Cryptocurrency is a revolutionary development in the financial domain with its blockchain-based approach. Starting with Bitcoin, crypto has gone through a dramatic change, resulting in multiple tokens and digital assets, which are over 9000 as of 2023. With the dynamic nature of the crypto-verse, it becomes essential for investors, developers, and crypto enthusiasts to explore emerging projects. Hathor Crypto is one of the emerging crypto and blockchain projects.
Blockchain offers state-of-the-art functionality to individuals, businesses, and government sector institutions. Despite being the modern and advanced technology that uses public ledgers for storing transactions, blockchain faces several problems, including scalability and transaction rate. Given these problems, Hathor Network (HTR) has started its journey in the crypto landscape with its application.
Want to explore further about Hathor crypto? Read on till the end for a thorough understanding of the novel crypto network and platform with innovative applications. This article will explore HTR, its technology stack, community, use cases, and more, enabling you to recognize the potential of this network in the blockchain space.
Unveiling Hathor Crypto – A Closer Look
Setting up blockchain technology for sophisticated features is a hectic task for individuals and enterprises. The complexities of the blockchain make it challenging alongside high gas fees and unpredictable expenditures. It costs deep pockets for individuals and small-sized corporations to get on the track of growth with advanced technologies. Therefore, Hathor Crypto is the best choice to solve every problem related to their development.
Scalability and simplification of the complex blockchain are the frontiers of HTR, making it a feasible option for tech-savvy enterprises that lack in-depth technological knowledge. With impressive features, this innovative crypto network offers multiple benefits. Its features range from custom tokens to nano contracts, atomic swaps, Directed Acyclic Graph (DAG) consensus mechanisms, and more.
Want to learn about the development and background of Hathor crypto with its working model? Keep reading, and we will leave no stone unturned to clarify the concept of HTR.
1. Early Development
In 2020, a group of top blockchain developers considered the loopholes in the existing blockchain system of Bitcoin and Ethereum and devised a new crypto network, Hathor Crypto. HTR is a lightweight, swift transaction network and contract provider that functions on the Proof-of-Work (PoW) mechanism.
Marcelo Brogliato proposed a new blockchain architecture in his Ph.D. thesis at a Brazilian university. He outlined how blockchain can ensure higher transaction rates without compromising security. Combining the blockchain model with the DAG system will handle security and scale the crypto landscape. Brogliato became the CTO at Hathor with Yan Martins working as CEO and Layla Mendes as CFO.
2. Working of Hathor Crypto
The initial version of Bitcoin restricted scalability, which refers to the quantity of transactions in a second. Surprisingly, Bitcoin has only 7 transactions per second (TPS), as per a report from Crypto.com. Ethereum developed in response to solving this problem, taking scalability to 20 TPS. Though the scalability problem does not persist for longer, the existing blockchain versions have altered the original concept of blockchain with enhanced complexity.
Thus, the development of HTR guarantees a simplified process with higher scalability. Not just that, Bitcoin suffered from the increasing centralization of digital assets, providing control to a few sophisticated miners. HTR solves this problem as well with its consensus model. It promises a boost in scalability or enhanced transaction limit through a top-notch architecture known as DAG.
3. Tokenomics
Hathor offers its native digital token that you can use within the network for various purposes. The Hathor token (HTR) allows users to invest in crypto projects, providing an opportunity for earning fortunes. Moreover, HTR excels in crypto wallet development, with its wallet operating on secure blockchain technology and smart contracts.
According to the network’s official statistics, the total number of transactions has exceeded a million with zero fees. The best thing about this network is its scalability, which guarantees 1000 TPS. In addition, users can create their customer tokens on the network. So far, the total number of crypto tokens developed on HTR is about 246,418.
Hathor Crypto Features
HTR guarantees multiple benefits to corporations, individuals, and public sector bodies by giving a common ground to various technological applications, including DAG, blockchain data structure, and PoW framework. This combination provides users a platform that proactively solves many problems while ensuring scalability, usability, and decentralization.
Here are a few features of HTR that make it unique from other blockchain-based solutions.
