We are excited to share that In the last couple of months, LimeChain’s team has worked together with Hedera and the BCW Group teams to deliver an interoperability solution for the Hedera, Polygon, & Ethereum networks. Through the help of the BCW team, the platform was productised under the hashport brand. It utilises several services provided by Hedera (HCS and HTS) in order to be as decentralised and resilient as possible.
Why is it important?
The booming DeFi and NFT ecosystems are still in their infancy, yet we can see tremendous traction and popularity. From the beginning of the project, the goal was for the Hedera community to be able to tap into those ecosystems, and at the same time provide additional mediums for those assets to exist in.
This initiative is the first production-ready interoperability solution in the Hedera ecosystem. For the first time, Hedera users will be able to begin exploring ways to generate yield on their Hedera native assets through other existing DeFi protocols.
How does it work?
Hashport is a decentralised two-way portal solution that supports the porting of assets between Hedera and Ethereum Virtual Machine (EVM) based networks. It is important to state that the portal is not completely trustless. Trust assumptions of the portal are equivalent/similar to other well-known interoperability solutions where there is a set of validators that operate the portal.
Validators do not communicate with each other, but rather sign and publish authorization signatures in Hedera Consensus Service. Once the threshold of signatures is reached, end-users can use the signatures to unlock/mint the asset on the target EVM chain.
When transferring assets from an EVM chain, all validators execute Hedera Scheduled Transactions in order to unlock/mint the asset in the Hedera network. Once a threshold of n/m validators sign the scheduled transaction (this should be near-instant), the effects of the transactions are applied and the user receives the asset in the specified Hedera account.
The portal will have a service fee that is individual to every asset and will be charged in the native representation of the asset. Fees will be split across all validators of the portal.
What will the future hold?
Initially, hashport will launch with support for ERC20, HBAR & HTS tokens. The portal will operate with Hedera, Ethereum, and Polygon chains. After the initial launch, the focus will shift to metrics dashboard, streamlining the process of adding support for new assets and introducing support for NFTs.
Gradually the list of supported networks and tokens will increase, starting with EVM-based networks. Integrations with other non-EVM networks will be initiated as well.
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.