HNB: Using Blockchain to Create the New Decentralized Global Economy

SHANGHAI, July 18, 2018 /PRNewswire/ -- Making its debut at the inaugural forum of 'Blockchain Hundred People Lecture' event in Shanghai on June 22, Hashnet BitEco (HNB), launched its vision of building the decentralized economic model, which looks to provide a decentralized public chain where individuals and companies can work and exchange products and services with trust and security. The model encourages the safe and rapid establishment and development of a diverse, real economy of many business sectors, reducing transaction costs and facilitating unfettered trade and exchanges while building mutual trust among users. It uses a unique architecture framework and dual-token system to deliver the full power and potential of the blockchain.

Dual Token Economic System

HNB architects a dual-token system for the HNB community with one Token, HGS, for circulation and another Token, HNB, for equity. HGS, the Token of currency, is pegged to the U.S. Dollar (1HGS is equal to 0.0156 USD) and HNB, the Token of equity, represents financial and political rights in the HNB community. Both HGS and HNB can be exchanged.

Due to the close connection with the real economy and the acceptance of HGS by all merchants in the community, HGS and the fiat currency to which it is anchored will enjoy a stable relationship and enable consumer transactions, investments, payments and other behaviors in HNB community to become increasingly unfettered and thrived.

Consensus Mechanisms: DPOS+Algorand

HNB deploys a double-chain architecture - one runs HNB and the other runs HGS. It implements cross-chain communication and asset swapping between the two chains with each chain enabling a sidechain architecture to support the generation, operation and development of a sub-ecology which ultimately, will evolve into "one chain, two token", integrating HNB and HGS in the same chain.

The consensus mechanism of HNB's underlying architecture uses the Delegate Proof of Stake (DPOS) + AIgorand model. It represents a significant upgrade to existing consensus approaches like POW by eliminating the possibility of blockchain forks, and realizing rapid validation of all transactions.

With DPOS and Algorand, HNB selects candidate accounting nodes by voting in the DPOS-like mechanism, then makes Algorand among these candidate accounting nodes. The advantages of such a consensus mechanism are: 1. Compared to DPOS, the random allocation of accounting nodes avoids targeted attacks and does not sacrifice performance; 2. When the accounting of the blocks is completed, the extra Byzantine agreement is enforced to make the system more robust. At the same time, compared to pure Algorand, the use of stable candidate accounting nodes is a more reliable and relatively high-performance configuration than the purely random selection of ordinary users.

DAPP Platform

HNB has reached a close cooperation agreement with Honey, the world's largest hand-painted IP platform. With more than 30 million users and 100,000 artists, Honey helps users to paint cartoon portraits via internet technology. Despite its success, Honey still suffers from numerous problems, including a lack of an effective copyright protection system for hand painting, particularly digital products. As Honey has become increasingly successful, it would likely face increased legal expenses as more competitors become threats to its IP. By migrating to the HNB community, with the backing of Blockchain technologies, Honey can reduce business operation costs and protect its IP.

Honey also serves more than 95% of China's Star Channel customers, consuming film, television and sports programs. Its large customer base can create the demand for Honey's DAPP platform, on which users can make purchases and order custom personal paintings using HGS issued by the HNB community as a currency medium.

In addition to DAPP for Honey, HNB community has a solid plan to also cooperate with many other emerging platforms and business partners, overall covering 200 million people.

About HNB

HNB is aiming to design a Blockchain based decentralized economic operation mechanism for a closed-loop economic entity. HNB believes that transparent and properly implemented economic incentives will motivate participants to be both active and behavioral in the economic entity. When participants can earn incentives throughout different ways to contribute to this automated entity, it will strengthen the participation and creativity of participants. In return, the entity will be more dynamic and reach a certain scale. A global self-development HNB economic entity is supported by the open and vigorous governance mechanism, mixed with business partners, large number of customers, and the latest technologies. Based on the next generation of Blockchain technology, HNB team is confident and committed to growing its business entity into one of the largest decentralized economic communities in the world.

SOURCE HNB