Web 3.0 is a concept that has been popular for the better part of a decade because of its enormous potential.
The ability of applications to digest large amounts of information necessitates interoperability and cross-compatibility within a computer network.
Because of its diverse applications in various industries, blockchain technology has been identified as a potential solution for driving web3.0 applications. Smart contracts have proven to be useful and have been used to create a number of automated solutions that have transformed finance.
However, the complexity of smart contracts and codes for many blockchains has limited adoption to developers and tech enthusiasts. Hathor is a blockchain protocol that, through its innovative approach, is changing this perception.
A simple method for developing decentralized solutions
Hathor is a blockchain protocol that uses DAG and blockchain data infrastructure and is based on proof-of-work consensus. It is a highly cerebral project with a team of scientific and academic personnel.
In comparison to other blockchains, Hathor is built on proof-of-work consensus, which ensures security and decentralization. However, in order to mitigate the problems associated with P-O-W, Hathor has implemented merged mining, which allows for the simultaneous mining of multiple cryptocurrencies with minimal effort. As a result, miners can mine Hathor tokens and bitcoin without purchasing additional hardware or incurring higher electricity costs.
The central idea behind Hathor is to provide a blockchain network on which everyone can build decentralized solutions. Because of the shared simplicity of building solutions, it has earned the moniker “WordPress of blockchain.”
Hathor’s one-stop solution simplifies the creation of dApps for teams and projects that lack extensive technical knowledge. Instead, they are given open APIs in multiple programming languages as well as familiar code tools that anyone with basic coding skills can easily use to create tokens and dApps.
To bolster the preceding point, anyone can create custom tokens in a matter of minutes using the Hathor or desktop wallet. They only need to secure 1 HTR token for every 100 units of custom token issued on its blockchain. This is one-of-a-kind, and it means that anyone can create their own custom tokens without any complicated requirements.
Because of the value they represent, NFTs are an important part of web 3.0 and have been hailed as a key component of the metaverse. Several companies have stated their intent to develop NFTs, and Hathor provides a low-cost option. NFTs can be created using the Hathor Desktop wallet for only 0.02 HTR tokens. Furthermore, newly issued NFTs can be transferred within the Hathor ecosystem without incurring transaction fees.
Since its mainnet launch in 2020, the Hathor blockchain has seen real-world applications. It has formed various strategic alliances and launched a debit card in collaboration with Simplex, and its token HTR is integrated into the leading hardware platform Ledger.
Several projects, including 9Block, the high-profile NFT platform created by influential Brazilian celebrity Felipe Neto, have been built on its blockchain. It also hosts Dropull, an NFT for in-game items in Cidade Alta, one of Latin America’s largest gaming servers with 120,000 active users. Kick-Off Music, Databoi, Horus NFT Arts, and Marketplace are some of the other platforms.
Hathor is also constructing a decentralized exchange that will allow for atomic swaps, staking, liquidity mining, and yield farming. The Hathor token, HTR, is available on a number of platforms, including Kucoin, AscendEX, Coinmetro, SimpleSwap, and others.