Halving Event Countdown
Horizen (Formerly ZenCash) is a harmonious fork of ZClassic. The fork occurred at block 110,000 of the ZClassic blockchain. It was mined May 18th, 2017.
- Anyone holding ZCL before and after block 110,000 would also be holding equal amounts of ZEN.
The Horizen blockchain was officially launched on May 30th, 2017 at 23:46:46 UTC or 7:46PM EST. https://blog.horizen.io/zencash-is-live/
The official ZEN launch party took place in New York, New York on May 23rd, 2017 9:00pm - 12:00am. https://blog.horizen.io/zen-launch-announcement-party-a-success/
The genesis block or block 0 for the ZClassic blockchain was mined on Nov 5, 2016. Horizen has a Bitcoin-style blockchain, with a finite maximum coin supply of 21 million ZEN. Every 4 years (840,000 blocks) the rate of coin emission is cut in half. This is a deliberate decision upon the part of the founders.
The first scheduled halving will take place in December of the year 2020.. At that time, the block reward will be cut from 12.5 ZEN every 150 seconds to 6.25 ZEN every 150 seconds. This is done to keep inflation under control. Governments are able to inflate their currency for their own ends. Eroding the value of savings allows governments to pay back debts with fiat that is less valuable than when it was issued. There have been a number of hyper-inflationary spirals within recent times. This usually precedes governmental collapse.
Mining of Proof of Work coins such as Horizen are analogous to mining gold. A gold miner invests capital in equipment and has ongoing costs for labor and mineral rights. There is a finite amount of gold and the more that is extracted, the more difficult the extraction of the remaining gold. The Horizen miner invests capital in equipment and has on-going costs for labor and for electricity. There is a finite amount of ZEN and the more that is mined, the more difficult the mining of the remaining ZEN.