Blockchain News

Tolar HashNET mainnet officially launched

Jun 2019

Read Time: 4 minutes

Great news for our community! We are pleased to announce that after hard work for the past couple of years, we have officially launched our mainnet on June 30, 2019. 

We are confident to say that our mainnet is now one of the leading in the world, as the closest competitor with similar features have been demonstrating not more than 10,000 transactions per second. 

As you already know, our breakthrough tech features scalable, fast, secure, and fair transactions. It employs Distributed Ledger Technology (DLT) and consensus algorithm which keep all positive characteristics of a blockchain technology while increasing throughput to more than 200,000 transactions per second. The HashNET network is using Proof-of-Stake with masternodes thus, eliminating the need for a massive energy consumption and huge environmental cost, which has proved to be a significant problem of blockchain technology.  

Tolar’s HashNET has an asynchronous, gossip-based consensus mechanism that allows for lightning-fast processing of up to 200,000 transactions per second with low latency. At regular intervals, the DAG representation gets consolidated into a blockchain of strictly ordered transactions compressed with MimbleWimble technology. 

Scalability is the biggest problem in the blockchain technology space. HashNET was built to support over 200,000 transactions per second. Also, even with a large increase in number of nodes, HashNET network is able to process all transactions in a matter of seconds. 

HashNET uses Proof-of-Stake consensuscombined with masternodes to reach distributed consensus. The process of receiving and recording occurs as soon as transaction takes place, which allows the final confirmation to be ready instantly. 

HashNET cannot be hacked due to the power of distributed algorithm, which is responsible for reaching consensus within the nodes. 

Interoperability is a key aspect of the HashNET platform design. Its applications and services run across a common layer of identity, consensus and governance. This means businesses can transact openly and flawlessly with all their business partners, without trapped assets or islands of information. 

Consensus mechanism used in HashNET requires minimum electrical consumption while the way transactions are recorded need minimum storage space. 

We have made our testnet available to public on April 23, during an event that hosted high-level representatives from European Commission, European Parliament, Government of Slovenia, UNECE/CEFACT and many more. HashNET tech has been recognized as the solution for European and national blockchain infrastructures and for that reason, United Nations Economic Commission for Europe listed Tolar HashNET in its White paper »Blockchain and Trade facilitation« as one of 15 global blockchain projects, utilizing Blockchain Technology for achievement of UN’s Sustainable Development Goals. You can find the official document here.  

Tolar HashNET aims to become a favourable solution for enterprises and governments by providing a fast and extremely fair public ledger built on top of the HashNET technology and to create ecosystem of solutions and partners that will use this unique technology to solve problems with existing systems or provide new functionality that was not available before. 

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