ZenCash

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Zencash logo (ZEN) coin

Horizen (ZEN) - formerly Zencash - is a decentralized, open-source cryptocurrency with a blockchain platform that provides privacy and anonymity for its users. It was created to provide a peer-to-peer economic system for money, media, and messaging.[1]

The currency was launched in May 2017 as “ZenCash” founded by Rob Viglione and Rolf Verslius. It was rebranded as “Horizen” in July 2018.

With the goal of ensuring full privacy, anonymity, and safety of its users, Horizen uses the following protocols: zk-SNARKS, TLS integration, domain fronting, distributed publishing, client-to-node encryption, and end-to-end encryption. These technologies allow users to select the desired level of transparency for their digital assets, communications, and publications.[2][3]

In addition to the coin, ZEN, the Horizen platform includes the ability to privately chat with others and, eventually, the ability to enable users to publish information and go anywhere on the web with complete privacy. Please find the original Zen White Paper here.

Horizen (ZEN) Review[edit]

Horizen was forked from ZClassic (ZCL), which was derived from ZCash (ZEC), which was originally a clone of Bitcoin (BTC). Horizen has had no pre-mining and did not conduct an ICO and was created specifically to provide security and privacy. The founders are Rob Viglione and Rolf Versluis. Horizen has had no premining and no ICO. It has a fixed lifetime amount of 21 million coins. Horizen is currently listed on Binance, Bittrex, OKEx, and Cryptopia exchanges among others.[4]

Mining[edit]

To raise funds for current development and security improvements, Horizen has changed the algorithm for the distribution of mining rewards, which now exists in ZClassic:

  • 88% of the reward (which will be 12.5 ZEN per block), will remain miners.
  • 5% is provided for financing of one or more DAO.
  • 3.5% of the reward for the block will be received by the operators of protected nodes (Secure Node). 3.5% will go to the funding of the Horizen Core team.

Recall that Classic was developed precisely because 20% of the reward for mining Horizen was provided to Finance future development and support of ZCash software. The Classic team considered it unfair, that's why this fork Z Cash was created. The mining algorithm is the same as for ZEC, there should be no problems.

Horizen Price[edit]

Horizen (ZEN) is not only a secure cryptocurrency, but also an opportunity to communicate privately during transactions, publish documents in the Horizen blockchain through the use of Inter-Planetary File System (IPFS).

Wallet[edit]

There are a number of official wallets for Horizen storage, including versions for Windows, Mac OS, Linux, Android and iOS. Official wallets include Sphere by Horizen, Swing Wallet, Horizen Core, Arizen, MyZenWallet, Zen Wallet, and Paper Wallet. Third-party wallets are available as well, including a Horizen-branded CoolWallet, Coinomi, and Ledger. The full list of wallets is available at https://www.horizen.global/wallets/.

Roadmap[edit]

What I like in the Horizen project is that the focus on privacy doesn’t equates with opacity. On the opposite, the candid openness of the project is emblematically illustrated in the open Development Roadmap available on Trello. As its name says, the focus here is on development, not on marketing or promotion activities, albeit a similar approach could be taken to advertise these as well.

Looking at the 2018 development roadmap, we can see that very ambitious goals were set. For those who might not know Trello, the site allows to assign various tags to each task or activity, and the level of detail is quite good. For example, see here for the voting and submission proposal to get an idea.

There will be several areas to be worked on, and in my opinion the most important items here will be around core blockchain code / functionalities, privacy features, research and user experience.

Leadership[edit]

Rob Vilgione, Co-Founder and President, holds an MBA in Finance and Marketing, with a PMP certification, and is a Ph.D Candidate in Finance at the University of South Carolina researching cryptofinance and teaching “Bitcoin & Blockchain Applications in Finance.” He is a former physicist, mercenary mathematician, and military officer with experience in satellite radar, space launch vehicles, and combat support intelligence. Viglione was first deployed to Afghanistan in 2013 as a data scientist for the U.S. Army. His contributions within the crypto space include being part of Zclassic’s core team, support to the Bitshares project, heading up BlockPay’s U.S. and Canada Ambassador program, and consulting for Bitgate.

