The scalable blockchain allows transactions to be executed quickly and inexpensively – and it allows everyone to create their own tokens for fun.
Hathor says the infrastructure is so simple that a 13-year-old can launch their token in under a minute … and the process takes just a few clicks. This may open an opportunity for companies to issue shares to investors, and traders who can offer innovative loyalty programs, digitally and democratically-conducted voting, and proof of ownership of tokens.
The project features a new architecture combining third-party DAGs and blockchain, inspired by founder Marcelo Salhab Brugliatto’s doctoral thesis. The Hathor code was created from scratch, which means it doesn’t contain a fork from another cryptocurrency.
The core of Hathor’s offer is ease of use, and the blockchain can easily handle up to 200 transactions per second. Another unique feature is the introduction of nano-contracts. Hathor describes this technology as a simplified yet robust version of a smart contract that reduces the need for computing power, reduces transaction costs, and helps eliminate errors that inevitably arise when smart contracts become too complex. The project says this innovation has played a critical role in realizing the concept of providing “free transactions” around the world.
Hathor says nanoparticles “are probably the most expected function in our society”. Its initial design continued in the first quarter, with the rollouts planned for the second quarter. This will pave the way for a number of advanced features in the third quarter.
HTR tokens have been available on KuCoin for the past two months, with links to Ether and USDT. The BTC / HTR pair will follow in the next few days.
New products and software
Hathor’s goal is to provide a more cost-effective blockchain compared to a blockchain like Ethereum, as some DeFi protocols have been crippled by the high transaction fees. A number of products will be published based on the new blockchain, and HathorSwap, a decentralized exchange that uses prepackaged tokens and provides zero gas fees, will appear in the first half of the year.
Other soon-to-be products include a Chrome extension, a virtual debit card that allows HTR token users to use encryption without any hassle, an e-commerce offering that will save 10 times less fees than Stripe when paying for transactions for seconds, and a reseller directory that lets consumers search for stores that accept Hathor symbols.
On March 1, Hathor launched a grant program to encourage development. The project believes the first products, funded by the #BuildonHathor campaign, may be available by the end of the second quarter.
Hathor says the challenges also extend far beyond the speed of transactions – and privacy has been a major concern as it builds a payment-centric blockchain.
To that end, it has partnered with HOPR, which offers an innovative privacy solution that’s more complex and secure than end-to-end encryption. Mixnet incentive will enable HOPR to transfer personal metadata by rewarding node members with HOPR tokens. Both sides hope their cooperation will attract privacy-conscious companies that seek compliance.
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Given how competitive the world of cryptocurrencies can be – with competing projects vying for dominance – it is good to see two projects with similar perspectives coming together to make a greater impact.
As Cointelegraph previously reported, HOPR and Hathor recently participated in an AMA live broadcast where they unveiled plans for the future. The two companies believe privacy will be the dominant theme in 2021 and beyond, amid persistent concerns about how tech giants are using personal data and a series of high-profile breaches that have affected consumers.