What is Horizen cryptocurrency?
Horizen is the third generation of blockchain platforms. It was built to ensure the privacy of customers. Horizen (ZenCash) platform designed for anonymous communication and private financial activities. The founder of the Horizen is Zen Blockchain Foundation (ZBF).
Horizen is a rebranding of an anonymous ZenCash (ZEN) cryptocurrency. Zencash was forked from ZClassic (ZCL). ZCL was previously obtained as a result of the Zcash hardfork.
All users holding Zclassic right up to block 110,000 were able to get ZenCash in a 1: 1 ratio. The development team has secured transactions as much as possible. Secure communication between nodes and wallets, secure nodes, wallets, and transactions is the main part of Horizen system.
Horizen (ZenCash) is not just a secure cryptocurrency. It allows users to communicate when they make transactions. You can also publish your documents to the ZenCash blockchain using the Inter-Planetary File System (IPFS).
Advanced cryptography technology and zero-knowledge proof protocol allow anonymous interaction on the platform.
The main goal of the developers is not just to create a digital currency (ZenCash). They want to make a whole platform with its own ecosystem. Horizen is a confidential platform for users interaction. It’s look like a decentralized, anonymous social network.
Technically the ZenCash cryptocurrency is almost no different from its originals (ZCash and ZClassic). Horizen (ZenCash) is the first cryptocurrency with full end-to-end encryption. Horizen network uses the zk-SNARK protocol and fullnode encryption.
ZenCash has a priority of communication development. The project plans to develop the following features:
- Level up transaction anonymity based on advanced Zcash technologies
- Creation of a decentralized network based on distributed and reliable nodes. This is necessary to protect the confidentiality of all its participants
- The security of publications and messaging is also based on the anonymity of the network
The creator’s team have done a lot over the past 2 years:
- Improved GUI
- Improved the system of secure nodes
- Increased network security
- Implemented functions for voting
- Scaled the network
- Developing the next generation of blockchain
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To create an anonymous network, ZenCash uses a secure nodes system. Secure Nodes are supported by a certain percentage of each mined block. Secure nodes are nodes with TLS encryption enabled to protect communication between nodes. Encryption prevents hacker attacks. Horizen is the first blockchain ecosystem with TLS encryption between nodes. Using this mechanism, the Horizen team is trying to create a unique architecture of a global platform. Each user can independently manage personal data, without the participation of a third party.
The Horizen blockchain ecosystem has a multi-level structure. Let’s talk about Supernodes. Its main purpose is to place the sidechains of Horizen. This allows you to enable secure Nodes tracking and maintaining dAPPs on sidechains.
Instructions for installing secure nodes and supernodes are available on the official website of the company.
The ZenCash network has three tools that allow users to send messages, publish documents and complete transactions even from different continents. These tools are called: Zen Talk, Zen Pub, Zen Hide.
Transactions in the ZenCash network may contain an attached message of 1024 characters, encrypted in the hash. This allows Zen users to chat with ZenTalk for a minimal fee. Directly to one z_address wallet or to a channel with several users. ZenTalk messages are encrypted using AES 256 paired with Perfect Forward Secrecy (PFS). This is the Top level of secure and anonymous digital communications.
Zen Pub allows users to upload and publish their IPFS or GNU Net documents in a 1024-character text box when they send Zen transactions. This level of communication helps authors and communities anonymously publish documents and create communication channels with their audience.
Zen Hide allows sellers to use Domain Fronting (this is a way to bypass filters and locks by hiding the final destination of the connection using CDN features (this is a multitude of servers with specialized software that accelerate the delivery of content to the user)) and make anonymous and secure transactions with their customers. Even under conditions of state control and censorship.
The Domain Fronting works through HTTPS using different domain names. One is used for DNS queries and the TLS Server Name Indication. The other domain is displayed in the encrypted HTTPS level.
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Total emission - 21 million ZEN
Consensus protocol - Proof of Work (PoW)
Mining algorithm - Equihash
Horizen (Zenkash) can be mined. Not only miners but also owners of secure nodes and supernodes receive a part of the reward from each ZEN block. Zen mining on GPU and CPU is not profitable. Mining is exclusively done by ASICs. Horizen network has 20 mining pools. The full list of existing pools is available at https://miningpoolstats.stream/horizen .
