The Horizen team announced today via official press release they're unveiling their flagship multi-function wallet product. Sphere by Horizen promises to be more than just a wallet, however. The app will support additional features i.e. end-to-end encrypted messaging, the ability to run a full node, giving users the option to select between a full or lite client, and the ability to transact privately or transparently peer-to-peer.
Upon installing the wallet users will find the interface familiar, feeling similar the UX design common to many apps and websites. Once one creates a new wallet the user is greeted with a clean display aggregating data from within the ecosystem.
This release gives ZEN token holders a new home to store their tokens, as well as providing a gateway to the entire Horizen ecosystem. The release is available for MacOS, Windows, and Linux desktop operating systems.
Users can restore the wallet via a 24 word seed phrase should they ever lose access to their funds. As always best practices should be used when generating a new wallet and storing the seed phrase. Logging into the wallet displays wallet balances, an assortment of news, tweets, market cap data, info on secure and super nodes, as well as a blockchain explorer.
Big Things on the Horizen
The Horizen team looks to add more powerful features in the coming months to further embellish the wallet. Features slated for future releases include:
User-friendly multiSig support
Advanced Wallet Features
Undisclosed Secret Features- Shh!
Zen Under Pressure
Horizen was re-branded in 2018 after the former incarnation, Zen Cash, suffered a 51% attack in May. The team took action immediately, reaching out to their community to help restore investor confidence. CEO Rob Viglione came on Cryptosomniac for an interview on June 12th of this year and discussed the events that caused the attack, and what they were planning to do to prevent it in the future.
The swift action taken by the team led to significant protocol upgrades, as well as the eventual rebrand to Horizen in September. The team wanted to keep with the Zen branding since the project was originally a fork of Zcash, as well as the inclusion of privacy enabling ZK-Snarks. The ticker remains ZEN on all associated exchanges.
Cryptosomniac Technical Analysis
ZEN has followed the general bearish market direction almost all cryptocurrencies have suffered over the course of 2018. However, recent events seem to have helped boost the overall valuation of ZEN in the market. Currently the price is staying above the long term trend line indicated in red. The red trend line acted as resistance up until October 15th, but has acted as a weak support since having been tested on November 24th and again December 7th.
Overall volume remains fairly low, and lower highs have been created on the weekly and the daily, easily visible on the above chart since the double top that printed between Nov 4th & Nov 12th. Daily RSI is trending overbought, price has rejected off the 20 day moving average twice, and Squeeze Momentum shows declining buyer-side momentum, which is confirmed on smaller time frames in the histogram. Based on this data it is possible a further slide may be in store for the near term, barring something like a massive bitcoin breakout creating FOMO. In the event of a breakout significant resistance is likely to be shown near the 1550 satoshi range, and again near 2000, based on previous support levels and common psychological triggers.
Hope on the Horizen
Despite the protracted bear market legitimate cryptocurrency and DLT companies are still making moves, and Horizen is doing their part. With the release of the Sphere application Horizen looks to prove they are dedicated to building their technology and executing their vision.
Horizen plans to offer services such as ZenPub - a way for anyone to publish information online anonymously, ZenHide - a censorship resistant way to browse the web, and Zenchat - a secure way to message, which is available now with the Sphere wallet. It is also notable that Grayscale Investments recently added Horizen to their portfolio of digital assets, being one of the largest DLT investment funds.
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