TOLAR’s HashNET: A revolution in blockchain technology

stazhao (61)in #bitcoin • 6 years ago

Internet is considered the biggest invention of recent times. This great invention opened the doors to many more innovative ideas. Among these innovations blockchain is the most significant and the fastest evolving digital technology. Blockchain has introduced new concepts and has literally changed the landscape of traditional business methods across the globe.

Benefits of blockchain:

Blockchain is associated with a host of remarkable characteristics such as decentralization, transparency, immutability and efficiency.

Blockchain provides a direct peer to peer connectivity without involving any intermediary which helps in avoiding the hefty commissions for the middleman.

The next benefit provided by blockchain is transparency. Blockchain makes it impossible to manipulate the system and any attempt to infiltrate the system would be spotted instantly and will automatically be taken care of.

The immutable nature of blockchain ensures the safety of users’ data which is stored in individual wallets and the users have full control over their data all the time.

The efficiency is another hallmark of blockchain technology, it makes the peer to peer transactions much safer and faster by eliminating exorbitant bank fees and unnecessary formalities varying from region to region. It is believed that by using cryptocurrencies as a tool of payments the transaction fees will ultimately go down to zero.

Problems with prevalent blockchain technology:

Although blockchain technology has revolutionized our life yet it is not immune to some inherent shortcomings. A lot of projects are trying to leverage the benefits associated with blockchain technology but at the same time we have experienced some problems too. One such problem is the environmental issue, blockchain consumes a lot of energy. Just for example Bitcoin uses as much computing power as consumed by 159 nations of the world.

Another major problem which has been experienced is blockchain is slow. It takes a lot more time to complete a transaction as compared to the traditional payment methods such cash or by using a debit card. For instance, bitcoin transactions usually take several hours to finish which is a major drawback and significantly lowers the chances of using bitcoin as a payment option. DApps are another setback which have failed to offer the promised benefits.

The vacuum created by these drawbacks has been filled by Tolar HashNET which tackles these problems of blockchain technology while carrying the benefits of all the innovative features provided by this technology.

A brief introduction of HashNET:

HashNET is a highly scalable, efficient and completely decentralized infrastructures that provides a solution to all the existing problems by leveraging DLTs (Distributed Ledger Technology). This innovative algorithm enables much faster transactions and provides a fully democratized and community controlled crypto currency – Tolar.

Distributed Ledger Technology is the most revolutionary digital technology which eliminates all the intermediaries and provides the decentralized methods of sharing, storing and completing the transactions.

HashNET has tackled the scalability problem of blockchain with the help of the most innovative algorithm. As a matter of fact HashNET is now believed to be the best substitute for blockchain. On one hand it is keeping all good features of blockchain and on the other hand it has increased the speed up to 200,000 Transactions per second.

Another major advantage offered by HashNET is cost efficiency and environmentally friendly nature as it doesn’t require mining and uses very little energy for computing purposes.

In short, HashNET is scalable, fast, fair, secure and 100% transparent.