Hetachain: The Future Of Blockchain

 

Blockchain: The New Internet

Blockchain Technology with its ability to facilitate peer to peer transactions without the need for a third-party intermediary can disrupt many existing centralised systems and applications, especially in the banking and financial service sector. Combined with the power of smart contracts, blockchain technology has the potential to change the dynamics of economies around the world. A genuinely decentralised eco-system would take the control away from a few self-serving entities and restore it back to the masses.

Challenges in Adoption

However, the pace of adoption of blockchain-driven solutions to solve real-world problems and replace the existing systems has been slow. The primary reason can be attributed to the scalability issue that plagues bitcoin, ethereum and other blockchains. Both bitcoin and ethereum blockchains experienced network congestion issues towards the end of last year. Slow transactions and exorbitantly high fee threatened to defeat the very purpose for which the technology was invented.Even decentralised applications (DAPPS) built on the currently existing blockchains tend to be bogged with performance issues, not giving users the comfort and ease of use which they are accustomed to. There is a need for a blockchain that is designed to provide the benefits of technology, and that also is scalable enough to handle the massive traffic of existing systems. Unless resolved fast, these issues will continue to hamper adoption by the masses.

Hetachain: The Solution

Hetachain intends to resolve the above-stated issues and create a high-performance blockchain which is scalable, facilitates easy, smart contract creation and easy to use by end users. This is achieved by coming up with a hybrid consensus mechanism that is based on the Delegated Proof of Stake (DPoS) and Byzantine Fault Tolerance (BFT). The intention is to create a blockchain that is scalable, has shorter block time and high throughput. With the Hetachain algorithm, a block is produced every 1 second and validated by a single masternode in the network. 

 Technical Architecture

The network would have 33 masternodes which are selected by coin holders through an ongoing process of voting and un-voting. An algorithm selects the masternode for validation based on probability (Randomly generated). The masternode broadcasts the pre-commit state to the rest of the masternodes and on acceptance by 2/3 the block status will change to commit. 

The block reward is shared between the master node (20%) and the voters who voted for that masternode in the proportion in which they hold Hetacoin.The Hetachain architecture proposes to split the data storage between on-chain and off-chain to minimise the transaction weight. In addition to the Mainchain, the design provides the provision for the creation of private chains. 

However, all transaction records are recorded on the Mainchain ledger. The Mainchain and private chains communicate through cryptographically secured bridge protocol. Each masternode will maintain the copy of the Mainchain.Users can also create their tokens called public tokens. A generic and flexible smart contract template which can be used across different industries will be created, and the system will manage the smart contracts as digital assets. The Heta Virtual Machine (HCM) serves as a runtime environment for execution of smart contracts.

 HetaCoin: The cryptocurrency that fuels Hetachain. 

The native cryptocurrency that fuels and drives the Hetachain and enables blockchain as a service, HetaCoin has multiple use-cases.

• Usage fee paid by users or enterprises who intend to use Hetachain as a service
• Transaction fee to be paid in HetaCoins
• Rewards to be distributed in HetaCoins

Hetachain aspires to resolve the issues that currently plague the current blockchains and solutions whether that is scalability, privacy, security or throughput. With its cutting-edge architecture and design, it has the potential to emerge as the leader that can bridge the gap between the technology and people, and change the emerging landscape. 

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