Herdius (HER Token): Single Blockchain Cryptocurrency Private Key for All
Herdius – A Cryptocurrency Private Key for All Kinds of Blockchains
How to make cryptocurrencies spread is a very interesting debate that enthusiasts are always discussing about. In general, they agree that it is necessary to have a good infrastructure that is user friendly and that would allow dApps and different blockchains to succeed.
Herdius has a vision of lowering the entry barriers to the token economy. This is why, they want to introduce an innovative and revolutionizing blockchain architecture that addresses these issues.
Blockchains provide fast and efficient transactions, and new developments such as the Lightning Network are also helping the space to grow. But trading or exchanging assets on or through the blockchain is an inefficient process.
For example, an easy ERC20 token swap facilitated through a smart contract takes four transactions and a gas fee for such a swap to happen. Additionally, it takes an important amount of time for it to be confirmed. Using Herdius and its DIVIWA network it is possible to end with these problems and execute a token swap in just three seconds.
As we have already seen, the cryptocurrency world is becoming more fragmented than never before with each passing day. Indeed, every time a new token launches or splits, divides the virtual currency community even more. Herdius aims to fix this with a single identity system. The main intention is to help users access to any blockchain and the assets apps without major problems and complications.
With this project, the company wants to make it easy for users to instantly trade tokens or use any dApp regardless of the tokens you have in your wallet.
It is important to mention that Herdius is a second layer chain that serves all the blockchains. One of the main advantages is that it offers a private key solution that interconnects all public blockchains in existence.
Herdius wants to create three different products, cross chain private key management and user verification solutions, open a decentralized crypto asset exchange, and create a highly scalable blockchain.
1. Cross Chain Private Key Management And User Verification Solution
A fundamental feature of most of the blockchains is the private and public key pair from which the private key is the gateway that a user has to all the data, assets and more, stored on the particular private key.
Other platforms such as Aion, polkado or ICON use their own chains in order to store transactions. The problem here is that each of them has to be set up separately. That means that this is not scalable or future resistant.
With Herdius is possible to interconnect blockchains on the private key level, meaning that it can generate a private and public key combination in a distributed way and for any other blockchain in the market. This is possible using hierarchical deterministic wallets, homomorphic encryption and Merkle trees
2. The Herdius DEX
is token agnostic, something that means that any asset on Ethereum and future chains can be traded on it. Additionally, we can say that Herdius is decentralized because the team does not control the assets that are listed on the DEX.
The DEX exchange offers orders in under three seconds and lower fees than a regular DEX on the Ethereum blockchain. The strongest point is the user experience due to the fact that they trade directly from their wallets.
3. Scalability and Consensus Mechanism
Current blockchain designs the new blocks follow the the previous one in a linear way. That results in a capped transaction throughput. But it is different in the Herdius, because it is capable of stretching itself vertically placing blocks on top of each other. This mechanism is known as Block-on-Blocks (BoB).
Each of the blocks is verified and mined by different validators, allowing the network to achieve parallel mining. The consensus algorithm is Herdius Flow and allows to easily scale to thousands of transactions per second.
Herdius wants to become a state of the art distributed system that is based on the premise that decentralization will be assured and will not be compromised. The main intention is to have a positive impact on the entire ecosystem.
The consensus algorithm used is the delegated Proof-of-Stake (dPoS) and the HER token will be a key feature of the system as a whole. The token is used with the purpose of taking, and validators can become masternodes. Those who help the network will be rewarded with HER tokens.
Herdius has been created by a Hungarian entrepreneur known as Balazs Deme, who graduated from the Budapest University of Technology and Economics. Balazs has been involved in the cryptocurrency world since 2012, just some years after Bitcoin was created. He has been working in e-commerce companies and other ventures in the gaming market. He has also been involved in artificial intelligence (AI).
James Gong – an important influencer in China – has compared Balazs to Ethereum’s co-founder Vitalik Buterin.
He commented about him:
“He was a very interesting young man. This well man gave me a special feeling, just like when I first met Vitalik. On this very young man, I saw the shadows of Sheldon and the quality of a very passionate tech geek. I could feel his love and passion towards Blockchain and I also saw his insight in Blockchain. So I think projects solving cross-chain issues like Herdius is of significance to the future of the blockchain space.”
He has also explained that if a program such as Herdius succeeds, cross-chain will no longer be a burden in the future.
An important point to mark about Herdius is the development team that is working on the different projects the company is developing. The members have been working in several industries in the blockchain space.
Herdius is also going to open an ETO using the Cybex exchange during the month of August, 2018. The company says that they completely agree with the ETO concept, invented by James Gong. The ETO will be the first public offering the company does and they will be waiting for everyone to participate.
If you want to know more about Herdius you can do it here:
- Business e-mail: [email protected]