Decentralization, however sophisticated it may be, still lacks a high level of advancement in its structure and user interaction. To take it to a next level, newer, more efficient and optimized solutions are required.
This is where HALO Network comes to play. They picked up on the knowledge and expertise of other blockchain projects to develop a reliable and efficient blockchain structure that can conveniently operate on the Ethereum blockchain.
In today’s article, we’re discussing the HALO Network, the features it promises, and the HALO Ecosystem. Let’s get started!
HALO Network: An Introduction
Halo Network is the most inclusive cryptocurrency platform in next-generation crypto management. They have designed a system whose major concern is in creating a DeFi system, which intends to provide an efficient HPOS systematic coherence, a two-way but trustworthy transactional definition, and a safe and strong oracle structure.
HALO Network offers a one-stop integration of the DeFi application level with decentralized, energy-efficient, and low-cost transaction structures with traditional financial instruments.
To achieve their designated aim of growth and development as well as efficient service delivery of the DeFi ecosystem, HALO Network makes scalable elements available to ensure proper liquidity regulations and the aggregation of data obtained from outside and inside the chain.
5 Layers of the HALO Network
The HALO Network ecosystem is mainly structured comprehensively around the following 5 areas:
- Base layer protocol
HALO Network employs a layer2+ solution and implements a new consensus mechanism based on HPOS.
Built cross-chain applications HALO Oracle, HALO cross-chain system, and HALO community to provide more powerful and perfect infrastructure services for Dapps.
- HALO Ecosystem
HALO Labs will be launching decentralized exchange, lending, etc. to build the foundation for the early development of the ecosystem.
- Dev Community
Built as an open-source platform so that any developer can develop applications on the HALO Network.
HALO Labs will promote wallets, block browsers, and other third-party organizations to develop and service the HALO Network ecosystem.
What does HALO Network do?
HALO Network is dedicated to establishing a HALO Infinity DeFi system that aims for a more transparent dual-transaction model and a robust and secure oracle machine.
The network adopts the following methods to attain its quest of establishing a more usable DeFi structure:
- The HPOS produces blocks at a speed faster than Ethernet time, about 5 seconds or even less.
- The HOSWAP adapts new creative modes to manage transactions using bimodal liquidity.
- The network proposes an efficient solution to cross-chain problems as well as lowered cost of transactions.
- As a system constructed on a decentralized oracle machine, it provides a wide range of information, supporting on-chain and off-chain price aggregation, providing an extensive quotation, and encouraging the collection of price feeds from outside the chain to the on-chain.
In order to achieve a scalable and reusable high-performance financial system, HALO follows the following 4 design principles:
- EVM Compatibility
The HPOS Consensus
HALO has designed a consensus mechanism for large-scale applications, called HPOS, which caters to the need for large-scale financial transactions. It pursues the goal of high accessibility, fast reusability, and agile iteration.
The objectives of HPOS are listed below:
- Faster block generation rate, estimated around to be 5 seconds or even less.
- High TPS, more than 1000 TPS.
- Multiple nodes are online, allowing up to 99 HALO-NODEs to be online at the same time.
- Compatibility with Ethereum. The HALO’s hardware configuration in setting nodes is almost identical to that of Ethereum.
- Equipped with an on-chain governance mechanism.
- Oracle machine feeding mechanism in contract layer.
HPOS also allows any user who is a token holder to become a HALO-NODE through a node election.
The HALO Ecosystem
Founded upon the technology that introduces the DeFi protocols to establish strong DeFi products, HALO Network serves to cover the needs of the digital financial economy. The network is not only scalable but can also be easily integrated to increase transactional abilities.
The HALO Ecosystem, as designed by the team, can be viewed as an amalgamation of the following major components:
The following features have already been rolled out as a part of HALO’s Roadmap- Phase 1: Alpha and Phase 2: Beta.
HALO Bridge is the safest and fastest cross-chain asset conversion contract offered by HALO Network.
HALO community is implemented based on decentralized contracts, users can form a relationship network through the contract. The DeFi contract can be quickly rolled out by rewarding the HALO community when conducting the promotion and supporting the technical community to get a hold of early users.
HOSWAP is the bedrock for HALO Network’s DeFi component. It has been observed that HOSWAP encourages two modes of trading, which are: the HMM nodal market maker mode and the AMM automated market maker mode.
POS node is the way of POS mining. Users can get the right to vote on governance proposals and supernode voting and can get super node block rewards by pledging HO which is free of any lock-up period and can be redeemed at any time.
The following features are yet to be launched. These will be rolled out in the final phase, Phase 3: Delta as suggested by HALO’s Roadmap!
This feature guarantees the connection between off-feed with smart contracts in a decentralized way, this can be seen in the case of the DeFi connection to external information and APIs.
Depicting the currency ticker HOUSD, users can acquire the HALO stablecoin simply by holding their assets on the HALO stablecoin smart contract.
This token is a series of digital assets and the major reason behind the introduction of the HOUSD is to permit fiat currencies into the Hao network as well as other blockchains.
HALO Network’s HOP2P1.0 protocol ensures the success of a non-centralized lending process. This allows users to put up funds into the liquidity pool. However, funds must be first promised. The lent funds should also be lower in value as compared to the products given in exchange.
The HALO Network will issue governance tokens, HO, for decentralized governance and mining rewards. The total circulation of these tokens is 210 million.
The HO distribution will be used for HOLPPOOL (HALO DAO) construction and liquidity mining. HO is only issued via the HALO Genesis contract. The reward is issued through the user’s participation in the contract. It is to be noted that there is no other allocation method.
The features of HALO look promising and have a great potential to be successful considering the current circumstances of decentralized finance. It is designed from past knowledge that has been tested over time and proven viable. It is an innovation of chains that have been in use.
With the use of smart contracts and HPOS the HALO Bridge, it provides consensus for an expanded DeFi ecosystem that will be safe, efficient and effective, scalable, and swift.
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