The blockchain technology sphere is a dynamic and ever-evolving ecosystem with new innovations springing up daily. The popularity of cryptocurrencies and the utility of smart contracts has led to an explosion of solutions that cater to different real-life applications.
However, the complexity of many blockchain platforms has ensured that only those with technical knowledge can benefit long-term. Concepts like decentralized finance and NFTs have piqued the interest of the mainstream media and appear to be the next wave in the crypto sphere.
Hathor Network is a new generation blockchain protocol that wants to reduce this gap and foster blockchain adoption by introducing an easy to use platform for everyone.
Quick Overview of Hathor
Hathor is a permissionless layer 1 network where anyone can build decentralized applications, tokens and platforms on its architecture. Hathor is built entirely from scratch and optimized to ensure the latest concepts and features are included within its architecture, unlike other new-gen blockchains that are forks of existing blockchains.
A key component of its blockchain is deploying the Proof-of-Work (PoW) consensus system used by popular cryptocurrency Bitcoin. The PoW system is one of the safest and reliable mechanisms and helps secure the Hathor Network using the mining system.
To further incentivize miners, Hathor Network has introduced a concept called merged mining. Merged mining allows miners to mine both Hathor and Bitcoin at the same time without additional costs.
Miners are rewarded with HTR tokens, Hathor’s native token, thus ensuring the security and stability of its blockchain. In addition, Hathor’s blockchain network is faster than Bitcoin and Ethereum and can handle 200 transactions per second. This is around PayPal levels, and projects can leverage this speed to build decentralized applications.
Blockchain made easy
Hathor’s central goal is to build a blockchain ecosystem where anyone can build within minutes. It is more like a one-stop blockchain solution, and one of its unique selling points is the ease of creating custom tokens.
Projects and Individuals can create their tokens within minutes without any coding requirements directly from the Hathor wallet. All that is required is to define the parameters for the token, which includes the token name, symbol and initial supply.
Projects then have to 1 HTR for every 100 units of the new token. All tokens built on Hathor are deployed on Layer 1 built on the protocol itself and pegged to the HTR token. NFTs can also be minted on Hathor Network for low fees and users can create artworks that can be sold on a dedicated marketplace.
Key milestones achieved
Hathor blockchain has been adopted by several projects, including NFT platforms 9Block and Dropull. Other platforms include AfferoFlow, Databoi, Anubians, EON and WorkAxle. It already has a partnership with Simplex to create debit cards and plans to launch its native decentralized exchange named HathorSwap in the coming weeks.
HTR is also listed on popular hardware wallet Ledger and multiple exchanges, including Kucoin, AscendEX, Coinmetro, SimpleSwap and more. To learn more about the project, visit the links.