In 2008, well-known to all members of the cryptocurrency community Satoshi Nakamoto created a revolutionary Blockchain technology, which was originally used to perform operations related to the virtual currency Bitcoin. This technology helped to solve the problems associated with the lack of trust between the participants of financial transactions, to abandon centralized management systems, as well as to ensure the complete security of digital assets.

Over time, this technology has inspired many developers to create decentralized applications, alternative cryptocurrencies such as Litecoin and Ethereum, as well as allowed to develop new projects that improve the life of mankind.

However, despite all of the above, Blockchain technology is not perfect and has certain drawbacks, which include:

low speed of operations, resulting in network congestion;
hard forks that divide the community and reduce network security by 20 percent;
the complexity of creating new dApps for Blockchain and the lack of their optimization.

All of the above disadvantages of modern Blockchain technology will solve a new network called HetaChain.

Project objective

The main goal of the developers is to create a new generation network, characterized by high performance and the possibility of using the new technology on an industrial scale. Also among the goals of HetaChain developers is to provide the possibility of using decentralized applications, characterized by high security, transparency and high speed of operations in such areas as:

robotics;
IoT;
health;
ecommerce;
banking sector;
industry.

Principle of operation

Based on the problems of the Blockchain technology used today, the developers decided to create a HetaChain, characterized by ease of use, user-friendly graphical interface, high performance and ease of application creation. The new technology will be a mixture of databases located both inside and outside the chain in order to reduce the weight of transactions and increase the speed of operations.

In addition, the developers decided to create a completely new consensus algorithm, which is the heart of the technology. It has a direct impact on throughput, performance, and scalability. The new consensus algorithm will combine the best qualities of dPoS and BFT. Hybrid algorithm HetaChain will differ in the following features:

a new block is created every 0.5 seconds, but only one master node can create a new block;
there are 33 master nodes on the network that are responsible for verifying transactions;
the main nodes are determined by charging coins or voting, whereby the main nodes may vary depending on the choice of network members;
each member of the network has the right to vote;
after voting, the main node gets the right to create blocks in a certain period of time;
from the list of primary nodes, a node is randomly selected to verify that the main node has created the block, which ensures decentralization;
as long as the master node does not create blocks within 1 hour, it is automatically deleted, which ensures smooth operation of the network and the exclusion of untrusted nodes.

It is important to note that the dPoS+BFT consensus algorithm will be used not only in the main network, but also in private.

To enable communication between private chains and the main Blockchain, HetaChain will use the Bridge Protocol, which is focused on helping private networks send their blocks for inspection. For such services, each private network or its member will pay a fee using Heta coins. The amount of the transaction fee will directly depend on the number of blocks to be transferred.

The HETA coins, which will become the primary means of payment in HetaChain, will be rewarded to users involved in block checking or participating in the consensus algorithm. The amount of remuneration of users will directly depend on how much effort they have made in this process.

It will be possible to buy HETA coins during the ICO, as well as after its completion on the crypto-currency exchanges.

Dates and details of the ICO

In total, the developers plan to issue 60 billion tokens, of which 30 percent will be sold during private sales and 40 percent – during public sales.

The start of public sales is scheduled for November 11 this year.

There is no other information about the ICO.

The distribution of tokens is as follows:

Conclusion

Based on the fact that HetaChain will provide the world with a better version of Blockchain and provide a more friendly and intuitive interface, the probability of success of this project is very high.

One of the advantages of this project, distinguishing it from competitors, is a hybrid consensus algorithm that provides a lot of advantages, such as high transaction speed, scalability and much more.

Moreover, this project plans to produce another industrial revolution, so investing in its development at an early stage can bring considerable income.