A new project from Dubai, HetaChain, is developing a universal blockchain platform with “industrial scale computational capabilities.” The project is intended to make blockchain more easy-to-use and flexible for regular users and developers. HetaChain aims to help governmental services, businesses, and organizations create decentralized applications (DApps) and integrate them into different industries, such as banking, e-commerce, robotics, and healthcare.
Solving blockchain issues
The new Heta Blockchain 3.0 Platform, launched in 2018 by Relam Investment and its founder, Sultan Ali Rashed Lootah, runs a hybrid of the Delegated Proof-of-Stake (DPoS) and a Byzantine fault tolerance (BFT) consensus mechanisms which are designed to bring security to fight against cyberattacks.
According to the company, the hybrid consensus algorithm will be able to handle most of the challenges that many blockchain platforms are currently facing. These limitations include issues with security, difficulty in developing DApps, and the speed of the network. For example, Bitcoin can process only seven transactions per second (TPS), compared to Visa which can process 24 TPS. HetaChain says its technology allows for fast TPS “without the risk of downtime.”
The core element of HetaChain is Mainchain, the place for storing all of the public tokens. The tokens will be validated by master nodes and Mainchain will also generate multiple private chains that can be private channels for different users like a person, a company or an organization. They will have control over their own chain and will connect to the public MainChain via a special communication protocol.
The Heta Blockchain is powered by an internal cryptocurrency, HETA, which can be used to pay usage fees. There are two types of payments: the first one is the transaction fee that is paid once the user exchanges coins or tokens made by Heta. The second fee is an endorsing reward, which is paid when the user is involved in consensus or the validation process of a private chain or MainChain.
“Drag, drop, adjust”
For users without the knowledge of developing DApps, the platform offers ready solutions in the DApp Store. There will be plug-and-play DApps, software, and smart contracts, pre-built by the community or third parties for the HetaChain ecosystem. Those who want to try to create a simple smart contract can use an auto generation DApp. The company says that anyone with even basic programming skills will be able to handle it by dragging, dropping, and adjusting elements. An off-chain Database will also be available. The project’s development is planned to also be supported by a big data analysis which will be provided by third-party data centers connected to the MainChain.
There will be one more Relam Investments’ project powered by HetaChain technology and based on the smart contracts. T-Hub system is the place for integration of stakeholders in business and logistics operations like ports, customs, government agencies. Relam Investments will offer logistics services which are “fast and easy to use.”
The founder, chairman and CEO of HetaChain is Sultan Ali Rashed Lootah, who has been a vice chairman of Mashreqbank PSC since March 18, 2015 and its director since 1996. The co-founders of the project are Mr. Ali Juma AlAjme – director of the United Arab Emirate’s Ministry of Health and Prevention’s IT Department, and Duy Phuong Nguyen, the vice chairman of Relam Investment. Nguyen has experience in leading finance and banking projects in VieVietnam Industrial Securities and Vietnam Commodities Exchange.
Recently, Relam Investments announced their plan of expansion to India. The company said it will start with initial investment of around $250 million in technology startups and real estate projects.