PROJECT ICO: HetaChain - a new generation of improved Blockchain with the ability to use on an industrial scale

In 2008, Satoshi Nakamoto, known to all members of the cryptocurrency community, created the revolutionary Blockchain technology, which was originally used to carry out operations related to the virtual currency Bitcoin. This technology has allowed to solve the problems associated with the lack of trust between participants in financial transactions, to abandon centralized management systems, and also allowed to ensure full security of digital assets.

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

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

low speed of operations, leading to network overload;
hard forks, leading to the separation of the community and reduce the level of network security by 20 percent;
the difficulty of creating new dApps for Blockchain and the lack of optimization.

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

HetaChain.

Objective of the project

The main goal of the developers is to create a new generation network with high performance and the ability to use new technology on an industrial scale. Also among the goals of the developers of HetaChain is the provision of the possibility of using decentralized applications characterized by high security, transparency and high speed of operations in such areas as:
robotics;
IoT;
health care;
e-commerce;
banking;
industry.

Principle of operation

Based on the problems of the Blockchain technology used today, the developers decided to create HetaChain, which is notable for its ease of use, user-friendly graphical interface, high performance and ease of building applications. 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 an entirely 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.

The HetaChain hybrid algorithm will have the following features:

A new block is created every 0.5 seconds, but only one main node can create a new block;
The network has 33 main nodes responsible for checking transactions;
the main nodes are determined by the accrual of coins or a vote, due to which the main nodes may vary depending on the choice of network participants;
each member of the network has the right to vote;
after the vote, the main node gets the right to create blocks at a certain time interval;
from the list of main nodes, a node is randomly selected to verify the creation of a block by the main node, which ensures decentralization;
provided that the main node does not create blocks within 1 hour, it is automatically deleted, which ensures smooth operation of the network and the exclusion of unreliable nodes.

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

HetaChain will use the Bridge protocol, which is designed to help private networks send their blocks for verification, to ensure communication between private chains and the main Blockchain. For such services, each private network or its member will pay a commission fee using HETA coins. The amount of the transaction fee will depend directly on the number of blocks transferred.

HETA coins, which will become the main payment instrument in HetaChain, will reward users who check blocks or participate in a consensus algorithm. The amount of remuneration of users will depend directly on how much effort they put into this process.

HETA coins can be purchased during the ICO, as well as after its completion on cryptocurrency exchanges.

ICO dates and details

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

Start of public sales is scheduled for November 11 of this year.

Other information about the ICO is not available.

The distribution of tokens is as follows:

Conclusion

Based on the fact that HetaChain will provide the world with a more advanced version of Blockchain and provide a more friendly and understandable 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, which provides many advantages, such as high transaction speed, scalability and much more.

Moreover, this project plans to produce another industrial revolution, therefore, investing in its development in the early stages can bring considerable income.

Official resources of the HetaChain project: