Thank you to everyone who joined AMA Blockelite x Hathor Network on 14th January at 10:00 AM UTC I 5:00 PM UTC+7. Here is the recap for those who missed this AMA.
Our special guest today is Pedro Ferreira – Co-founder & Core developer, Guto Martino – Marketing Manager
Segment 1: Introduction about Hathor Network and Pedro Ferreira – Co-founder & Core developer, Guto Martino – Marketing Manager
Q1: Can you briefly introduce yourself as well as Hathor Network?
Guto Martino – Marketing Manager: My name is Guto and since November I have been working with Hathor as the Marketing Manager.
I’ve been involved with crypto since 2016, where I worked with many blockchain organizations and projects, such as ETHBerlin/Department of Decentralization, Berlin Blockchain Week and so on.
Pedro Ferreira – Co-founder & Core developer: I am Pedro, one of the co-founders and core developers of Hathor since the early days of the project. I graduated in computer engineering in 2013. I worked with Marcelo for 4 years (as an intern and after I graduated) and, during this time, I’ve also worked with Yan and Jan – the others co-founders. After that I worked in some projects of IoT and VR before I joined Hathor.
Hathor Network is a PoW-based novel distributed ledger architecture using both DAG and blockchain data structures intertwined, built with a completely new architecture, as we have coded it from scratch.
We have built a platform that anyone can use without being a blockchain expert. Our novel technology is flexible and different applications can be built on top of it.
We’ve been live on mainnet since January 2020, and recently we had the first halving event, which reduced inflation by half. Our first product is an easy-to-use tokenization service integrated with our wallet. We will add other features in the future, such as nano-contracts, oracles, and side-dags.
Q2: “Hathor is competing with ETH 2.0, Avalanche, Polkadot and Solana for utility, scalability (TPS) and security”. What do you think about this view? Please be clear about what strengths will help Hathor overcome this rival and become the top project?
Guto Martino – Marketing Manager: Nice question. We do not believe that blockchain is a “winner-takes-all” situation and that few chains will work together to achieve a higher number of transactions and scale. And that is why we created the interoperability group, which is led by Gabriel Aleixo (our business developer and market researcher) who is researching how to bridge Hathor with other chains, such as Polkadot and Quant.
We are a brand new blockchain built from scratch, which is an advantage and a disadvantage at the same time.
It is an advantage in the sense that decisions are made quicker and the consensus is easier to achieve. Disadvantages in the sense that we need to build an ecosystem of dapps, devs, etc from zero to hero.
By the way, Gabriel was part of the “Layer 1 Heroes” panel on KarmaDAO with members from NEAR, Solana, and Fantom having a conversation about this topic. All of them are doing something in this sense.
You can watch it here: https://www.youtube.com/watch?v=dZJ35Oc5zDI&feature=youtu.be
Q3: How to join mine Hathors (HTRs) or merge mining? Are there any conditions?
Pedro Ferreira – Co-founder & Core developer: For mining Hathor, you need a SHA256 ASIC. Because of the high hash rate of the network right now (416.81 Ph/s) it’s not profitable to mine with CPU or GPU.
Right now we have a stratum server available for anyone who would like to mine. There is a guide here: https://hathor.network/resources/merged-mining-guide/.
We also have some community initiatives to build mining pools and we encourage anyone who is interested to build one as well to talk to us if you need any help.
Q4: What are the $HTR token utilities? How can $HTR token holders benefit for the long-term?
Pedro Ferreira – Co-founder & Core developer: HTR is a utility token and the native currency of Hathor Network. It will always be the gateway to the current and future services possible on the platform.
Right now, the most notable use case is minting your own token, something anyone can easily do with our wallet and without a single line of code. Future services we have planned to build on the network, such as Nano Contracts, Side-DAGs, and so on will also use the HTR utility token in a similar way.
Q5. What are some achievements of the Hathor Network? What is the market strategy of Hathor Network to build community and attract users for 2021?
Guto Martino – Marketing Manager: As achievements, we have many. Our team has grown quite a lot, we got audited by SlowMist and passed, our hashrate has grown and we are seeing the first use cases being built on Hathor.
We are pretty busy on the marketing side. Promoting adoption is the main guideline for Hathor 2021 not only on the marketing side but on the growth side, with initiatives and use cases using our platform and the HTR.
To make that happen, we are coming up with the first grants to teams, projects, or developers who want to build their ideas using Hathor Network or as porting solutions found on other chains. This connects a lot with the interoperability we mentioned before.
1 – Right now, we are in the early stages of formulating the program and we are using one project to build the framework for the initiative and we hope to have it ready for other applicants by the end of Q1 or early Q2.
2 – We have a community program, which technically started in December but will accelerate throughout Q1.
3 – Enterprise adoption. Somewhere around April/May, Hathor Labs will have the first edition of the Creaton, which is our advisor Sebastian Guerrero´s brainchild. This project, which will run under our marketing umbrella for 2021, will offer a mix of design thinking and hackathon in an event format for corporates looking forward to understanding or even starting to research how to apply Hathor in-house.
4 – Strategic Partnerships. Lots. There are awesome projects around and lots of space to make new connections, especially when you think about the interoperability side.
Segment 2: 4 best questions from Twitter
Q1: Let’s say I mint a token on the Hathor network and I want to list that on an exchange that has Hathor already listed. Would the exchange have to integrate a new wallet SDK or can they leverage existing integrations with Hathor to also get my token listed with minor code additions?
