For the HiveNet Blockchain we have set several important requirements (see our White Paper for details). However, we are not building the blockchain from scratch. As previously outlined, we are building on available, functioning and tested open source technology, which we will adapt and optimize to the HiveNet’s use case.
After screening all available alternatives, we have now come to the decision that HiveNet will build its blockchain upon Parity Substrate.
We chose Parity Substrate for several reasons.
Parity employs a highly competent and experienced team, which is already on the frontier of the blockchain technology for several years. During this time, they have created many excellent blockchain solutions and applications, which are used by millions of people. We believe that Substrate, one of their newer products, is especially convincing with its high efficiency and flexibility. This will allow us to speed-up our own development and reduce implementation risks.
Substrate includes several pre-made consensus mechanisms to pick from, some of which are already included in very successful other blockchain projects for quite a while. Hereby we will be able to employ a Proof of Stake mechanism, which will follow the principles set out in our White Paper.
In our evaluation another important factor was that Parity involves a huge community, which is actively engaged in promoting the vision with developmental work and intensive testing. We are convinced that we will be able to highly benefit from the community through new ideas, improved code and high security.
Consequently, we have made the decision to build the HiveNet’s blockchain on Parity Substrate and are now looking forward to switching from blockchain screening to development.
If you want to stay updated and make sure that you don’t miss the announcements about our progress, subscribe to our newsletter HERE or follow our social media channels: