What is ZenCash?
ZenCash (ZEN) is the system native currency of the Horizen blockchain platform, whose motto is “Bringing privacy to life.” In addition to having a multiple number of send and receive options, each offering different levels of anonymity, ZEN is also compatible with bitcoin and “Z-derived” applications, exchanges and wallets. Some of the applications being built atop the Horizen network include ZenCash (messaging service), Zenpub (media) and Zenhide (web traffic). Horizen uses “leading-edge privacy technology” to offer its users “complete control of their digital footprint.” They also offer an advanced API features for the development of privacy-based applications on their platform.
History of ZenCash
Horizen got started simply under the name of ZenCash before deciding to expand the fields of its operation. Over its two years of planning and operation, the founding members have made a conscious effort to recruit a fine assembly of R&D and engineering minds, currently employing a team of over 50 members of varying professional backgrounds. Horizen also employs the long-standing blockchain developer Charles Hoskinson as a Strategic Advisor. ZEN hit the cryptocurrency markets in June 2017, first surpassing a market capitalization value of $100 million December of that year.
How ZenCash Works
ZEN runs using a Proof of Work (PoW)-style system of mining known as Equihash. The Horizen network uses two different types of wallet addresses for sending ZEN. “T” addresses are normal, bitcoin-style addresses used for public transactions. “Z” addresses, also known as “shielded addresses,” allow the obscuring of sender and recipient addresses in addition to the amount of coins sent. Balances in “Z” addresses also remain private, with amount sent only being revealed if a transaction is made to a “T”, or non-shielded, address. Using their API, anyone can build privacy-centered applications on the Horizen platform. Currently in development are tools to allow users to privately publish information anywhere on the web, all made possible with the cutting edge privacy software developments currently found in ZenCash.
In addition to functioning as a cryptocurrency (ZEN) and being compatible with bitcoin, Horizen offers the following improvements on traditional blockchain-based coins as a platform:
Secure and private. Uses advanced privacy technology to enable an application rich environment, free from worry of hacking events. Horizen uses Zennodes, a large network of nodes to assure the platform is resilient and its services remain free from interruption.
DAO treasury voting system. Zendao allows individual users of the platform to be empowered with direct decision authority in a democratic manner concerning future changes made to the Horizen platform.
Privacy-centric transactions and DApps. ZEN allows for regular and private transactions and for the building of privacy-based DApps for a near-infinite array of business and personal needs.
Censorship resistant. Using its advanced privacy technologies, Horizen allows users of its platform the ability to publish material anywhere on the web with guaranteed anonymity. One of its core features, Zenhide, allows users to go anywhere they want on the web without being censored by firewalls or other controls.