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Hello, Satoshi clubbers! Another AMA took place in Satoshi Club and we would like to introduce to you the AMA session with our friends from Heco Chain and our guest was @malibeee?—?representative of Heco Chain. The AMA took place on the 15th of November.
The total reward pool was 500$ and has been split into 3 parts.
In this AMA Recap, we will try to summarise the most interesting points for you.
Part 1?—?introduction and questions from the Website
Mary | Satoshi Club:
Hello Satoshi Club! We are happy to announce our AMA session with Heco Chain! Welcome to Satoshi Club??
D. | Satoshi Club:
Today our guest?—?@malibeee !
Bit Mamba:
D. | Satoshi Club:
Welcome to Satoshi club!
Mary | Satoshi Club:
Hello and welcome to Satoshi Club ??
Bit Mamba:
Nice to e meet ya all. My name is Anna. I’m the operating and marketing director at HECO
Mary | Satoshi Club:
How are you???
Bit Mamba:
Feeling super happy and exсited ??
D. | Satoshi Club:
Awesome! ??
Mary | Satoshi Club:
We are happy as well??
D. | Satoshi Club:
We are excited as well!
Mary | Satoshi Club:
So, let’s start our AMA ??
Bit Mamba:
Let’s do that!
Mary | Satoshi Club:
And we will start our AMA with the introduction part! Could you please introduce yourself and of course introduce Huobi Eco Chain for our users if accidentally some of them are not familiar with it??
Bit Mamba:
Sure thing.
As I said my name is Anna and I’m in charge of operating and marketing in HECO, and also responsible for HT token and our ecosystem growth.
HECO is an EVM-compatible public chain that provides blockchain developers with an efficient and low-cost on-chain environment for decentralized applications (dApps), smart contracts, and digital assets.
https://www.hecochain.com/en-us/
This is our site, you can visit to get some data about us.
Mary | Satoshi Club:
Sure! There is a lot of information there??
Could you share more info about the team behind Huobi Eco Chain with us? ??
D. | Satoshi Club:
Nice! also could you explain briefly how HECO is different from BSC or any other similar EVM-compatible chains? ??
Bit Mamba:
Oh yeah of course.
Fell free to follow him for some industry insides
This is mine one: https://twitter.com/anna_liu8
The team is actually big and it counts over 250 people, all of them are living in different countries and all of them are working on a better solution for both?—?project developers and users.
Bit Mamba:
Just to show a part of our ecosystem.
Mary | Satoshi Club:
Satoshiclubbers, let’s follow together ??
It’s really huge ??
Btw, as we can see, you have many events, but maybe there are some upcoming events you would like to share with our community?
Bit Mamba:
HECO’s mainnet was online on December 21, 2020. Up to the end of October, hundreds of blockchain projects including DEX, oracles, synthetic assets, GameFi, and NFT have been running on HECO.
Definitely.
HECO is very keen to support developers, especially for GameFi developers, because HECO’s vision is to support developers at every stage of their growth.
On July 26, we launched a joint Gaming Accelerator Program for GameFi developers. We established a new partnership with Animoca Brands, Gumi Cryptos Capital, Coin98 Wallet, Crypto Art House, and YGG, to equip emerging game developers with the tools and resources they need to create and market their decentralized games. Dubbed HECO Gaming Accelerator, the program would offer investment, incubation, development, distribution, marketing, and customer support to members, as well as enable developers to collaborate together through a community platform.
HECO announced the initiation of $1 million Developer Empowerment Program. The initiative will encourage talented developers to develop and promote applications on the HECO Chain; this includes GameFi, NFTs, DEX, Aggregator projects, infrastructures, etc.
Mary | Satoshi Club:
Anna, thank you for this brilliant introduction part?? we choose 6 questions for the next, first part of our AMA! Are you ready to start???
Bit Mamba:
And actually this week we are going to have another amazing event for developers?—?it’s our DEMO day
which is going to be online and onside event. Everyone can join it online, so please register http://www.twitter.com/intent/tweet?text=I+am+attending+https://www.eventbrite.com/e/heco-global-demo-day-builder-networking-afterparty-tickets-209052871767?ref=estw
Mary | Satoshi Club:
Wow! You’re unstoppable ??????
D. | Satoshi Club:
Let’s gooo! ??
