Horizen’s sidechain architecture unlocks a lot of potentials, especially as far as real-world use cases are concerned. Through it, cross-chain transfers allow decentralized side chains to be separate blockchains tied to the original blockchain. This will give you a better overview of this zero-knowledge-enabled network of blockchains project. In this Horizen review, let’s find out through the article below.

What is Horizen?

Horizen (formerly known as Zencash) launched on May 30, 2017, is a Fork of Z Classic. Besides, Z Classic is a Fork of Zcash, and Zcash is another Bitcoin Fork.

Ensure data integrity and freedom of privacy by enabling real-world use cases with the most secure interoperable blockchain ecosystem. Horizen’s sidechain platform that focuses on data privacy is scalable and allows businesses and developers to custom-build their own public or private blockchains using blockchain technology. Its unique side, is Zendoo.

Its goal is to create a cross-functional Blockchain Platform. Let people use every day as a privacy currency, private messaging app, and media anytime, anywhere.

What problem does Horizen solve?

Many projects and other anonymous coins need to provide full anonymity or easier to expand the ecosystem around their anonymous Coins.

Horizen doesn’t just offer its one native token, ZEN. The project also provides tools that allow developers to build Sidechains with Horizen, thereby expanding the project’s ecosystem.

What’s outstanding about Horizen?

The industry’s first fully customizable and decentralized sidechain protocol solves the biggest problems applying blockchain solutions to real-world use cases.

A new project

A revolutionary system of blockchains with decoupled consensus linked via Common Cross-Chain Transfer Protocol (CCTP) – infinitely scalable, fully configurable to meet heterogeneous needs and include integrated incentives for endogenous growth.

Scalability and flexibility

Zendoo uses a modular protocol that emphasizes functionality over design choices. Any rule can be implemented as a sidechain with this framework – whether it is blockchain or other computer systems. This modularization allows great scalability, freedom of application design, and flexibility so that any component can be changed over time.

Decentralization

Zendoo is decentralized in all its components. Decentralization provides resiliency and reliability to the network. The Zendoo sidechain platform is driven by a well-accepted cryptocurrency, ZEN, and backed by the industry’s most extensive node infrastructure. Furthermore, Zendoo does not rely on third parties for reverse transfers, eliminating the need for trustworthy and honest parties.

Privacy and Auditability

Zendoo verifies the sub-chain by the main chain without knowing the internal structure of the sub-chain. The Zendoo SDK provides tools that enable the creation of verifiable and privacy-preserving blockchain applications, a requirement for many real-world applications.

Easy Deployment with Sidechain SDK

Zendoo has an SDK that includes all the necessary components to build blockchains in a single toolbox. This allows developers to focus only on specific features of their blockchain instead of low-level tasks, making deploying a complete blockchain much easier and faster.

Horizen Review: Products and Services

Zendoo

Zendoo is a zk-SNARK-enabled verifiable cross-chain transfer protocol. It powers a fully decentralized and privacy-preserving blockchain network with massive throughput and scalability.

Sidechains are a fascinating innovation to enhance existing blockchain systems. It enables the scalability and scalability of the blockchain. The value of sidechains is undervalued, and we seek to grow the field.

Zendoo a universal structure for Bitcoin-like blockchain systems. One sidechain structure, Latus, leverages zk-SNARK techniques to establish verifiable and decentralized cross-chain transfers. Both designs allow creating and communicating with different side chains without knowing their internal structure.

Zennodes

Anyone can run ZenNode and earn passive income, even without technical skills. Hosting nodes with the platform’s moderated third-party providers is a quick and easy way to start earning node rewards. There are currently 37,978 active Horizen nodes.

The Horizen Secure Node System is a single compensated blockchain network with advanced client-to-node and node-to-node encryption. The system is designed to rapidly and massively decentralize the blockchain network to provide unparalleled censorship resistance and net capacity and lay the infrastructure for a high-performance privacy-oriented platform.

Just follow these 3 steps:

Sphere

Sphere by Horizen is a multifunctional app allowing people to control their privacy and finances.

Wallet function:

• Supports both transparent and protected transactions
• Support web wallet and paper wallet
• Money can be restored using the seed phrase
• Support for reverse and forward conversion between Horizen main chain and sidechains

Academy

This is Horizen’s educational center for blockchain technology where you will find expertly written tutorials on the topics of decentralized ledger technology, cryptocurrencies, and the exciting world of blockchain technology of Web3.

