HETACHAIN NETWORK - The Future Blockchain Network

bentadem11 (10)in #ico • 6 years ago (edited)

INTRODUCTION.

HETACHAIN is a hybrid of a more effective dPOS (this claim focuses on the throughput of the blockchain when compared to POW and POS) and Byzantine Error Tolerance (BFT) is prepared to maximize system performance.

Since the beginning of Blockchain, the developer community has grappled with Scalability trilemma. HETACHAIN comes with a variety of features that technically focus on easy use while also giving a decentralized developer community the ability to not only be able to implement smart contracts to run decentralized applications (dApps), it handles weaknesses inherent in its predecessor blockchain network in the field governance, system of throughput and mass adoption.

Blockchain technology with its ability to facilitate peer-to-peer transactions without the need for third-party intermediaries can disrupt many existing centralized systems and applications, especially in the banking and financial services sector. Combined with the power of smart contracts, blockchain technology has the potential to change the dynamics of the economy throughout the world. A truly decentralized environmental system will take control of several self-serving entities and return them back to the masses.

Blockchain technology is indeed an innovative innovation in how data is created, shared and edited. However, blockchain technology is currently facing critical problems about its performance. For this reason, Hetachain proposes to create the latest Blockchain network architecture that will be used very easily, more flexibly for users and developers using the blockchain platform that has very high performance.

Cryptographic Algorithm Using ECDSA (Digital Elliptic Motion Sign Algorithm) with a secp256k1 curve for public-private cryptography. Private key is 256 bit random data.

The HETA address associated with this private key is the last 160 bits of the SHA3-256 (Keccak) hash of the public key

Adoption Challenges

However, the speed of adoption of blockchain-driven solutions to solve real-world problems and replace existing systems has been slow. The main reason can be associated with scalability problems that disrupt bitcoin, ethereum and other blockchain. Both the bitcoin and ethereum blockchain experienced network congestion problems towards the end of last year. Slow transactions and very high high costs threaten to defeat the purpose from which technology was created. Even decentralized applications (DAPPS) built on the existing blockchain tend to get stuck with performance problems, not giving users the convenience and ease of use that they are accustomed to. There is a need for blockchain that is designed to provide technological benefits, and it is also quite scalable to handle massive system traffic.

Hetachain: The solution

Hetachain intends to solve the problems mentioned above and make high-performance blockchain scalable, facilitating easy and smart contracting and easy to use by end users. This was achieved by coming up with a hybrid consensus mechanism based on Delegated Proof of Stake (DPoS) and Byzantine Error Tolerance (BFT). The goal is to create a blockchain that can be scaled, has shorter block times and high throughput. With the Hetachain algorithm, a block is generated every 1 second and validated by one masternode in the network.

HetaCoin: A cryptocurrency that is fueled by Hetachain.

The original cryptocurrency that drives and drives Hetachain and allows blockchain as a service, HetaCoin has many use cases.

Usage fees are paid by users or companies that intend to use Hetachain as a service
Transaction fees must be paid in HetaCoins
Prizes will be distributed in HetaCoins
Hetachain aspires to solve the problems that are currently disrupting the current blockade and the solution whether it is scalability, privacy, security or throughput. With its latest architecture and design, it has the potential to emerge as a leader who can bridge the gap between technology and people, and change the landscape that emerges.

About Hetacoin – HETA

Hetacoin is an internal Hetachain crypto currency used on the Mainchain network. Hetacoin is used as a tool to pay usage fees using the Heta Blockchain service.

When a user makes a transaction to exchange coins or tokens that have been created by Heta, then he must pay for a predetermined Hetacoib mount. Also called transaction fees. This mandatory fee makes Hetacoin have real value for the system. This can also prevent traders from flooding the network with unlimited microtransactions.

When a user participates in a consensus process or validation of the Main Chain and Personal Chain, then he must be rewarded with certain Hetacoin. This is also referred to as Giving rewards to users. For the level of appreciation of consensus, it must depend on how much effort is spent by the participants in carrying out the process.

With the DPoS + BFT consensus hybrid algorithm, the agelong scalability trilemma being handled with HETACHAIN encourages blockchain networks that are truly democratically managed because they also balance the system throughput.

A better version of the EOS network where only 21 supernodes were chosen to act as block producers which theoretically proved vulnerable to collusion among supernodes, HETACHAIN was governed by a more decentralized system of 33 Masternodes programmed stochastically to have equal opportunities to fill and produce the next block in the chain. This ensures very high throughput while ensuring democratic decentralization in networks that has become the main condemnation of other networks trying to break the scalability trilemma.

Achieving mass adoption is only one step with HETACHAIN because it builds ease of use with better network capabilities so as to enable industrial class calculations to run on its network.

HetaCoin - HETA

We introduce HetaCoin, an internal crypto-currency to use inside MainChain. HetaCoin is used by enterprise or user who using Heta Blockchain Service to pay "usage fee”.

We propose these ways of using HetaCoin.

When a user creates a transaction to exchange their coins or token made by Heta, he must pay a pre-defined a mount of HetaCoin. This is also called Transaction Fee. This mandatory fee is what makes HetaCoin has real value to the system. It also prevents merchants to flood the network with unlimited micro transactions.

When a user participates in the consensus or validation process of a PrivateChain or MainChain, he should be rewarded with a certain amount of HetaCoin. This is also called Endorsing Reward. The rate of consensus reward should depends on how much effort the participant spends in the process.

Heta Tokenization