THE HELO BLOCKCHAIN ELIMINATES TRANSACTION FEES AND IMPROVES SPEED
In most blockchains, every time a user transfers funds, creates an NFT (Non-Fungible Token), engages with a smart contract, or performs a function that involves the blockchain, there is a cost. Transaction fees reward network validators for securing and operating the blockchain which made the transaction possible.
These costs can reduce barriers of entry to certain platforms and increase costs for businesses running large volumes. It is necessary for a zero-transaction fee network to unlock the true potential of blockchain.
Zero Transaction Fees
The core design of Proof of Ethic™, the consensus algorithm used by HELO™, allows for zero transaction fees. This is made possible because all transactions included in a new block by a forger node must be organized in a specific manner. For a new block to be considered valid, a given number of enforcer node(s) must be chosen in a pseudo-random manner. The given number of enforcer node(s) must then “enforce” the forger’s block, i.e., validate it by primarily checking that the transactions are properly ordered. Due to the set of rules that dictate the dynamic of the blockchain network by analyzing events and the behavior of each participating nodes, enforcer node(s) and forger node(s) are incentivized to act in a way that conforms to these rules in order to keep their rights to act as such.
Hybrid Token Reward System
The Proof of Ethic™ consensus algorithm was designed to eliminate transaction fees with the use of hybrid token rewards. The hybrid token reward system is activated when the network accepts a new block. Under this system, rewards must be shared between specified roles: Storers, Enforcers, Forgers, Speedsters, Partners, Trust Funds, HELO Foundation, and the Blockchain Bank Wallet.
Types of Transactions on HELO™
A transaction is an entity that stores data and may have logic that changes the state of the blockchain network. There are many kinds of blockchain transactions and not all of them have the same usage rights. The following are special types of transactions you’ll see in the HELO network:
- Pythia transactions: They are used to show adjustments on the blockchain, such as creating an account, blocking or unblocking public keys, and enabling or disabling specific transaction types
- Thesis transactions: They inject specific amounts of tokens from the tokens bank account to a new account
- Athena transactions: They are used to create a trust fund, add or withdrawal funds, and add beneficiaries to a specific trust fund
- Common transactions: They are used for P2P actions and allow for speedsters to create dynamic block sizes