A Deep Dive Review Of HALO Network’s Products/Features
Blockchain sucks! Sadly, that’s the narrative spreading about the digital ledger. And your favorite blockchain networks are driving this narrative. Lackluster transaction speed, frequent blockchain congestions, and asset bridging issues mar these networks.
HALO Network is a blockchain that’s hard bent on changing the narrative, bringing efficiency to the distributed ledger. The blockchain achieves such a feat through its exciting products and features.
Here, we intend to look at the different products and features of HALO Network. Let’s get started!
One of the revolutionary products of HALO Network is the HALO bridge. Cross-chain bridges are common — every dApp has them. So why do we describe HALO bridge in glowing words? Well, it’s better than the rest.
HALO bridge provides cross-chain services using smart contracts. Though HALO relies on Ethereum’s EVM for its smart contract, fees aren’t as brutal as the PoW-based Ethereum.
You don’t often see a cross-chain solution that is fast and inexpensive. Yet, that’s precisely what you get with the HALO bridge. Transactions are executed swiftly, with no complaints.
Cross-chain transactions on the HALO bridge have to be with the approval of the consensus. It might seem off-putting, but consensus voting helps ensure the safety of transactions.
By using the HALO bridge, you can convert assets on supported chains ETH, BSC, and others.
HALO Network has its specialized DEX, HOSWAP. It’s the blockchain’s attempt to cater to DeFi dApps.
Like most decentralized exchanges, HOSWAP uses the Uniswap blueprint. The reason is simple: exploits are impossible.
HOSWAP also relies on liquidity providers to facilitate transactions across trading pairs. Its virtual reserves tackle issues related to liquidity during certain periods.
One of the advantages of using HOSWAP is its range order. This feature lets you trade assets, specifying a price range for the conduction of the trade. Unlike the limit order, the exchange process takes place gradually within the specified price range.
HALO Network bends over backward for the DeFi community using multiple products; HALO Loan is one of such products. On HALO Loan, you can borrow or lend assets, depending on your situation. To navigate the credit risk management typical of lending protocols, HALO Loan uses a highly flexible lending liquidity pool.
Like a typical lending protocol on the blockchain, HALO Loan relies on smart contracts. Interested persons need not worry about middlemen and their nefarious ways.
Anyone can request a loan, as long as they provide collateral worth more than the loan size desired. Besides the collateral criteria, the HALO DAO has the final say on what lending bids get approved for loans.
With lending protocols often the target of flash loan attacks and other exploitative actions, HALO Network uses a combination of risk control methods to protect its lending liquidity pool.
DeFi applications need a data oracle to survive and it has to be above reproach. As part of HALO Network’s attempts to provide the DeFi ecosystem with everything they need, HALO Oracle was created. It’s one product that many DeFi protocols will come to depend on.
HALO Oracle connects decentralized finance platforms with authentic data sources. Price feeds are highly sensitive, but HALO Oracle’s quotation node ensures price data are as accurate as they come.
HALO Oracle operates through off-chain and on-chain convergence. This distinguishes HALO Oracle from others as data sources abound both off-chain and on-chain.
Data sources vary in credibility. Nodes involved in on-chain data convergence are often ranked based on asset staked and the duration as these determine the security of the node. HALO Oracle has mechanisms to check the safety of data sources, so DeFi protocols can take necessary precautions.
Despite its DeFi bias, HALO Network doesn’t deviate from the transparency mantra of the digital ledger. You can track transactions on the blockchain using its designated browser, HALO Explorer.
On HALO Explorer, you can view wallet addresses holding cryptocurrencies. It’s also easy to confirm transactions completed on HALO Network. If you intend to do any of these, the search bar is the best place to start.
HALO Network’s devotion to meeting the needs of DeFi applications is boosted with the Hashpay Wallet, a specialized wallet for asset management.
Using a Hashpay wallet makes it easier to navigate dApps. The wallet framework is based on the DeFi ecosystem, so it works seamlessly with DeFi protocols. Of course, you might have to use the wallet connect option.
Wallet security and privacy are often factors that make or break a cryptocurrency wallet. Interestingly, the Hashpay wallet has both covered through its multifaceted security settings. In the end, users have the final say on how they protect their assets.
HALO Network is a blockchain aggressively supporting DeFi applications. The digital ledger has several products (discussed earlier) that deliver on that mandate. With the novelties that HALO Network brings to the virtual space, a vibrant DeFi ecosystem is only a matter of time.
Follow HALO Network and stay up-to-date:
🔘 Official Website: https://halo.land
🔘 Telegram Group: https://t.me/HALONetwork
🔘 Telegram Channel: https://t.me/HALONetwork_news
🔘 Twitter: https://twitter.com/network_halo
🔘 Medium: https://halonetwork.medium.com
🔘 Reddit: https://www.reddit.com/r/halonetwork
🔘 Discord: https://discord.gg/7rMEbWzacd