HashNET is a scalable, fast, secure, and fair decentralized- beyond blockchain project, leveraging Distributed Ledger Technology (DLT) and consensus algorithm which keeps all positive characteristics of a blockchain technology while increasing throughput to more than 200,000 transactions per second. Network is using Proof-of-Stake with masternodes, which eliminates the need for a massive energy consumption.
HashNET is scalable, efficient and high-impact decentralized solution to social innovation challenges leveraging Distributed Ledger Technology (DLTs). This revolutionary algorithm features faster transaction time, masternodes and will have an open source, community-governed crypto-currency – Tolar.
DLT in its public, open and permissionless form is widely considered as a ground-breaking digital technology supporting decentralized methods for consensus reaching, as well as sharing, storing and securing transactions and other data with fewer to no central intermediaries.
HashNET consensus uses “redundancy reduced gossip” and “virtual voting” protocols based on a distributed computation and algorithms from theoretical computer science, which provides a fair and fast, Byzantine fault tolerant consensus algorithm. It is a new consensus substitute platform and is designed to run on a non-permissioned (public) network thereby, reaching a larger community.
HashNET is designed to solve the blockchain scalability problem using the revolutionary algorithm discussed above. It is a new consensus substitute to blockchain, keeping all the good characteristics from blockchain (decentralized, transparent, pseudo anonymous) and increasing speed to more than 200.000 TPS.
HashNET is cost-efficient and environmentally friendly given that no mining is required, as it uses minimal computing resources. It is designed to solve the problem with Bitcoin, Ethereum and similar PoW systems, which now use more electricity than 159 countries including Ireland and most countries in Africa.
HashNET is scalable
Scalability is the biggest problem in the blockchain technology space. Projects like Bitcoin and Ethereum are simply not capable of transferring a large number of blockchain transactions in a short timeframe. HashNET, on the other hand, was built to support over 200,000 transactions per second, compared to Bitcoin, which can only manage 7 transactions per second. Also, even with a large increase in number of nodes, HashNET network will be able to process all transactions in a matter of seconds.
HashNET is fair Why?
Because no individual can manipulate the order of transactions. With HashNET, there is no way for the individual to affect the consensus order.
HashNET is fast
It doesn’t require miners to create a chain of blocks in order to record transactions. This process of creating a chain of blocks is very slow and it consumes a large amount of electricity. HashNET uses Proof-of-Stake algorithm combined with masternodes to reach distributed consensus. The process of receiving and recording occurs as soon as the transaction takes place, which allows the final confirmation to be ready instantly.
HashNET is 100% secure
HashNET can’t be hacked due to the power of a distributed algorithm, which is responsible for reaching consensus within the nodes. Also, combining Proof-of-Stake and masternode creates transparency, since the participants are compensated for correct voting
TOLAR project founded and funding received
Executive group established
Rovinj Initial network development
First cryptocurrency experiments conducted
Launch of the Blockchain academy.
Recruiting process of key team members has started.
Core Tolar team created with 30 members.
Tolar will introduce project publicly
Initial version of HashNET whitepaper
Launch of initial mainnet chain with masternodes and staking system.
Start of the private sale phase and social media presence.
Finalized version of HashNET whitepaper
Developers demonstration of HashNET
Tolar Prototype - live demo
Public release of HashNET chain
Switch mainnet to HashNET protocol