HashBit and How It Operates Across the Blockchain
Keeping the feasibility and functionality in mind, it won’t be wrong to say; HashBit Blockchain is the future of Cryptocurrency. The following article explains the reason why HashBit Blockchain is taking the lead in the crypto market.
What is a HashBit Blockchain?
HashBit Blockchain (HBIT) is a Blockchain project based on Java, an object-oriented language that aids in developing robust applications making the utilization of Blockchain easier. This type of blockchain is designed to provide a speedy and elementary integration for different applications, games, online platforms, etc. The focal point of HashBit Blockchain is to make the applications very practical and approachable for people from all walks of life.
HBIT Blockchain is very accessible. One can easily access it via a normal browser with no unnecessary security checks or forms. However, it is very conscious about the certainty of its customers and has amazing security systems to ensure the privacy of assets. Furthermore, HBIT Blockchain also facilitates limitless development of any program, application, or very own assets in no time and with no complications. Therefore, when creating or trading your assets on your device, you may face no trouble and can perform legitimate transactions in seconds effortlessly with the HBIT technology.
Apart from that, HBIT Blockchain supports 30 times faster speed than Bitcoin; 30 seconds block time can reduce if the load is higher than normal. It consumes less than 20% of resources, making it work seamlessly and integrating into apps or websites easily.
Speaking of HBIT itself, it is an open-source Java-based cryptocurrency with an amazing and distinctive proof-of-stake algorithm that is completely independent. With its Curve25519 cryptography and SHA256 hash producing unique hashes and mining algorithm, it provides a remarkable security system to resist stake attacks.
Currently, HBIT’s infrastructure allows processing 1,101,600 transactions a day. These transactions do not require script processing or input/output transaction processing on the network’s nodes. It is a “core transaction” that supports mining, merchant tools, developer tools, asset exchange, transferring assets, discussion boards, HBIT pay, and strong encryption. These limitless services show how elegant and secure the core of HBIT is.
As stated above, HBIT uses a Proof of Work model for network security; however, this model is not the same as the one used by other cryptocurrencies. In a traditional Proof of Work model, the network security is provided by the peer workers. In return, coins are rewarded to the workers according to the frequency and amount of cryptocurrency’s fluctuating parameters, a process called mining. The frequency is intentionally kept constant, making it difficult for the peers to earn rewards. Besides, with the increased work capacity, the network gets stronger, yet the incentive gets limited as the reward is distributed among a greater number of workers. The miners continue adding the resources in hopes of reasonable profits, making the network more centralized and losing smaller peers.
On the other hand, the Proof of Work model of HBIT is presided by the peer workers that have a stake in the network. The network is highly decentralized, and a great number of blocks are being contributed to this network. It is one of the major issues that HBIT has fixed.
How Does It Operate Across Blockchain?
As the name suggests, HashBit Blockchain is linked with Blockchain itself, as the ledger transaction is stored and associated with series of blocks. These blocks are collectively called Blockchain that keeps a permanent record of the transactions and their trivial details. The copy of the blockchains is stored on every node of the network that generates a private key for the user. The blockchain also supports an “Active Account” that generates series of blocks when unlocked until the transactions are confirmed around 1440 times.
The most significant section of HBIT blockchain is the Asset section available on the frontend that facilitates creating your own assets in seconds. Just enter your requirement, and you’ll have your own coin within 30 seconds, which is then added to your wallet for you to trade it or keep it. These transactions cost around 0.00001 HBIT each. HBIT Blockchain also supports Decentralized Exchange (DEX) that facilitates the buying and selling of the assets, and just like transactions, placing orders also costs around 0.00001 HBIT.
The HBIT Blockchain supports around 255 transactions preamble by a blocked header, each block with a maximum size of 42 KB. These blocks are represented by analyzing parameters like block height, value, block version, block ID, the total amount of HBIT transactions, block signature, base target value, transaction data, payload length, and the block timestamp.
Similarly, staking is a process that generates blocks in HBIT if 1440 blockchains are confirmed in your account, with the staking person receiving a certain amount for each transaction. Staking is currently limited but managed by a Development Team to secure the Blockchain and make it accessible on the main node of the network. So, all the HBIT users can easily avail it.
Mining is another process carried out across the blockchain to distribute 99.5% of the HBIT. Your computer can be easily mined with HBIT by your CPU or undermined by your phone through this process. This peer-to-peer computer process is performed to verify your crypto transactions. About 49.5B HBIT is reserved for mining.
Other than that, an Inbox is given in the frontend of the network to allow communication between two peers via HBIT blockchain. The messages sent can either be available to the public that only blockchain users can access or be encrypted where the message is only readable to the sender and receiver. Speaking of public messages, Group Chats also adds to the decentralization of the network. The message is visible for a few seconds with 0.00001 and 0.00005 HBIT commission.
Blockchains also facilitate the communication for APIs (Application Programming Interface) that further simplify interaction and integration to any exchange, application, or website. These APIs are also available at the frontend and are “http,” allowing users to use all features with POST and GET requests. HBIT blockchain is a very easy-to-use network that records the responses in JSON, which can easily be integrated into all programming languages.