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With more and more industries adopting blockchain technology, its financial value and popularity continue to grow. For example, the exchange of healthcare information is a critical issue that some companies are beginning to address with blockchain-based innovations. According to Gartner, the shipping, finance and fashion worlds are also seeing a dramatic increase in the use of non-fungible tokens (NFTs) to connect with consumers in an increasingly digital world.
As adoption of emerging technologies like blockchain continues at a rapid pace, so does business investment. A survey by Statista predicts that global spending on blockchain solutions will reach $19 billion by 2024. This demonstrates accelerating investment growth in a technology that has only garnered $6.6 billion in global investment in 2021.
One of the unique capabilities of the blockchain is to allow developers to create their own private or public blockchains. As data privacy and ownership concerns grow in business, blockchain technology offers companies a way to build systems that enable privacy, transparency, and identity protection. This is where Horizen, a Delaware-based blockchain network provider, wants to change the game. Horizen claims that it leverages “zero-knowledge proofs” to not only protect user data, but also to increase blockchain scalability and make it more useful, especially for enterprise users.
Rob Viglione, co-founder and team lead at Horizen, told VentureBeat in an exclusive interview that the focus on zero-knowledge technology is what will enable real business use cases on blockchain. Viglione believes that privacy technology is the missing link to achieve blockchain scalability and enterprise blockchain adoption. Horizen wants to solve this problem through the use of zero-knowledge, which Viglione described as “a breakthrough technology that allows information to be verified without revealing any of the underlying data.”
technology without knowledge
As technology advances and more businesses become data-driven, issues of governance, privacy, sovereignty, and ownership will increase. As data has become the lifeblood of today’s organizations, businesses now need to start rethinking and prioritizing how they use data.
An example of this is an engagement between an investment broker and a client, where the client (the prover) must prove to the broker (the verifier) that he has a certain amount of money in his bank account in order to purchase a investment. product without revealing exactly how much they have.
For Viglione, the desire to enable industries to reduce data breach anxiety is what drives Horizen’s zero-knowledge proof. A zero-knowledge proof is an encryption scheme allowing an individual/group to verify the authenticity of given information while another individual/group acts as verifier. What is important in the process is that no additional data is disclosed. Horizen strongly believes that zero-knowledge proof use cases can reach large industries like healthcare, education, and DeFi. According to Viglione, a combination of provability and interoperability will drive blockchain scalability.
Horizen helps its customers to build their blockchain or their public or private applications using its existing infrastructure, which it claims to be highly secure. The company says this insulates its customers from the burden of building from the ground up and encountering challenges with enterprise-level blockchain adoption like scalability, decentralization, and privacy.
How the TokenMint platform works without code
While some backlash and doubts persist, cryptocurrency adoption is growing significantly. Between 2019 and 2021, the cryptocurrency was adopted in 56 different countries, according to data from Statista. In addition to enabling transactions on the blockchain web, cryptocurrencies can also be minted in the form of crypto tokens, which are hosted on proprietary blockchains and can be used for investments, purchases, and store value. However, developing a crypto token can be difficult, especially when the potential creator lacks experience. Horizen’s new no-code tokenization platform, TokenMint, seeks to bridge the gap between token creation and the mainstream. TokenMint uses automation to allow people with zero development knowledge to interact with the platform, giving them complete freedom to custom design their token economy.
Viglione said TokenMint will allow anyone to create a crypto token with minimal effort, regardless of knowledge, adding that the platform’s user interface (UI) is “simple and intuitive, providing a transparent”. The platform comes from an existing blockchain network and a scalable cross-chain. Although TokenMint consists of multiple components at the moment, he said Horizen will roll out more components in the coming months, improving functionality as his team continues to develop the platform.
With over 45,000 active nodes, Horizen claims to have one of the largest node networks which also happens to be decentralized. With this amount of active nodes, Viglione said Horizen can effectively handle large traffic events and infrastructure support issues. The target audience of Horizen is the group of individuals willing to actualize their business goals by creating a token. With TokenMint, these people can customize the design of their token until it matches their needs.
Viglione also stated that Horizen’s go-to-market strategy will be a “phased approach focused on product and user experience”, starting with “alpha public testnet phases with rapid enhancement releases”, where genuine user feedback will be implemented to make the platform market-proof and secure. Then it will transition to “mainnet phases” and finally enter “major capability addition phases”, when key features such as NFT functionality, EVM capability, and zkSNARK will be added to improve platform performance. -shape and better meet the needs of the market. .
Security remains key to Horizen, with Viglione insisting that Horizen maintains a strict privacy, security and transparency policy. The TokenMint platform will harness the power of zero-knowledge cryptography in its future releases. Whether a client decides to use TokenMint, they will benefit from the built-in zero-knowledge proofs that enhance privacy.
The Horizen sidechain network runs on zkSNARK technology, a new form of zero-knowledge cryptography (privacy technology) that allows the company’s mainchain to confirm sidechain transactions without any interaction between the prover and verifier . This removes the need for third-party validators, preserving the idea of decentralization. Such a structure also significantly reduces the computation required for transaction confirmation promoting network scalability.
While Vigilone accepted competition from companies like Ethereum, Polkadot, Cosmos and a few others, he said Horizen sees other players in the space more as collaborators or partners in the ecosystem, especially due to emphasis on interoperability. He added that Horizen contributes and adds unique value and capability to the broader blockchain ecosystem by bringing its expertise in zero-knowledge proof (zkp) technology, with its robust blockchain infrastructure and powerful protocol. cross-chain deployment.
Learn more about Horizen
Horizen has been providing developers with high-level tools to create bespoke public or private blockchain networks since its inception by Rob Viglione and Rof Versluis in 2017. Horizen owns a cryptocurrency called ZEN which has funded all of its on-chain activities. While Horizen has been self-funding since its inception, Crunchbase reports that Horizen Labs, its Texas-based subsidiary that helps companies develop secure distributed ledger solutions using technology, has raised $11 million in total. nowadays. Horizen Labs was founded in 2019 by the trio of Rob Viglione, Dean Steinbeck and Liat Aaronson.
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