Understanding what cryptocurrency is in the digital age is not easy, especially for ordinary people. However, the presence of digital currencies is increasingly in demand as an investment instrument. This is because the value in cryptocurrency continues to experience fluctuations from time to time.
Simply stated, cryptocurrency can be understood as a digital currency. Different from conventional currencies, cryptocurrency can be used for virtual transactions or internet-based networks. To maintain security, cryptocurrency will be protected by complicated passwords. Payments made using digital currencies take place on a peer-to-peer basis, that is, from the sender to the recipient. Nevertheless, all transactions carried out remain recorded in the existing system on the cryptocurrency network. Recording is carried out by cryptocurrency miners and will receive a commission in the form of digital money used.
So far, people think that cryptocurrency is just Bitcoin. In fact there are thousands of cryptocurrency in circulation today with various advantages and disadvantages. The popularity of bitcoin is enough to make changes in some aspects of both the economy and lifestyle of people.
But did you know that the more popular bitcoin problems are increasing? including transaction costs, speed of transfer, and waste of mining energy. The right solution is needed so that problems in the blockchain world are quickly overcome to see how important cryptocurrency is in the future.
HELIOS PROTOCOL
Helios is an infinitely scalable cryptocurrency and smart contract platform based on DAG + blockchains designed from the ground up to be futureproof with secure, high speed, and low fee transactions, and to enable truly decentralized and democratic applications.
Helios protocol has been developed to solve the cryptocurrency problems mentioned earlier and has several goals such as :
- Maintain all of the positive qualities of modern blockchain implementations such as trustlessness, immutability, and decentralization.
- Be capable of executing the same Turing complete programming languages as Ethereum. This will allow Ethereum dApps to be migrated to the Helios dApp platform without modification which will dramatically accelerate the adoption.
- Be capable of scaling to handle the transaction volume of the future while maintaining low transaction latency.
- Have low transaction fees and maintain them into the future.
- Have a consensus mechanism that doesn’t require proof of work (PoW) and uses orders of magnitude less energy while being just as secure. The consensus mechanism also needs to provide the same level of reliability and security as PoW and be highly resistant to centralization of power.
- Allow the users to choose the order of their own transactions rather than the block miners, and allow them to add a transaction to the blockchain exactly when they wish.
Helios platform will be capable of executing solidity based smart contracts and dApps. This will allow the creation of efficient, fast, and secure decentralized solutions to vastly improve systems such as governance, financial technology, energy grids, supply chains, social networking, health care, fake news, climate change etc. Furthermore, the use of Solidity as the language will enable rapid adoption by the existing development community and seamless migration of existing dApps.
BENEFITS OF THE HELIOS PROTOCOL
High Speed and Scalable
Blockchain architecture of the Helios protocol is infinitely scalable. Assumption from the calculation of the TX ratio between bitcoin and ethereum results obtained that the Helios protocol is on the order of 50 to 20 million times higher TX throughput. (Next time I will explain the calculation)
Low Transaction Fee
The Helios consensus mechanism, which lacks PoW, allows nodes to run on inexpensive, energy efficient hardware. This dramatically reduces the upfront and continuing costs to run a node. So, the rewards required for nodes to generate the same income as they would with other PoW coins are also dramatically lower. This allows Helios to remain lucrative in comparison to PoW coins even with smaller rewards for nodes. The cost savings from having to pay less rewards to nodes is transferred directly to the users of the network via lower transaction fees.
Smart Contract And DApp Patform
The Helios platform will be capable of executing smart contracts and dApps programmed in Solidity just like the Ethereum platform. This will allow for accelerated adoption of the Helios platform by existing developers. It will also allow for seamless migration of Ethereum based dApps to the Helios platform. Furthermore, we are allocating a large percentage of HLS tokens to a dApp incubator fund to support new visionary projects built on the Helios platform.
Security and Immutability
The Helios consensus mechanism, which is based on both PoS and the very well understood physics of magnetism, is able to provide security an immutability to the same degree as PoW. It also provides additional measures not seen in PoW that increase security further.
Each wallet address has its own blockchain, and the wallet must sign all blocks on the chain. This makes it impossible for anyone to edit the contents of another wallet’s blockchain. Therefore, if a block or transaction is changed after reaching consensus, there is immediate proof that it was changed by the owner wallet. This allows the network to immediately identify the offending wallet and slash their funds. The amount of funds that are slashed are chosen to completely eliminate the economic incentive to break the protocol rules
Less Energy
Helios consensus mechanism doesn’t require mining which dramatically reduces the energy consumption. We can walk through a quick calculation to see just how much more efficient we expect it to be as compared to Bitcoin. Therefore, the Helios protocol will use approximately 6000 and 9000 times less energy than the Bitcoin network with the same number of fullnodes.
Truly Decentralized and Democratic
The Helios protocol achieves a high level of decentralization by allowing any individual to participate and vote in the consensus process no matter how small their stake may be. Unlike delegated PoS, our consensus mechanism doesn’t require electing representatives or delegates to vote on your behalf. Miners have the power to choose which transactions get added to each block. The Helios consensus mechanism eliminates both of these sources of the potential centralization of power.
Transaction Order
With the Helios blockchain, every wallet is allowed to add a block with transactions to their own blockchain at any time they wish. Effectively, each wallet gets to “mine” a block at any time, and also choose the order of the transactions within the block. This gives the power back to the 2 parties involved with each transaction and eliminates the possibility of a central power choosing the order of transactions. Once the sender and receiver of a transaction has included it in each of their blockchains, the transaction is complete.
No ICO !
Helios project is entirely self funded and bootstrapped. We will give away almost all of our tokens as bounty rewards, airdrops, and to fund dApp developers over a period of 3 years. Firstly, this will give everyone equal opportunity to participate in the project and ensure the tokens are distributed to a large number of individuals for improved democracy. Secondly, we will be rewarding, among others, strong community members, hard working developers, and social media influencers who help build the Helios community, project, and dApp ecosystem. These are the individuals who matter most in creating sustainable growth of a decentralized blockchain platform. By rewarding them, we will also accelerate the growth and adoption of the Helios protocol.
Well, that is what I can convey at this time. In essence, I am participating in a project that has great potential going forward with community and believing in the solution of the current cryptocurrency problem.
For more information, check the link below :
Website : https://heliosprotocol.io/
Discord : https://discord.gg/xXwt2YC
Telegram : https://t.me/heliosprotocol
Twitter : https://twitter.com/HeliosPlatform