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Choose your quick section of our Horizen review below.
A Quick Overview of our Horizen Review:
Horizen’s sidechain architecture opens a plethora of potential, especially where real-world use cases are concerned. Through this, cross-chain transfers allow for decentralised sidechains which are separate blockchains pegged to the parent blockchain.
Horizen Live Price
What is Horizen?
Horizen is a blockchain which is privacy-focused which is a fork of the Zclassic which originated from a fork of ZCash. Horizen is the first transport layer security (TLS) end-to-end encrypted anonymous money network in addition to it being a messaging service, content platform, and a decentralised autonomous organisation (DAO).
Key Features and Takeaways of Horizen
Horizen is one of the popular cryptocurrency platforms and its native token, ZEN, is one of the top 100 cryptocurrencies in the crypto space. Horizen has the following key features and takeaways:
Horizen works to incorporate secure messaging functions with shielded transactions, ensuring that user identities are completely protected.
Horizen uses three main systems including ZenChat, which a messaging feature, ZenPub, which is an anonymous document publishing platform that uses IPFS, and ZenHide, which is the ability to circumnavigate crypto-commerce by using domain fronting.
Horizen is one of the most secure interoperable blockchain ecosystems which is supported by a large and decentralised node infrastructure.
The sidechain platform that Horizen features focuses on scalable data privacy and it also enables businesses and developers to customise their own blockchains, whether they are public or private.
Horizen’s sidechain architecture opens a plethora of potential, especially where real-world use cases are concerned. Through this, cross-chain transfers allow for decentralised sidechains which are separate blockchains pegged to the parent blockchain.
Horizen aims to empower people and to bring them closer together through the process involved with building an inclusive ecosystem, one where everyone is rewarded for their contribution.
Zendoo is the decentralised and customisable sidechain solution that is used by Horizen to overcome the limitations faced with scalability and extensibility in blockchain technology.
Zendoo is a parallel platform that has enhanced features, enabling the deployment of blockchains at scale, with the SDK providing it with the components needed to build decentralised blockchains.
Horizen has a multi-tiered node system that has more than 40 000 fully distributed nodes. These nodes ensure that the network remain secure and add reliability and speed to the network.
Horizen uses the Proof of Work (PoW) consensus mechanism which maximises security and distributes Horizen’s native token, ZEN, throughout the Horizen ecosystem.
ZEN makes use of the Equihash consensus algorithm and therefore Horizen supports ASIC mining. ZEN makes use of secure nodes that are vital to the network. They serve a unique purpose, and they have TLS encryption that can enable inter-node communication.
Horizen Mining
Horizen uses a Proof of Work (PoW) consensus mechanism which means that ZEN can be mined. Before exploring options for mining, users must ensure that they have the latest drivers for their GPUs.
Mining Pools
One of the first, and easiest, ways that users can mine ZEN, is by joining a mining pool. This is an effective way and saves users on the costs typically involved with ASIC mining. Using a mining pool will ensure that the user can receive consistent pay-outs, multiple times a day.
There are numerous available pools and users can evaluate the size of the pools, what is required, and what their mining rate is. One of the most popular pools for mining ZEN is MiningSpeed, which is a community-orientated mining pool that has low fees and a variety of features.
CPU Mining
Where CPU mining is concerned, there are only two options available to effectively mine the Equihash. One of the options is MinerGate, however, users may have to surrender a large percentage of their profits as result of the system used.
Another option is Nicehash’s nheqminer, which is more preferred than MinerGate.
GPU Mining – Nvidia
There are many programs for users who want to use GPU mining instead, however, one of the most popular programs is the EWBF CUDA miner. The miner has a 2% Dev fee, and it is compatible with Windows and Linux.
Once it has been downloaded, it is simple to use, and users can follow the instructions provided to start mining ZEN.
Pros and Cons
| ✔️Pros | ❌Cons |
|---|---|
| Horizen is decentralised and ensures that transactions are private and anonymous | The vulnerability issue faced with zk-Snarks took an exceptionally long time to fix, resulting in the community losing faith in the promises made |
| Miners are generously rewarded for mining new blocks | |
| Horizon supports the use of ASIC-mining but does not rely only on this, users can use GPU mining as well |
Transaction Fees
| Type of Fee | Information |
|---|---|
| Mining Pool Fees | From 0.4% |
| Withdrawal Fees | 0.15 ZEN |
Should you buy Horizen?
Horizen is a leader in privacy and features governance, economic incentives, and sheer, robust engineering ingenuity. ZEN is the first cryptocurrency that was built in TLS, making it unique and valuable. Not only does this protect the protocol, but also the data packages that are sent between communications.
The secure node system that is used by Horizen allows a low barrier to entry along with a passive income stream for node operators, making Horizon attractive for miners and investors alike.
With blockchain technology being more widely accepted, Horizen is set to increase in value, attracting more investors in the hopes of making a passive income long-term.
How to buy Horizen (ZEN)
Step 1 – Register an account with Gate.io
Navigate to the official Gate.io website and select the option to “Sign Up” from the homepage.
Complete the online registration form by providing country/region, a selected username, email address, and user-selected password. Read and accept the User Agreement and Privacy and select “Next”.
Create a fund password and select “Create Account”. Complete the “I am not a robot” reCAPTCHA. Check your email inbox for the activation email and click on the link in the email. If the link does not work, you can copy and paste the URL into your browser.
Log into your account using your credentials and complete the reCAPTCHA.
Check your email again for the verification email that contains the 6-digit code and click on “Confirm”. Enter the code that you received into the blocks provided and select “Log In” to proceed.
Before you can use the platform to purchase Horizen /ZEN and other cryptocurrencies on Gate.io, you must complete the “Know Your Client” or KYC procedure to verify your identity and your proof of residence.
Click on “KYC Now” at the bottom of the webpage to start the process.
Select whether you are an individual or an organisation by selecting “Verify Now” under the relevant option.
Select your country from the dropdown list, enter your full name followed by confirmation thereof. Select your ID document type and provide your ID Number as shown on your official ID Document.
Click on the first image to upload a clear photo of the front of your ID document followed by a clear photo of the back of the document.
Next, write your Gate.io unique ID on a piece of paper and take a photo of yourself holding up your identity document (front) and the paper containing your unique ID.
Once you have done this, click on “Confirm and Submit”.
Next, you must enable the Timed One-Time Password (TOTP) to be able to log into your account. This can be done by clicking on “Set Now” at the bottom of the page.
On the new page that loads, select “Click here” to set up Two-factor Authentication.
Download Google Authenticator onto your mobile device by making use of any of the abovementioned methods.
Follow the steps indicated to add your Gate.io account by scanning the QR code or entering your unique key.
Enter the TOTP, your fund password, and the code sent to your email address and select “Enable Two-factor Authentication”. With this setup, you must use the Google Authenticator app to sign into your account every time.
Step 2 – Deposit funds
You must note that Gate.io is only a crypto-to-crypto exchange which means there is no fiat gateway. The only way through which funds can be added, is to transfer an existing crypto into your Gate.io wallet.
ZEN can only be bought through Tether/USDT or Bitcoin/BTC while it can be traded with USD as a futures contract.
Navigate to the deposit/withdrawal section by hovering over your account and selecting the relevant option. Choose from the list of coins in which you can make a deposit and select “deposit” next to the appropriate coin.
You will be redirected to a page which generates a deposit address for the coin that you wish to deposit.
Copy this address, or scan the QR code, into the wallet where you are making a withdrawal from and depositing to Gate.io and wait for the relevant blockchain to confirm your transaction. Once the transaction has been completed and verified by the nodes on the chain, the coins will be sent to the Gate.io wallet and you can start trading ZEN.
Step 3 – Explore your trading options
Gate.io offers a variety of ways through which cryptocurrencies can be obtained. Each of these can be explored individually depending on your trading needs and objectives.
To start trading ZEN, select the option from the “Trade” Menu. Enter “ZEN” into the search bar to see which trading options are available.
For spot trading, for instance and as an example, select ZEN_USDT. Once you have selected, you will be directed to the exchange page which corresponds to the cryptocurrency pair ZEN/USDT.
Here, you will see that you have the option to buy or sell ZEN either as a limit order, grid trading, or as a time condition. The most common trading method is that of limit trading and thus it will be used for this guide.
Step 3 – Buy ZEN through via Limit Order
To buy ZEN and create a limit order for it, you can enter the amount of ZEN you want to purchase, and the price you want to buy it at in USDT. This tool will tell you what the overall cost is in USDT, or any other chosen counter-currency, which will be deducted from your wallet once the order has been executed.
Step 4 – Sell ZEN through via Limit Order
To sell ZEN, find the panel under the chart and create a limit order for USDT according to your own preferences. Note that with a peg to USD, ZEN that you exchange for USDT will hold the flat value that it has despite market conditions in the cryptocurrency market.
Step 5 – Withdraw funds
To withdraw funds, you will use the same page in Gate.io which was used to make a deposit.
Click on the deposit/withdrawal option on your Account dropdown and find the wallet of the currency that you wish to withdraw. You can do this easily by using the search bar provided.
Instead of a deposit address being generated, you will do this on the exchange, or the wallet being used as the destination for withdrawal of funds from Gate.io. Paste the address of the receiving wallet in the field provided and provide your Gate.io fund password, email code, and TOTP before selecting “Submit Request”.
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Frequently Asked Questions
When was Horizen first launched?
Horizen was launched in 2017 as ZenCash.
Who founded Horizen?
Horizen was founded by Rob Viglione.
What is “ICO”?
It is Initial Coin Offering that, unlike an IPO, does not mean that those who invest in the cryptocurrency will have an ownership stake of the company that they provide funds to.
When was Horizen’s ICO and how much did it raise?
Horizen did not have an ICO but raised funds through private investments.
Is Horizen legit?
Yes, both Horizen and ZEN are legit.
What is Horizen’s total supply?
There is a total of 21 million ZEN.
What is the purpose of Horizen?
Horizen is a leading-edge platform that is a massively scalable and general-purpose blockchain that enables a sidechain ecosystem which is unbounded and fully decentralised while remaining secure.
On which blockchain is Horizen based?
Horizen is based on its own blockchain.
Does Horizen work with smart contracts?
No, Horizen does not support or use smart contracts.
Does Horizen have potential to become more valuable?
Yes, with further adoption and the increase in use cases for blockchain technology, Horizen has potential to become more valuable.
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