What is Hector Network (HEC)?

garretschoenbergNovember 2, 2022

What is Hector Network (HEC)?

November 2, 2022
Pedagogical

The Hector Network is a decentralized autonomous organization and blockchain ecosystem consisting of the HEC utility token and its complementary stablecoin token, TOR. Hector Network is a project focused on creating future Web3 solutions and extending across blockchains. Projects within the Hector Network ecosystem span DeFi services and platforms, crypto games, NFT marketplaces, DEXs, staking and hyperstaking, decentralized bonds, governance, and more.

Hector Network is built on top of the Fantom Opera Chain ecosystem and, like Fantom, uses Opera Chain’s directed acyclic graph (DAG) that leverages Fantom’s Lachesis Asynchronous Byzantine Fault Tolerance (aBFT) consensus algorithm. To do. This gives Hector Network unrivaled speed, security, reliability, near-instantaneous transactions, and extremely low fees.

Hector Network is compatible with Ethereum Virtual Machine (EVM), smart contracts, and smart contract languages Solidity and Vyper through integration with Fantom Opera Chain. This allows integration with various Web3 applications across a large number of his EVM compatible chains. As a pioneer in the multi-chain ecosystem, Hector Network has also partnered with Borussia Dortmund Football Club and Binance Smart his chain.

Together with Bitfinex, you can learn more about the Hector Network project and participate in the “Bitfinex & The Hector Trading Competition Description”. Click here for the tournament outline and rules.

Hector Network (HEC)

In late 2021, the Fantom Foundation launched a program to stimulate the growth of the Fantom Opera Chain through its Incentive Grants initiative, which funds projects within the Fantom ecosystem based on governance consensus. In his January of this year (2022), Hector Network was selected for the incentive grant program as a Tier-3 project.

Hector utilized Fantom Foundations incentive grants to supplement the development of the Hector Network and the rewards of the TOR stablecoin. TOR is a fully collateralized stablecoin, acting as a sister network to Hector Network, each time a TOR coin is issued he creates a positive price action for the HEC token, thereby increasing the Hector Network’s deflationary token. Contribute to Nomics.

How the Hector Network Works

From a technical perspective, Hector Network uses Fantom’s Lachesis aBFT consensus mechanism to determine which transactions are valid and secure the chain. Lachesis is a unique implementation of Byzantine Fault Tolerance (BFT) for applications requiring high throughput, fast finality, and bank-level security. Lachesis is claimed to be faster, more scalable, and more secure than his other BFT implementations.

Validators on the Hector Network are based on the Proof of Stake aBFT consensus, offering scheduled rewards to validators for running the required hashing algorithms and adding valid transactions to the chain’s immutable ledger. will be issued. Hector Network operates validators on Fantom’s Opera Chain. It secures Hector Network transactions and generates revenue through transaction fees (gas).

Hector Network also uses a staking and bonding system. Staking is utilized to secure the network and HEC tokens, in return, when a crypto is staked, a user earns APR or APY paid in her HEC. Hector Network bonds allow projects to raise funds for their finances and give users the option to access discount rates when purchasing tokens directly from the project in exchange for certain coins. increase. Bond rewards are paid in sHEC and tokens can be staked after the bond is fully vested.

What Makes Hector Network Unique

Hector Network is committed to lowering the barriers to entry for Web3 applications and creating a fully optimized ecosystem to capitalize on the opportunities offered by blockchain. Hector Network leverages the Fantom Network’s scalability, low fees, security, and near-instant transactions to create tools for the Hector community to create a variety of innovative sub-brands and his DApps.

Hector’s unique deflationary tokennomics, enabled by the TOR stablecoin, have created the conditions for increasing the usefulness of the TOR stablecoin while allowing for rapid expansion of the Hector Network ecosystem. Both Hector Network and TOR are working towards providing education, comprehensive onboarding, and a hybrid system designed to bypass traditional wallets.

The result is a better user experience, better community building, and optimized utilities for Web3 and DeFi applications, along with cross-chain compatibility and scalability. Hector Networks will also reinvest the revenue generated in new projects backed by the Hector Institute, thereby laying the foundation for significant partnerships and fostering the continued growth of the Hector Networks ecosystem. Emphasis.

What is Hector Token (HEC)?

The HEC Token is the Hector Network’s native cryptographic utility token and works in tandem with the HEC Token’s counterpart in the Hector ecosystem, the TOR stablecoin. HEC is the world’s first non-diluted rebase token, used for platform governance, staking, bonding, TOR token issuance, NFTs, wrapped asset issuance, and trading on Hector DEX. HEC ensures that holders of HEC tokens can continue to participate in the Hector Network without reducing the usefulness or value of HEC tokens.

TOR is a stablecoin fully collateralized by the Hector Institute Treasury with USDC and DAI, allowing it to maintain its peg and stability through double layers of security. TOR is native to the Fantom Opera chain, but designed to facilitate cross-chain transactions and asset transfers. TOR is an ERC-20 token and can only be created or redeemed upon the occurrence of the correct conditions determined by the balance of the TOR liquidity pool. TOR was designed to steer HEC towards non-dilution by deflationing the HEC tokennomics.

