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Centralized exchange is the hub of the blockchain world, crpto assets of different chains are exchanged at a very high frequency through centralized exchanges.
However, it is enclosed and non-expandable system. As an open Ethereum, its ecological soil is extremely prosperous. Both project parties and users can enter the blockchain world anonymously without authorization. The expansion and openness of the public chain give the project itself great room for future development.
Hoo Smart Chain(short for HSC) is a decentralized, efficient and energy-saving public chain, which can provide developers with an efficient and low-cost on-chain environment to run decentralized smart contract applications (DApps) and store digital assets.
HSC is an open and friendly blockchain platform built by Hoo Group based on the ecological resources of the blockchain, based on Hoo technology and the advantages of digging new projects.
The HSC Ecological Alliance provides a full range of support services for multi-chain Dapps to help developers better serve user needs and provide a high-quality on-chain experience with low cost and high performance.
HSC adopts the PoSA consensus mechanism, each participating node has the same rights. It allows developers to freely build decentralized applications, including DeFi protocols, digital assets, etc.
In addition, HSC can simply and efficiently realize the value interconnection of each blockchain through cross-chain modules, so as to jointly build an ecosystem and a value-added system.
HSC aims to promote the development of large-scale commercial applications based on blockchain technology.
The HSC Ecological Alliance jointly builds an open symbiotic ecology and is committed to broadening the blockchain world and bringing a more complete ecological closed loop.
Hoo Smart Chain is a large-scale distributed operating system, with thousands of nodes running smoothly on servers and terminals all over the world.
The strength of Hoo Smart Chain cannot be separated from the support of application software, and the prosperity of Hoo Smart Chain ecology cannot be separated from the follow-up of community developers.
There are many excellent applications in the Hoo Ecosystem, including DeFi protocols, NFT and other sectors. Such as wallet, block chain browser, DEX, lending, oracle, NFT trading market, etc.
HSC Ecological Co-construction Plan Eco-capital Hoo unites with alliance partners to establish HSC Eco-capital. Inject capital for potential projects, provide liquidity and other support, realize capital gains in the alliance ecology, reinvest in the HSC ecology, and realize a closed-loop business.
HSC Eco-Alliance include but are not limited to blockchain industry partners such as exchanges, wallets, capital, media, and project communities, aiming to provide HSC developers with all-round support throughout the life cycle of the project and help the project succeed.
Hoo Smart Chain (HSC) Design Logic: Hoo Smart Chain adopts a highly abstract modular design idea, dividing the system into several core modules such as basic network, database storage, consensus algorithm, transaction processor, virtual machine, application layer interface, etc.
After the Hoo Smart Chain goes online, any developer can easily build decentralized projects on Hoo Smart Chain. In addition, HSC will gradually open up several innovative services in the later period.
- Technically speaking, HSC does not belong to a two-layer solution, but is a side chain of Etherum. Most of the technical functions and business functions of HSC are developed by the HSC team.
- Compatible with current mainstream public chains including Etherum, BSC, Heco Chain, etc. The above public chains have relatively mature applications and communities. Therefore, most of the mature Dappa, ecosystem components and tools in the industry can be adapted to HSC. HSC nodes will perform hardware specifications and HSC functions.
According to the current problems faced by the industry, HSC will make improvements at the following levels:
- Block confirmation is 3 seconds faster than mainstream block chains including Etherum and BTC;
- HSC's gas fee serves as a block reward, and the gas fee is HOO(Hoo Exchange Platform Token)
- Bring in Staking mechanism, set up an HSC alliances to support project parties and carry out node elections.
Hoo Smart Chain (HSC) Features Consensus mechanism: PoSA
TPS: 500 +
Block-Out Cost: 3 seconds
- High throughput
High throughput is achieved by improving the TPS in the HSC. The HSC block confirmation time is 3 seconds, and the practical degree of daily use has exceeded bitcoin and Ethereum.
- Scalability
Based on good scalability and efficient smart contracts. Applications can have more deployment methods in HSC, and HSC can support a large number of users.
- High Reliability
HSC has a more reliable network structure, user assets, intrinsic value, and a higher degree of decentralized consensus has brought about an improved reward distribution mechanism.