Q1 from Telegram user @victorogb
As the Huobi Eco Chain continuous to experience robust and large adoption numbers across the globe, there was a need to organize and hold workshops and events for proper Chain education and brand promotion. This necessitated the organization of “HuobiSummit2021” on November 8th. With this event receiving a considerable promotion from the likes of CNBC, Bloomberg, SCMP, and a host of others, can you carefully talk more about this Digital Summit, what was the overall essence, and how successful was this event? Can you share some of the key moments of this Summit with us, and how will HECO look to promote and hold more of such viable summits and events as you continually improve and expand on services?
Bit Mamba:
This is a super good one.
D. | Satoshi Club:
Glad you like it ??
Bit Mamba:
I was one of the speakers of that summit and we were discussing things all day long.
We had panels to discuss the development of the global economy, digital economy, investments, public chains, DeFi applications, NFTs, Metaverse projects, and more
Mary | Satoshi Club:
Do you have video recordings on YouTube or other services???
Bit Mamba:
Of course its not going to be a surprise for you that we all think that NFT technology and metaverses are the trends and I would highly recommend you to learn more about existing and future projects not to miss the gem
D. | Satoshi Club:
Bit Mamba:
Let me check, I’m not sure.
Mary | Satoshi Club:
We love gems.
Bit Mamba:
I think it will be uploaded soon, once I get the video with highlights of the summit I’ll share the link.
Who doesn’t?))
Mary | Satoshi Club:
D. | Satoshi Club:
Does HECO plan to organize some sorts of hackathons in the future? I know many other ecosystems do such an events
Mary | Satoshi Club:
Bit Mamba:
Yes yes and yes!
D. | Satoshi Club:
Great! ??
Bit Mamba:
Shortly after the Developer Empowerment Program, we held a Global Gaming Hackathon. This Hackathon was the first gaming-themed blockchain hackathon from the platform to provide evaluation, guidance, and support services for participants. During the event, developers and projects could also participate in workshops and demo days to connect with potential VC investors.
Mary | Satoshi Club:
Great job??
Bit Mamba:
And this event is actually also for developers and early-stage projects, so if you join it you might find a few gems, I think. But DYOR)))
Apart from the strong support for GameFi developers, we also designed various activities with the theme of NFT and DeFi for HECO users.
D. | Satoshi Club:
@malibeee big thank you for great answers! ready proceed to the next question? ??
Bit Mamba:
For example, we designed Lucky HECO series events, Lucky HECO series1 began on July 20. Usually, the Lucky HECO event was jointly organized by HECO and on-chain projects, crypto artists, and users who participate in this event can win NFT blind boxes.
D. | Satoshi Club:
Q2 from Telegram user @ItsMelissa3
On November 4, 2021, HECO announced the launch of its Decentralized Autonomous Organization, with the goal of accelerating the decentralization process, improving safety, and furthering the autonomy of the community and development team involved in HECO. What are the requirements for submitting major proposals? How many major nodes are required to initiate the decision to vote? I also read that the HECO developer team can use an emergency “freezing right”, in which cases would this tool be used and how does it work?
Bit Mamba:
The governance rules of HECO DAO are as follows:
For major proposals, two or more major nodes can initiate the decision to vote, with each major node holding one vote. The final result must have at least 51% of the total vote. Once decided, the results are executed by the HECO developer team.
Regarding time-value asset security issues or other emergencies, the HECO developer team is granted an emergency “freezing right” from the major node. The HECO developer team can immediately freeze the suspicious account, and initiate a vote within 48 hours of the incident to unfreeze or continue to freeze the suspicious account. From there, the user of the frozen account must provide the request identification/materials to unfreeze their account. All of this is to guarantee the effectiveness of handling emergency security issues and ensure the safety of user assets on the HECO chain
Mary | Satoshi Club:
How many major proposals have already been voted? How satisfied are you with the work of your DAO?
D. | Satoshi Club:
And btw how many nodes currently working in HECO?
Bit Mamba:
Heco node is divided into the host node and standby node with the specific rules and rights as follows:
For now, we have about 28 candidate nodes I think
https://www.heco123.com/en-us/vote-campaignc
Mary | Satoshi Club:
Anna, thank you for your answers! Do you want to add something or we can move to the next question???
