What is Horizen (ZEN)?
Horizen —— A Cryptocurrency With A Sidechain Network
- Horizen aims to build a Proof-of-Work (PoW) cryptocurrency, with a Proof-of-Stake (PoS) sidechain platform enabling fully customizable decentralized applications.
- The system has a Bitcoin-like blockchain at the core, with Equihash Proof of Work featuring a delayed block penalty algorithm for additional security.
- The sidechain platform includes a Proof-of-Stake consensus mechanism, and a suite of developer tools and a User Interface made available in the sidechain software development kit that abstracts away the complexities of blockchain construction, deployment, and maintenance.
- The Cross-Chain Transfer Protocol ("CCTP") allows a decoupled sidechain network independent of consensus, programming language, or any other design detail in the sidechains.
- The Horizen coin (ZEN) is used for staking and as gas fee in the ecosystem.
Horizen Key Metrics
Horizen is a fork coin of Zcash fork coin. (Fork route: Zcash-Zclassic-Zencash was later renamed Horizen). Horizen is an inclusive ecosystem where everyone is empowered and rewarded for their contributions. Horizen’s massively scalable platform enables businesses and developers to quickly and affordably create their own public or private blockchains utilizing the largest node network in the industry. Horizen’s Sidechain SDK provides all necessary components for easy and fast deployment of a fully customizable blockchain.
Horizen’s mission is to empower people and bring the world together by building a fair and inclusive ecosystem where everyone is rewarded for their contributions.
Horizen’s sidechain and scaling solution, according to the team, is the first completely decentralized and fully customizable sidechain protocol on the market. The Horizen sidechain platform was created to enable businesses and developers to affordably and quickly create real-world blockchain applications on Horizen’s fully distributed, secure, and privacy-preserving architecture.
Horizen's native cryptocurrency, ZEN, is a mineable PoW coin employing the Equihash (200-9) algorithm. ZEN is integrated on major wallets including Horizen's flagship app, Sphere by Horizen, a multifunctional wallet that serves as an interface with most Horizen products and services.
Zendoo - A Decentralized and Customizable Sidechain Solution
Sidechains are an innovation devised to overcome current limitations regarding scalability and extensibility in blockchain. Sidechains are a parallel platform with desired features that supplement the capabilities of the mainchain without imposing a significant burden.
Horizen’s sidechain platform, Zendoo, enables the deployment of public or private blockchains at scale. Horizen’s Sidechain SDK provides the components needed to build a completely decentralized and fully customizable blockchain.
Zendoo extends the Horizen network from a cryptocurrency to a privacy-preserving platform that scales for commercial applications.
Main Components in Zendoo
Most sidechain constructions consist of three elements:
The Mainchain Consensus Protocol — MCP
The Cross-Chain Transfer Protocol — CCTP
The Sidechain Consensus Protocol — SCP
Depending on the sidechain structure, these components can be either highly dependent on one another or highly decoupled. The Zendoo protocol allows various degrees of freedom concerning the SCP. The Cross-Chain Transfer Protocol serves as a bridge between MCP and all sidechains.
Horizen has the largest incentivized node network in the industry with a multi-tiered node system. Node operators receive 20% of the total block subsidy. Horizen’s geographically dispersed node network provides the required infrastructure to operate an ecosystem of sidechains and applications.
Horizen Project Team
Launched in May 2017 by Joshua Yabut, Rob Viglione and Rolf Versluis of the project. Each founder is a leader in their respective field of expertise and has strong experience and professional cryptocurrency knowledge.
Joshua has extensive knowledge in development management and collaboration networks; and he also has extensive experience in cryptocurrency development and has led the core team of Zclassic to develop the z-nomp mining pool protocol and support the ZCash development community.
Rob's contributions in the cryptocurrency field include: a member of the Zclassic core team, supporting the Bitshares project, responsible for BlockPay's US project & Canadian ambassador program, and acting as a consultant for Bitgate.
Rolf is an experienced entrepreneur in the IT industry and owns a mid-scale Bitcoin and Zclassic (ZenCash) mining business in Alpharetta, Georgia. Rolf brings leadership, management and operational technical expertise to the ZenCash organization.
Horizen Technical characteristics
- Privacy: Zen is a privacy-protecting platform, based on the zero-knowledge concise non-interactive knowledge parameter (zk-SNARKs) technology, and has a decentralized secure node architecture.
- Safety: ZenCash is the first digital currency to be fully encrypted end-to-end at the node and relay node level. In addition to zk-SNARKs, Zen's architecture also includes node-level encryption. The operation of digital currency relies on nodes. We require secure node operators to have the latest information technology and network security, otherwise they will not get paid.
- Anti-tracking: The protected transaction is fully encrypted, but it can be verified as true under the consensus of the entire network. The sender, receiver, and transaction amount are hidden on the blockchain, making Zen completely untraceable.
- Anti-vandalism: Zen has an extremely decentralized network of nodes.