The types of PoSA consensus mechanisms are quite different, including Proof-of-Work (PoW), Proof-of-Authority (PoA), and Proof-of-Stake (PoS).
PoW uses computing power to mine to maintain the network.
PoA adopts the verifier mechanism, but this is considered by some people to be less decentralized by POA.
The PoSA consensus mechanism to be adopted by HSC integrates the characteristics of PoA and PoS, among which:
- The number of verifiers is limited, and blocks are produced after verification by a certain number of verifiers
- The verifiers take turns to generate blocks, similar to the generation method of PoA
- It can become a verifier through Staking to participate in the governance of HSC
The use of cross-chain technology principles is very important for the blockchain industry. Through HSC cross-chain technology, users can freely circulate their assets. The advantages include:
- Users can build digital assets based on HSC, decentralized financial products
- HSC chain projects and assets can circulate freely and stably, and are more efficient, convenient, and low-cost than major public chains in the current industry.
- HSC can assume the role of a transfer station for block chain assets. Through the asset cross-chain bridge, the public chain assets are mapped to HSC, and after the assets are locked on the chain, the corresponding number of Token is generated in HSC
Hoo Virtual Machine (HVM) is implemented by Hoo Smart Chain is fully compatible with Ethereum Virtual Machine, which facilitates developers to transplant existing Dapps, not only reduces the learning cost of developers, but also greatly improves the operating efficiency of Dapps due to the natural advantages of Hoo Smart Chain PoSA consensus algorithm and the operating cost of Dapps is greatly reduced. Hoo Virtual Machine (HVM) has also undergone many optimizations, which greatly reduces the operating cost of Dapps at the same.
At the same time, many new features have been developed to support the business logic of smart contracts, such as supporting batch check in smart contracts and supporting the judgment of contract addresses in smart contracts.
- Lightweight
HVM adopts a lightweight virtual machine architecture, which aims to save operating space, reduce resource consumption and ensure system performance.
- Stability and Security
HVM adopts rigorous design specifications and low-granularity underlying opcodes, which ensure the accuracy of each calculation step and eliminate the space for ambiguity to the greatest extent. At the same time, due to security considerations, the transfer and operation contract of HVM does not need to consume tokens, but only consumes bandwidth, avoiding attacks on similar Ethereum gas consumption patterns. While ensuring the certainty of each operation calculation step, it also ensures the stability of bandwidth consumption.
- Compatibility
At present, HVM can be perfectly compatible with Ethereum Virtual Machine, and will be compatible with more mainstream VMs in the future. Therefore, the smart contract on Ethereum can be directly run on HVM, seamlessly connecting with the existing developer ecology, and improving the development efficiency of developers. Developers do not need to learn a new programming language, they can use mainstream programming languages such as Solidity to develop, debug, and compile smart contracts in a familiar Remix environment, which will greatly reduce the development cost.
- Developer-friendly
HVM's bandwidth consumption mode reduces the development cost of the contract. Let developers focus more on the logic of the contract code itself. At the same time, HVM provides a one-stop interface for developers to deploy, trigger, and view smart contracts.
HSC adopts the account model. The unique identification of the account is the address, and the private key signature needs to be verified for account operations. The project side can publish and create smart contracts, or call smart contracts published by others, or vote on nodes, etc. All activities of HSC are carried out around accounts.
Hoo Smart Chain has designed a set of perfect resource models and supports the dynamic adjustment of resource model parameters. This is a very excellent feedback adjustment mechanism. For example, when the transactions on the chain are busy, the transaction fees and usage costs will become higher. When idle, the cost of these resources will be reduced accordingly. In addition, a certain amount of free resource quotas are set for users. At the same time, users are supported to obtain the corresponding amount of voting rights by freezing HOO, and users can get corresponding rewards by voting for nodes.
Hoo Smart Chain has set up a scientific and efficient incentive mechanism to promote the self-prosperity of the block chain. Nodes have the right to produce blocks, package transactions, and obtain the corresponding block production incentives. At the same time, nodes can also get vote rewards.
System parameters can be regulated through the governance of the community, including:
- The parameters of the HSC system contract are all flexible, such as cross-chain transfer fees, repeater reward amount, etc., which is conducive to the good operation of the ecology
- The parameters of the Stake/Slash/Oracle module on the HSC All these parameters are determined together by the HSC verification assembly according to its Staking through the proposed voting process. Such a process will be carried out on the HSC chain.
