Heco is an open blockchain network founded on security, transparency, scalability and immutability while enabling quick transaction processing times.
It's the blockchain developed by the popular crypto exchange Huobi.
Heco facilitates the secure tracking of digital assets across multiple asynchronous parties in the supply chain, offers real-time data sharing, enhances automation, and optimizes international payments for improved global financial operations.
Combination of Proof-of-Authority (PoA) and Proof-of-Stake (PoS)
Heco is a blockchain project launched by the cryptocurrency exchange Huobi.
It is based on the Ethereum Virtual Machine (EVM), meaning it can support many of the decentralized applications (DApps) that have been launched on Ethereum in recent years.
The native currency is Huobi Token (HT), which serves as the primary asset and token of governance used to fuel transactions within the platform.
Heco uses Proof-of-Stake (POS) as its consensus protocol, allowing up to 21 Validators to secure and validate new blocks.
This design ensures higher network speed, but at the same time lacks comparison when it comes to decentralization compared to other networks like Ethereum. In spite of this,
Heco still provides an equally attractive option for users looking for much faster transactions at much lower costs than what’s possible on Ethereum. Many Defi projects that are active in the Ethereum ecosystem are now offering a fork version of their protocols on Heco too, resulting in more options available for investors.
There si no on best dApp on Heco. The best is really going to depend on your needs and what the dApp offers.
Generally speaking, a lot of the dApps on Heco are focused on DeFi and finance. Which makes sense as it's a blockchain from an exchange.
You can choose to scroll through and search the above listed Heco dApps to find the best one for your needs. However, if you're just looking for a quick and dirty guide, there's a short list of the most popular Heco dApps below.
A DEX on Heco
MDEX is an innovative decentralized trading platform (DEX) that uses a fund-pool concept to create markets automatically. It supports the decentralized cross-chain transaction protocols of BSC, Heco, and ETH, making it highly versatile and reliable.
MDEX intelligently combines the different advantages of these public chains in order to make its ecosystem highly performant, efficient and secure.
Furthermore, MDEX boasts a “dual mining” mechanism which allows users to make greater returns through liquidity mining and transaction mining.
This mechanism operates on both Heco and Binance Smart Chain (BSC), providing access to a wider range of tokens and enabling traders to diversify their portfolios safely. Overall, MDEX offers traders a fast, secure and user-friendly way of managing their digital asset portfolio with some unique features.
Lending DeFi project
FilDA is a cross-chain lending DeFi project based on Heco that was launched on January 5, 2021. It features loan functions for 19 different crypto assets including HUSD, HBTC, HT, ELA -HECO, USDT- HECO, HDOT, HLTC, HBCH, ETH, HPT, HBSV, HXTZ and more.
In order to give its users the best experience with their loans and investments the developers created FilDA with no pre-mining or fundraising involved. The goal of this project is to provide a reliable and secure DeFi loan platform for Heco users so they can easily borrow crypto assets for whatever their needs are.
The developers of FilDA designed it with sophisticated algorithms coupled with effective interest rates to ensure fairness in physical currency transactions.
In addition to providing users a safe environment when borrowing funds via cryptocurrency collateralization the Decentralized Finance system also ensures that all transactions are transparent and immutable.
Decentralized lending platform
Channels is a decentralized lending platform that offers users a secure and straightforward way to access various assets. It's designed to prioritize user experience while providing an optimal level of asset security and mining revenue.
The platform specifically focuses on mainstream currencies that are commonly used for lending such as HUSD, USDT, ETH, HBTC, and HT. Channels leverages the latest technology to ensure fast and effective processing for all transactions with low transaction fees and a simplified sign-up process.
The team behind Channels pride themselves on continually innovating the platform in order to provide users with an optimal experience when it comes to accessing their assets.
All users have access to an easy-to-use dashboard that can be separately customized according to their preferences while also providing insights on their account balance in real time.
As safety and security is always of the utmost importance with any online transaction, Channels utilizes advanced encryption mechanisms across all devices, ensuring complete confidentiality and data security at all times.
The cost for using the Heco blockchain depends on the type of transaction, user and size of the transaction being done.
Generally, it costs around 0.0005 HECO per transaction and storage fee within the network, which is relatively inexpensive. Other fees also include mining fees and gas fees, which helps cover computation power for running applications and smart contracts on the Heco blockchain.
Overall, Heco provides users with a low-cost solution to create their own applications or send digital assets in a secure manner over the blockchain.
Yes, the Heco blockchain has its own token.
The token is the Huobi Token HT.
Huobi Token ($HT) is the native token of the whole HECO ecosystem, having 18 decimals and existing in both Ethereum and HECO.
It serves as a utility token within the platform to access different rewards and incentives, including transaction discounts and node-staking rewards.
The early phrase of the development saw HECO introducing the HRC-20 standard to correspond with its ERC-20 counterpart on Ethereum; this is the foundation for developers to create a “wrap version” of almost any tokens on HECO, including HT and Bitcoin. T
his provides an additional level of security to users, as well as interoperability across various blockchains. It also allows users to make transactions quickly over both protocols without hassle or fees associated with moving funds back and forth between networks.
In addition, users can enjoy zero-slippage trades between HT on one blockchain and BTC on another – something that would normally require expensive fees when done through traditional methods.
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