Heco blockchain is an energy-saving, high-efficiency, and decentralized public chain and was the first product introduced on the Huobi Open Platform. The chain enables the realization of smart contracts while supporting high-performance transactions. The native digital asset on this chain, HT, utilized a consensus mechanism.
Briefly about Heco Chain
Heco is an abbreviation of the Huobi Eco Chain. It refers to a highly efficient, open-sourced blockchain created by Huobi Exchange. Its platform operates on the Proof-of-Stake (PoS) protocol. It supports over 500 transactions per second (TPS) and is compatible with EVM programming.
Heco chain aims to lower the transaction fees, while making it energy efficient for developers.CryptoLists.com
Heco blockchain is a product of the Huobi group and is meant to provide developers with DeFi services. It’s a digital asset exchange that initially concentrated on the China market. It currently has a market base spanning more than 100 countries and has shown considerable growth potential. Heco blockchain is for both users and developers and serves as the Huobi ecosystem’s main chain.
Utility of Heco Chain?
Unlike most blockchains, Heco blockchain is meant for use by both consumers and developers. Consumers benefit from its scalability and user experience, among many other benefits. Developers get to enjoy reduced migration costs and increased compatibility with smart contracts. It supports cross-chain functionality, which means that it allows for improved communication between the different chains that are available. It also optimizes its fees during the assets transfer process.
Heco Chain
Heco Chain Consensus Method: Other
Advantages at Heco Chain
+ Reduced migration costs for the developers due to its smart contract support.+ High compatibility with smart contracts allows developers to create different Dapps.
+ HT is the transaction currency and the native currency on the ecosystem.
+ Heco chain facilitates transactions with numerous other blockchains.
Disadvantages
- Heco blockchain is mainly focused on Asian and Eastern European markets.- Some developers are frustrated with its incompatibility with some exchanges.
- You can accidentally select the wrong network when withdrawing your assets.
- Heco chain does not work seamlessly with all web browsers.
Costs
▪ Rated at 10/10Huobi charges a standard 0.2% fee for the maker and taker transactions. The high gas fees ERC to withdrawals will set you back around twenty dollars. Users can transfer USDT from one exchange to another via TRC20 tokens.
Such transactions generally attract a $1 withdrawal fee. Withdrawing USDT to this chain will attract even more reduced costs. However, please note that it may not be compatible with some exchanges.
A user requires at least 1000 BTC and thirty-day trading volumes to reach the competitive trading tiers. They will also need to stake a minimum of 2000 HT tokens.
Reputation and Buzz
▪ Reputation rated at 9/10▪ Buzz rated at 9/10
The chain has become quite popular, with many praising it for following the lead set by Binance. Its grid trading bot is among its most innovative features as it isn’t available on any other platform.
Heco blockchain has a large user demographic and trading volume, much of which leans towards Eastern European and Asian users. A lot of mining occurs in the Chinese markets, and this is the audience that the platform seeks to attract. Many users and developers are dissatisfied with its compatibility with some exchanges.
FAQ
Who created Heco Blockchain?
Heco blockchain was officially launched as a testnet by the Huobi group on December 10th 2020. Leon Li started Huobi in 2013 as a Bitcoin exchange company. Although it began in China, the restrictions put in place by the Chinese administration forced it to expand to other global markets.
Is Heco Blockchain proof of stake?
The chain stands out from the others as it offers to increase the effectiveness of Ethereum by Layer2. It’s a layer that will empower and supplement the Ethereum ecosystem.
So, Is Heco Blockchain proof of stake? Yes. It uses a hybrid proof-of-stake mechanism, unlike the case with Ethereum.
How Can You Connect MetaMask to Heco Chain?
Simply follow the steps below:
I. Open your MetaMask using the browser extension or the official app. Once open, click on the MetaMask symbol found on the right-hand side. Look for the “my account” option to find the settings.
II. You’ll find several settings in this section. Proceed to scroll down until you find the network area. You should find the chains linked to MetaMask in this section. Ensure you add a custom network to enable you to incorporate the Heco blockchain.
III. At this juncture, you’ll need to add several details such as:
• Network name
• Chain ID
• New RPC URL
Confirm that the above details are all correct to guarantee a successful addition. Once confirmed, you can now proceed to include the customized chain.
iv. in this step, you’ll need to link the newly added chain. It’s possible to access the Heco mainnet by reviewing the recently added networks. All you need to do is follow these steps, and you’ll have successfully connected the Huobi chain to MetaMask.
What are examples of Heco Defi projects?
There are quite a few DeFi projects that use Heco blockchain and below are some of the most popular.
Lendhub
It’s a debit and credit protocol grounded on a variation of Compound. It offers credit and debit mining capacities for LHB.
PickFinance
It operates as a decentralized mining platform that allows users to stake one coin using smart contract pairing. Its smart contract uses an innovative hedging technique with a high frequency meant to reduce an impairment risk generated by LP mining.
CoinWind
It refers to a Defi smart mining financial podium that seeks to create a Defi-based digital asset bank. CoinWind intends to do this by creating a product having high reliability, safety, and yield. It works by pooling the tokens deposited by its users and then gathering the funds present in a particular pool to take part in liquidity mining.
MDEX
The decentralized trading platform generates markets using the concept of pools funding. It aids the DEX cross-chain transaction protocols of ETH and Heco. It blends the advantages possessed by different public chains to produce a well-rounded DEX environment.
Its dual mining mechanism of transaction mining and liquidity mining produces greater returns to all its participants. It operates on this chain and the Binance Smart Chain.
Starlink
It’s a decentralized search engine whose main objective is to support a worldwide search for both the centralized and decentralized worlds. Currently, the available search engines only offer results for content posted on centralized websites.
FIIDA
It’s a cross-chain project launched on January 5th 2021, which features loan functions for HXTZ, HUSD, HBSV, HBTC, HPT, HT, ETH, ELA-HECO, HBCH, HLTC, and HDOT.
Does Ledger support Heco?
Its supported wallets include Huobi wallet, MetaMask, Ledger, and Trezor. They provide users with full control and added security over their tokens in a completely decentralized manner.
Screenshots from Heco Chain
