Horizen’s Strategic Shift: Embracing Regulatory Compliance with Proposal

Horizen stands out with its innovative blockchain platform, renowned for its privacy-centric features and robust network. In a strategic shift aligning with the evolving regulatory environment, Horizen is now focusing on adapting its offerings. This transition is evident in the introduction of ZenIPs (Zen Improvement Proposals), which serve as a channel for community-driven enhancements to the Horizen ecosystem.

These proposals are important as they shape the network’s future, ensuring that it remains agile and responsive to both technological advancements and regulatory landscapes. The process of voting is a demonstration of decentralized governance, empowering token holders to have a say in important decisions. Horizen’s native cryptocurrency, ZEN, is more than just a digital asset; it’s a key player in the network’s governance. With its utility extending beyond transactions, ZEN allows holders to participate in decision-making processes, casting votes on crucial network proposals.

Participating in Horizen’s future

Voting on ZenIPs is a straightforward process, designed to be inclusive and accessible to all ZEN holders. Eligibility to vote is determined by the amount of ZEN held, with more ZEN equating to greater voting power. To participate, users need to connect their Web3 wallets to the Horizen DAO Governance page on the Horizen EON web app. Linking the Horizen mainchain ZEN address to Horizen EON is a one-time process. It enables users to aggregate their voting power for current and future rounds.

What are ZenIP 42207 and 42204?

ZenIP 42207 marks a significant pivot for Horizen, proposing the complete removal of the shielded pool from the mainchain. This move, a response to the changing regulatory climate around privacy tokens, signifies Horizen’s commitment to compliance and transparency. Following the deprecation enacted by ZenIP 42204, ZenIP 42207 goes a step further. It is distancing the network from privacy-focused features, a decision that was passed with an overwhelming majority.

Conclusion

Horizen’s strategic shift with ZenIP 42207 and the impending release of ZEN 5.0.0 provides the proof of the platform’s adaptability to the external environment. With it, Horizen sets a precedent for other blockchain networks and demonstrates how with the help of decentralized governance the project can indeed embrace change and can lead to a more sustainable ecosystem.