- A unified interface. Contracts interested in these parameters only need to implement the same interface.
- Extensible. When adding a new system contract, there is no need to modify any other contract.
- Failure tolerance. The verifiers can skip the wrong suggestion and continue by voting.
- Multiplexing. Now we use the parametergov, but there will be more governance functions in the future.
Voting process:
- voting right
It is set in the ballot HSC that you can have the right to vote by holding HOO
- voting process
HSC sets that voting on candidates is a special type of transaction, and nodes can vote on candidates by generating a voting transaction
- counting votes
During each maintenance period, count the votes of candidates once, and use the candidate with the most votes as the bookkeeper for the next block-out cycle.
In order to ensure the safe and efficient operation of the blockchain system, Hoo Smart Chain setting incentive model to encourage more nodes to join the HSC network, thus expanding the network scale.
For bookkeepers, when they complete the block-out task, they are given corresponding HOO rewards.
HSC sets that witness will receive a certain HOO reward for each solidified block produced;
for all bookkeepers, each Epoch maintenance period will allocate a fixed reward according to the number of votes obtained. And the number of incentives is transparent, and the incentive distribution process is completely decentralized.
HOO is the primary asset of Hoo Smart Chain, and the role of HOO in HSC is equivalent to the role of ETH in Ethereum.
However, the circulation of HOO on the HSC will not require huge gas fees like those on the Ethereum.
The functions of HOO on the HSC include but are not limited to
- HSC gas fees
- Providing liquidity through pledge HOO to obtain income
- As a cross-chain pledge asset, the HSCToken standard HSCtoken is a standard token issued on the HSC. HSC is fully compatible with Ethereum, BSC, and Heco Chain standards, so the HSC chain can also support ERC20Token, BSCToken, and HecoToken. Users can exchange between chains within Hoo Exchange or the HSC cross-chain bridge.
HSC adopts PoSA consensus mechanism, which has the characteristics of low transaction cost, low transaction delay and high transaction concurrency, and supports up to 21 verifier nodes;
Verifier:
responsible for packaging out blocks for on-chain transactions;
Active Verifier:
That is, a group of verifiers currently responsible for packaging out blocks, with an upper limit of 21.
Epoch:
The time interval in units of blocks is currently 1epoch = 200block on the HSC. At the end of each epoch, the block chain will interact with the system contract to update the active verifier;
The current management of the verifier is completed by the system contract.
The current system contracts include:
Proposal is responsible for managing the access qualifications of the verifier, managing the verifier proposal and voting;
Validators are responsible for ranking management, pledge and unpledge operations, distributing block rewards, etc.
Punish is responsible for punishing the active verifier who does not work properly;
Blockchain calls system contract: at the end of each block, the validators contract will be called, and the gas fees for all transactions in the block will be distributed to the active validators; when the validator is found not working properly, the punish contract will be called to punish the validator; at the end of each epoch, the validators contract will be called, according to the ranking, update the activevalidator;
Any account can perform any number of pledge operations on the validator, and the minimum pledge amount of each validator is 100000 HOO. If you want to retrieve the pledged HOO, you need to follow the following actions: Send the call validators contract and send a statement transaction for the unpledging (unstaking) of a certain validator;
After waiting for 86400 blocks, call the validators contract and send the withdrawal pledge (withdrawStaking) transaction to retrieve all the pledges of this validator;
Whenever it is found that the verifier has not performed the block as set in advance, the Punish contract will be automatically called at the end of this block to count the verifier. When the count reaches 24, all the income of the verifier is confiscated. When the count reaches 48, the verifier is removed from the list of active verifiers and the verifier is disqualified.
- All users and developers can participate in the current test environment and subsequent stages of HSC for free, and there is no charging scenario.
- All users must distinguish the test environment from the Mainnet. The assets generated in the test environment have no value. Be aware of counterfeit currency fraud.
- HSC announces authorization, promotion and other collaborations only through the official social media platform. Developers and users should check carefully to avoid losses.
- Do not misread the official website (hoo.com), and be cautious with private key phishing.