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- What? You can now deposit, withdraw, and trade ZEN against USD on Okcoin.
- Who? All Okcoin customers including those in the United States, except for residents of the EU, the UK, Singapore, and Brunei.
- When? Deposit, withdrawal, and trading are live as of January 18.
What’s the Horizen token (ZEN)?
ZEN is the native token of Horizen. A bit like Polkadot, you can think of Horizen as a “blockchain of blockchains” — a network for running and connecting together many blockchains at the same time. Horizen’s main chain uses a proof-of-work for consensus, but it also has “sidechains” that use proof-of-stake, with the main chain acting as the source of truth in case of conflict. Horizen supports up to 10,000 sidechains and processes up to 10,000,000 transactions per second. Horizen is also going to be adding Ethereum Virtual Machine support, so it can be compatible with solidity-based smart contracts.
On top of interoperability, Horizen’s strengths are decentralization and privacy. It natively supports shielded transactions — an option to make transactions private, similar to what’s used in privacy coins like ZCash. With nearly 50,000 nodes on its network, Horizen is highly decentralized at the technical level. It is also now moving to increase decentralization at the governance level.
The ZEN token can be mined, like Bitcoin, as Horizen uses proof-of-work for consensus. ZEN can also be staked to secure the network and earn extra token rewards. Like Bitcoin, Horizen has a maximum supply of 21,000,000 coins and there are close to 12,00,000 ZEN tokens in circulation as of our listing.
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.