Bittime – On June 6, 2024, the official ZenIP proposal 42406 detailing the technical plan for the $ ZEN and EON token migration was published on the Discourse platform.
This proposal has a significant impact on the Horizen ecosystem, therefore we would like to provide an overview of the migration plan.
Read the complete explanation until the end of this article.
About ZEN and EON
Horizen ($ZEN) and EON are currently built on aging technology. The Horizen main chain is a fork of the Bitcoin C++ base code with a block time of 2.5 minutes, while EON is written in Scala based on the Scorex SDK with a block time of 18 seconds.
To overcome the limitations of this legacy system and in line with Horizen's vision as the home for ZK technology and long-term utility for $ZEN, Horizen Labs is proposing a migration to EON 2.0.
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Important Points Regarding Migration
Here are some important points in this migration project.
1. EON 2.0 Compatible with EVM
EO 2.0 is fully compatible with EVM (Ethereum Virtual Machine). This compatibility includes backward compatibility to ensure a smooth transition for existing $ZEN holders and EON developers.
2. Smart Contract Transfer
This includes incentives, emissions, staking, partner integration, exchange continuity, and EVM compatibility. This means existing smart contracts on EON will be transferred, including $ZEN in the current liquidity pool.
3. Focus on the Technical Aspects of Migration
This proposal focuses on the technical aspects of migration. ZenIP 42406 focuses on technical plans for the $ZEN and EON migration mechanisms. Tokenomics aspects are not included in the scope of this ZenIP. Topics such as allocation and emissions are explicitly excluded and will be discussed in more detail in separate proposals.
4. Snapshot Based Migration
This migration will use snapshots to ensure a smooth transition to EON 2.0. Comprehensive snapshots will be taken of both blockchains, EON 1.0 and Horizon. Horizon Labs will provide the ability for anyone to independently verify the integrity of both snapshots.
5. Claim Process for $ZEN Mainchain
For $ZEN on Mainchain, there will be a gradual claiming process. Eligible users can claim their old Mainchain $ZEN by proving ownership of their address. As for $ZEN on EON, no claim is required as the balance will be migrated along with the snapshot.
6. EON 2.0 with Substrate Framework
EON 2.0 is 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-effective zk proof verification.
Specifically, EON 2.0 will be a parachain connected to the zkVerify Relay Chain. It is not related to the Polkadot ecosystem.
Voting Schedule
Voting for ZenIP 42406 will begin on Tuesday, June 18, 2024, at 12:00 EST and end on Friday, June 21, 2024, at noon EST.
Snapshots will be taken as soon as voting begins. To prepare to vote, make sure you follow the instructions available at: https://blog.horizen.io/how-to-vote-on-zenips-using-your-staked-zen/
Why is Migration to EON 2.0 Necessary?
Horizen Labs proposed migrating to EON 2.0 for several fundamental reasons, such as:
1. Old Technology
The technology used by Horizen Mainchain and EON is currently outdated. This may limit their ability to compete with more modern and innovative blockchains.
2. Limited Scalability
The scalability of the Horizen and EON blockchains is currently limited. This means they can experience issues with transaction speeds and high gas fees if usage increases.
3. Cost Efficiency
Newer technologies such as those used in EON 2.0 can offer faster and more cost-effective transaction verification. This will be beneficial for users and developers building applications in the Horizen ecosystem.
4. Better ZK Integration
EON 2.0 is built with tight integration with the zkVerify protocol. This will facilitate the adoption and use of ZK (Zero-Knowledge Proof) technology in the Horizen ecosystem. ZK is an important cryptographic technology that allows the verification of transactions without disclosing transaction details.
With the migration to EON 2.0, Horizen hopes to overcome the limitations of its legacy technology and position itself as a more scalable, cost-efficient, and ZK-integrated platform.
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Conclusion
Migration to EON 2.0 is an important step towards modernizing Horizen's infrastructure and increasing the utility of the $ZEN token.
This proposal requires approval from the community through a voting process. Make sure you understand the details of the migration plan and participate in voting to determine the future of the Horizen ecosystem.
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The Future of $ZEN & EON: Migration Planned?
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