The HELO™ Blockchain solves many issues holding blockchain back from its true potential.
Let’s dive into what these problems are, and how HELO™ solves them:
- Accessibility, Awareness, and Understanding
- Speed and Efficiency
- Regulation / Governance
- Destructive Environmental Behavior
Accessibility, Awareness, and Understanding
One of the primary obstacles to blockchain adoption is a lack of awareness, coupled with a general lack of knowledge about how blockchain technology works and why it is useful. A core mission of HELO™ is to build intuitive products which naturally introduce the concepts and benefits of blockchain technology to a mainstream market.
Unlike Bitcoin, Ethereum, or other Proof of Work blockchains, users are not required to buy and own expensive hardware to participate and receive rewards. Likewise, Proof of Stake blockchains often favor the wealthy, in which the more significant your monetary investment is, the more influence & power you tend to have over the network, and the more rewards you will receive. The HELO™ blockchain uses the patented (pending) Proof of Ethic™ consensus algorithm which requires nothing more than downloading the HELO™ desktop/mobile application and opting into being a node. Additional roles are unlocked based on a reward system. Similarly, the more a given node is rewarded, the more roles are unlocked and become available. Each role comes with its own unique reward distribution. In the near future, users will be able to use accumulated unique & special compensations, granted by becoming specific roles, to obtain special privileges in the network.
Speed and Efficiency
Scalability is the final unsolved problem in Cryptocurrency. Bitcoin and Ethereum, among other top protocols often experience network congestion, spikes in network fees, or halts. This makes operating a business on these networks unpredictable and unreliable. The recent Yuga Labs NFT sale clearly illustrated the significant limitations of popular networks.
Tata Communications issued research in 2018 indicating that 44% of firms surveyed were using blockchain and alluded to the common issues that come with introducing a new technology. As an unresolved architectural issue, scalability is one if not the main barrier to blockchain mass adoption and day-to-day use. Moreover, according to Deloitte Insights, blockchain-based systems are generally sluggish. The slow transaction speed of blockchain is a significant worry for organizations that rely on high-performance transaction processing solutions.
Proof of Ethic™, being essentially a game of speed, incentivizes nodes to generate blocks as fast as possible, having a chance of getting compensated in the process. There is therefore a direct correlation between the number of active nodes in the network and the competition between active nodes to generate blocks. Because a node essentially can’t buy faster speed in any meaningful way, this model is vastly more egalitarian and fairer.
Dynamic block sizes, solely made possible by Proof of Ethic™, enable transactions to be fully processed as fast as possible, rather than waiting for a predetermined time and block size. A block is generated in correlation to the network activity for seamless throughput. Existing models show Proof of Ethic™ achieving several million of transactions per second.
Many cryptocurrency users have stated they prefer cryptocurrencies over fiat. Cryptocurrency adoption continues to grow, which has led to rising concerns from organizations and governments alike.
In recent years, tightly regulating blockchain and cryptocurrencies have become a priority for governments and financial institutions across the globe. In the United States, the SEC and other regulatory agencies are already moving closer to comprehensive regulation of cryptocurrency.
HELO™ was built fundamentally for mass adoption. This is an extremely difficult goal to achieve, as it involves redesigning key components of the way blockchain is currently integrated and used to optimize multiple parameters, including security. Indeed, we want even those who know absolutely nothing about crypto and blockchain to feel safe using HELO™. Indeed, it is not uncommon for the media and other means of information distribution to dramatize topics, such as malicious activities occurring on blockchains. People unfamiliar with blockchains may then assume that blockchains are a means for criminal activity to occur, preventing them from trusting the technology enough to invest their hard-earned money, ultimately preventing them from using this great piece of technology. In addition, as time goes on, governments are imposing more and more regulations on blockchains. Among those is the mandatory KYC requirement by exchanges and the like. At this point in time, exchanges’ KYC is made off-chain, which is suboptimal to reduce criminal activities.
Essentially, the goal here is to reduce malicious activity as much as possible without compromising the very core nature of a blockchain.
In order to best comply with government regulations, while keeping in mind its ultimate goal of mass adoption, HELO™ has strategically, thoughtfully and purposefully chosen to include an integrated Know Your Customer (KYC) mechanism on-chain. As mentioned above, since crypto exchanges are essentially ordered by regulators to have a KYC mechanism regardless, instead of following the traditional off-chain approach, HELO™ chose to do so on-chain and thereby further minimize the risk of criminal activity on the blockchain, as off-chain KYC does not prevent technical malicious actors from conducting criminal activity on the blockchain itself.
One important point to note: HELO™ does not and will not store any KYC data. If you have any concerns about this, feel free to speak to our CISO, Tony Hanson. He will be happy to answer your questions as honestly as possible.
Destructive Environmental Behavior
Popular cryptocurrencies such as Bitcoin and Ethereum use a Proof of Work mechanism, which requires users to solve equations of increasingly great difficulty to forge blocks and receive compensations for doing so. Proof of Work was designed as an incentive stake model; users are required to stake their computing power to earn rewards. This requires increasing positive network participation as attempting to cheat the network would not be worth it as a user would need to command 51% of the total network contribution power.
Since everyone on the Bitcoin network competes to solve an equation first and therefore get rewarded, the miner with the most computing power statistically has the best chance of winning. This results in the infinite battle to build bigger, faster, yet more energy intensive computing nodes.
The HELO™ Blockchain, on the other hand, is both self-sufficient and environmentally friendly. This is because the HELO™ blockchain requires infinitely smaller amounts of energy for its operational functions, including transactions. This is that same extreme efficiency which allows transactions to be processed on a mobile device.
The thrilling benefits of the HELO™ Blockchain’s extraordinary eco-friendliness is a guilt-free blockchain technology. Scientific, technological, commercial, public, and financial sectors can now incorporate blockchain technology into their practice without the previous environmental concerns, or adversely affecting their ESG scores.
Discover more: heloblockchain.com
Follow HELO™ on Twitter: https://twitter.com/HELO_Blockchain
Written by William Valentine
Edited by Brad Wilson, Joshua Bell, Nathan Trudeau,