Hetachain to launch Multi-functional Blockchain platform for Business Enterprises

Blockchain technology is no more a new technology. The multiplicity of the functions and the features are what make many new and existing projects consider this technology for their business. Since the advent of bitcoin which is the first of its kind to use a blockchain technology to create a payment ledger in 2008, there have been continuous development of blockchain technology to improve the First generation blockchain (blockchain 1.0) and these have giving birth to various improvements as such can be better explain by making reference to Ethereum blockchain platform (Blockchain 2.0) that consist of features such as Smart contract creation and Decentralized Application (Dapp) features. Smart contract can simply be define as a form of protocol which accelerates negotiation of a contract. Smart contract can also authenticate or implement contract agreement. Despite all these improvements, Blockchain technology still suffers some problems which include but not limited to;
1. Poor transaction performance due to increasing transaction volume that result in network congestion
2. Low transaction speed that is incomparable with some traditional payment system such as Visa
3. Increasing security threat
4. Complications in the development of decentralized applications leading to waste of energy and money
5. Unsuitable choice of technology for some sectors (e.g. Medical sectors) that cannot store confidential medical records on public blockchain

Hetachain is set to launch the third generation blockchain (Blockchain 3.0) which will address many of the identified problems associated with the already existing blockchain based platform.  Hetachain will render services which will bring together businesses from both government and private sectors.
 

Architecture of HetaChain

Hetachain Foundation
The first objective to be established before starting and blockchain project is to understand how blockchain technology works. The key feature of blockchain is regarded as the consensus algorithm which is the key factors that is responsible for performance, throughput and Scalability of any blockchain. The blockchain consensus algorithm is divided into four, namely:
1. Practical Byzantine fault-tolerant algorithm (PBFT)
2. Proof-of-work  algorithm(PoW)
3. Proof-of-stake algorithm (PoS)
4. Delegated proof-of-stake algorithm (DPoS)

Any existing blockchain based platforms make use of either any or combinations of these algorithms. The key features that differentiate these protocols are the transactions speed, network bandwidth, block time and block finality. More details about these protocols can be found on blockchainhub. Blockchain based platform running combine DPoS and BFT consensus algorithm is the best. This is because of its high transaction speed and lower time of finalizing block.

Blockchain Design

The Hetachain Platform will make use of both DPoS and BFT consensus which is a hybrid blockchain consisting of both the public and private blockchain. The Heta multi-chain platform will consist of the main chain which is the public chain and private chains. The public main chain will house the public tokens that are being created using the smart contract and it also have the ability to also generate to many private chain. The presence of multiple private chains on Heta blockchain will make the project idea place for some business enterprises such as Donation platforms, Hospitals and other business. In order to bring together the main and side chain, Hetachain will adopt a bridge protocol that offer secure communication between the both the private chain and the main chain, summaries facts and produces cryptographic confirmable proofs on both chains to guarantee system transparency and security. Hetachain will offer some services ranging from pre-build Dapp, Generation of Smart contracts, Voting related functions and also Artificial Intelligence modules for data analysis.

The transaction fee that will be paid for using Heta platform will depend on how complex the transaction is and the size of transaction. The transaction fee will be shared among the voters and block producers (Miners) on the platform. Hetachain will make use of a cryptocurrency called heta coin which will be used in the public main chain. The coin will be used to pay for transaction fees that may occur when users are exchanging coin or token made by heta. Also users may earn Heta coin as reward when they participate in consensus agreement and validation process. Public tokens can also be generated on Heta chain by developers using Smart contracts. For more information about Hetachain, kindly visit https://heta.org/ you can also download the whitepaper from the link provided below

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