Horizen Community Council (HCC)

HCC deals with governance issues and organizes community reviews of Horizen Improvement Proposals (ZenIP) and other topics of interest. The organization enhances community-conscious decisions by allowing the community to become more involved in the collaborative leadership of the Horizen ecosystem. In the initial phase, HCC focused on establishing protocols and best practices to ensure proper governance of this ecosystem.

HCC’s mission is to implement and maintain fair and healthy governance in its ecosystem. The Horizen Community Council (HCC) bridges the global Horizen community, the Zen Blockchain Foundation (ZBF), and other participants in this ecosystem. HCC is an essential step in Horizen’s roadmap to the DAO and commitment to sustainable governance and fully decentralized.

Components of HCC:

• Member of HCC
• Dashboard
• Community Engagement Group (CIG)
• Zen Improvement Proposal (ZenIP)

Horizen Review: Tokenomics

ZEN is a native token designed to be the main payment currency in Horizen’s ecosystem.

At present ZEN is mainly used to do:

• Mining block rewards for Miners, Secure Nodes, and Super Nodes.
• Used as a reserve fund for the development of Horizen’s ecosystem.
• Transaction Fees.
• Payment currency: in some locations, the service accepts ZEN as the payment currency.

Horizen uses a Proof of Work (PoW) consensus mechanism to maximize the security and distribution of Horizen’s native token, ZEN, throughout the Horizen ecosystem.

ZEN uses the Equihash consensus algorithm and therefore, This blockchain supports ASIC mining. ZEN uses secure nodes that are important to the network, and they serve a single purpose and they have TLS encryption that can allow communication between nodes.

Some basic information about ZEN:

• Ticker: ZEN
• Blockchain: Horizen’s Own Blockchain
• Consensus: POW
• Block Time: 2.5 Minute
• Block Reward: 12.5 ZEN Per Block
• Total supply: 21,000,000 ZEN
• Circulating Supply: 13,555,213 ZEN (65% of total supply)

Horizen Review: Fee

The Transaction Fee will be charged when transferring ZEN on Horizen’s Blockchain. In addition, when trading on exchanges that support ZEN, you must bear withdrawal, deposit, and trade fees, which will depend on each exchange’s fee schedule.

Summary of the 51% hack of ZEN in 2018

On June 2, 2018, the Horizen network (ZenCash at the time) was the target of a 51% attack. One of ZenCash’s exchange partners was then the victim of that attack, and in it, a bad guy could spend their ZEN coin up to 2 times. This attack resulted in $600,000 being stolen, and this caused the price of ZEN coin to drop by nearly 50% in less than a month.

Within the first hour of the attack, ZenCash’s early warning system crashed. The response team immediately took measures to reduce damage and significantly increase the difficulty of the attacks network in the future. On the same morning of the attack, the group released an official statement that included the sequence of events, addressing community concerns, notifying the community of the attack, and its actions.

June 6, 2018: Horizen co-founder and team leader, Rob Viglione, released a statement “The attack was a terrible event, but the fact that made Horizen stronger, the team. The project developer is also working on some solutions that can protect the project from 51% attacks.”

Horizen’s solution:

• Horizen improved the original Satoshi consensus algorithm by creating a penalty mechanism to punish malicious miners. Create a penalty mechanism for late block reporting. The penalty affects people who try to mine blocks in private and then put them on the chain. Malicious actors will be penalized based on block height.
• On June 14, 2018, it released a whitepaper proposing a new adjustment to Satoshi Consensus that would prevent the possibility of launching similar attacks against any cryptocurrency system electronics run POW anyway.
• On August 22, 2018, ZenCash changed its name to Horizen to start a new beginning.
• On September 7, 2018, Horizen’s advanced consensus code went live on the testnet.
• On September 24, 2018, this network successfully upgraded its core software to ZEN 2.0.15, and the enhanced consensus algorithm went live on the mainnet. Since then, Horizen has never been hacked again.

Conclusion

Above is our sharing about Horizen and ZEN projects. I hope you guys have had an overview of this project.

Overall, Horizen has made itself stand out from the crowd of privacy coins by moving away from the focus on total anonymity and privacy. The full suite of tools offered by Horizen appeals to individuals and business users, which could be the key to ZEN adoption.

Although the system had previously encountered an unfortunate hack that made users’ trust less, Horizen is different now, adding a multi-tiered node system with over 40 000 fully distributed nodes. These nodes ensure that the network remains secure and add reliability and speed.

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DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.