HEC Tokennomics

Through community governance, the Hector Network community voted to create a fixed supply cap for HEC tokens. This has been achieved by carefully controlling the number of tokens issued, ensuring a capped supply, while employing an emission plan that allows for strategically planned changes to APY. HEC’s Hector Network discharge schedule runs for two years and eventually comes to a slow halt.

The graph below shows HEC emissions and supply, but does not take into account the additional benefits of token buybacks and burn events. This will ultimately increase the usefulness of HEC tokens in the future. In addition, this planned release schedule automatically designates HEC to the Hector Institute Treasury, securing funding for future network improvements and expansions.

Hector Network Roadmap

Q3 2022

Hector’s rebranding
Hector Games: Development of Oikos begins
Football partnership announced
Listing on a Tier-1 exchange (ongoing for Q4)
Emission plan launch (ongoing until Q4)
Hector Markets: Atlantica (Ongoing for Q4)
Atlantica: NFT Launchpad (Ongoing for Q4)
Hector NFT: Mythos Collection (Ongoing through Q4)
further partnerships

Q4 2022

Listing on Tier 1 exchanges (in progress)
Start emission plan (under development)
Hector Market: Atlantica (in development)
Atlantica: NFT Launchpad (in development)
Hector NFT: Mythos Collection (in development)
Hector DEX: Start development on DEX 2.0
Other exchange list
further partnerships
Further sponsorship
Hector Network In-Person Event

Q1 2023

Hector library (in development)
Hector Launch (in development)
Hector Market: Atlantica – Extra Features
Hector DEX 2.0: Launch of DEX 2.0
Cross-Chain Expansion: Launching on a Third Blockchain
Other exchange list
further partnerships
Q2 2023 onwards
Hector Games: Oikos (in development)
Hector Pay

hector network team

The team behind Hector Network is an international team of around 50 members ranging from technical roles such as development to supporting roles such as marketing and branding specialists. Teams are spread across North America, Europe, Asia and Australia.

The team focuses on community engagement and transparency, and you can participate in community forums like Discord and Telegram, as well as social media where community events are held and important announcements are made.

Hector Network Ecosystem

Hector Network’s ecosystem has a rich and extensive ecosystem that includes variations of many popular Web3 Dapps and services. While many of the projects are still in development, Hector Network has big plans to pioneer the development of cutting-edge blockchain use cases. Let’s take a look at the different projects in the Hector Network ecosystem.

NFT – Hector Network currently offers two NFT products: “Hector Around The World” and “Mythos Collection”.
Launch – Hector Network’s project incubation launchpad to fund the development of new Fantom and cross-chain projects.
Gaming – Hector Network’s DeFi gaming effort, the first project is an interactive metaverse called The Oikos.
Markets – Hector Networks’ first marketplace is the NFT Marketplace known as ‘Atlantica’, offering a wide range of NFT trading.
TOR – A complementary sister token to Hector Network, TOR is a fully collateralized stablecoin that helps create deflationary tokennomics for HEC utility tokens.
Library – The Hector Library will be a platform for user education about the Hector Network and ecosystem.
Institute – The Hector Institute will enable users of the Hector Network to leverage Hector Ecosystem tokens as collateral for decentralized loans.
Multichain – This is Hector Network’s focused effort to become a multichain blockchain ecosystem. Hector Network’s first cross-chain integration was with Binance Smart Chain.
Emission Plan – Hector Network’s Emission Plan was the result of a community governance decision to ensure the deflationary tokennomics of the HEC token.
Pay – Hector Pay is a project that allows HEC and TOR token holders to leverage the Hector Network partnership to pay for goods and services.
DEX – Hector Network’s decentralized exchange and cross-chain bridge allows tokens to be transferred between chains or to other crypto assets.
HEC – Hector Network’s native utility token focused on the future of pioneering cryptocurrency, DeFi and web3 products.

How to buy HEC on Bitfinex

How to buy HEC with cryptocurrencies

1. Log in to your Bitfinex account or sign up to create an account.

2. Go to the deposit page.

3.[暗号通貨]In the section, select the crypto you plan to buy HEC for and generate a deposit address in your Exchange wallet.

4. Send the crypto to the generated deposit address.

5. Once the funds arrive in your wallet, you can exchange them for HEC. Find out how to trade on Bitfinex here.

How to buy HEC with fiat currency

1. Log in to your Bitfinex account or sign up to create an account.

2. Full verification must be obtained before fiat funds can be deposited into your Bitfinex account. Learn more about different verification levels here.

3.[預金]of the page[銀行送金]In the menu, select the fiat currency for your deposit. Bitfinex fiat deposits have a minimum amount. Click here for details.

4. Check your email registered with Bitfinex for transfer details.

5. Transfer funds.

6. Once the funds arrive in your wallet, you can use them to buy HEC.

How to buy HEC with a card

1. Log in to your Bitfinex account or sign up to create an account.

2.[入金]on the page[支払いカード]Choose.

3. You can choose any payment processor to buy HEC. For HEC, you must obtain a full or intermediate verification level. Learn more about authentication levels here.

4. Select HEC, enter the amount and select a wallet to deposit the purchased HEC.

5. Agree to the terms and[支払いに進む]Click.

Bitfinex is also available on mobile, making it easy to buy HEC currency on the go.

[AppStore] [Google Play]