What is Horizen (ZEN)?

A blockchain ecosystem must have three features: decentralization, security, and scalability, to provide a robust infrastructure for payments and decentralized applications (dApps). However, popular blockchains like Bitcoin and Ethereum have been unable to encompass all three of them. Horizon is a decentralized blockchain platform based on zero-knowledge technology to offer users high speed, throughput, reliability, and privacy. 

Horizon ecosystem consists of the mainchain- Horizon blockchain, sidechains, Zendoo, Horizon Labs, Sphere wallet, and more. It enables interoperability and peer-to-peer transfer of assets between mainchain and sidechains through the Cross-Chain Transfer Protocol- Zendoo. Horizen’s ecosystem is fueled by its native asset- ZEN, a PoW-based minable coin that serves for payments, transaction fees, collateral, and governance purposes.

Who are the Founders of Horizen?

Originally, Horizen was launched in 2017 as ZenCash and was forked from privacy-focused blockchain Zclassic (fork of Zcash). ZenCash underwent a rebranding in 2018 with the name Horizen as we know it. It was co-founded by Dr. Robert Vigilone, a scientist who has also been an advisor to leading blockchain projects like Aave. The other co-founder, Rolf Versluis, has extensive business experience and a working background in IT companies like Cisco Systems.

How does Horizen(ZEN) work?

Horizen’s architecture enables the creation of multiple side chains that can be designed for specific applications and have their own custom transactions, consensus rules, withdrawal requests, etc. These sidechains run in parallel with its primary Proof of Work-based Horizen blockchain. Horizen utilizes a unique Cross Chain Transfer Protocol (CCTP) that acts as a “truth engine” to ensure that side chains properly execute their consensus rules while communicating with the primary blockchain.

It implements asset transfer with two types of operations: Forward Transfer, which involves transferring coins from the mainchain to a desired sidechain. When a transaction is initiated, blockchain protocol burns coins on the mainchain and recreates them on specific Sidechains, which users can spend. Backward transfers involve moving coins from a sidechain back to the mainchain, and it is initiated on the Sidechain. Here, the Sidechain sends withdrawal request certificates to the mainchain, burning coins on the Sidechain while simultaneously recreating them on the mainchain.

What makes ZEN Unique Use Cases?

• It is powered by a large network of 40000+ nodes and supports over 10,000 independent sidechains with a throughput of 10,000,000 transactions per second.

• It utilizes zk-SNARKs to offer enhanced privacy and is compatible with Ethereum Virtual Machine for easy integration with applications and smart contracts.

• ZEN coins can be staked to contribute to the network’s security, earn staking rewards, and participate in Horizen governance.

Horizen (ZEN) Price Analysis

• ZEN’s price today is trading at $8.18, with a 24-hour trading volume of $4.003 million. In the last 24 hours, The ZEN price has rallied by 1.84%, and its market cap is $113.87 million as of July 20, 2023.

• After staying in a downtrend for over three months and hitting a YTD low of $5.61, ZEN price finally had a breakthrough from its trend in June.

• ZEN’s price is currently trading above its 50-day moving average and can possibly touch $9.5 in the upcoming times.