Block reward distribution scheme:
- Miners - 60%
- DAO - 20%
- Secure site operators - 10%
- Supernodes - 10%
Horizen creates a decentralized autonomous organization (DAO) as a voting mechanism. This mechanism is needed to distribute funds for the development of the platform. The main goal of the DAO is to create a decentralized mechanism for financing the development and maintenance of Horizen.
The Horizen community includes:
- Horizen Community Council (HCC) - a bridge between users, the Fund and business corporations
- Developer Environment (HDE) is an open-source community of developers
- Corporate and academic partners, miners, node operators and users
The Foundation’s Academy provides free education courses on blockchain technology, online privacy and the technical aspects of the Horizen project.
Horizen Academy is an open and free project. Everyone who wants to learn more about blockchain and cryptocurrencies can join Horizen Academy. Your level of prior knowledge doesn’t matter, you will find content that is just right for you. On the Academy website you will find articles about the history of blockchain and cryptocurrencies. And also, a list of resources for further reading, viewing and listening.
The topics “Blockchain Technology”, “Confidentiality” and “Horizen” are presented at three levels: for beginners, for experienced and for specialists. The higher your level, the more articles you will find in each chapter.
Best Horizen (ZEN) Wallet
Easy, fast and secure wallet for ZEN is Guarda Wallet! Creation will not take more than 1 minute!
Guarda Wallet is a Multi-Currency wallet. You can store Horizen (ZEN) buy, sell and exchange it for:
– Cryptocurrencies (Bitcoin, Bitcoin Cash, Bitcoin Gold, Dash, Ethereum, Ethereum Classic, Binance Coin, Cardano, EOS, Litecoin, Ripple, NEM, NEO, TRON, Tezos, Zcash, etc.),
– Tokens (Guarda Wallet supports all ERC-20 tokens, ERC-721, BEP-2, TRC10, TRC20, WAVES, OMNI, EOS etc.),
– Stablecoins (Binance Coin (BUSD), Usd Coin (USDC), True USD (TUSD) etc.
ZEN Guarda Wallet has top-level of encryption and it is light (non-custodial). Cryptocurrency management in the Guarda Wallet belongs only to the owner. Guarda Wallet does not store your funds. We simply provide you fast and easy-to-use software, with a convenient user interface. Your wallet is protected by your Password and backup file stored on your device (PC or smartphone).Guarda Wallet doesn’t have access to it. To create your ZEN wallet, you need to follow a few simple steps:
Web Wallet / Desktop Wallet
- Choose “Create a new wallet”
- Create an original password for access to your wallet. DON'T LOSE YOUR PASSWORD! It is better to create a password not shorter than 8 characters and use capital letters and numbers. Then click “I’ve written it down”
More details in Knowledgebase .
- Please wait for a few seconds! Your Guarda Wallet is creating now!
- Now, you need to save your backup file and keep it properly as well as password. It ensures access to your funds. Remember, that access to the wallet is possible only using both the password and the backup file. Guarda Wallet does not keep nor is able to restore your backup and password. Only you have access to your wallet.Now, Click on “Download backup”
- The backup file automatically saved to your hard drive in the TXT format.
- Now you need to add your Horizen Wallet to the list of your wallets. Scroll down to the end of your wallets list and find tab "More wallets available" and click "Add" next to Horizen.
- New backup file will be automatically saved to your device. That's all! Find Horizen ZEN in the list in the left column, click and you will see your ZEN Wallet.
- Go to the Apple App Store or Google Play Store.
- Find Guarda Wallet and download it to your device. Click on the button "Create a wallet"
- Create a New Wallet.
- Choose a password, however, make it hard enough so that attackers cannot compromise it.
- Make sure to keep your passwords in a safe place, because if you lose them, then you will not have the opportunity to restore your wallet.
More details in Knowledgebase .
- Wait a couple of seconds while the program will render the wallets for you. Numeric keys, commonly known as private keys or master keys, take the form of hexadecimal codes. At first glance, it looks intimidating until you find that it is flexible enough to be recorded, printed on paper, printed on a document, converted to an image, or even remembered.
- Download backup to always be able to import your wallet.
- Go to the Horizen Coins tab, and under the QR code (also you can scan it because QR is a wallet address itself), you will see your wallet where you can transfer funds from the Binance trading platform.
It is also important that the wallet does not have access to user information. All private keys are stored locally on the end-user device to let users have complete control over their funds. During the installation process, a backup copy of your wallet is created and all information is encrypted. Users can also add various biometric token authentication systems to the wallet, such as a Face or Touch ID. These features make Guarda one of the best coin wallets on the market.
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