HashNET is a scalable, fast, secure, and fair decentralized- beyond blockchain project, leveraging Distributed Ledger Technology (DLT) and consensus algorithm which keeps all positive characteristics of a blockchain technology while increasing throughput to more than 200,000 transactions per second.
HashNET has the following characteristics:
- DAG (Directed Acyclic Graph)
- Target speed: 200k TPS
- Fair: Truly decentralized and community governed
- Fast: Proof-of-Stake (PoS)
- Security: Combination of PoS and masternodes
- Nodes assigned a weight and a reputation system
- Redundancy Reduced Gossip Protocol (RRG)
Explanation of Rating
- Founded in Q2 2017
- GitHub is still private, but Andre Cronje from Cryptobriefing had the chance to look into their GitHub repository (https://cryptobriefing.com/amp/tolar-code-review-hashnet-blockchain/)
All in all, good code, novel design, excited to see where this goes. — Cryptobriefing
- High competition as Tolar is trying to solve the blockchain scalability and performance issues like many many other blockchain projects
- Governance system (Magnus Consilium) to vote on proposals
Team & Advisors
- Large team, mainly based in Slovenia and Croatia, with lots of scientific background
- CEO: Zoran Dordevic (https://www.linkedin.com/in/zorandordevic/); former program director @ the croatian business school Cotrugli (https://cotrugli.org/)
- CTO: Josip Maricevic (https://www.linkedin.com/in/josip-maricevic-a0b58959/); has his own mobile app development agency; has worked as a blockchain developer for Blocknet and has over 2 years experience in researching consensus protocols
- Due to the PoS consensus algorithm, Tolar offers the possibility of earning passive income while staking TolarZ
- Masternodes earn more income but require 500k TOL as collateral
- 14k Telegram members (without bounty program)
- Lots of community attention through Ian Ballina
- Lots of project reviews on different platforms
- Q3 2018: Public sale (15.09.2018 to 20.09.2018)
- Q4 2018: Exchange listing, chain explorer, mobile wallets
- Q2 2019: Mainnet + token swap
- after Q2 2019: Smart contracts, quantum resistant cryptography, …
- Hardcap: 45k ETH (20k ETH soft cap)
- Tokens sold: 35%
- — Private sale: 21% (0.000120879 ETH) → 20% bonus
- — Pre-Sale: 5.25% (0.000131868 ETH) → 10% bonus
- — Public sale: 8.75% (0.000145055 ETH)
- Total supply: 1 billion
- Principal is unlocked, bonus tokens are locked for 3 months
- Team tokens are locked for 24 months
- ERC-20, which can then be swapped for mainnet coins later on → mainnet is planned for Q2 2019
- Unsold tokens are burned 🔥
- Exchange listing is planned one week after the public sale
- Tokens are unlocked prior exchange listing
- Open source competitor to Hadera’s Hashgraph
- Running the EVM → easy to build dApps with known tools
- Won Ian Bilina’s pitch contest → currently a Top 3 ICO of Ian Balina
- Mobile compatibility: a full node can even be run on a smartphone
- Truly decentralized and community driven
- 130k TPS in global test environment
- Buy-back program: Tolar will buy back tokens with 30% of the company’s revenue, at a 30% higher than market price, and burn them 🔥
- No public GitHub yet
- Relatively early stage
- No meaningful “real world” partnerships yet
The HashNET project together with the Tolar token looks like a promising DLT project. The team has blockchain experience and a comprehensive scientific background. With their prototype they have shown that they probably could reach their promise of 200.000 TPS. So the technical side of the project provides lots of future promise, but they also have to show that they can master the economical side of the project with real world partnerships and enterprises looking to build dApps on the HashNET.
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The team decided to lower the hard cap from 57k ETH or $35m down to 45k ETH or $20m. That now means the ICO is completed if either 45k ETH or $20m are raised. They already raised the 20k ETH soft cap successfully.
We changed our rating accordingly.
Due the market conditions Tolar decided to burn any unsold tokens and they are also implementing a buy-back program where they use 30% of the company’s revenue to buy back tokens, at 30% higher than market price, and burn them afterwards
They also announced several partnerships with projects that will build on/migrate to Tolar (Unibright, SunContract, …).
Public sale will take place from 15.09.2018 to 20.09.2018. They plan on doing an exchange listing within 1 week after completing the ICO. Tokens are unlocked prior exchange listing.
Tolar is currently running their public sale. They also did another demo of their Hashnet algorithm where they showed a maximum of 154k TPS. At the moment the 45k ETH hardcap translates to just below $10m — keep in mind, any unsold tokens are going to be burned! 🔥
Disclaimer: block42 is not a registered investment advisor, broker/dealer, financial analyst, financial bank, securities broker or financial planner. The information is provided for information purposes only. The information is not intended to be and does not constitute financial advice or any other advice, is general in nature and not specific to you.
We are not paid or mandated to do any of our reviews. This is just our own opinion. Please always do your own research before making any investment decisions.