Rolf Versluis, Co-Founder and Executive Advisor, is an Electrical Engineering graduate from the United States Naval Academy and has served as a US Navy nuclear submarine officer operating out of Hawaii. Versluis has also gained management and leadership experience from running a mid-sized IT company in Atlanta, Georgia. In addition to his role with Horizen, Versluis operates a private cryptocurrency mining facility with hundreds of operational systems and hosts a blog and YouTube channel on crypto mining.

IOHK Partnership[edit]

In an effort to rapidly address scalability, performance, and security challenges, Horizen partnered with IOHK, a technology company known for creating innovative peer-to-peer solutions for financial transactions. Leading the IOHK partnership is Professor Roman Oliynykov, a Ukrainian cryptographer, IT researcher, and IOHK Research Fellow.[5]

Decentralized Autonomous Organization (DAO) Treasury[edit]

Horizen is governed by the Zen Blockchain Foundation. Significant treasury funds (8.5%) are automatically set aside for development, support, and marketing..

Milestones[edit]

  • May 2017 - Zen blockchain is launched with ZenCash as the first product
  • December 2017 - Horizen launched the world’s first end-to-end encrypted cryptocurrency network
  • January 2018 - Horizen partners with IOHK to fast track Research & Development for financial solutionse generation process of zk-SNARK five times faster. The software update must be released in 2018.
ZenCash comparison with other cryptocurrencies

Horizen Academy[edit]

Horizen Academy is a free and open service designed for educating all levels of learners interested in blockchain technology. Users can choose between three levels, beginner, advanced, and expert, to learn more about privacy, technology, and the Horizen platform. Horizen Acadamy also features articles on the general history of blockchain and cryptocurrencies. For more information, visit https://academy.horizen.global/.

Horizen hack by 51% attack[edit]

Horizen (ZEN) has become a new victim of “51% attack”. According to the official statement of the developers, on June 2, hackers carried out at least 3 repeated spending in the cryptocurrency network.

To carry out a” 51% attack " hackers need to take over most of the network hashrate, which will give them the opportunity to reorganize the blockchain, forcing the network to accept false blocks. Usually the attacker monetize “51 attack” via double-spending. This can be done by placing coins on the crypto exchange, making a transaction with the same amount of coins on the wallet under their control. As soon as the exchange shall transfer their funds, they translate them into bitcoin or another cryptocurrency, and then out through the other purse.

After the withdrawal of funds, hackers reorganize the official blockchain, forcing it to take a longer fork. Funds disappear from the wallet of the exchange, appearing on the wallet of the hacker. In this particular case, the hacker made 3 double expenses, including one that reorganized the blockchain into as many as 38 blocks. In total, the hackers brought more than 23,152 ZEN worth about $700,000 at the time of the attack. In recent weeks, Bitcoin Gold, Monacoin and Verge (twice) have been affected by the “51% attack”. The cost of carrying out an attack against many altcoins is low, especially given that the hashrate can be rented to the so-called “cloud services”.

External links[edit]

Horizen website
Horizen Reddit
BitcoinTalk
GitHub
Facebook
Twitter

See Also on BitcoinWiki[edit]

References[edit]

  1. Future of Crypto is Selective Transparency: Rob Viglione of ZenCash on Privacy Protocols
  2. ZenCash Launches 24-Hour Help Desk and Ticketing Service
  3. ZENCASH IN 2018: A DEEPER LOOK AT THE PRIVACY-CENTRIC PLATFORM’S ROADMAP
  4. Horizen Partners With World-Leading Exchange OKEx/
  5. ZenCash and IOHK Partnership Advances Private, Borderless Transactions