Bit Mamba:
There are many other interesting activities on HECO, but I won’t extend too much with them because of the limited time. If you guys hope to know more about HECO, please follow HECO’s Twitter, Medium, Telegram or other official channels
https://www.hecochain.com/en-us/
Developer documentation: https://docs.hecochain.com/#/en-us/intro
List of Heco ecological projects:
https://www.defibox.com/defirange/
https://debank.com/projects?chain=heco
Coinmarketcap column: https://coinmarketcap.com/zh/view/heco-ecosystem/
Mary | Satoshi Club:
Satoshiclubbers, you will never be bored with HECO??
Bit Mamba:
I promise))
Q3 From Telegram User @iceVermithraxx
I understand Projects or developers can receive investment and support from Heco and have not only the opportunity to get official news reports but also can apply for marketing service packages. What are the requirements for developers or projects to receive support investment and Support from HECO? How can a Project or developer Apply For support and investment from HECO Chain? can you explain more about the marketing packages HECO Chain offer? Are there any other benefits and packages for Developers and projects that come with this investment and support from HECO Chain?
Bit Mamba:
The rules are simple, the project needs to integrate HECO or HT into its product, also your contracts should be audited, because we care a lot about the security of our users.
Worth mentioning that for the security of the public chain, developers and network security workers have made considerable efforts, but hackers are still emerging endlessly.
2021 in the first half-year chain assets loss because of security incidents is 5.1% of BSC assets loss on the same period. HECO has never been attacked by hackers since its launch. In the white hat attack of Poly Network that attracted much attention in the industry, HECO became the only one among ETH, BSC, POLYGON, and HECO that was not successfully attacked.
Also, there is no standard package of how we support projects. Because their needs are different and this is why you can send me your request and we discuss it further
Mary | Satoshi Club:
Do you accept any audits or only from a certain list of audit firms?
Bit Mamba:
Here in TG or send an email to me [email protected]
Any, but if the project doesn’t know which company to choose we always can introduce to some of us we are closely working with.
D. | Satoshi Club:
But if I’m, let’s say, leader of anon team/project, can I still count to get support and maybe investment from HECO?
Bit Mamba:
Maybe you are satoshi and your project is next bitcoin)
Let’s discuss and see)
Mary | Satoshi Club:
Ahaha?? 100%
Thank you, Anna, for your answers! Now we’re sure that Satoshi won’t be lost in this crypto space ?? ready to go to the next question?
Q4 from Telegram user @ProwGrowl
Heco is developing the ecosystem mostly destined to developers, however, there’re also some features available for users and one of them is Heco Wallet. I have read that it offers the most advanced technologies to safeguard users’ assets. Could you provide more details on safety features as long as to confirm if the wallet is cross chained and how many chains does it already supports? Please name some of them.
Bit Mamba:
it is a multi-platform (mobile/desktop/extension/hardware) universal crypto wallet that enables storage of all BTC, ETH/ERC20, NEO/NEP5, EOS, TRON, ONT/ONG, ENU/Telos/EOSC/BOS, BinanceChain, Cosmos, VeChain, Polkadot and HECO tokens.
D. | Satoshi Club:
Sounds cool
By the way, if I want to try to use your ecosystem for the first time, what is the best way to get Huobi token? do you have any faucets, where people can obtain fractions of HT to make their first transaction on-chain?
Mary | Satoshi Club:
Do you plan to support more???
Bit Mamba:
Just found the whole list for you.
I think for now this is more than enough.
Lol) all of the popular blockchains we support.
Mary | Satoshi Club:
Ohhh, this list is impressive ??
Bit Mamba:
Indeed )
Mary | Satoshi Club:
Yes, it’s an interesting question ?? i already forgot the word faucet)
Bit Mamba:
And your private keys of wallets are stored locally on your phone through multiple encryption algorithms to ensure the security of digital assets. We do not collect or have access to the private keys or mnemonic phrases of your wallets.
Mary | Satoshi Club:
Very important for users! ??
D. | Satoshi Club:
Safe enough.
Bit Mamba:
elk.finance to bridge to HECO from 13 other chains. You can swap for HT on the way
The first HT also can be purchased through cross-chain Dex such as swap
D. | Satoshi Club:
Nice! thank you! need to save this link for future use ??
@malibeee thanks for the answers! let’s proceed to the next question?
