New 3rd generation blockchain

Blockchain technology a world-changing technology that will solve some of the world’s problems like transferring data and storing it without worrying about system hacks, transparency, and without a third party involved. It’s first to introduce by Satoshi Nakamoto as Bitcoin which aims for peer to peer transfer of funds. It’s simple, secure, and unalterable, it solved the current problem of that time which is double spending. Blockchain technology about that time is only for the digital money they are classified by some individuals as blockchain generation one. Then in the late 2013 Vitalik Buterin came and introduced Ethereum a blockchain technology which aims to build decentralized applications it also popularizes the use of smart contracts of that time. It’s was a good innovation at that time but many questions its security and scalability this for many people classified as blockchain generation two. In June 2016 as fear as many vulnerabilities of Ethereum platform occur, 3.6 million ether worth fifty million dollars at that time was stolen from “The DAO” a platform build on Ethereum blockchain. This event result of hard fork f Ethereum blockchain to restore the stolen ether from the users. Ethereum got a new chain and the old chain we know now is the Ethereum classic (ETC). Last year a popular online blockchain game was born, Cryptokitties and it show the problem of Ethereum network in terms of scalability or transaction speed as for a couple of days it made the network slowdown due to a huge amount of pending transactions. It shows the network is not ready for massive adoption and how a single DAPP can slow down an entire network.

Knowing the issues with the current blockchain technology I found a new blockchain that solves the current issue or lacking features of current top blockchain technology in terms of capitalization. Introducing HETACHAIN NETWORK the new third generation of the blockchain. Unlike the previous generation of blockchain in terms of transactions speed, Hetachain network can do millions of transaction per seconds BTC legacy can do seven transactions per seconds while Ethereum can do fifteen transactions per seconds. Hetachain will use hierarchy tree form of blockchain to ensure fast operations of DAPPS they will also use hybrid consensus, both Delegated Proof of Stake (DPOS) and Byzantine Fault Tolerance (BFT) will be used for ensuring not only fast but also secured.

Some features of Hetachain

• Transaction fee amount will be based on the complexity and number of blocks
  -Hetacoin will be the currency to be used in the “payment” for the using of the Hetachain network
  -An easy way to join Hetachain network. A private company can easily join Hetachain network by simple installing of the Heta SDK and pay the network using the Heta wallet that included in the Heta SDK
• Multiple chains, a public main chain, and private chains. Multiple private chains can be created and will be connected to the main chain. Private Chain can be used by clients for developing their own platforms or decentralized applications (DAPPS) they can also create their own token. Bridge protocol will be used to ensure privacy, security, and transparency.
  -block structure is composed of three parts and easily identify the source and the information. The first part is the block header contains block main chain number, chain number, previous hash number, data hash, and main block hash. The second part is block meta data contains signatures, number of valid transaction in the block, voters list for the master node. The third part is the block data which contain transactions data, transactions contain a payload, permission tree, and signatures.
  -contains 33 master nodes one of them will be chosen randomly to validated the blockchain. Comparing it to another 3rd generation blockchain EOS that uses 21 supernodes. Voters of the master node will get some reward based on the amount of Heta tokens they holding.

Why do we need another blockchain?
Unlike other blockchain technology like Ethereum which is proven to have a problem with scalability, Hetachain is designed to “real-time” services for government, healthcare, banking, and many more. EOS have a centralized approach in the blockchain making it less trustworthy, Hetachain practice voting of the masternode which making it decentralize in nature.

For more details:
website
whitepaper

Author:gawer33
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