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Taking a Deeper Look into Horizen Protocol

According to Pew Research Center, 70% of American adults say that their personal data is less secure than it was five years ago.

The majority of the public are distrustful of the corporations that collected their data, with 79% of the Americans stating their lack of confidence in regards to companies admitting mistakes and taking responsibilities if the personal information has been misused or compromised.

This is where Horizen comes in. Its mission is to protect data integrity and privacy freedom by enabling real-world use cases with the highly secure interoperable blockchain ecosystem — supported by one of the largest and most decentralized node infrastructures in the industry.

Getting to know about Zendoo

Built on Horizen.io, “Zendoo” is an innovative sidechain and scaling solution that launches a blockchain in a quick, efficient and secure way.

It utilizes a Zero Knowledge (ZK) proof protocol, which enables one party to send the necessary information to another party for verification without revealing the entire content of the information.

  • Permissionless & Decentralized: Security and interoperability are enabled using ZK Proof technology, while also supported by the largest node network in the industry.
  • Fully Customizable with Privacy Features: The development tools available can help mitigate the primary difficulties that come with launching and maintaining a blockchain.
  • Attractive Economics for Developer: Allows configuration for share of revenue from transaction fees generated by users.

Real-world use cases

Celsius Audit Chain Solution

The organizations that use Celsius’ financial services send ZK-proofs to the AuditChain on Horizen’s side, which has access to the transactions that occurred on different blockchains, in an encrypted and aggregated format.

The transactions are then verified against the aggregated data and added to the AuditChain as a proof of reserves/liquidity.

The AuditChain’s integration with Horizen’s Mainchain maintains the decentralization and thus Auditchain’s security.

Sigfox & IOTA IoT (Internet of Things) Solution

The raw data from smart meters is sent to Sigfox Cloud/IOTA Tangle, where it is processed and structured. Then, the processed data is sent to Horizen’s purpose-built sidechain, creating an immutable ledger.

The sidechain tokenizes the data and assets, and inserts blockchain-based logic with ZK-Proofs to incentivize certain actions driven by data.

Similarly to the Celsius audit chain solution, the sidechain’s integration with the Mainchain maintains the decentralization and thus the security of the sidechains.

Marketing Incentivization Platform

Users submit transactions to the marketing sidechain to record their activities on the social media. Sidechain consensus verifies and accepts the transactions via Oracle or Twitter API.

Users can also claim their rewards after submitting transactions to the marketing sidechain. The rewards given to the users depend on the established and known reward scheme.

Sidechain creates an output of rewards distribution according to the predetermined logic while also maintaining the anonymity of the actual network’s structure with ZK Proofs.

Users are able to distribute rewards to their users using the output produced by the marketing sidechain.

Tokenization & NFT Platform

Media purpose-built sidechain and its own native token powers the tokenization platform. The tokenization platform allows token campaigns to be created and run, as well as analyzing data to better understand the market.

Media company token is used within the platform to grant users special privileges and reward ecosystem participation.

What the future holds

Horizen Labs is planning to get privacy-preserving DeFi running on Horizen. Considering that it would be implementing ZK Proof technology, the company believes that this will be groundbreaking for the industry.

Recently, Horizen Labs has raised an additional $6.6 million seed funding round. This will benefit Horizen Labs’ construction of a new engineering center in New York City.

Currently, Horizen Labs have R&D centers located in Italy and Ukraine. The proceeds of the fundraising will go to the team building.

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© Copyright of Novum Global Consultancy Pte Ltd {2020, 2021}. All rights reserved.

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