It’s quite an undeniable fact that the introduction of blockchain technology to the world was a game-changer in the whole technological industry. Most people and multitude of articles have even referred to it as the future of web 3.0 due to dApps and the decentralization aspect of it. Not only that, but with the introduction of the blockchain, there has been deterioration of tampering, fraud, and cybercrime, just to mention a few. Moreover, due to the cutting out of middlemen by this technology, solutions have revolved around making transactions cheaper and more trustworthy, thanks to immutability.
What people do not tell you about some aspects of the blockchain
The common words that are used when talking about blockchain are immutability, trust, transparency, traceability and all positive words you can think of that you have heard. However, factors that are hardly spoken about revolve around the problems of some applications of the technology. The main problem is the environmental cost that is used in some blockchain applications, for instance, bitcoin consumes computing power that equates to energy used by 159 of the world’s nations. Moreover, with bitcoin, in regards to payments; it takes a few hours to finalize a transaction, which makes it unsatisfactory as compared to traditional payments such as direct cash or debit card payments. Lastly, dApps, even though they have a very large potential, have not really revolutionized the blockchain market at this point.
So, what is the solution?
Tolar HashNET is one project that aims to provide a solution that mitigates the problems of blockchain, while simultaneously maintaining all its benefits.
“So, we are creating a new generation of the blockchain. It’s 4.0, which means that we are trying to tackle what the technology is not providing right now. This is speed; how fast the system can be, the scalability and we created a new algorithm with leading mathematicians in Europe who have been building this system for more than 3 years, so it’s a new kind of consensus and we call it HashNET.” Mario Vojvoda, Chief Information Officer of Tolar HashNET in an exclusive interview with Decentral Magazine at the Mauritius Blockchain Conference.
In collaboration with COTRUGLI; a leading business school in South East Europe, Tolar was able to build Tolar HashNET. This solution is based on HashNET, which is a revolutionary technology that is rather beyond blockchain and is intended to revolutionize global business.
So, what is HashNET?
HashNET is a scalable, efficient and high-impact decentralized solution to social innovation challenges that leverage Distributed Ledger Technology (DLT’s). The algorithm behind it has very fast transaction times, master nodes and an open-source community governed crypto-currency; which is Tolar.
How is it solving scalability issues?
The HashNET consensus uses “redundancy reduced gossip” and “virtual voting protocols” that are based on distributed computation and computer science based algorithms in order to provide a fair and fast byzantine fault tolerant consensus algorithm. This is a new consensus substitute platform that is designed to run on a public network so as to reach a larger community. Moreover, it has the potential to solve the scalability problem faced by some applications on the blockchain. It also keeps all the good characteristics from blockchain such as decentralization, transparency, and pseudo-anonymity while simultaneously increasing the speed to more than 200,000 transactions per second. In comparison to Bitcoin which can only manage 7 transactions per second, this is a definite game-changer. Even if the number of nodes increase, HashNET will still be able to handle all those transactions within a matter of seconds.
Is it cost-efficient and environmentally friendly though?
This is a definite yes as no mining is needed and it uses minimal computing resources. The whole point is to solve the energy challenge faced by Bitcoin, Ethereum and other similar PoW systems which use a lot of energy currently.
Other advantages that are linked to HashNET include mobile compatibility as it can run as a full node using a smartphone, which by the way, is really awesome.
So, what is the current progress of Tolar HashNET?
“We can achieve a speed of 150,000 transactions per second which is higher than Bitcoin and Ethereum. We proved this last month as we had a live demo. We also had a code review from a number of experts.” Mario Vojvoda
Due to all the achievements that Tolar HashNET has had thus far, it has been able to gain massive media hype; from being featured on ICO drops, winning the Ian Ballina ICO competition and its CTO. Josip Maricevic receiving the Beyond Leaders Award at the Beyond 4.0 event.
Current ICO progress?
In regards to ICO, they finished their private sale and they are currently in pre-sale until 31st August. ICO will begin on September 15th at 2 pm GMT and end on September 20th at 2 pm or before hard-cap is reached
Token Name: Tolar (TOL)
Hard Cap: 45,000 ETH
Soft Cap: 20, 000 ETH (already reached)
Total Supply of TolarZ generated: 1,000,000,000
However, they are still in the process of developing as:
“What we wanted to do is use this technology and not gather the money before we have a brewing concept. This is because, for us, we have to prove ourselves and show that the technology really works. We can’t just get to the market and say we have a million, gazillion transactions- give me money, then we fail, is basically useless as our reputation is on the line.” Mario Vojvoda
The biggest challenges faced?
According to Mario, there are hundreds and thousands of projects and the main challenge is how to get people to notice you out of all these projects. Tolar HashNET, however, is working on this challenge as they posted a live demo and had a project review where a number of well-known experts in the field reviewed their project and verified their legitimacy. They also did this to fight the image of ICO scams as there has been a multitude of scams within the industry. Moreover, they are avoiding aggressive marketing as this is also what scams do. They use experts in the field to see it for themselves then those experts will publish the news. They also go to conferences and gather partners.
It’s really amazing to see how blockchain technology keeps on evolving day by day to become better at satisfying the needs of global businesses and people’s individual needs. It is going to be really interesting to see how Tolar HashNET competes with projects such as Ethereum and Hyperledger as those are the two projects they intend to beat in the long-run. The challenge of scams is one aspect that might taint such amazing projects such as Tolar HashNET but hopefully, the team is ready to withstand and prove itself, as it’s already doing.
This article is based on an exclusive interview between Decentral Magazine and Mr. Mario Vojvoda during the Mauritius Blockchain Conference. This event took place on Monday, August 13th 2018 at the Intercontinental Hotel.