Celsius and Horizen to Build Fully Decentralized, Privacy-Preserving Blockchain

This article was first published on Horizen
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Horizen’s ZEN also to be made available for staking on the Celsius platform

 

New York, NY November 2, 2020— Horizen, a technology platform enabling businesses and developers to create their own public or private blockchains, has announced a partnership with cryptocurrency rewards earning platform Celsius Network. Celsius and Horizen will work together to build Celsius its own fully decentralized and privacy-preserving blockchain using Horizen’s zero-knowledge toolkit and Zendoo sidechain interoperability protocol, providing transparency and utility to the DeFi ecosystem. The initiative will roll out in two phases, with Horizen’s ZEN coin to be made available for staking on the Celsius platform.

 

The in-development proof of concept version of the Celsius application will be built in its own entirely decentralized environment, and enable the functionality currently available on the platform, including user account creation, a debt registry, linking registered debt to user profiles, and executing state-transition operations such as posting collateral, initiating loans, making payments, and updating status of debt instruments.

 

“The Horizen chain and community is one of the oldest in crypto. It also has more nodes than any other chain, making it a great foundation for true decentralization,” said Alex Mashinsky, founder and CEO of Celsius Network. “We are excited to add the highest interest income, 1% loans, and lending functions to the ZEN community and work together to build transparency and enhanced utility for the CeFi and DeFi communities.”

 

The first phase of the partnership will comprise the creation of a proof of reserves blockchain application with a user webapp, showing total customer assets per coin type and where they stand on-chain. Adding this information to a blockchain will enhance transparency and provide the greater trust of decentralization, for both Celsius clients and the broader crypto ecosystem. The second phase ...

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