What is the use of ZEN coin? The concept, value and practical application of ZEN coin

ZEN Coin, forked from Zcash, provides optional privacy protection through zk-SNARKs, offering shielded transactions and enhanced fungibility, catering to businesses and individuals seeking secure and private financial transactions.

Oct 05, 2024 at 11:11 am

What is ZEN Coin?

Horizen (ZEN), formerly known as Zcash (ZEC) Classic, is a cryptocurrency that operates as a proof-of-work (PoW) blockchain. It was forked from the original Zcash blockchain in 2020 due to differences in vision and approach.

Concept and Value of ZEN Coin

• Privacy: ZEN Coin offers optional privacy protection using a zero-knowledge proof protocol called zk-SNARKs. Transactions can be shielded, protecting the identity of the sender, receiver, and amount transferred.
• Fungibility: Shielded ZEN transactions are indistinguishable from each other, enhancing anonymity and fungibility.
• Security: ZEN's PoW consensus mechanism ensures the integrity of the blockchain and protects against malicious attacks.

Practical Applications of ZEN Coin

ZEN Coin has several practical applications:

1. Private Transactions: ZEN can be used to send and receive payments securely and privately. Businesses and individuals can use it to protect sensitive financial information.
2. Asset Management: ZEN can be a reliable store of value due to its privacy and enhanced fungibility. It's a potential alternative to other cryptocurrencies for long-term investments.
3. Supply Chain Management: ZEN can be integrated into supply chain systems to track and manage goods securely and transparently. Its privacy features can protect sensitive information related to product movement and inventory.
4. Smart Contracts: ZEN can support the development and deployment of privacy-preserving smart contracts. These contracts can be executed securely, protecting sensitive data while automating various business functions.
5. Gaming and Entertainment: ZEN can be used in gaming and entertainment applications to enhance privacy and anonymity. It can facilitate private transactions for in-game purchases or virtual asset trading.