Bit Mamba:
Let’s do it)
Q5 from Telegram User @JesusFre1tes
It draws my attention that Houbi Eco Chain uses the HPOS consensus mechanism. My question is, how this technology helps them to improve interoperability and the number of operations processed per second? How is HPOS different from other consensus algorithms? Regarding transaction fees, how Houbi Eco Chain has done so that this is not a constraint within their network? Thank you!
Bit Mamba:
This is a difficult one to say the truth. haha))
Using this mechanism instead of PoW will save node operating costs, confirm block costs do not need to consume too much electricity. more … With this mechanism, the miners will now be validator nodes, they will receive the main reward is the fee gas of the transactions, this reward will be divided according to the proportion of the property that the validator has mortgaged.
Heco chain already supports the meta-transaction function, it will help reduce the transaction costs of users and Heco will pay this fee reduction. So meta-transaction will help minimize the operating costs of DApp developers, as well as Dapp users.
But in order to enjoy this discount, users, as well as Dapp developers, will need to hold an amount of HT tokens
and as I know Dapp’s development on Heco is the same as development on Ethereum and BINANCE Smart Chain (BSC).
D. | Satoshi Club:
How many HT tokens users need to hold to get that discount?
Bit Mamba:
At the technical level, HECO has a high performance, HECO can safely set the block gas limit above 100m Gwei, TPS can be up to 1500+.
Lemme share a table with you.
Mary | Satoshi Club:
Is there a problem with spam transactions on HECO? If so, how do you deal with it?
Bit Mamba:
D. | Satoshi Club:
Bit Mamba:
HECO has approved meta-transaction which could greatly reduce the on-chain transaction fee of users. The meta-transaction scheme can also effectively reduce the migration cost of DApp developers, thus greatly reducing the cost of users using DApp. According to the estimation, the gas fee for normal transfer or transaction on HECO chain is only 2.5GWEI (about 0.02 USD), which is about 0.05% of Ethereum gas fee.
Mary | Satoshi Club:
It’s perfect ??????
Bit Mamba:
Oh sorry missed this one)
Mary | Satoshi Club:
No problem??
Bit Mamba:
Though there are many different anti-spam strategies, most involve prioritizing legitimate transactions over spam.
Mary | Satoshi Club:
Yes, we see that every blockchain tries to find a solution ??
Anna, thank you for your answers! Ready for the 6th and last question from this part???
Bit Mamba:
In my opinion no matter how many solutions you find they always gonna find a way to do their spam things..
Q6 from Telegram user @NataliyaKil
Heco Technical Route consists of Four Stages: Tinder, Spark, Flame, and Blaze. Why were such names assigned to each stage? How is each of these stages unique, what are the deadlines for each of them, and at what stage are you at the moment?
Bit Mamba:
Well, it won’t be a surprise if I say that Huobi and heco have Chinese roots?
In Chinese Huobi is ??
Pay attention to the first character.
Mary | Satoshi Club:
Really??? Why i am not surprised ??
Bit Mamba:
And ????????, ?? are Tinder, Spark, Flame and Blaze
So as you can see first character is same
Mary | Satoshi Club:
Ohh, i see!
Bit Mamba:
And that’s the magic about these names fot stages
D. | Satoshi Club:
@malibeee could you name the most popular and profitable farming protocols on HECO? where is better place to start for newbies?
Bit Mamba:
MDEX would be the best choice i think https://mdex.com/#/
D. | Satoshi Club:
Yeah, they are very popular and it’s a big player on market already ??
Q1 from Telegram user @Asela1112
To celebrate the 08th anniversary of Huobi Eco Chain, You have conducted two events called APY magnifier & Golden mining events from 11th of November to 18th of November. Can you tell me more information on these events & How will we participate in these events?
Bit Mamba:
As i was saying there are always some events we do for users and developers. As an example of one you can join DEMO day this week, it’s a part of our HACKATHON http://www.twitter.com/intent/tweet?text=I+am+attending+https://www.eventbrite.com/e/heco-global-demo-day-builder-networking-afterparty-tickets-209052871767?ref=estw
Q2 from Telegram user @feranno
Why are you organizing an AMA event, what do you expect from AMAs?
Bit Mamba:
I think there are several goals we want to achieve, one of them is to increase our brand awareness, without talking to people about how else they would know about HECO.
So for example, for you, as a user now there is 1 more blockchain and it gives you.
High asset safety
Low cost
High performance
Q3 from Telegram user @surendra040
What are the wallets supported by Hecochain? Do I need to add a custom RPC URL in metamask?
