Hekas introduces a novel, decentralized blockchain that is compatible with the Ethereum Virtual Machine (EVM) and designed for secure, cost-effective execution of smart contracts and decentralized applications (DApps). While well-known blockchains grapple with challenges like high transaction fees and slow network speeds during congestion or centralized structures, these challenges serve as the driving force behind the need for innovative solutions that propel blockchain technology forward. HekasChain is one such exciting and innovative concept that we will delve into further.
What is Hekas?
Hekas is a decentralized network that offers security, exceptional speed, and affordability, supporting Solidity-based smart contracts. Hekas seamlessly integrates with the Ethereum Virtual Machine (EVM), meaning that various types of DApps running on Ethereum, Binance Smart Chain, and similar blockchains can be implemented on Hekas.
Among its key features are its ability to process 10,000 transactions per second, extremely low transaction fees, nearly zero cost transactions, and support for all prominent Ethereum standards like ERC-20, ERC-721, and ERC-1155.
HekasChain is built using the Cosmos-SDK software development kit, providing developers with the necessary modules to create their own blockchain.
The security of this network is ensured through the Tendermint consensus algorithm, a unique form of Proof of Stake (PoS). In this algorithm, validators, responsible for block validation, are randomly selected from a predefined list based on their network reputation and staked coins.
We will explore the network’s functioning and the enticing potential of offline staking and rewards earned from the Hekas blockchain in the following sections.
How does HekasChain operate?
Blockchains are managed by a network of independent computers known as nodes. These nodes are interconnected through the internet and enforce a set of predefined rules in the form of a consensus protocol.
As mentioned earlier, in the Hekas network, the consensus process is based on the Tendermint algorithm. Here, a selected group of validators is responsible for creating and validating blocks in the network. Validators are chosen based on various parameters such as the number of staked coins and their reputation. Validators independently examine the proposed block, which includes a set of transactions, in three primary stages of consensus known as Proposal, Prevote, and Precommit.
In the Proposal stage, a node acts as a proposer and sends a block containing a set of transactions to the network. In the Prevote stage, each validator independently evaluates the proposed block and casts their vote. In the third stage, the remaining validators, upon reviewing the received Prevotes and meeting the required threshold, issue a Precommit for the target block.
If at least two-thirds of validators Precommit a block, it is considered definitively confirmed and will be added to the blockchain. This process is irreversible, meaning that it is impossible to create a fork in the network or replace a confirmed block with another.
In other words, the Tendermint algorithm, as long as at least two-thirds of validators behave correctly, ensures complete security for the blockchain and makes it highly resilient against various types of attacks.
Services
The true value of a blockchain lies in its capacity to support a diverse array of services and applications catering to a broad user base. Consequently, it comes as no surprise that the Hekas development team has embarked on creating a range of pragmatic projects and applications on this network.
The initial offering takes the form of the Lotus Wallet, a multi-chain, non-custodial crypto wallet meticulously crafted for the secure storage of various coins and tokens from a multitude of blockchains, Hekas included. Furthermore, the wallet empowers users with the ability to engage in cryptocurrency exchanges through its dedicated exchange section, accommodating both crypto-to-crypto and crypto-to-fiat markets.
The second endeavor unfolds as a tokenization platform for real-world assets, opening the door for users to tokenize an array of holdings, spanning from real estate and automobiles to agricultural commodities, precious metals, energy resources, and even digital audio and video files, all meticulously encoded onto the Hekas blockchain as ERC-20 tokens. This enables these assets to find a marketplace across various trading venues.
Considering the cost-effectiveness of generating non-fungible tokens or NFTs, on the Hekas blockchain, the third offering introduces an NFT marketplace. Here, users can engage in the creation, purchase, and sale of unique tokens and even host diverse auctions within the realm of these unique assets. Artists, art enthusiasts, investors, collectors, and all those passionate about NFTs can actively participate on this platform, leveraging a specialized dashboard to generate income.
Offline Staking
PoS-based Blockchains offer a feature known as staking, enabling individuals to actively participate in network operations, bolster its security, and be rewarded in return. In the context of the HekasChain, staking is possible through two distinct avenues.
The initial method involves setting up a network node. Due to its technical intricacies, this is predominantly carried out by specialized individuals and enterprises. To stake within a Hekas node, a minimum of n coins is requisite. This staked sum remains locked within the network for a fixed 7-day period, subject to specific rules and constraints that must be diligently observed.
The second method, termed offline staking, is characterized by its accessibility to all users. In this process, no coins are transferred out of the user’s wallet; rather, the user merely communicates their wallet address to a network node by means of a transaction submission. Subsequently, the network leverages the user’s wallet balance and the age of their coins, referred to as Coin Age, to endorse and participate in block validation at varied time intervals. In exchange for this active involvement, users are rewarded with HEKAS coins.
The chief advantage of offline staking lies in its flexibility, as there is no fixed duration of coin lock-up, thus allowing users the freedom to spend their staked coins whenever needed.
Collaborations and Investors
The HekasChain was meticulously conceived and constructed by a team of adept, experienced developers in the realm of cryptocurrencies, commissioned by IDERO Decentralized Information company. This blockchain was instituted without resorting to any form of public capital procurement or ICO, with the core objective of addressing the country’s demand for a resilient, decentralized blockchain foundation.
HEKAS Coin
HEKAS, the native coin of the HekasChain, denoted by the HEKAS ticker symbol, serves a multifaceted role within the Hekas network. Its applications span from facilitating transaction fee payments to staking in network nodes, rewarding users, participating in network governance polls, and acting as a store of value.
The network’s operations initiated with a total of 28 million HEKAS coins, apportioned as follows: 10% to the development team, 15% for project managers, 20% designated for initial sales, 35% accessible to the general public, 17% for private sales, and 3% earmarked for staking.
HEKAS exhibits an inflationary characteristic, with its annual inflation rate subject to variation based on the proportion of staked coins within the network. A reduction in the annual inflation rate occurs when over 66% of coins are staked, whereas it increases towards 20% when the network’s staked coin percentage falls below this threshold.
Purchasing and Safekeeping HEKAS Coin
Presently, HEKAS coins can be procured via the Lotus Wallet application. As previously mentioned, the Lotus Wallet’s built-in exchange service allows users to convert various supported cryptocurrencies into HEKAS coins. Users can obtain HEKAS in exchange for Tether, Ethereum, Binance Coin, and numerous other digital currencies. This wallet is of the non-custodial variety, offering users control over their private keys and recovery phrases, ensuring secure storage of HEKAS and other cryptocurrencies.
Moreover, as Hekas gains listings on various Iranian and international exchanges, users will have the opportunity to acquire and trade it at prices established by the community.
Closing Remarks
The HekasChain was thoughtfully designed and established with the primary goal of providing a decentralized, robust, and dependable infrastructure for the execution of diverse decentralized projects and applications. It was engineered to be compatible with Ethereum’s virtual machine and the Solidity programming language. With attributes such as high speed, heightened security, nominal transaction fees, and practical services including the multi-chain wallet, asset tokenization platform, and NFT marketplace, our aim is to enhance the network’s acceptance among users.
We aspire to consistently address the needs and existing gaps in the blockchain sphere with novel ideas and solutions, to the benefit of users within our cherished nation.
