Over the years, blockchain technology has evolved from its early days as the backbone of cryptocurrencies to a robust and versatile platform capable of transforming numerous industries. Despite significant progress, there is a notable disconnect between the potential of blockchain and its practical applications in real-world scenarios.
This technological gap is the reason our team has decided to build HeLa Labs, because our vision is to be the layer 1 chain which is best suited for real-world adoption.
Layer 1 blockchain solutions are the first level of the blockchain ecosystem and it plays a crucial role in the industry.
Layer 1- Challenges Hindering Adoption
Blockchain technology holds the key to revolutionising various industries and creating new layer 1 chains entirely. However, it faces persistent challenges which hinders real-world adoption. The need to utilise volatile native tokens as gas fees might be intuitive and socially acceptable amongst crypto-natives, but such things are anathema to traditionally established companies or web2 users. No company wishes to explain to their customers why a transaction costs $10 in the morning and $100 in the afternoon.
There is also an issue of confidentiality. Imagine a situation where you were to transfer a sum of money from your bank account to a friend’s bank account. Would you be comfortable with various strangers on the street knowing exactly how much was transacted and how much sits within your account? If this makes you worried, then the bad news is that the blockchain cares not for what you would prefer. Technology has only done what it was designed to do and the fact remains that blockchains today are not built with confidentiality and privacy in mind. Individual wallets can be tracked by various analytics tools and while they may not know the identity of the individual behind it, they will know your transaction history and may eventually be able to figure out your identity, which leads us to the next pain point.
Identity is a controversial topic within the blockchain community, particularly about the need to KYC. Yet the fact remains that there are many traditional companies, particularly financial institutions, which require people’s identities to be verified. How then, do we strike a balance between the user’s desire for privacy and the company’s need for regulatory adherence?
Lastly, with so many different chains and subchains out there, the issue of interoperability becomes one of paramount importance. While there are a variety of blockchain bridges out there which has been designed to mitigate these problems, bridges as an external application provide an additional vector of attack on various digital assets and have been proven to be vulnerable to hacks themselves.
And so, in our path to building the solution to these challenges, Hela Labs was born.
Key Features of HeLa Chain – The Layer 1 For Real-World Adoption
Now that we’ve spoken about the problems that we’ve seen, it’s time for us to elaborate on how we aim to solve them.
1. Stablecoin Gas Fees
By utilizing our stablecoin for gas fees, we eliminate the volatility in transaction fees that is constantly experienced in other chains. Fees will always hover around the targeted amount which has been set in place by the team regardless of how busy the network becomes.
Furthermore, this provides an added advantage for users because by holding a stablecoin on standby for transaction fees, the user can avoid the volatility inherent to the native tokens which are issued by other chains, providing a more optimal user experience.
2. Data Confidentiality
While Hela adheres to the open and transparent nature of blockchain technology, we firmly believe in each user’s personal data sovereignty as well. Thus we are now offering users a choice: with a built-in confidentiality function, you can now choose whether or not you wish for your transaction to be published to the public. Of course, such an option would require a higher transaction fee, but you can be rest assured that the amount will be minimal.
3. Multi-level Decentralised Identity
Complementing our confidentiality function, we will also be introducing a Decentralised Identity system which will allow users to take their data sovereignty to the next level. Earlier we mentioned that it would be difficult for anonymous users to access services provided by different companies such as financial institutions. With our Decentralised ID system, users can be KYC-ed by a neutral third party, who can then act as an entity which vouches for these users to said financial institutions, allowing them to access these services without revealing their identity. We took much inspiration from current zero-knowledge proof systems which are currently implemented within some of the various blockchains.
Furthermore, our system takes it a step further by allowing users to create multiple identities holding varying levels of KYC and allowing companies to choose what level of KYC they require as well.
4. Modular Design
Lastly, while our modular design allows for us to enhance scalability, flexibility and maintainability of our blockchain, the true purpose for our decision to build it this way is so that we would be able to create a new asset-integration layer which could potentially eliminate the need for bridges in the future, creating a truly interoperable ecosystem. This is huge undertaking and we will be providing more updates as we move forward.
So now that we have announced ourselves to the world, you are probably wondering, what happens next?
To start off, we will most likely be announcing our research and development partner in the coming weeks, our roadmap and more exciting events that we have planned for the rest of the year. However, in order to keep up to date on our upcoming announcements, remember to hit the follow button in our official social media channels which are provided at the end of this post!
Hela Labs pioneers a new paradigm in Layer 1 blockchain technology, empowering users to regain control over their digital lives. By leveraging a modular architecture, advanced privacy technologies, decentralised identity management, and innovative transaction fees, we empower users with choice and the ability to take control of their information.
About Hela Labs
HeLa Labs (https://www.helalabs.com) is a dynamic team of innovative developers, engineers, and scientists committed to delivering the stablecoin-powered layer one chain. With a single mission in mind – “Real-World adoption,” we have created Hela chain.
Join us on our Hela-good journey to a decentralised future!
In the role of a Hela writer, I weave stories that reveal the core of this revolutionary Layer-1 solution. Created in partnership with accomplished engineers, scientists, and A*STAR IHPC, Hela is tailored for real-world use