This article was written by Mark Laporte
The Helious Protocol in a nutshell!
First let me say that no matter what I write, it will most likely not describe how outstanding I believe this project to be!
A problem facing Bitcoin and Ethereum right now is the fact that scalability is an issue. Only a certain amount of transactions can be processed per second, resulting in longer transaction times, higher fees, and an increase in power consumption. Now enter The Helious Protocol!
The normal blockchain is a single main blockchain, with each block holding a certain number of transactions which overtime has created a bottleneck. The Helious protocol wants to take this “serialized process” and replace it with a “parallel process” where every address on the network now has it’s own blockchain. “When a transaction takes place between two wallets, the transaction is only added to a block on the blockchain of the sender and receiver.” This allows for more transactions to occur simultaneously and completely independent of other transactions happening at the same time. As such this allows for any transaction to happen on demand without having to wait for the next block to be mined decreasing latency time. With this parallel process we can now add as many wallets as possible and still have no issues with speed as multiple transactions occur simultaneously.
The lower fees help fund the nodes who maintain the network. With blocks on a normal blockchain as with bitcoin, there are higher transaction fees because transactions with higher fees are added to a block earlier than others resulting in a competition to get in first by paying these fees which fund the miners (this is POW or Proof of Work). This almost creates a centralization of power since those that have most of the miners have more power than others using one or a few miners.
Since the Helios Protocol has multiple blockchains all transactions are placed in a block on your chain, you don’t have to wait for other transactions to be confirmed for your transaction to be approved. Once the block is created it’s signed off by the address and confirmed through a consensus mechanism (other nodes agreeing that the chain is correct). With this arrangement The Helios Protocol uses a PoS (Proof of Stake method) that has the security of PoW. This creates a more decentralized system.
Now that you’re eyes have glossed over by now let me inform you of other wonderful things this project has to offer. The Helios Protocol uses the same programming languages as Ethereum so the protocol will allow Ethereum dApps to be migrated into their dApp platform without any modification. With this they hope to have a mass adoption to their platform.
Now you may be asking, how can I get involved? Well in staying with a truly decentralized fashion, The Helios Protocol will not be doing an ICO as they feel only those wealthy enough to get in will hold more of a stake than others. They plan on distributing them through airdrops and bounty rewards, and also using some of their tokens to create a dApp incubator to help fund others. Through this distribution system it’s easier to accelerate the growth and adoption of the Helios Protocol.
The total supply of the Helios Token 350,000,000 which will be distributed as follows (taken from the official whitepaper):
30,000,000 to pay for exchange listings. This is to ensure the HLS token is added to the largest exchanges to provide ample liquidity, and more pathways for new users to get the token.
110,000,000 to bounties. We are giving away a large portion of our tokens to community members that help build and promote the Helios project.
50,000,000 to airdrops. This will help spread the word of the helios project.
70,000,000 for dApp incubator. In Phase 3 of the roadmap we will start our dApp incubator. These tokens are used to fund projects built on the Helios protocol.
90,000,000 for Helios team over a period of 3 years. This will be used to pay for the development and marketing of the Helios protocol. These tokens are locked in the smart contract until the specified year. It is impossible for the Helios team to access these tokens until then.
— Year 1: 40,000,000. — Year 2: 30,000,000. — Year 3: 20,000,000.
For more information I suggest you read their website and technical whitepaper at https://heliosprotocol.ioYour Remaining Votes (within 24hrs) : 10 of 10