Horizen (ZEN) is a privacy-focused cryptocurrency that implements complete end-to-end encryption, utilizing zk-SNARKs for high-security and optional privacy options. It is built on a multi-tiered nodal architecture, allowing users to create their own blockchains on its network. Horizen is known for its shielded transactions and various privacy tools, making it a popular choice for those valuing privacy.
Horizen (ZEN) is the native cryptocurrency of the Horizen ecosystem. It serves several purposes within the network:
Staking and Gas Fees: ZEN is used for staking and as gas fees on the Horizen EON blockchain, which is a fully EVM-compatible and zk-friendly smart contract platform designed for massive scalability.
Payment Currency: ZEN is the payment currency for transactions within the Horizen ecosystem, allowing users to purchase goods and services. It is available on major exchanges and is connected to various crypto-payment providers, making it easy to use for everyday transactions.
Reward Mechanism: ZEN is used to reward contributors to the network, including miners, supernode operators, and secure node operators. The distribution of block rewards is divided among these groups, with 60% going to miners, 20% to the treasury, 10% to supernode operators, and 10% to secure node operators.
- Zero-Knowledge Transactions: ZEN transactions can benefit from zero-knowledge anonymization technology, which allows for the validation of transactions without disclosing associated information such as sender and receiver addresses and amounts.
Overall, ZEN plays a central role in the functioning and incentivization of the Horizen ecosystem.
To store Horizen (ZEN) tokens, you can use various wallet options. Here are some of the most popular ones:
Ledger Hardware Wallet: Ledger offers a secure and trusted hardware wallet that stores your private keys offline, protecting them from malicious attacks. You can pair it with the Ledger Live app to manage your Horizen on the go.
Guarda Wallet: Guarda is a non-custodial, user-friendly wallet that supports over 400,000 assets. It allows you to store, send, receive, and exchange Horizen securely. You can download the app from the AppStore or Google Play or use the desktop version.
Atomic Wallet: Atomic Wallet is a decentralized, multi-asset wallet that supports Horizen. It offers private and secure storage, with your private keys encrypted and never leaving your device. It also provides 24/7 online support and allows for fast and secure swaps.
Horizen Official Wallets: Horizen offers its own official wallets, including Sphere by Horizen, Cobalt, and others. These wallets are available for desktop and mobile devices and provide transparent address management and user control over private keys.
Third-Party Wallets: There are several third-party wallets available, such as Coolwallet, D'cent, and NOW Wallet, which also support Horizen storage and management.
Before choosing a wallet, consider factors such as security, user interface, and the range of features you need.
To buy Horizen (ZEN) tokens, follow these steps:
Create an Account: Open an account on a cryptocurrency exchange that supports Horizen, such as Coinbase, Binance, or Gate.io. You will need to provide identification and proof of address.
Choose a Payment Method: Select a payment method, which can include credit or debit cards, bank deposits, or third-party payment channels. Some exchanges also offer peer-to-peer trading.
Fund Your Account: Deposit funds into your exchange account using your chosen payment method. Ensure you have sufficient funds to cover the cost of the Horizen tokens you want to purchase.
Buy Horizen: Search for Horizen on the exchange and select it. Enter the amount you want to buy, and the exchange will automatically convert it to the equivalent Horizen amount. Review the details and confirm your purchase.
Store Your Horizen: Once the purchase is complete, you can store your Horizen tokens in your exchange wallet or transfer them to a personal cryptocurrency wallet for added security.
Remember to research the fees and terms associated with each exchange and payment method to ensure the best option for your needs.