Horizen Updates on Crypto Project, Publishes New Whitepaper
The team behind Horizen (ZEN) – self-described as a “privacy-oriented cryptocurrency and a leading-edge technology platform” – has today carried out an extensive, all-encompassing video update for its community. On what was a busy Wednesday for the startup formerly known as ZenCash, a new whitepaper detailing their novel sidechain model was published, also.
All in a Fortnight’s Work
As always, Horizen’s live stream was thorough, with updates coming from various divisional and regional leads. Rounding out the video was an AMA segment administered by Horizen co-founders Rob Viglione and Rolf Versluis.
A notable highlight of the live stream came by way of Arno Pfefferling (Central European Manager), who updated the community on ZenChat – a dApp being co-operatively built to be used as a communication tool by legal organizations; a well-aligned use case for Horizen’s zk-SNARK-integrated blockchain infrastructure.
Having already partnered with Digitorney Group B.V. and TU Dresden to develop ZenChat, Pfefferling hinted at the prospect of additional organizations joining in on the collaborative project before the year’s end.
Horizen also notified its community that their bi-weekly video updates would henceforth become a monthly occurrence. The reason for this decision, according to Viglione, was the drawn-out cryptoasset bear market. “As the price of ZEN comes down, our treasury fund – which is essentially our budget – has been coming down commensurably,” the Horizen co-founder explained.
Such budgetary constraints have forced the Delaware-headquartered Zen Blockchain Foundation to re-examine the “major priorities for the project.” According to Viglione, areas of the business currently demanding the most resources are core technology and product. And so – whilst being an admittedly “really tough” decision to make – the team deemed it appropriate to decrease the frequency of the resource-intensive video updates.
Wednesday also saw Horizen publish a whitepaper – ‘Sidechains: Decoupled Consensus Between Chains’ – detailing the specifications of its sidechain architecture. In the earlier live stream, Viglione declared Horizen’s model “the first truly decentralized sidechain to hit market.”
For those unaware, a sidechain is basically a blockchain that runs parallel to the main/parent/original blockchain. They can be utilized by developers to extend the functionality of interoperable blockchain networks. Be it Blockstream’s Bitcoin sidechain, Liquid, or Loom Network’s Ethereum-based DAppChain, the applicability of sidechain technology is vast.
Accompanying Horizen’s sidechain-oriented whitepaper release was the following promotional video: