‘Creating DApps Can Be Simple’: Platform to Bring Decentralized Economy to Mass Adoption

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.”

Mainchain

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.”

Hetachain team

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.

 

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[promoted] GXChain and the Blockchain Data Economy

Imagine a new digital economy, one that allows everyday people to
take full control of their personal data. Complete with a public chain for data
transactions and application development, this system would foster a
trustworthy, domain-wide data exchange that capitalizes on the torrent of
advancements taking place through blockchain technology.

A rapidly growing enterprise known as GXChain is on a steady course toward achieving this milestone. Launched
in 2017 and led by a technical team in China, the company has a value proposition
that is predicated on the safe, credible, efficient and free exchange of data
to maximize its use and value.

GXChain offers an effective solution for users to
gain full control, manage and authorize use of their personal data. GXChain champions
all levels of app development and advancements. As opposed to other public
blockchains, the company supports smart contracts, blockchain as a service
(BaaS) and many other unique services including ID verification,
multidimensional data, KYC and rapid login.

A core element supporting this project’s aim is
the GXChain decentralized exchange. This digital marketplace allows for the delivery of peer-to-peer
data transmission without precipitating data, effectively protecting data
privacy and copyrights, in addition to mitigating fraud and other nefarious
activity. 

It makes use of a decentralized model to address issues around
trust and data security, while fostering a
supportive system for GXChain traffic, capital, technology, platform
docking and other elements that add commercial value.

“Today, people are losing control over their
data,” said Yunpeng Ding, GXChain’s regional manager for North America. “Many third-party platforms gain huge profits by selling
people’s data or personal information, with no compensation to the data’s real
owner. Also, companies or academics need real, accurate, diversified data to
conduct research. So we here at GXChain are building this data economy
ecosystem to bridge the gap.” 

Fueled by Graphene

GXChain’s supportive architecture capitalizes on the advantages of
Graphene, an open source blockchain application built primarily with the
programming language C++, which was originally developed to serve as the
foundation for the decentralized exchange ecosystem Bitshares.

Possessing numerous variations, Graphene has evolved and forked
many times, with the original release managed by the software development
service Cryptonomex. It was created in a modular fashion that allows for
adaptability to many uses.

New Projects Abound

At the time of this writing, over 3,000 projects
have been applied to the GXChain, with nearly 100 more under incubation,
according to the project. 

Blockcity, a virtual city built by GXChain, is just one of many examples of projects launched. This
ecosystem, with over a 1,860,000 users, offers a rich set of data resources for
chain applications and partners.

Users can set up their own unique identity in the
city that’s saved and verified on the blockchain. In the future, it will
provide users with many additional features, including the ability to execute
transactions, social engagement and online shopping.

This ecosystem will feature the “Blockcity” DApp,
which provides personal data management and data-sharing tools, allowing for an easy and
convenient way for ordinary people to make use of blockchain technology’s transparency
and efficiency advancements.

The broader aim of Blockcity is to incentivize users
with GXS token rewards to cultivate marketable data if they
choose to share information tags with the community. Users have the ability to
consolidate and store their encrypted data on a distributed file system and can
elect to open their data repository and profit from it.

“Blockcity is just one example of how GXChain is
building a data economy ecosystem that enables our users to access a fair,
secure and transparent data transaction environment,” said Ding. 

Validating the Road Map Ahead 

In a July report called “Global
Public Blockchain Technology Assessment Index,” the third-ever such report issued by the research institute of the Ministry of Industry and
Information of China (CCID), GXChain was rated fourth out of 31 public chains.
It received high marks on all three factors that the index is based on:
technology, applications and innovation, according to the project.

Underscoring this
validating achievement, GXChain received a better
“technology” score than Lisk, a better “application”
score than EOS and a better “innovation” score than NEO and Stellar combined — all
this despite that fact that GXChain has a modest market
capitalization ranking
, the GDAX team reported.

The rating means GXChain is a
valuable and powerful public blockchain, indicating that GXChain leads in
technology, applicability and innovation among blockchain projects all over the
world,” said Ding. “We hope to build an underlying big-data public chain
ecosystem. Our vision is to build a credit society through blockchain
technology so that people can live more efficient and happier lives.”

Note: Trading and investing in digital assets is speculative and
can be high risk. Based on the shifting business and regulatory environment of
such a new industry, this content should not be considered investment or legal
advice.

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Blockchain May Add $5 Billion to Indian Economy In The Next Five Years, Expert Says

Distributed ledger technology may add $5 billion to Indian economy in the next five years, according to NASSCOM’s VP Industry Initiatives. The non-profit trade association, which represents the sector of software and services companies in the country, has backed blockchain technology for many years.

NASSCOM Promotes Blockchain In India for Its Potential for Economic Growth

KS Viswanathan, Vice President (Industry Initiative) at the National Association of Software and Services Companies (NASSCOM) told Indo-Asian News Services (IANS) that the underlying technology of Bitcoin et al. might lead to economic growth of up to $5 billion in the country before 2024 as it disrupts entire sectors of the economy by increasing productivity and transparency, as well as reducing costs.

“The Blockchain ecosystem is evolving in India. Creating awareness on how this technology is simpler and easier to use with the existing social media and Cloud technology can go a long way in helping the country realize its potential”, Viswanathan said, while pointing out a number of issues holding back the expansion of blockchain in the economy, such as the unavailability of skilled human resources and insufficient computing infrastructure. “There are currently just 20-30 good Blockchain startups in the country.”

The top official at NASSCOM, who is heading the association’s 10,000 Startups Initiative, called for more investment in blockchain startups to get the ecosystem ready to boost economic growth in the country. The need to create awareness of the technology in India has led NASSCOM to partner up with Blockchain Research Institute (BRI) of Canada in order to set up joint webinars and knowledge sharing, among other activities.

BRI is also collaborating with NASSCOM on the first Nasscom Industry Partnership Programme (NIPP) Blockchain challenge, which will result in a 36-hour session in Bangaluru, to be held on July 28-29, where new talents will work together to create innovative solutions with blockchain. The challenge will be an opportunity to raise awareness and develop blockchain know how, according to Viswanathan.

“Boosting skill levels, creating awareness on how this technology is simpler and easier to use with the existing social media and Cloud technology, organising multiple hackathons and getting international research papers on DLT published are among the priorities that Nasscom is focusing on to increase deployment of the technology.”

The non-profit launched a platform called FutureSkills with the aim of up-skilling two million employees and students in technologies, and instruct another two million over the next few years. The program will consider DLT as the 10th technological skill.

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