The Horizen proof verification network is known for the cost-effective settlement for modular blockchain stacks, one that is enabling Layer 2 adoption to grow exponentially.
The “New Horizen” approach comes as a super efficient proof verification layer and is the natural evolution from . New Horizen is the perfect foundation onto which EON can move to become that hub for ZK projects that was always envisioned.
The ZenIP 42405 Draft for directing the Horizen Foundation to Request a Migration Proposal for $ZEN and EON was successful, followed by a vote on snapshot.
The formal action by the Horizen community to direct the Horizen Foundation to request that its current technical service provider, Horizen Labs, develop a technical migration path for the EON blockchain and $ZEN token pursuant to the community discussion on this topic in recent weeks passed with 99.99% of the votes "for"!
What's next? DRAFT ZenIP 42406: Technical Roadmap for the Migration of $ZEN and EON will open the floor, and the community will be invited to bring feedback.
There are three main goals to be covered in the draft, from the technical roadmap to rationale and deliverables. The Technical Roadmap for Migration will be lay out by Horizen Labs, proposing a migration path and asking the community to vote and approve.
The rationale is to provide a clear vision for the community, and reassure them that there is a well-thought-out plan for the migration. The Technical Process and Deliverables will cover any details on the purpose/benefits of the migration, and should reference the community’s discussion and desires. This will include an estimated timeline and cost.
ZENIP 42406 details the strategic technical plan for transitioning the $ZEN cryptocurrency from the current Horizen Mainchain and Horizen EON EVM to an advanced blockchain architecture. The initiative seeks community approval for this migration, which aims to improve blockchain performance, incorporate the latest advancements in zero-knowledge proof systems, and enhance the utility of $ZEN.
Please note that this is a technical ZenIP, laying out the technical roadmap for the migration mechanics for $ZEN and EON. Tokenomics are not in scope for this ZenIP. Topics such as allocations and emissions are explicitly excluded, since they will be covered in greater detail in a separate proposal
Horizen ($ZEN) and EON are currently built on older technology stacks. The Horizen Mainchain is a fork of the Bitcoin C++ codebase with a block time of 2.5 minutes, while EON is written in Scala based on the Scorex SDK with an 18-second block time. To address the limitations of these legacy systems and align with the vision of Horizen as a home for ZK and an enduring utility for $ZEN, we propose migrating to EON 2.0.
Why? EON 2.0 will be a fully compatible EVM, allowing DApp developers to develop and deploy Solidity smart contracts. Under the hood, EON’s EVM itself will be built on Substrate, allowing it to tightly integrate with zkVerify. This integration will enable direct access to zkVerify's optimized proof verification pallets, which will provide zk app developers with seamless access to new proving systems and more cost efficient proof verification, thus enhancing the overall utility of ZK applications within the Horizen ecosystem.
Rust also plays a pivotal role in this ecosystem, particularly given its reputation as the language of choice for cryptography and secure software development. The Substrate framework, written in Rust, benefits from the language's robust memory safety features and performance efficiency, which are critical for implementing secure and fast cryptographic operations.
Additionally, developers can use Rust to create custom pre-compiled contracts to extend EVM functionality and bridge operations to Substrate-based pallets. Horizen's migration to EON 2.0 is crucial for advancing the ecosystem, and this proposal will reassure the community that there is a robust and forward-looking plan in place to enhance the functionality, security, and scalability of the Horizen ecosystem.
EON 2.0 is a fully compatible EVM, ensuring that developers can seamlessly deploy existing Solidity smart contracts on EON 2.0 without requiring any modifications. EON 2.0 integrates tightly with the zkVerify protocol, ensuring fast and cost-efficient verification of zk proofs.
The incentives and $ZEN emissions will accommodate the migration, ensuring flexibility to maintain or adjust the current emissions rate as needed. The Staking Rewards will continue as for the previous EON 1.0 staking mechanisms. COINBASE Rewards will be added, as emissions-based rewards for producing blocks and a percentage of transaction fees will go to block producers.
The technological framework of EON 2.0 is designed to accommodate any emissions schedule for $ZEN, This robustness underscores that emissions schedules are not a technical limitation. It is important to stress that this ZenIP does not discuss tokenomics, emissions, or allocations, which are reserved for a separate, dedicated ZenIP.
Continuing the approach of EON 1.0, EON 2.0 will also adopt a delegated proof-of-stake model, offering users the option to delegate $ZEN to nodes. Through this delegation, users can participate in the network and receive rewards proportional to their staked amounts.
State snapshots of both EON 1.0 and Horizen will be taken to ensure a seamless transition to EON 2.0. More information will be detailed in the Migration Path section.
The Horizen Foundation currently engages Horizen Labs as its technical service provider for Mainchain Horizen and EON. The Horizen Foundation can leverage this existing relationship to utilize the expertise of Horizen Labs to support large and expansive initiatives. This would avoid delays and incurring additional costs, such as legal fees.
The migration path has been designed with a strong emphasis on security. The snapshot-based approach ensures data integrity and minimizes the risk of data loss or corruption. By requiring proof of ownership, the manual claim process for ZEN balances further enhances security. EON 2.0's use of Rust ensures reliable performance and safety, strengthening the overall security of the ecosystem.
Blockchain migrations are complex undertakings that require meticulous planning and execution to ensure a smooth transition. We recognize the critical nature of this process and are committed to maintaining our reputation for high-quality software.
The migration is designed to be thorough and efficient, with an estimated timeline of roughly 8 months and a projected development cost of $1.5M - $2.5M from the start of development to Mainnet. All this news are making me bullish! Why? Here's a tl;dr as a recap:
- EON 2.0 will be a fully-compatible EVM. This includes backward compatibility to provide a smooth transition for existing $ZEN holders and EON developers, including incentives, emissions, staking, partner integrations, exchange continuity, and EVM compatibility. This means that existing smart contracts on EON will be transitioned over, including $ZEN in current liquidity pools
- This is a technical ZenIP, laying out the technical roadmap for the migration mechanics for $ZEN and EON. Tokenomics are not in scope for this ZenIP.
- It will be a snapshot-based migration, where comprehensive state snapshots of both EON 1.0 and Horizen will be taken to ensure a seamless transition to EON 2.0. We will provide the ability for anyone to independently verify the integrity of both snapshots
- For Mainchain $ZEN, there will be a claim process over time, where eligible users can claim their old Mainchain $ZEN by proving the ownership of their address. As for $ZEN on EON, it will not require any claim, since balances will be migrated with the state snapshot.
- EON 2.0 will be built using the Substrate framework (written in Rust) with tight integration with the zkVerify protocol (which is also built on Substrate) for fast and cost-efficient verification of zk proofs. Specifically, EON 2.0 will be a parachain connected to the zkVerify Relay Chain.
