What is Horizon Protocol (HZN) | What is Horizon Protocol token | What is HZN token
In this article, we’ll discuss information about the Horizon Protocol project and HZN token
Introduction
Horizon Protocol is a new DeFi platform that facilitates the on-chain trading of synthetic assets that represent the real economy. Horizon Protocol seeks to provide exposure to real-world assets risk/return profiles via smart contracts on the blockchain. Forked from Synthetix, Horizon Protocol will leverage the time-tested derivative liquidity protocol and bring interoperability, scalability and a whole new array of tradable, real-world derivative products to the DeFi ecosystem. Our commitment to the Binance ecosystem and native implementation on Binance Smart Chain (BSC) offer users the speed and dependability that is currently lacking on the Ethereum blockchain.
Horizon Features & Highlights
- Synthetic Asset Creation
- Real-World Asset DeFi Oracles
- Staking & Yield Farming
- Lending & Borrowing
- Advanced Derivatives Trading
- Cross-Chain DeFi
- Community Based Governance
Mission
The main use case of Horizon is to provide easy and secure access to an on-chain synthetic assets and derivatives market, without the need of traditional financial institutions acting as intermediaries. Horizon is able to aggregate fees usually charged by traditional financial institutions and distribute them to market participants via trustless and decentralized Smart Contracts. The Horizon token (HZN) is the native cryptoasset that provides a foundation and serves as collateral for the on-chain synthetic assets and derivatives market. A corresponding real-world asset price oracles system, maintained by Phoenix Oracles in addition to other 3rd party data feeds, provides live exchange rates for real-world assets. As a result, the Horizon Protocol will allow anyone with access to their own on-chain crypto wallet to gain exposure to virtually any asset e.g. BTC to AAPL stock to real estate indices and so forth. By utilizing HZN as collateral, users will experience no slippage or liquidity issues normally faced when using conventional DEXs.
TL;DR
Summarily, Horizon token (HZN) holders will provide the foundation and collateral to the platform at a predetermined ratio (currently 750%) to sustain against extreme price fluctuations and shocks to the market. HZN stakers are incentivized with staking rewards proportional to the amount staked and trading fee rewards from the zAsset DEX. This allows for minting and trading of synthetic assets (zAssets) with no slippage and infinite liquidity up to the Total Value Locked (TVL).
How it works:
The HZN Token
The Horizon token (HZN) drives the economic incentives for participants in the Horizon Protocol. HZN serves as collateral as part of the synthesis of tradable synthetic assets (zAssets), drives the reward system, as well as eventually facilitate a DAO that will govern the overall protocol and future development. By forking from the Synthetix protocol, Horizon Protocol is able to build upon the progress pioneered by others, while focusing on solving challenges related to scalability and affordability.
Staking
HZN holders are incentivized to stake their tokens into a community-based liquidity pool that will collateralize the issuance of all zAssets. HZN stakers are rewarded with HZN staking rewards, which is generated from the token’s inflationary monetary policy, and exchange fees from the Horizon Exchange. Each transaction on the Horizon Exchange incurs up to a 0.3% exchange fee that will be distributed to HZN stakers at a rate proportional to their position size within the liquidity pool.
zAsset Creation and Collateralization Ratio
All zAssets are assigned an exchange rate using price feeds supplied by oracles and are tradable across various blockchains. When HZN is staked, zAssets will be issued at a 750% collateralization ratio to ensure there is sufficient collateral during price fluctuations. As the HZN price fluctuates, the collateralization ratio will also fluctuate, and the staker must restore their collateralization ratio by either burning or creating zAssets to reclaim their HZN.
Horizon Exchange
Horizon Exchange will play a key role in expanding accessibility of various real-world assets as well as providing seamless trading between any combination of assets. Since all zAssets are backed by the same community-based liquidity pool, it makes it easy to trade between zAsset tokens — you are essentially swapping the form that your original USD-based debt is denominated in. This model ensures no slippage on trades and infinite liquidity up to the TVL (Total Value Locked) in the debt pool. Horizon Exchange will also be developing a suite of trading tools that extend what traditional DEXs offer, such as limit orders, stop-losses, trade histories, and fully functional charts for technical analysis. Down the road, Horizon Exchange will look to expand into margin, leverage, and options trading.
HZN-backed Synthetic Assets
Horizon Protocol will not only be offering cross-chain crypto derivatives (long and short positions), but will be focusing on expanding exposure to traditional financial markets, including but not limited to:
Oracles
Horizon Protocol will benefit not only from established data feed oracles such as Chainlink and Band Protocol, but also proprietary data from the Phoenix DeFi Oracle to accommodate assets such as stocks, market indices, and illiquid/alternative assets such as real estate (REITs) and artwork.
The Phoenix DeFi Oracle will utilize the existing Phoenix Chain and bring additional utility to the PHB token by facilitating node operation and the validation of price feeds. The Phoenix DeFi Oracle will focus strictly on the on-chain price feeds of real-world assets mentioned above.
Phoenix Chain DeFi Oracle Architecture
PHB Token Bridge
Horizon Protocol will also enable users to easily bridge their existing BEP-2 PHB tokens into BEP-20 PHB tokens to take advantage of this new staking opportunity. Once the PHB cross-chain token bind is activated, users will be able to bridge their tokens natively via the Binance Chain Wallet.
Interoperability & Binance Smart Chain
The launch of the Horizon Protocol on the Binance Smart Chain (BSC) offers immediate solutions to Ethereum’s current defi scalability issues; namely speed and transaction fees, as well as access to the Binance ecosystem. Furthermore, the use of cross-blockchain platforms such as Cosmos, Tendermint and Polkadot to promote interoperability with Binance Smart Chain, Ethereum Blockchain, and NEO Blockchain, among others, allows Horizon Protocol to offer users cross-chain operability in a seamless experience.
Horizon Protocol Interchain Communication
Horizon Protocol Decentralized Ecosystem
Governance
Horizon Protocol is committed to eventually achieving a fully decentralized governance structure, where HZN stakers have the power to develop and vote upon Horizon Improvement Proposals (ZIPs). Once this decentralized autonomous organization-based (DAO) governance is launched, HZN stakers will be responsible for managing critical parts of the protocol, including but not limited to:
- Collateralization ratio of zAssets
- Staking and Liquidity pool rewards
- Liquidity pool farms
- Exchange (fees, rewards, burns)
- Protocol direction and functional improvements
Swap Guide: PHX (NEP5), PHB (BEP2), and PHB (BEP20)
Everything you need to know to swap between the various Phoenix Global tokens.
How to swap between PHX (NEP5) on NEO blockchain, PHB (BEP2) on Binance Chain, and PHB (BEP20) on Binance Smart Chain, using Binance.com and the Binance Wallet Browser Extension.
Swapping between PHX (NEP5) and PHB (BEP2) using Binance.com:
Requirements:
- PHX (NEP5) inside NEO wallet
- Binance.com account
Binance.com will automatically convert PHX (NEP5) to PHB (BEP2) upon deposit at a 1:1 ratio.
Login to Binance and go to your ‘Fiat and Spot’ wallet.
Locate PHB and click ‘Deposit’. Alternatively, click ‘Deposit’ and find PHB under the drop down menu.
Select NEP5 as the deposit network and copy the deposit address.
Navigate to where you have stored your PHX. In this article we will use the NEON desktop app as a demonstration.
Click send — make sure the coin and address are both correct.
Enter and confirm the amount of PHX you wish to swap to PHB BEP2.
Finished! Your PHX is now PHB BEP2 on Binance — ready for you to trade and exchange as you wish.
Swapping between PHB (BEP2) and PHB (BEP20)
Requirements:
This guide will go through the process using Google Chrome.
Binance Chain Wallet Chrome Extension installation
Click the Chrome or Firefox link above to find the browser extension**.**
Install the extension
Click the Add to Chrome button.
Using Binance Chain Wallet
The Binance Chain Wallet Chrome extension is now accessible at the top right of your browser. You can click on the jigsaw button to pin it so that it is always visible or use it through the drop down menu.
Create or import an existing wallet
You can import an existing wallet or create a new one. We will be creating a new wallet to bridge between the PHB Binance Chain token PHB (BEP2) and the PHB Binance Smart Chain token PHB (BEP20) token.
Create your wallet by choosing a strong and unique password.
Seed Phrase (Mnemonic)
Your account mnemonic is a combination of 12 words in order. They are used to restore and access your account should you need to recover your wallet, forget your password or change to a new computer. The ideal way of storing your mnemonic is offline, on a piece of paper (or multiple) and storing it in a fireproof safe. Choose a way that is best for you.
After you have copied them down and continue to the next screen you will be asked to verify your mnemonic. Put in the three words that are asked for to confirm that you have backed up your mnemonic.
You now have the Binance Wallet Browser extension to bridge BEP2 and BEP20 tokens!
Transferring BEP2 tokens to the Binance Chain Wallet Chrome extension
Requirements:
- Binance.com account
- Binance Wallet browser extension
WARNING: ONLY SEND BEP2 tokens to Binance Chain addresses and BEP20 tokens to Binance Smart Chain addresses!
We will use the Binance.com platform to send PHB (BEP2) tokens to the Binance Wallet browser extension.
Start by logging into your Binance.com account (https://www.binance.com/en) and make sure you have the PHB (BEP2) tokens you wish to convert to PHB (BEP20). You can take this time to trade assets and finalize the amount of PHB (BEP2) tokens you wish to convert.
Navigate to your ‘Fiat and Spot’ wallet balance in order to withdraw PHB (BEP2) tokens.
Find PHB in your balances and select ‘withdraw’.
Click on the Binance Wallet browser extension and double-check that you are on the ‘Binance Chain Network’ and **not **the ‘Binance Smart Chain Network’. Click receive and copy your BEP2 wallet address.
