Herdius – One Private Key for All Blockchains

News BTC | August 10, 2018 | 2:34 pm
herdius

Herdius – One Private Key for All Blockchains

News BTC | August 10, 2018 | 2:34 pm

The future of the blockchain is dependent on the next generation of decentralized financial infrastructure. For the ecosystem to thrive, the use of cryptocurrencies and tokens must become considerably more user-friendly. The eventual success of dApps and decentralized services will depend on adoption by mainstream users.

Herdius vision is to considerably lower the barrier of entry to the token economy for service providers and end users alike by offering a superior experience. To that end, we aim to introduce an innovative and robust blockchain architecture that addresses the above issues.

Blockchains are getting better at providing fast and efficient transactions e.g Lightning Network, however, trading or exchanging assets on or through the blockchain is inefficient. Take for example the simplest form of ERC20 token swap facilitated through a very basic Ethereum smart contract. It takes four transactions plus gas fee for such a swap to happen with significant time delays due to the involved confirmations needed. Utilizing Herdius’ future DIVIWA network it is possible to cut out all unnecessary confirmations and execute a token swap in under three seconds.

The cryptocurrency space is becoming more fragmented with each passing day. Each additional token, cryptonetwork or decentralized app splits the user base even more. With Herdius we aim to fix this. A single Herdius identity is envisioned to provide you, the user, access to any blockchain and the assets, apps, services within. The possibilities that arise from this are endless. We envision a world where you can instantly trade a token to any other token, use a dApp regardless of which currency you have in your wallet. In time, the blockchain space will become a “blockchain village”.

herdius

Herdius is a second layer chain, a financial infrastructure serving all blockchains. The biggest advantage- we offer a private key solution that interconnect all existing public chains. We envision creating three core products. 1) cross-chain private key management and user-verification solution. 2) Open a decentralized crypto-asset exchange. 3) Create a highly scalable blockchain.

1) cross-chain private key management and user-verification solution

A common property of blockchains is the private/public keypair from which the private key a user has is the gateway to all data, assets stored on that particular private key’s public counterpart. Lots of other platforms such as Aion, Polkadot, ICON, etc. use their own chains to store transactions and data and when going back to the main chain they have to utilize communication channels or bridges. Problem is that each of these has to be set up separately and thereby is not scalable or future resistant.

Herdius interconnects blockchains on the private key level, that means it can securely generate a private/public key in a distributed way for any blockchain. This is possible through a combination of using hierarchical deterministic wallets (HD wallets), homomorphic encryption and Merkle trees. The private key that is generated is encrypted using a threshold scheme (BLS) and the different keys of that threshold are stored with individual nodes in the network.

herdius

 

2) The Herdius DEX

The Herdius DEX is token-agnostic. That means any asset on Ethereum and future chains can be traded on it. It is truly decentralized in the sense that the Herdius team has no control over which asset is listed on the DEX. Our DEX offers under 3s order finality with lower fees than a regular DEX on Ethereum and a way better user experience since users trade from their wallet – imagine Shapeshift in a decentralized fashion from your wallet.

3) Scalability and new consensus mechanism

In current blockchain designs newly created blocks follow each other linearly which results in a capped transaction throughput. The Herdius chain is capable of “stretching” itself vertically through placing blocks on top of each other, which is called blocks-on-blocks (BoB) technology. By having each of the blocks verified/mined by different subgroups of validators, we can achieve parallel mining. Herdius Flow is our consensus algorithm to achieve such scalability. It makes use of averaged and weighted graphs/coordinates and AVL trees to make it possible for Herdius to easily scale to tens of thousands of transactions per second.

Herdius aims at becoming the state-of-the-art distributed system based on the premise that the decentralization will not be compromised. We hope to have a positive impact on the entire ecosystem: the current strain on the legacy root chains might be considerably decreased once Herdius is running.

Herdius uses delegated proof-of-stake (dPoS) as consensus algorithm with the HER token being a centerpiece in the system as a whole. HER Token exists mainly for the purpose of staking. Through staking HER, validators can become masternodes and earn more HER tokens as rewards.

The founder of Herdius is a young Hungarian entrepreneur – Balazs Deme. He graduated from Budapest University of Technology and Economics. Balazs has been involved in the blockchain space since 2012. Before founding Herdius, he has launched and worked on different ventures across a wide range of industries, from eCommerce to the gaming market. Besides blockchain, he has also been heavily involved in A.I.

James Gong(a well-known influencer in China known as 暴走恭亲王) compared Balazs to Vitalik, “He was a very interesting young man. This well man gave me a special feeling, just like when I first met Vitalik. On this very young man, I saw the shadows of Sheldon and the quality of a very passionate tech geek. I could feel his love and passion towards Blockchain and I also saw his insight in Blockchain. So I think projects solving cross-chain issues like Herdius is of significance to the future of the blockchain space. That is because the difficulty of cross-chain must be tackled if we were to develop blockchain technology. If a program like Herdiuss succeeds, cross-chain will no longer be a burden in the future I believe it will push forward the advance of blockchain industry.”

Currently, Herdius has a powerful developer team. Some members are already distinguished within the tech world, holding their private labs, operating a popular blog, and also developing Ethereum’s smart contracts and Hyperledger applications in the energy market.

Herdius will be opening an ETO through Cybex exchange on August 2018.  We strongly agree with the concept of ETO, which was invented by James Gong.  This ETO will be the first public offering of Herdius project opening to the community, and we will be releasing 2000 ETH worth of tokens. We hope everyone to participate in this historic moment.

Please go to the website and Medium of Herdius for the Whitepaper and Technical Whitepaper for more details.

Website: https://herdius.com/
Whitepaper: https://herdius.com/whitepaper/Herdius_Whitepaper_1.1.pdf
Github: https://github.com/herdius
Telegram: https://t.me/herdius
Business e-mail: [email protected]

 

NewsBTC is a news service that covers bitcoin news, technical analysis & forecasts for bitcoin and other altcoins. Here at NewsBTC, we are dedicated to enlightening people all around the world about bitcoin and other cryptocurrencies. We cover news related to bitcoin exchanges, bitcoin mining and price forecasts for various virtual currencies.

Get the app

Featuring live charts, price analysis, breaking news, currency converter and more. The only bitcoin app you need!

We use cookies to give you the best online experience. By agreeing you accept the use of cookies in accordance with our cookie policy.