What Lessons Can Be Learned from Ethereum’s 2.0 Upgrade for HALO Network?
It is a eventful year for the crypto sector, witnessing LUNA’s death spiral, the Web 3.0 booming, and Ethereum’s 2.0 upgrade. These events have had a huge impact on the industry, especially the technological transformation of Ethereum 2.0, second only to the genesis block production.
The PoS Blockchain Booming Triggered by Ethereum’s 2.0 Upgrade
Why did Ethereum abandon POW and adopt POS entirely? In fact, under the PoS mechanism, the ROI of Ethereum will be higher. After all, the PoW system requires hardware costs, hardware maintenance and loss, power consumption costs, infrastructure construction, heat dissipation equipment, etc. Driven by the consensus mechanism of POW, computing power and investment income show equal ratio positive correlation. In other words, scale economy supported by whales under the PoW mechanism gives the rich an advantage over ordinary users or investors.
Without additional activities that generate scale economy, the PoS mechanism eliminates capital differences and scale differences in the form of complete decentralization, so that ordinary users and large customers are in the same competition and oligopoly is avoided.
A higher ROI and fairer ecosystem participation are important drivers of Ethereum 2.0 upgrade.
Ethereum is not alone, of course. There are many public chains that reject the old PoW mechanism from the start, such as HALO Network. From the very beginning, the Halo Network has adopted an innovative HPOS consensus mechanism. HPOS is also a type of PoS mechanism, but HPOS continues the advantages of POS, while providing higher processing performance and extensive community governance on top of POS.
Objectively speaking, the Ethereum 2.0 upgrade represents the development trend of The Times when the mainstream public chain gradually transit from a PoW to PoS mechanism. Especially in the building of a Web3.0 world, PoS public chains may have more advantages.
HPOS, a Consensus Mechanism Closest to a Crypto Utopia
HPOS is a system originated from the PoS consensus mechanism. However, HPOS is more prominent in governance and benefits. For example, after the Ethereum upgrade, the yields of its ecosystem mining and financial management are relatively at the same level. The long-term stable annual return rate is expected to be less than 10%. The fact that a miner’s yield can cover the original cost in one year before doubling in two years will no longer exist in Ethereum 2.0.
HALO Network, through the HPOS consensus mechanism, mobilizes the power of the community, fully energizes user consensus, activates asset liquidity, and brings high and stable annual rate of return on the innovative stake value route. Flexible output also makes it easier for users to double their investment and hedge the volatility risk of the crypto market.
The stable and substantial staking returns are only one of the features of the HALO HPOS consensus mechanism. In addition, the HALO public chain with HPOS will also be faster and stronger than Ethereum 2.0 in terms of processing performance and coupling compatibility.
Ethereum 2.0 PoS transformation is also based on the advantages of PoS with low energy consumption and high yield. Moreover, the transformation will form a coupling closed-loop with sharding technology, enhancing the ecosystem compatibility of Ethereum, so that the ecosystem can be extended indefinitely through sharding chains.
At the beginning of its design, the HALO Network public chain has the same idea as Ethereum 2.0. It also hopes that the HPOS consensus mechanism can achieve a fairer, safer and more compatible development mode.
The HPOS consensus mechanism enables HALO Network to effectively reduce the entry threshold of the ecosystem. As long as users stake HO, they can participate in ecological governance without the need to compete in calculations or rely on heavy mining machines, but only need an ordinary laptop computer and a reliable internet connection. In addition, the investment rate of return for all HALO stakers is more equal, thus bringing in more stakers to make the HALO Ecosystem fairer.
In PoW networks, given a 51% attack, the whole chain is likely to paralysis, while HPOS will be much better. For that kind of attack especially targeting a final rollback block, the HPOS consensus has a built-in punishment mechanism. Through this mechanism, most of the attacker’s staked tokens will be automatically destroyed to protect ecosystem security to the greatest extent possible.
The improvement of performance and security can only strengthen an individual public chain. In the multi-chain era, if you want to better provide services, you must develop a broader application system. With the support of HPOS consensus mechanism, HALO cross-chain bridge has been introduced with the issuance of governance token HBG. Through the ecosystem links and value enabling of HBG, the ecosystem influence of the HALO Network will be stronger. It will be infinitely compatible with other chains, supporting the mainstream public chains of all EVM systems, and ultimately creating a vast coupling ecosystem.
A Potential Public Chain Giant Based on HPOS
Over the past few years, we’ve seen innovation trends like DeFi and NFT in Ethereum. At the same time, Ethereum’s performance has been improved with the PoS upgrade serving as an important step in that process.
Amid the Web3.0 and metaverse development, HPOS-based HALO public chain will form a great impact on the traditional PoS consensus mechanism. Can HALO Network shake the leading position of Ethereum 2.0 public chain through HPOS, establish a stronger public chain ecosystem, and attract more users? All this remains to be seen.
Let’s wait and see how HALO Network’s innovative public chain performs in the market.