Back on Binance.com, make sure you select PHB as the coin. Paste your BEP2 Binance Chain Wallet address into the ‘Recipient’s PHB Address’. Select the Binance Chain (BNB) BEP2 network. Do NOT put a MEMO in as this will cause the transaction to fail with an ‘address verification failure’ message.
Confirm the amount of PHB (BEP2) you would like to swap. Once you have verified the coin, address, network and amount — click submit and complete the security verification steps you have activated on your Binance account (Secure your assets!).
Send a small amount of BNB as well in order to pay the small fees (gas) on the Binance Chain and Binance Smart Chain.
Open the Binance Wallet browser extension and press the add button to include the PHB (BEP2) token on the home screen.
You have now successfully withdrawn your desired PHB (BEP2) amount from Binance.com to the Binance Wallet Browser Extension.
You are now ready to swap it to the PHB (BEP20) equivalent.
PHB (BEP2) to PHB (BEP20) swap
Change to the ‘Binance Smart Chain Network’ at the top of the Binance Wallet extension and click the plus button at the bottom. Let’s add the PHB (BEP20) token to the home screen of the Binance Wallet Extension.
Click the + button at the top right to add a custom token address.
The PHB (BEP20) token address is:
0xdff88a0a43271344b760b58a35076bf05524195c
You can view the token contract on the BSC explorer here.
Copy and paste the PHB (BEP20) token address into the input asset box and add it to the homepage. Double and triple check that this token address matches the one above. (The last letter c is cut out in the picture due to size constraints — we have already added the custom address to our homepage so the add asset button is blanked out).
Click add asset.
Click on receive to copy your BSC wallet address. (Make sure you are on the Binance Smart Chain Network).
Change back to the ‘Binance Chain Network’ at the top. Click send.
Select PHB (BEP2) as the asset you wish to send. Paste your BSC address that you just copied into the address field. Select and confirm the amount of PHB (BEP2) you wish to swap to PHB (BEP20).
Congratulations! You have successfully bridged PHB (BEP2) to PHB (BEP20) and now own PHB on the Binance Smart Chain — ready to stake for Horizon (HZN).
Do not forget that you require a small amount of BNB in order to pay for transaction fees.
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How and Where to Buy Horizon Protocol (HZN)?
HZN token has been listed on a number of crypto exchanges, unlike other main cryptocurrencies, it cannot be directly purchased with fiats money. However, You can still easily buy this coin by first buying Bitcoin, ETH, USDT, BNB from any large exchanges and then transfer to the exchange that offers to trade this coin, in this guide article we will walk you through in detail the steps to buy …
You will have to first buy one of the major cryptocurrencies, usually either Bitcoin (BTC), Ethereum (ETH), Tether (USDT), Binance (BNB)…
We will use Binance Exchange here as it is one of the largest crypto exchanges that accept fiat deposits.
Binance is a popular cryptocurrency exchange which was started in China but then moved their headquarters to the crypto-friendly Island of Malta in the EU. Binance is popular for its crypto to crypto exchange services. Binance exploded onto the scene in the mania of 2017 and has since gone on to become the top crypto exchange in the world.
Once you finished the KYC process. You will be asked to add a payment method. Here you can either choose to provide a credit/debit card or use a bank transfer, and buy one of the major cryptocurrencies, usually either Bitcoin (BTC), Ethereum (ETH), Tether (USDT), Binance (BNB)…
Step by Step Guide : What is Binance | How to Create an account on Binance (Updated 2021)
Next step - Transfer your cryptos to an Altcoin Exchange
Since HZN is an altcoin we need to transfer our coins to an exchange that HZN can be traded. Below is a list of exchanges that offers to trade HZN in various market pairs, head to their websites and register for an account.
Once finished you will then need to make a BTC/ETH/USDT/BNB deposit to the exchange from Binance depending on the available market pairs. After the deposit is confirmed you may then purchase HZN from the exchange.
The top exchange for trading in HZN token is currently MXC.COM, and DODO BSC
Apart from the exchange(s) above, there are a few popular crypto exchanges where they have decent daily trading volumes and a huge user base. This will ensure you will be able to sell your coins at any time and the fees will usually be lower. It is suggested that you also register on these exchanges since once HZN gets listed there it will attract a large amount of trading volumes from the users there, that means you will be having some great trading opportunities!
Top exchanges for token-coin trading. Follow instructions and make unlimited money
☞ https://www.binance.com
☞ https://www.bittrex.com
☞ https://www.poloniex.com
☞ https://www.bitfinex.com
☞ https://www.huobi.com
Find more information HZN
☞ Website ☞ Explorer ☞ Social Channel ☞ Social Channel 2 ☞ Message Board ☞ Coinmarketcap
🔺DISCLAIMER: The Information in the post isn’t financial advice, is intended FOR GENERAL INFORMATION PURPOSES ONLY. Trading Cryptocurrency is VERY risky. Make sure you understand these risks and that you are responsible for what you do with your money.
🔥 If you’re a beginner. I believe the article below will be useful to you
⭐ ⭐ ⭐ What You Should Know Before Investing in Cryptocurrency - For Beginner ⭐ ⭐ ⭐
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