Will HPB be more suitable for the development of DApps?
Recently, Ethereum has become very congested because of the rapid growth in DeFi (Decentralized Finance). Also, the gas fee for transactions has remained high. In similar situations, blockchain developer teams have shifted to other public blockchains for application development. As for the public blockchain HPB, known for its blockchain software and hardware combination solutions, is it a more suitable choice for DApp developers? What are the advantages of the HPB blockchain that are worth noting?
The Weaknesses of Ethereum and other solutions
SInce June 2020,the assets locked up in DeFi have reached RMB83.622 billion. The transaction volume of DEX, debit and credit, finance, insurance and other types in the DeFi sector has risen sharply. With the impact of a large number of transactions, the Ethereum network has become very congested, and gas fees have also increased accordingly.
At present, one transfer on imToken costs 56GWEI, which is more than $1.24. Before the surge in DeFi projects, the usual gas fee for one transfer only needed a few cents, although the cost has been over 10 times so far.
According to a report by Jinse Finance on 12 Sept 2020, UniLogin (a blockchain project deployed on Ethereum) got closed because of the cost of subsidizing its users, and all of this is due to the high gas fee on Ethereum. UniLogin had to give up on their vision for a Universal Login standard for Ethereum, and return the remaining funds to investors. See: Out of Gas: We’re Shutting Down UniLogin
Right now, there are two ways forward for DApp projects. One is to focus on Layer 2. The present Layer 2 projects are dedicated to improving Ethereum’s congestion and reducing gas costs in terms of scalability and cross-chain interoperability; the other way is to build their applications on a public blockchain with a development-friendly environment.
From the start, HPB designed its public blockchain to be compatible with Ethereum, but faster. As such, HPB caters for developers wanting to build for Ethereum but intimidated by high gas fees.. With the launch of HPB MainNet V1.7.0.2, HPB now fully supports Ethereum virtual machine and smart contracts, DApps on Ethereum can migrate to HPB MainNet easily, or developers can build DApps on HPB MainNet directly to enjoy its advantages.
Advantages of Developing Applications on HPB
Since HPB is compatible with ETH’s smart contract and virtual machine, developers who planned to build a DApp on Ethereum but haven’t yet implemented it can consider building their project on the HPB MainNet, which can solve the problem of increased R&D cost caused by Ethereum’s high gas fees.
HPB is a permissionless blockchain that combines software and hardware systems, powered by the BOE Hardware Accelerator and high-performance software, HPB improves a DApp’s scalability and security.
Developers can find the HPB development documentations on GitHub: https://github.com/hpb-project/wiki/wiki/HPB-Wiki-%E4%B8%AD%E6%96%87 %E9%A6%96%E9%A1%B5.
The documentation includes HPB Basics, R&D, HPB DApp Development, HPB Wallet Development, and HPB Mainnet/TestNet Entry, Developer Community.
One more thing worth mentioning is the section on HPB DApp Development. Case of Transmission from Ethereum DApp to HPB blockchain can guide developers to migrate a DApp built on Ethereum to the HPB MainNet. The guide is here in HPB’s Wiki: https://github.com/hpb-project/wiki/wiki/Case-of-Transmission-from-Ethereum-DAPP-to-HPB-blockchain
Any DApp’s smart contract code based on Ethereum can be smoothly migrated to the HPB MainNet following this process:
Copy the original smart contract code, and compile it again using Remix. When the compilation is done, copy the bin and abi files. Now you can publish and call for use of the DApp’s smart contract through the javaSDK and web3js deployed on HPB Mainnet.
Technical Features of HPB ‘s Permissionless Blockchain
HPB is not just a parallel world supporting DApp’s lower cost innovation, but more of a public blockchain with distinctive technical characteristics. The independently developed BOE hardware acceleration engine distinguishes it from other public blockchains, and combining blockchain software and hardware is also a great innovation in the blockchain industry.
Regarding the BOE engine, I will share some of my understanding:
The BOE hardware acceleration engine (Blockchain Offload Engine) was independently developed by the HPB team. It is a highly compatible customized hardware chipset with embedded ECDSA module and hardware random number generator.
What can this BOE bring to developers? First is to achieve high-performance efficiency by combining CPU serial capabilities and the parallel processing capabilities of FPGA/ASIC chips. Secondly, it improves the processing speed so that DApps built on the HPB MainNet can run more smoothly for a better user experience.
To sum up, theBOE engine can do 4 key things:
- Enhance network performance, enabling blockchain for broad applications.
- Improve security by combining software and hardware advantages.
- The hardware random number generator generates near true random numbers, which ensures data’s security.
- Reduce the cost of network maintenance.
Network maintenance costs are quite important for blockchain developers. As mentioned above, gas fees remain high on Ethereum, and many startup teams with small funds find it difficult to maintain their projects. Especially for DeFi products, as their system technically is more complex, users need to pay more fees for one transaction.
When Uniswap air dropped its ecosystem token UNI, the congestion on Ethereum was particularly obvious. Many people need to continuously increase the gas fee to make the UNI airdrop successfully transfer to their wallet accounts. While HPB blockchain can solve this cost issue by allowing both developers and users to minimize the cost of gas fee.
HPB is not only compatible with the Ethereum smart contracts and virtual machines, but also has the same wallet account system as Ethereum. Based on the above, HPB Mainnet itself is more suitable for the development of blockchain DApps. For now, there are still a few DApps in the HPB ecosystem, such as the DEXMyTrade, and the gradual integration of the decentralized e-commerce platform SZ. But a minor advice or wish is that HPB Foundation should launch more aggressive incentive plans to attract developers to build on the HPB MainNet and promote the development of the HPB ecosystem.
This article is contributed by 苏半月, translated and edited by Sophia and Fay. Also thanks Gordon Glass for the English proofreading!
The article is written by the author independently, which does not necessarily represent the position of HPB Foundation.
For the original article written in Chinese, please visit: https://www.chainnode.com/post/480796
About HPB
High Performance Blockchain (HPB) is a revolutionary permissionless blockchain architecture that combines HPB’s customized hardware Blockchain Offload Engine (BOE), with high-performance blockchain software, enabling unrivaled scalability.
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