Throughout the age of human interaction one constant yet evolving factor is that of monetary transactions in whatever form - barter, gold, paper, plastic to cryptocurrency. We keep moving from one form to the next thus the current state of wire transfers and credit processing networks.
These platforms despite their adept ability to carry out thousands of transactions per second has left parties having to deal with exorbitant fees including but not limited to deposit, withdrawal and transfer fees. Furthermore the centralised nature of our banking system belabours us with bureaucratic complexities, data insecurity and lack of transparency.
Naturally as humans, we required a better financial transaction system which led to the Development of blockchain today.
Smart contracts, Cryptocurrency, and Internet of things and people. These are some of the trends currently dominating FinTech discussions and development, paving the way for the 4th industrial revolution in ways, hitherto, unimagined - all thanks to blockchain technology.
The blockchain technology itself is a public and transparent ledger system where every transaction can be audited and verified by anybody without the need for third-parties such as banks and other financial institutions. By eliminating third parties, transactions executed on the blockchain are faster, cheaper, and has no need for establishing trust amongst counterparties.
Since its inception a decade ago, it has been utilised in financial transactions as opposed to traditional banking platform all over the world from economic powerhouses to third world countries such as Argentina and Venenzula using it as a means to combat hyperinflation of local fiat currency.
BUT THE CHAIN IS WEAKENING
Despite its enormous potential to revolutionise our daily financial transactions, the blockchain is beset by several issues which have stifled its growth in recent years ranging from increasing transaction fees, high energy consumption, slow transaction time among others. It could take minutes for a cryptocurrency transaction to be executed whereas credit card payment platform such as visa processes thousands of transaction per second.
The amount of energy consumed yearly could reach as high as 60twh which is more than size of the country of Switzerland. In order for blockchain to continue its dominance as the next step of financial evolution a solution must be adopted towards solving the myriad of problems currently stifling its growth. Helios protocol is designed to offer much needed solutions based on principles blockchain being immutability, decentralisation and security.
SUNSHINE IN A WALLET
Helios Protocol creates a scalable parallel blockchain which grants greater focus, swiftness and independence to the primary parties involved in a transaction being sender and receiver. The other block architectures designed with inbuilt limitation; a single blockchain handling all transactions wherein transaction between buyer and sender is bundled together with that of other parties in a block.
The transactions in that block are processed serially one after the other at set interval before being broadcasted. This is similar to cars on a single lane being stuck in a traffic jam. The outcome of this process results in latency and scalability issues, coupled with parties having to pay higher fees to ensure their transactions are processed faster than others.
Helios Protocol adopted an innovative process whereby the single blockchain is decentralised and outfitted into every wallet on its platform.This enables each wallet on Helios network to possess its individual blockchain.Thus best described as providing each car with its own lane to race across.
When a transaction occurs between sender and receiver on the Helios platform, it is added to blocks in their wallets, signed and propagated across the network. The process results in significantly higher scalability, lower transaction fees and obviates throughput issues which arises ffrom muddling all transactions on a single blockchain.
Transaction rates for individual wallets are not limited to one transaction per block as the owner can bundle transactions with other users in a block and broadcast them all together. This allows for independent and simultaneous transactions with other users which exceeds limits to become near infinite.
A major concern of a near infinite scaling system is the ability to deal throughput issues related to increasing demands of users. Sharding technology has been utilised in this process as computers become specialised in the performance of their tasks. In a simplified description, rather than everyone having to clean all the rooms in a building one after the other, they are each assigned a particular room to clean and communicate their tasks to one another afterwards. Utilising only 10 Shards coupled with parallel processing could see transactions scaling from 10,000-100,000 transaction per seconds.
The proof of work system which is expensive, Energy inefficient and often leads to centralization of power is ditched in favor for a more suitable magnetized proof of stake system. This will utilise 9000 less energy than bitcoin proof of work with significantly lower transaction fees.
Parties are no longer dependent on miners to determine the order of their transactions. Anyone can set up an inexpensive hardware and gain rewards for helping to maintain the Helios network.
Security is a vital concern for every financial transaction system. Helios Protocol requires all wallets sign their blocks which adds a layer of immutability as it is impossible to edit contents of another wallet. Where a wallet owner attempts to alter a completed block or transaction, it is immediately visible to everyone. The penalty for attempting to alter a completed block involves slashing of funds in the wallet.
HELIOS FOR EVERYONE
The Helios ecosystem runs on its native HLS coin which will distributed over a five year period to the greater community comprising of social media influencers, developers and active members.
Furthermore, Helios code will be free, open source and Turing compatible making it possible for developers to create smart contracts and dapps on its platform. A large number of HLS will be allocated towards funding such visionary projects.
The team has decided to skip the ico model which often results in concentration of larger wealth in hands of few private investors.
Helios will rather be giving away a large number of tokens in form of airdrops and bounties to ensure everyone is lightened up with a bit of sunshine.
For more details please contact:
Website: heliosprotocol.io
Blog: heliosprotocol.io/blog
Discord: discord.gg/xXwt2YC
Telegram: t.me/heliosprotocol
Twitter: twitter.com/HeliosPlatform
Github: github.com/Helios-Protocol
Email: [email protected]
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