Huobi ECO Chain Shared Node

Huobi Eco Chain (HECO) is an EVM-compatible programmatic blockchain developed by major cryptocurrency exchange Huobi Global.

HECO was launched in limited mainnet in December, 2020, only ten days after testnet release. Its mainnet has four phases dubbed Tinder, Spark, Flame, Blaze. As of June, 2021, HECO’s progress accomplished the rollout of Tinder's second stage.

Huobi Eco Chain promotes itself as a ‘fully decentralized, cost-efficient and developer-friendly’ public blockchain for all types of decentralized applications (dApps) including decentralized financial protocols (DeFis).

As Huobi Eco Chain (HECO) is a product of Huobi Global, the exchange’s core native token HT is a backbone of HECO tokenomics as well.

Huobi Eco Chain (HECO) is built around Hybrid Proof-of-Stake (HPOS) consensus which is a variant of popular Delegated-Proof-of-Stake models utilized by Eos (EOS), Cardano (ADA) and other mainstream blockchains.

Users can apply for being elected as node providers. The procedure of referendum allows all holders of HT tokens to have a say in community-driven voting for new node providers. Providers’ candidates should meet the requirements to ensure system’s sustainability.

This design makes the Huobi Eco Chain (HECO) highly scalable and ensures its reliable performance. Namely, by the end of June, 2021, there are 9,821,043 addresses in Huobi Eco Chain. Mean throughput (24 hours) is estimated at 67 transactions per second.

As Huobi Eco Chain’s (HECO) is primarily focused on dApps on-boarding, its performance can be estimated by the quantity and activity of decentralized applications deployed.

By the end of June, 2021, according to DeFi Box analytical dashboard, there are 126 active decentralized applications on HECO. Decentralized financial protocols (DeFis) including lending/borrowing instruments, DEXs, stablecoin modules are top categories of dApps active on HECO. MDEX decentralized exchange, Coinwind and LendHub lending protocols are the leaders by net amount of crypto processed.

Besides decentralized applications, Huobi Eco Chain (HECO) supports a plethora of assets. In addition to Huobi’s native coin Huobi Token (HT), it supports ‘Heco-Pegs’, the synthetic cryptocurrencies pegged to Bitcoin (BTC) and most popular altcoins. Huobi Eco Chain (HECO) introduced the HRC-20 token standard which is fully compatible with Ethereum’s ERC-20 standard. Users can mint their own assets with HECO’s instruments (‘Bridge’ and ‘Manual’ tunnels).

Crypto-oriented entrepreneurs can also build their own purpose-made private blockchains in ‘Private Chain’ mode of Huobi Eco Chain (HECO) mainnet.

Finally, HECO supports a number of wallets. Besides Huobi Wallet, it seamlessly interacts with MetaMask, imToken and other mainstream retail wallets.

In a nutshell, Huobi Eco Chain (HECO) shares a number of advantages with Ethereum (ETH) though avoids its perennial congestion and high gas fees.

Due to full EVM-compatibility, it allows the seamless migration from/to Ethereum (ETH) and other EVM-compatible blockchains like Binance Smart Chain (BSC), Polygon (MATIC), and so on.

Also, it utilizes novel HPOS consensus which is among the most advanced designs of the modern crypto scene.