One of the biggest events of the year has been the remarkable way in which Bitcoin has been able to make a comeback from its slumber in 2018. After experiencing a sustained rally, the cryptocurrency went through a slump since July.
However, after several weeks of low momentum moves, the world’s biggest cryptocurrency seems to have made a comeback and has now touched its highest level in 5 weeks. The recent rally in Bitcoin seems to have triggered a rally in the wider crypto market and one of the tokens to have benefitted is Horizen (formerly called ZenCash). After Bitcoin’s 35% rise on Friday, Horizen’s token Zen rose by 36%.
Hence, it is worthwhile to have a closer look at Horizen. Horizen used to be known as ZenCash but now its project is completely dissociated from it. The Horizen network now consists of a private messenger named ZenChat , a publishing platform name ZenPub, a browser named ZenMask which provides online anonymity and finally a DAO (decentralized autonomous organization).
It goes without saying that it is an interesting project and Horizen uses Zen as the chosen cryptocurrency on the said network. The primary thrust of the Horizen project seems to be privacy and in a world that is becoming increasingly paranoid with regards to online privacy, the Horizen project is definitely an interesting one.
Identity theft is one of the biggest threats in the connected world and according to a leading online security firm, as many as 60 million people in the United States have suffered from identity theft. The firm has stated that such data breach is only going to rise in the years to come. The important thing to keep in mind with regards to the Horizen project is the fact that the company is interested in providing its services to big-ticket companies.
At the end of the day, security issues are a constant headache for the biggest organizations and hence, it could well prove to be an excellent strategy for Horizen. The rise in ZEN is hence not entirely surprising at this point and it should definitely be tracked closely by investors over the next weeks.