HETACHAIN: TECHNOLOGICAL SOLUTIONS TO ADDRESS PROBLEMS OF EXISTING BLOCKCHAIN PLATFORMS
The speed of mass adoption of blockchain-driven solutions for solving real-world problems and replacing existing systems has been slow. The main reason can be scalability problems that interfere with Bitcoin, Ethereum and other existing blockchain platforms. Both Bitcoin and Ethereum blockchains experience network congestion problems towards the end of last year including:
- Poor performance, poor scalability and low speed of transaction;
- Security and privacy problems
- Difficulty in developing app that bring many challenges for developers who have to learn new programming languages for developing decentralized applications. For ordinary users, may be using a plastic card is much more convenient and easier than making a transaction in any of the operating blockchain networks,
There is a need for a blockchain that is designed to provide technological benefits, users’ convenience and that is also quite scalable to handle massive traffic from the existing system.
All technologies inside HetaChain are aimed at solving the current problems of blockchain platforms, which we talked about above
Heta consensus ensure high performance, scalability and security
The heart of blockchain is the consensus algorithm. It’s the most important factor that has affected on the performance, throughput and scalability of any blockchain. HetaChain focus on analyzing the advantages and disadvantages of current blockchain consensus algorithms and then propose a new platform that tackles the blockchain limitations. There are four main methods of finding consensus in a blockchain: the practical byzantine fault tolerance algorithm (BFT), the proof-of-work algorithm(PoW), the proof-of-stake algorithm (PoS), and the delegated proof-of-stake algorithm (DPoS).
For HetaChain, all of the above-mentioned algorithm is not enough. Each consensus algorithm has its strength and weakness, and is used in different purpose. in terms of scalability, block time and throughput, the dPoS and BFT seem the best algorithms. But, there are limits.There was a need to come up with a structure that would have the benefits of all the existing systems and none of the vulnerabilities. We propose a new blockchain based on dPoS and BFT hybrid consensus algorithm. In additional, we add the double verification process to make sure that block is stable once added to the chain. With the Heta Consensus Algorithm, 33 master nodes are reliable on our network, with lightning transactions confirmed in 5 milliseconds. Every 1-second a new block is produced and on a parallel task, a producer is authorized to produce a block. In addition, regarding scalability, block time and throughout, DPos and BFT may seem to be the best algorithms, but there are limits. We propose a new blockchain technology based on DPos and BFT hybrid consensus algorithm which is known as “Heta Consensus Algorithm”.
Mainchain is the public chain of Heta Blockchain system and is validated by 33 master nodes using BFT-DPOS Consensus. Every activity of the system will be committed to Mainchain. To communicate between private chains and the main chain of the Heta system, we develop Heta Protocol, which can help private chains submit their data to the main chain for validating. Each private chain needs to pay the usage fee (via Heta Coin) when using the service. The private chain will pay the amount in HETA Coins in order to issue transactions. This fee is configurable and depends on the usage. This is called “Heta Protocol”.
HetaChain bring users an easy-to-use platform with smart contract templates & DApp store.
The system provides, of course, the development of smart contracts. HetaChain will develop a number of smart contract templates that are ready for use in real business sectors and do not require additional development efforts. Through active adoption by several business models and processes within different business domains, a general smart contract template is gradually formed which can support flexible configurations for a multitude of scenarios. In addition that, Hetachain through smart contracts automates the creation of digital voter registrations in that it removes the ability to vote much by one individual and manipulates the voting process thus ensuring true democracy. This numerical identity also reduces the crime rate, ensuring a safe and secure industrial environment.
For users without the knowledge of developing DApps, the platform offers ready solutions in the DApp Store. There will be plug-and-play DApps, software, and smart contracts, pre-built by the community or third parties for the HETACHAIN ecosystem. Those who want to try to create a simple smart contract can use an auto generation DApp. The company says that anyone with even basic programming skills will be able to handle it by dragging, dropping, and adjusting elements. An off-chain Database will also be available. The project’s development is planned to also be supported by a big data analysis which will be provided by third-party data centers connected to the MainChain.
Find more about HetaChain through these channels:
Telegram group: https://t.me/Hetachain_Community
Telegram channel: https://t.me/Hetachain_Announcement
Bounty campaign: https://bit.ly/2QHKYha
Google plus: http://bit.ly/2E1dDeS