The arrival of the blockchain technology introduced many advantages to the world making its
It allowed many computers to take part in a network, distributing the computing power, which
helped reduce the risk in any tampering, fraud or cyber-crime. Furthermore, it allowed different
parties to believe that transactions between them are indeed real and valuable. With immutable
records of transactions this also ensured a possibility for a massive range of digital transactions
to happen without any central authority. With significant reduction of monopolies or middle
men, this also removed a lot of costs from the equation. Blockchain also ensured immutability,
as any transaction can be confirmed and shared across the distributed network, while almost
impossible to undo.
All of these are great advantages offered by blockchain and today we can see many projects
trying to leverage them the best way they can. However, in recent years blockchain technology
proved to have significant problems. Among them is a huge environmental cost in the way
blockchain is being used today. One of the most famous examples of this is Bitcoin that uses
computing power that consumes as much energy as used by 159 of the world’s nations. Another
major shortcoming is that Blockchain is slow and takes much longer time to process any
transaction when compared to let’s say “traditional” payment systems such as cash or debit
cards. For example, bitcoin transactions can take a few hours to finalize which is truly
unsatisfactory and significantly limits the potential for bitcoin as a payment mechanism. Another
shortcoming is the DApps which, while having a huge potential, failed to revolutionise the market
to this point.
These shortcomings inspired the founders of Tolar HashNET to provide a solution that solves
these major shortcomings of blockchain technology, while maintaining all of its advantages.