On June 30, Tolar HashNET, an open-source, highly-rated, 4th generation blockchain, has officially launched its mainnet. Tolar HashNET mainnet is now the best performing blockchains in the world, as the closest competitor with similar features have been demonstrating not more than 10,000 transactions per second.
HashNET is an innovative blockchain – based infrastructure and horizontal enabler for new business models, products and services, but also for conventional businesses and public services on their way to digital transformation.
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.
Tolar’s HashNET has an asynchronous, gossip-based consensus mechanism that allows for lightning-fast processing of up to 200,000 transactions per second with low latency. At regular intervals, the DAG representation gets consolidated into a blockchain of strictly ordered transactions compressed with MimbleWimble technology.
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Scalability is the biggest problem in the blockchain technology space. HashNET was built to support over 200,000 transactions per second. Also, even with a large increase in number of nodes, HashNET network is able to process all transactions in a matter of seconds.
HashNET uses Proof-of-Stake consensus combined with masternodes to reach distributed consensus. The process of receiving and recording occurs as soon as transaction takes place, which allows the final confirmation to be ready instantly.
HashNET cannot be hacked due to the power of distributed algorithm, which is responsible for reaching consensus within the nodes.
Interoperability is a key aspect of the HashNET platform design. Its applications and services run across a common layer of identity, consensus and governance. This means businesses can transact openly and flawlessly with all their business partners, without trapped assets or islands of information.
Consensus mechanism used in HashNET requires minimum electrical consumption while the way transactions are recorded need minimum storage space.
Tolar has made its testnet available to public on April 23, during the Noordung Forum in Slovenia that hosted high-level representatives from European Commission, European Parliament, Government of Slovenia, UNECE/CEFACT and many more. HashNET tech has been recognized as the solution for European and national blockchain infrastructures and for that reason, United Nations Economic Commission for Europe listed Tolar HashNET in its White paper »Blockchain and Trade facilitation« as one of 15 global blockchain projects, utilizing Blockchain Technology for achievement of UN’s Sustainable Development Goals.
Tolar HashNET aims to become a favourable solution for enterprises and governments by providing an open, fast and extremely fair public ledger built on top of the HashNET technology and to create ecosystem of solutions and partners that will use this unique technology to solve problems with existing systems or provide new functionality that was not available before.
The Founder and CTO of Tolar HashNET, Josip Maricevic describes the vision of the company in a few words: “We are not just building another blockchain project, but a completely new consensus alternative to blockchain. This is the next step in blockchain evolution.”
Tolar has been powered by COTRUGLI Business School, the leading business school In SE Europe, with the Alumni community counting 2,000 members and having over 20,000 clients. The School recognized the potential of blockchain technologies and provided crucial support from the start. COTRUGLI has created a Blockchain Academy and the world’s first Blockchain EMBA program and Program for Certified Blockchain Developers.
To learn more about the technology and Tolar HashNET achievements, visit their webpage or Medium Channel.
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