Scalability is still one of the more pressing problems in the world of cryptocurrency. Addressing these issues has proven quite challenging, for obvious reasons. Tolar, the currency powering the HashNET project, may offer a solution. Leveraging distributed ledger technology combined with a consensus algorithm just might lead to some interesting developments.
What is HashNET?
Although the name wouldn’t suggest it, HashNET is a blockchain project focused on providing a throughput of over 200,000 transactions per second. While there are other projects which claim they will offer such solutions in the future, there is always room for more competition.
How Does it Work?
HashNET has multiple components. It uses distributed ledger technology and a consensus algorithm combined with masternodes and proof-of-stake. Masternodes are becoming increasingly important in the world of blockchain and cryptocurrency these days, as such nodes provide important network services.
At the end of the day, its main focus is scalability. This buzzword is thrown around often, yet no project has solved the problem properly. HashNET claims that its throughput will surpass that of any existing cryptocurrency, although it will need sufficient network nodes to achieve that goal.
Furthermore, the project claims it is 100% secure and unhackable. With its distributed algorithm which reaches consensus within the nodes and its proof-of-stake features, that may in fact become possible, although things are never easy in the blockchain world. The project will also be mobile-compatible, which is an interesting feature.
The Tolar Token Explained
A few aspects of Tolar are worth highlighting. It offers interchain support, it’s compatible with DApps, and the currency uses a traditional programming language. Its governance system is known as Magnus Consilium and allows stakeholders and investors to vote on proposals. None of this is exactly unique, but the system can offer benefits in the long run.
There is still lots to do before Tolar and HashNET can become contenders in the world of blockchain and cryptocurrency. The current roadmap includes launching the initial mainnet chain with masternodes and PoS support. Later this year, an ICO will be conducted and mobile wallets will be released. The public release of HashNET and the switch to the HashNET protocol will not occur until early to mid-2019.