HETACHAIN PLATFORM: THE BIGGEST BLOCKCHAIN 3.0 NETWORK

hungblockchain (33)in #ico • 6 years ago

INTRODUCTION:

-Blockchain Technology with its ability to facilitate peer to peer transactions without the need for a third-party intermediary can disrupt many existing centralised systems and applications, especially in the banking and financial service sector. Combined with the power of smart contracts, blockchain technology has the potential to change the dynamics of economies around the world. A genuinely decentralised eco-system would take the control away from a few self-serving entities and restore it back to the masses.

-Blockchain technology is indeed an innovative innovation in how data is created, shared and edited. But despite that, blockchain technology is currently facing a critical problem about its performance. For this reason, Hetachain proposed to create the latest Blockchain network architecture that would be used very easily, more flexible for users and developers using the blockchain platform that has very high performance.

-Cryptographic Algorithm Using ECDSA (Digital Elliptic Motion Sign Algorithm) with secp256k1 curve for public-private cryptography. The private key is a 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

THE PROBLEMS OF BLOCCKHAIN TECHNOLOGY

-Transaction performance:

+Transaction volume and applications are increasing rapidly on current blockchains, making network congestion a major issue
+Bitcoin,a legacy network,is confined to about 7TPS.Compared to Visa with an average tPS of 2,000 and a maximum tPS of 50,000, it is extremely slow
+even Lightning network aims for just 1,000 tPS, far below existing industry standards

-Poor Security:
+Community splits can lead to multiple hard forks
+leading to an increasingly splintered blockchain network 20% network attack

-Difficulty in Developing dApps:
+developers have issues creating optimized dapps for existing blockchain networks

THE SOLUTION OF HETACHAIN

-Hetachain intends to resolve the above-stated issues and create a high-performance blockchain which is scalable, facilitates easy, smart contract creation and easy to use by end users. This is achieved by coming up with a hybrid consensus mechanism that is based on the Delegated Proof of Stake (DPoS) and Byzantine Fault Tolerance (BFT). The intention is to create a blockchain that is scalable, has shorter block time and high throughput. With the Hetachain algorithm, a block is produced every 1 second and validated by a single masternode in the network.

+Scalable:
HetaChain has the capacity to process thousands of commercial-scale Dapps transactions in inter-block chain communications
+Secure
HetaChain runs a safe and efficient consensus protocol using the DPoS and BFT hybrid consensus algorithms. In this way, HetaChain is guaranteed against various cyber attacks and other dangerous threats that have pushed decentralized data storage and sharing systems that are very important in the usual technological space.
+Flexible
HetaChain flexibility is achieved through the ability to freeze and repair damaged applications with general role-based permissions
+Fast
HetaChain’s unique technology allows fast transaction approval (TPS) without the risk of downtime. This was built to meet the high throughput needs which is one of the commercial attributes of a new generation network that overcomes the shortcomings of other blockchain.