Since the launch of hashport on November 9th 2021, users gained the ability to migrate digital assets between different DLT networks with security, speed, and economy. The platform currently connects the Hedera, Polygon, and Ethereum networks together, with many more on the way in 2022. Through the use of technologies such as the Hedera Consensus Service (HCS) along with its validator swarm; a diverse group of industry-leading organisations authenticating transactions, hashport aims to provide a highly performant and secure platform for users to quickly and conveniently transact between distributed networks.
How hashport Works
The Hedera Consensus Service (HCS) immutably logs user transactions onto the Hedera public network. HCS acts as the communication layer between different DLT networks and smart contract endpoints upon successful logging of user requests. This results in secure, fast, and cost-effective transfers for users.
hashport’s Validator Swarm consists of Polygon, Worldpay from FIS, LimeChain, Animoca Brands, Calaxy, the HBAR Foundation, StableNode, Hex Trust, and BCW Group.
hashport does not have its own platform native token. As a result, it can remain a network agnostic public utility for all.
How to Use hashport
hashport is very easy to use. To complete a transaction, users will simply connect both their starting and ending network wallets. After selecting their asset of choice and amount to send, users are taken through a guided process whereby they pay a 0.5% fee on the total volume of the domestic token transferred and receive a representative token on the foreign network in return. This newly created representative token is then capable of interacting within the foreign network it resides on. It is capable of being fully integrated within that network’s broader ecosystem. Watch the video walkthrough of hashport here.
Introducing the concept of dApp Migration
Using hashport, developers now have the capability to potentially migrate their entire basis of operations to other networks should they wish. This could be borne out of a variety of reasons, such as the need to take advantage of some foreign networks’ latent performance capabilities; be it security, speed, cost-effectiveness, or carbon footprint. A dApps entire non-circulating supply could be migrated across hashport with users subsequently being incentivised to do the same. In other cases, hashport could be employed to create circulating supplies of representative tokens onto multiple foreign networks; these tokens have the added benefit of remaining interchangeable for one another via hashport; thereby making the network a user decides to interact with potentially irrelevant. In both cases, the effect of dApp migration could mean significant increases in functionality or productivity for users.
For instance, a blockchain-based gaming dApp originally built on the Ethereum network may not have the transaction speed or cost profile required to function effectively as its player base expands. Using hashport, a developer could move their tokens to a more performant compatible network to take advantage of faster transaction speeds, lower costs etc. in order to increase the scalability of their game.
How dApp Migration Could Change the DLT landscape:
The ability to fully migrate a given dApps token supply via hashport will help to provide dApp creators with greater flexibility and choice moving forward. If platforms now have the option to migrate their offerings to new, more amenable networks with superior services and/or performance characteristics, ultimately the end-users are better served. Incumbent networks may start to become far more sensitive to the needs and requirements of their user bases in order to retain them. This will broadly benefit the entire DLT ecosystem moving forward. By improving interoperability across the entire DLT economy, developers and end-users will benefit from a positive feedback loop. The time has arrived where dApps no longer need to be consigned to working solely on the network they were originally developed on or intended for.
Existing dApps that could be made redundant by new advances on other more performant networks suddenly can become viable and competitive once more.
How developers choose to initially code their dApps becomes less of a long term constraint now that hashport can enable future network transitions. For instance, if a developer has the requisite coding skills to build on Ethereum today but ultimately wants to move to a more performant network as they expand they can do this with relative ease using hashport.
How to Migrate a dApp
The dApp migration process is simple, using the hashport technology in a similar fashion that a standard user would, with the following steps:
- The developer locks their dApps non-circulating token supply on hashport
- hashport generates the representative tokens on the developers' target network
- Developers migrate all of their contracts to their target network and point them to interact with their newly created representative tokens.
- The dApp is then able to take advantage of the new network’s performance and features.
- Developers can promote their new basis of operations to existing users and provide incentives to have users migrate across hashport to receive the platform’s newly created token.
Total dApp migration is a unique and powerful opportunity for developers. The chance for the redeployment of services to networks that are more suitable for their users' needs can breathe life into old projects and confer a great deal of flexibility where there was none before. hashport’s secure, enterprise-grade platform offers developers the opportunity to maximise the potential of their services and continue to advance in the rapidly evolving DLT space.
Disclaimer:
Only tokens that have been integrated with hashport are able to utilise the service. If you are interested in having your platform token supported, please contact us at info@hashport.network.
Stay up to date to see when new tokens are coming to the platform!
About hashport
hashport is the enterprise-grade public utility that facilitates the movement of digital assets between distributed networks, extending their functionality in a quick, secure, and cost-effective way. In order to remain platform-neutral, hashport functions without the use of a proprietary token. The network is built on a robust and performant architecture, secured and operated by a group of industry-leading validator partners from around the world. hashport has passed a rigorous security audit and follows industry best practices; regularly performing comprehensive network tests to ensure the integrity of the network.
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Disclaimer: The information provided on hashport’s website does not constitute investment advice, financial advice, trading advice, or any other sort of advice. You should not treat any site content as advice.