1. DAG Consensus
Since the working architecture of Hathor Crypto is novel, it simultaneously uses conventional blockchain functionality and DAG technology. DAG refers to the method of recording data on vertices and edges. Thus, it is a data structure that contradicts the data-storing model of blockchain.
Blockchain employs blocks that go parallel to one another, while DAG functions on vertices and edges. Unlike blockchain, it is the best choice for complex data processing, necessitating less computational power. Therefore, integrating these two technologies into one leverages the mechanics of Hathor Network, giving it faster transactions with fewer or no transaction fees.
HTR is a blockchain sandwiched in a DAG system with interconnection. Thus, for low transactions, blockchain is the preferred algorithm for enhanced security. With increased transactions, DAG takes charge. This hybrid model is significant, promising enhanced use cases with zero cost and robust network safety.
2. Faster Transactions
Since blockchain works on blocks, each block connects to the previous via hashes. The validation of the transaction requires miners and blockchain participants to verify the sequence. It consumes time and costs a fortune for the transaction initiators. This way, the transactions initiated on the blockchain network become slower.
Conversely, DAG employs every transaction equally in sequence maintenance, easing the validation process through a blockless mechanism. With straightforward validation, allowing miners and mining equipment to intervene in the transaction becomes unnecessary. Therefore, faster transactions benefit the DAG-based process, ensuring swift financial activities without giving up on the decentralized nature of the transaction.
The benefit of the hybrid working model of HTR is that it offers scalability. Your financial affairs become scalable with quick validation, enabling you to make as many transactions as possible at no cost. Even if it charges money for larger transactions, that won’t be higher due to its lower gas fees.
3. Custom Tokens
The hybrid operation of Hathor Crypto gives users a seamless opportunity to create and devise their custom tokens and Non-Fungible Tokens (NFTs) on the platform. Custom tokens mean you can set personalized specifications for the digital asset on the go. You do not need additional knowledge of advanced technologies like blockchain, DAG, and so forth, as the platform has built-in technology to provide you with a single-click option.
The best thing about creating your custom token with HTR is that the platform makes the created tokens operate with similar safety parameters to its native assets. The initial value of the token created on the platform will equal 1 HTR. You can use your custom token for industrial usage, including financial participation, loyalty points, and proof of ownership of any digital asset.
Traditionally, when you create a digital token, you go through a daunting process. Gas fees, Solidity, ERC 20, and other essential steps are the requisites for successfully launching your token. A gas fee is the sum paid for validating your token, and Ethereum charges 41.56 Gwei as of January 2024. Solidity is the programming language for digital asset development. ERC 20 refers to the standard contract development on the Ethereum blockchain for your token. With HTR, you avoid these hectic tasks and devise your digital token effortlessly.
4. Nano Contracts
Before we discuss what a nano contract is, picture a writing editor. Let’s say Microsoft Word for writing your resume. The software has built-in templates to help you avoid reinventing the wheel. Nano contract is no different concept. It is a simplified smart contract, the best option for people with less or no coding knowledge.
Since Hathor Crypto envisions offering plug-and-play blockchain solutions, developers and crypto enthusiasts can employ nano contracts to create custom tokens on the platform. With a blueprint, you have the necessary information related to a smart contract available in the crypto wallet. Thus, setting up a new contract and getting started on the platform is simpler.
However, it doesn’t limit you to the template only. HTR allows customization of the nano contract for established non-blockchain developers to add multiple features, including flexibility and tailored use cases. Furthermore, the in-built nano contract comes with robust security and minimal room for errors and vulnerabilities. Thus, the Hathor Crypto Network reduces the chances of illicit activities.
Use Cases of Hathor Crypto
HTR is in its early stages of development, limiting its use cases. However, it is an excellent choice for builders and developers with minimal coding background as it is a simplified platform. It cuts off the complex process of setting up blockchain, increases the scalability, and boosts the transaction speeds.
Hathor Network has partnered with multiple organizations for mutual benefits. Let’s explore a few use cases of Hathor Crypto.
1. HTR/FDT
HTR/FDT is one of the pioneers partnering with Hathor Network for its services. Co-founded by Chris Defour and Mat Diab, HTR/FDT aims to provide users with a Layer 2 infrastructure project to grow and adopt HTR.