Pedro Ferreira – Co-founder & Core developer: Every custom token created on Hathor is exactly the same (in terms of tech) as our native HTR token, that’s one of the reasons we say the security of any custom token is the same as our native token. There is no need to code anything, which makes them all pretty much the same and with fewer risks to have vulnerabilities.
Because of that, any exchange integration can be done with minor customizations, reducing the exchange integration time and cost for any custom token built-in Hathor (if the exchange already has HTR listed)
Blockelite Host: Now, HTR list on Kucoin, right? have another exchange ?
Guto Martino – Marketing Manager: Yep, we got listed in December on KuCoin and the trading started on the 4th of January there.
In 2020 we were working to get us listed in two exchanges (KuCoin and another one), though one of them could not move forward due to reasons out of both sides control.
We are still working with listings in the future and is on our plans, though there is no timeframe.
Working with Kucoin has been really great.
Q2: Why Hathor choose the same hash as Bitcoin? Hathor miners can get Bitcoin and Hathor, can Bitcoin miners get Hathor too?
Pedro Ferreira – Co-founder & Core developer: Using our mining servers it’s possible to mine more than one coin with the same hash power, what is called merged mining. You can merge mine not only with Bitcoin but with any other sha256 coin. We currently have miners mining BTC, DGB, BCH and BSV together with HTR.
Satoshi wrote about an early merged mining idea in 2010: https://bitcointalk.org/index.php?topic=1790.msg28696#msg28696
It makes it easier for new networks to grow it’s hashrate by sharing the hash power of other larger networks. And a high hashrate is super important for PoW projects, being a fundamental part of the security model. We decided to use sha256d since it’s the most readily available mining algo in crypto and so we could get some of the hashpower from well-established projects. We currently share a lot of the hashrate of BCH and BSV.
Q3: What are the difficulties and chances that Hathor Network faces right now while crypto/blockchain market is still young and needs time to grow?
Guto Martino – Marketing Manager: Adoption for sure is still the biggest challenge for every single blockchain out there.
We are still in the early stages of crypto, even though Bitcoin has been around for more than a decade. It is still hard to convert crypto to fiat, to teach users about the importance of keeping their private keys safe, etc…
Still, it is impressive how the technology evolved during the last 2 years of bear market, especially when it comes to UX/UI.
In our case, we are aiming enterprise as our higher goal. Hathor has a consulting group called Hathor Labs, whose objective is to teach and implement blockchain solutions using HTR for companies that:
a)Thinks that blockchain is expensive or too slow
b) Tried with other chains before and did not find a use-case or a solution.
c) Do not understand blockchain and want to discover how to leverage this technology on their business.
Q4: With Nano Contracts being implemented on Hathor Network, do you foresee any DeFi initiatives popping up on Hathor Network?
Pedro Ferreira – Co-founder & Core developer: Yeah, that’s one of the plans for Nano Contracts. Of course, the DeFi space is relatively new (considering the crypto timeframe) and there’s still a lot of innovation going on there, so our philosophy for Nano Contracts requires us to study the most used features of that and make them easy to use on our network.
One clear demand emerging out of DeFi is the need for oracles, which we’ve been planning to couple with Nano Contracts since the beginning. Liquidity pools are also hot at the moment and would fit nicely here. And there are “traditional” markets that can be built using DeFi, such as derivatives and betting.
Segment 3: Live questions.
Q1: Presently as at today, can we possibly use your token in real life for payment?
Guto Martino – Marketing Manager: HTR is a utility token used to pay transactions inside the platform. We still do not have a fiat gateway but we plan to do it in the future.
Q2: Can you give an example of the usage area of nano contracts? I don’t understand much about technical issues, but I’m curious. How can users use Nano contracts easily?
Pedro Ferreira – Co-founder & Core developer: Nano contracts is still in the research phase and shall be released in the next months, even though we already have some opcodes in our core code. We want to make available the products that people most need and it will be as easy to use as our tokenization product, just fill a form and will be ready, no code skill needed.
Q3: Can you give us some of the most important features of Hathor that put it ahead of other competitors? What is your competitive advantage that you trust about most in your project?
Guto Martino – Marketing Manager:
– Predictable transaction costs.
– Easy tokenization. Anyone can create a token without coding.
– Use of side DAGs
– Nano Contracts
We follow something called the pareto principle, where we picture that 20% of the tools created with Hathor will solve 80% of the use cases.
Q4: Do you have any plan for building Nfts into your eco system because that is the hottest topic on crypto space?
Pedro Ferreira – Co-founder & Core developer: Yes, that’s one of the things we have in mind to continue support more tokenization features. We first wanted to build what people most need, which is ERC-20 support and now we want to extend our ERC compatibilities, e.g. ERC 721 (NFT), ERC 1400, etc.
Q5: How can users stay updated with this project? Are there channels, including local communities where users can get the latest updates?
Guto Martino – Marketing Manager: Through our socials is the easiest way. We have a super active community and would be awesome to have you around.
For more info, check here: https://hathor.network/community/
Q6: What new features Hathor Network provides?
Pedro Ferreira – Co-founder & Core developer: Our first product is an easy-to-use tokenization service integrated with our wallets. There are other features in research phase that will be added in the future in our ecosystem, such as nano-contracts, oracles, and side-dags.
Our AMA session is now over !!!