transactions to include context to payments.
There are many long-term use cases of Horizen as well. Some of these include:
Decentralized asset exchange (DEX) – This provides the ability to host and issue new crypto tokens in a decentralized manner
Governance as a Service (GaaS) – Horizen has opened up its governance model and open-source platform for other initiatives to use as they deem fit
Selective proof of title for a property – Horizen can be used for property management by securely transferring ownership of a property digitally through a trustless system
P2P insurance – Members pool their resources in this system to deal with insurance premiums and other coverage
Decentralized banking services – Blockchain mediates the ability to borrow and lend
The team behind Horizen understands that it is critically important that ZEN be used as a real currency to make real purchases. This is the reason behind them connecting with various crypto-payment providers, such as Paytomat, Anypay, Netcents, and Coin payments. They are also constantly striving to add new merchants, which gives power to the people to plug into the economy and make use of ZEN to purchase goods and services with privacy.
ZEN is designed to be used in long term operations, which involve full end-to-end encryption at both node and internode level. This is a huge benefit to long-term investors, especially the ones who are in the business of betting on privacy-centric solutions in the crypto market.
There is a low barrier to entry where Horizen is concerned in terms of setup and usage. The team also focused on the roadmap. They have been achieving all quarterly milestones in time. This shows that Horizen is a crypto that is here to make waves.