Bit Mamba:
This is how to add HECO to metamask
https://medium.com/stakingbits/setting-up-metamask-for-huobi-eco-chain-heco-8a08d919f7f8
Also, you can use Huobi wallet, you will find more info about it if you read my previous messages.
Q4 from Telegram user @chinyere2020
Huobi Eco Chain announced that HECO DAO voted through the proposal of restricting visits and information queries on the official website in certain regions in order to provide users with more compliant and consistent services. Can you mention the regions that are prohibited from using information inquiry services provided by your official website? How can users from the restricted regions get the latest updates and information about Huobi Eco Chain?
Bit Mamba:
As a decentralized blockchain network, HECO Chain has been open to global developers since its launch. At the same time, the HECO community has been actively paying attention to and complying with the regulatory requirements of various regions. In order to provide users with more compliant and consistent services, we would like to have the following adjustments:
- Anyone located in [USA, Canada, Singapore, Hong Kong, Japan, Cuba, Iran, Korea, Sudan, Syria, Venezuela, Crimea, Chinese mainland, Taiwan Province, Israel, Iraq, Bangladesh, Bolivia, Ecuador, Kyrgyzstan, Sevastopol, UK] is prohibited from using it
Q5 from Telegram user @Rakshhitx5
Why project should Choose Heco Chain instead of BSC, Solana, and ETH chains? Can you tell one advantage that Heco has and others don’t?
Bit Mamba:
Well… i think there are tons of benefits HECO can bring you.
Before I already mentioned some of them.
The gas fee for normal transfer or transaction on HECO chain is only 2.5GWEI (about 0.02 USD), which is about 0.05% of Ethereum gas fee.
Q6 from Telegram user @LuisPagulayan
How do your HECO and ELLIPAL Wallet work? Is it an application downloadable to any AppStore to access, or anything? Can your tokens be able to change to other cryptocurrencies?
Bit Mamba:
For this one please join our audio room tonight )) we will tell you more about Heco and ellipal
We’ll be going live tomorrow!
Don’t forget to join us and come have a chat! https://t.co/Z06iBQuRIS
— ELLIPAL (@ellipalwallet) November 14, 2021
There will be 5 ellipal wallets to giveaway and also $$$$$ prizes.
Q7 from Telegram user @hmdtadel
What features does your network have that could guarantee it running smoothly under the pressure of a lot of users and transactions ??
Bit Mamba:
HECO has a high performance, HECO can safely set the block gas limit above 100m Gwei, TPS can be up to 1500+.
Q8 from Telegram user @chinyere2020
I learned that HECO ecological foundation provides funds for high-quality development teams/projects. Are there other forms of support that the HECO ecological foundation can provide for the selected high-quality projects?
Bit Mamba:
Marketing, investment,
Emotionally? I can also support the team this way) we are very friendly at HECO
Q9 from Telegram user @KevSalom
I understand that HECO Chain is a decentralized, highly efficient, and energy-saving public chain. Could you tell us if HECO is specialized for any specific type of project? What kind of protocols or projects can be built on your chain (gaming, lending, NFT, etc)?
Bit Mamba:
HECO is good for all the types
NFT, tokens, dex, not so far ago we’ve met DAO builder platform who’s now using HECO, https://t.me/xdao_eng
We also have. a lot of GAMEFI projects these days.
Q10 from Telegram user @Xusuo
I understand that HECO chain has already created $HT token for HECO platform, but can you introduce to us what are the use and function of $HT token inside HECO Chain? do they have stake and farm function also?
Bit Mamba:
Actually, HT was not created FOR HECO
To make it easier it is the same as BNB in its ecosystem which also was not created for BSC at its very beginning.
https://cryptorank.io/price/huobi-token price chart here or any other ranking website you use.
Huobi Token (HT) is the native cryptocurrency of HUOBI GLOBAL exchange. It belongs to a group of cryptocurrencies often referred to as exchange tokens. Huobi Token was issued and distributed in 2018 to Huobi users according to a special giveaway plan where platform users were rewarded with free tokens. Of the total supply of 500 million HT, 300 million were distributed to Huobi’s users, 100 million are for platform rewards and operations, and another 100 million is a reservation for team incentives.
In the final part, we tested your knowledge in terms of Heco Chain. They’ve prepared 4 questions for this part. The total reward pool for the quiz was 300$.
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