This independent team works tirelessly to employ HTR’s hybrid and novel infrastructure to solve the blockchain’s gas fees problem. In a funny analogy, the team said in an interview that it is a concern for people to know that fuel is more expensive than rocket fuel. The analogy connects digital assets with transaction fees on blockchain technology.
In an effort to minimize the gas fees of crypto transactions, HathorSwap is their application. They are striving to develop a no-gas Decentralized Exchange (DEX). With HathorSwap, users can exchange their crypto with zero or negligible transaction costs.
2. HOPR
Tired of Ethereum’s slow and limited transaction speed, HOPR partnered with Hathor Crypto for its services and products. In February 2021, Sebastian Bürgel, the CEO of HOPR, integrated HTR’s architecture into its private data exchange platform.
HOPR is a renowned decentralized token aiming to build a private Internet for every individual globally. To achieve its goal, faster transactions and fewer gas fees are the requisites that HTR promises. Therefore, they initiated a partnership, contributing to the growth of the novel crypto architecture.
3. Ankr
Claiming to be the leader in decentralized infrastructure, Ankr Network is a well-known service provider in the Web3 landscape. It offers corporations and enterprises DeFi protocols, blockchain games, NFT marketplaces and projects, market analytics, and Layer-1 blockchain.
Ankr Network specializes in deploying digital services, including dApps and other Web3 solutions, on more than 30 blockchains. In April 2023, Ankr and Hathor Crypto joined hands to work side-by-side for mutual benefits.
The Future of Hathor Crypto
HTR and its future depend on the adoption of the network. The higher its use cases and partners, the more it will flourish in the blockchain universe. It offers numerous advantages over other blockchains, yet partnerships and adoption will determine its worth in the coming years.
Furthermore, it must work on its white label wallet to protect it from malicious actors and secure its users’ digital assets. Its coin price history and market analysis will define its future. Read on to explore them in detail.
1. HTR Coin Price History
HTR is a new entrant in the crypto market. Regardless of its early stages, it performs well in the global crypto market. The HTR coin market cap as of January 2024 is 20,800,881 USD, with over 249 million circulating in the HTR supply.
The current value of 1 HTR is $0.08353. In November 2021, HTR reached its all-time high value of 2.45 USD. The existing price of one HTR is about 96 percent lower than that value for several reasons. The bearish market is one of the reasons for this immense price degradation.
2. Market Analysis
The market analysis of the HTR coin suggests a bullish market in the coming time. In the long term, the Hathor coin price may reach up to $0.189 in 2025 and 0.649 USD by 2026. However, the analysts find no room for the comeback of HTR to its all-time high price in the future as the prediction till 2031 shows no sign of HTR gaining excessive value.
Conclusion
Hathor Crypto is another name for a simplified process of blockchain technology. It introduces the blockchain system to DAG to work sidewise for state-of-the-art functionality and increases the speed of transactions. Therefore, it is the best solution for enterprises and blockchain enthusiasts to adopt.
If you want to simplify the blockchain process for your organization, we at Debut Infotech can help you in this venture. Our vetted developers and blockchain experts will assist you in deploying the best solution for your corporation that guarantees growth and prosperity. Nevertheless, we excel in dApp development, smart contracts, and other blockchain and Web3 solutions.
Book a quick consultation with our expert team in a single click to clear your doubts about blockchain-related concepts. Furthermore, we write about these concepts, and you can read our previous blog posts to find answers to your concerns.
Hathor Crypto FAQs
Q. Is Hathor secure?
A. The Proof-of-Work (PoW) mechanism of Hathor Crypto offers matchless security, keeping your digital assets safe from malicious actors.
Q. Can I stake HTR?
A. HTR is the native token of the Hathor Crypto that you can stake on various crypto exchanges.
Q. How to store HTR?
A. HTR features a wallet you can download from its official website on your desktop and smartphone.
Q. Is Hathor Network based on smart contracts?
A. HTR uses smart contracts since it is a blockchain-based infrastructure. However, it modifies the concept to a customizable blueprint, nano contracts.
Q. Is Hathor free?
A. Hathor Network is free from transaction fees. Thanks to its gas-free transaction model, it allows you to create your custom tokens without spending a penny.
