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Horizen (ZEN) on LetsExchange.io: Privacy and Security Without Compromise

Dec 9, 2021 4 min read

While the majority of crypto projects focus on privacy and security, Horizen has moved even further than that. It is the first transport layer security (TLS) anonymous money network that ensures security, privacy, and reliability, and Horizen’s sidechain architecture offers a plethora of opportunities for real-world use cases.

Horizen’s Mainchain for Limitless Real-World Use Cases

The Horizen proof-of-work mainchain is stable and secure. It enables multiple sidechains to run on top of the Horizen ecosystem. These sidechains can work independently from each other. The mainchain doesn’t need any information from sidechains and stays true to its initial principle of privacy and security.

Such an ecosystem allows for multiple sidechains thus offering unlimited scalability.

Zendoo Enables Scalability and Extensibility

Zendoo is a unique Horizen’s sidechain and scaling technology. It enables developers and businesses to create any kind of private or public blockchains and deploy them fast and effortlessly on top of Horizen’s highly scalable and fully distributed network.

Zendoo is the first customizable fully-decentralized sidechain protocol that effectively solves the major issues pertinent to blockchains: scalability and extensibility.

ZenChat Enables Secure Communication

ZenChat is a secure messaging application. Users can send direct messages or create dedicated channels. To prevent spam, communication in ZenChat is paid but the cost is insignificant.

All messages in ZenChat are encrypted and stored in the blockchain permanently. Horizen nodes communication is non-traceable.

Multi-Tiered Node System Ensures Security

The Horizen blockchain ecosystem is supported by multi-tiered node infrastructure that relies on more than 40,000 fully distributed nodes. The nodes are classified into the following categories.

Full nodes: These are normal nodes. They keep a copy of the blockchain and ensure its reliability. These nodes are crucial for maintaining the system. They do not receive rewards.

Secure nodes: Secure nodes have TLS encryption and enable secure inter-node communication. They are responsible for 92% of the ecosystem reliability. All secure nodes collectively get 10% of block rewards. A secure node shall hold at least 42 ZEN, and the node shall be able to solve challenges in less than 200 seconds.

Super nodes: They are essential for sidechain implementation. Super nodes have features of both full nodes and secure nodes. Additionally, they can host multiple sidechain services. Super nodes collectively receive 10% of all block rewards. But considering that there are fewer super nodes than secure nodes (a super node shall hold at least 500 ZEN and solve challenges within less than 150 seconds), the award paid to each super node is higher.

These nodes ensure network security, add to the network speed, and increase ecosystem reliability.

ZEN, Horizen’s Native Cryptocurrency

ZEN is the network’s native cryptocurrency and the core crypto asset of the Horizen blockchain. ZEN is the first cryptocurrency built in TLS (transport layer security) which makes it valuable and unique. It protects not only the protocol but also data packages sent between communications.

In a nutshell, ZEN combines the best features of Bitcoin and ZCash (the first privacy-focused coin).

Consensus algorithm

ZEN makes use of the Equihash (n=200, k=9) consensus algorithm. Equihash was ASIC-resistant until the first Equihash ASIC was introduced to the market in 2018. While many Equihash cryptocurrencies moved to Equihash (n=144, k=5) to make mining ASIC-resistant, Horizen sticks to Equihash (n=200, k=9) for the following reasons:

  • ASIC mining brings in more hash power. It secures the network by making 51% attack less likely due to the fact that the total mining power increases.
  • Engineering efforts could be spent on improving and developing the ecosystem rather than on implementing modifications to the consensus algorithm.
  • Moving to an updated consensus algorithm would result in a period of vulnerability
  • Forking would result in a number of inconveniences for ZEN holders and exchanges where ZEN is listed.

Therefore, Horizen supports ASIC mining but doesn’t concentrate solely on it. Users can mine ZEN with GPUs, too.

Privacy

Privacy is one of the major benefits of ZEN. This cryptocurrency features optionally shielded transactions whose core is Zk-SNARKS, a form of zero-knowledge cryptography. Zk-SNARKS allows transactions to be made and verified without sharing any sensitive information.

ZEN offers users two types of addresses:

  • T-Addresses: these addresses do not have the shielding capability. They function just like any Bitcoin address. So, when a user selects the T-Address type, the transaction will be performed without shielding.
  • Z-Addresses: These are shielded addresses. They are used for private transactions.

Horizen doesn’t limit itself to using the Zk-SNARKS technology for transactions only. The entire Horizen ecosystem is built upon the technology which distinguishes Horizen from other privacy-focused projects.

Trade ZEN Anonymously and Safely

Horizen is a leader in privacy, reliability, security, and scalability. Its secure node system allows a low entry barrier and provides a passive income stream for node operators. It makes Horizen attractive for investors and miners alike. ZEN is set to grow in value with blockchain technology accepted widely.

On LetsExchange.io, you can swap between ZEN and 260 other coins anonymously and safely – without compromising the coin’s main benefits.

You can follow updates from Horizen by joining its massive community:

Twitter: https://twitter.com/horizenglobal

FB: https://www.facebook.com/horizenglobal/

LinkedIn: https://www.linkedin.com/company/25052505/

YouTube: https://www.youtube.com/channel/UCQ0v_lUnZHIKUQUXJzfgqOg

Telegram: https://horizen.io/invite/telegram

Medium: https://medium.com/@horizen

Instagram: https://instagram.com/horizenglobal

Discord: https://horizen.io/invite/discord

Bitcoin talk: https://bitcointalk.org/index.php?topic=2047435.0

Github: https://github.com/HorizenOfficial

Reddit: https://www.reddit.com/r/Horizen/

Forum: https://forum.horizen.io/

News Forum: https://blog.horizen.io/


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