Introduction of HashBit
HashBit relies on a system of PoA consensus that can support short block time and lower fees. The most bonded validator candidates of staking will become validators and produce blocks. The double-sign detection and other slashing logic guarantee security, stability, and chain finality.
The HashBit also supports EVM-compatible smart contracts and protocols. Cross-chain transfer and other communication are possible due to native support of interoperability. HBIT Exchange remains a liquid venue of the exchange of assets on both chains. This dual-chain architecture will be ideal for users to take advantage of the fast trading on one side and build their decentralized apps on the other side. The HashBit will be:
- EVM-compatible: Supports all the existing Ethereum tooling along with faster finality and cheaper transaction fees.
- Interoperable: Comes with efficient native dual chain communication; Optimized for scaling high-performance dApps that require fast and smooth user experience.
- Distributed with on-chain governance: Proof of Staked Authority brings in decentralization and community participants. As the native token, HBIT will serve as both the gas of smart contract execution and tokens for staking.