Cryptocurrencies that doesn’t brand effectively and fails to differentiate from other projects won’t stimulate investors interest much. Even projects that have solid tech may struggle to build a long term value if the branding is poor. So good crypto branding is very much essential and any crypto project that lack a sense of legitimacy in its brand should consider rebranding. Rebranding is not only a nice marketing strategy but it plays a huge role in user adoption and project longevity. In the past we’ve seen popular Cryptocurrencies rebranding. Antshares rebranded to Neo, RaiBlocks changed to Nano and now ZenCash (ZEN) rebrands to Horizen.
Our brand expansion represents our community’s perspective with a refined strategic vision while providing a hint to our heritage. Hello Horizen! Learn more about our rebrand from Co-founders @robviglione and @RolfVersluis https://t.co/wTiJsZJoMO
— Horizen (@horizenglobal) August 22, 2018
Horizen (ex ZenCash) – Why rebrand?
As of August 22 ZenCash (ZEN) – A privacy focused cryptocurrency has rebranded to Horizen. ZenCash is a fork of ZClassic which is a fork ZCash. All three are privacy focused Cryptocurrencies that are based on zero knowledge proofs (zk-SNARKs) which uses Equihash Proof of Work algorithm. From there each project took a different turn and built a strong foundation. When ZenCash was launched it was just a privacy cryptocurrency but since then the team have made a lot of progress and going further they have a much better goals to accomplish. So to better reflect their mission and vision they had to rebrand ZenCash to Horizen.
For past few months ZenCash development team and the community have been discussing on rebranding the project. The reason for the rebranding is to differentiate the project from ZCash, Classic and other crypto currencies that begin with Z. Also Zen Cash sounds more of a currency but this project has transformed and is now more than just a cryptocurrency.
Horizen president and co-founder mentioned that Horizen platform allows users to build privacy based applications on its blockchain. Also it is said that Horizen platform includes treasury voting system which allows community members to vote. In addition to that they are going to incorporate side chains with private smart contract capability. Plus development of flagship wallet, blockDAG protocols and many others. Following are the features of Horizen.
Horizen platform utility:
- ZEN – Privacy cryptocurrency
- Zen Nodes – Masternode platform
- Zen DAO – Decentralized Autonomous Organization (DAO) treasury system
- Zen Hide – Private web portal service
- Zen Chat – Secure messaging application
- Zen Pub – A secure media & data publishing platform
- Zen Grid – Computation for rent
- Insta Zen – Zero-delay payments
ZenCash (ZEN) rebrands to Horizen (ZEN) – Everything remains the same
ZenCash have not rebranded entirely but is more of a brand expansion. The code and the core values still remain the same and even the currency ticker will remain as ZEN. This only brings in a refreshed logo, a new brand name and color scheme to elevate the product image. Apart from that nothing has changed fundamentally. The coin specifications is still the same, the collateral amount needed to run a securenode / supernode is also the same. Even they’ve not changed the current PoW algorithm to resist ASICs; which is the main concern for miners. So if you already own or mining ZenCash then don’t have to worry about the coins you hold. Also you don’t have to go through any difficulties such as coin swap as it is not a hard fork.
If you are new then here are few links for you to get started with the project:
Bitcointalk Announcement: https://bitcointalk.org/index.php?topic=2047435.0
According to CoinMarketCap ZenCash is currently ranked at 69. With this new brand name Horizen will ZenCash reach new heights? Feel free to share your opinions.