Published in: Blog

What is HECO Chain?

Author Bacoor Team

Published on: August 12, 2021

Table of Contents

What is HECO Chain

Huobi Eco Chain

HECO stands for Huobi ECO Chain which is a high-efficient, open-source Blockchain developed by the popular Huobi Exchange. The whole platform is based on the PoS (Proof-of-Stake) protocol. Its block interval is 3s that supports over 500 TPS (transaction per second).

HECO is fully compatible with EVM programming, which simplifies the process of bridging assets from Ethereum to HECO.

Huobi Token & HRC-20 Token

$HT (Huobi Token) is the native token of the whole HECO ecosystem.

The token has 18 decimals and exists on both Ethereum and HECO.

In the early phrase of the development, HECO introduces the HRC-20 standard. It corresponds with the ERC-20 standard on Ethereum.

HRC-20 is the foundation for developers to create a wrap-version of mostly any tokens on HECO. It includes the native token HT and Bitcoin.

$HT token plays an important role that ensures the stability and security of the HECO network.

Pay for transaction fee
Stake to secure the network and earn reward
Open governance

HECO Bridge

At the time of this article, there is no native bridge for regular users, just yet. HECO Bridge mostly exists for developers by interacting with Smart Contract.

Bridge Contract on Ethereum: 0xa929022c9107643515f5c777ce9a910f0d1e490c
Bridge Contract on HECO: 0xa929022c9107643515f5c777ce9a910f0d1e490c

In fact, there is way for users to convert ERC-20 Token to HRC-20 Token is to use multichain.xyz

HECO Dapps

In an effort of expanding the native community, Huobi Open Platform has incentivized various Dapps to develop on HECO.

As a result, their community is growing quickly from DeFi to Gaming, NFT, DAO, etc.

See the full list of HECO Dapps

Huobi Token Price Prediction

$HT (Huobi Token) is not just the native token of the HECO network. It’s also the native token of the Huobi Exchange.

Huobi Token represents the power of Huobi Exchange, which is the second-largest Cryptocurrency Exchange by volume at the time of this article.

Hence, it’s crucial for Houbi to maintain the performance of this token.

Also, Huobi just introduced the burn feature and Houbi Prime, which lets users participate in IEO events.

In short, from time to time, Huobi Token price will most likely rise up in accordance with the maturity of the exchange.

Which wallet supports HECO?

To enjoy the power of HECO, you need to connect to its network.

The Fastest Way: KEYRING PRO

This method will save you time in setting up your wallet, or approving your transactions.

KEYRING PRO exists as a Multichain Mobile Browser Extension, supports a wide range of Blockchain from Ethereum to Polygon, Binance Smart Chain, Huobi ECO Chain, Fantom, Avalanche, Harmony ONE, TomoChain, and more (coming soon).

ALL YOU NEED TO DO IS ONE SCAN

KEYRING PRO is now available on App Store, Play Store, and as APK for limited locations.

1. On KEYRING PRO, ‘Create a new wallet’ or ‘Import a wallet’, you can use 01 Private Key to import all wallets at once on all supported chains, which includes Bitcoin (BTC), Ethereum (ETH), Binance Smart Chain (BSC), Huobi ECO Chain (HECO), Harmony One (ONE), Polygon (MATIC), TomoChain (TOMO).

2. Go to HECO Dapp

3. Click ‘Connect to a Wallet’

4. Choose Wallet Connect, scan with KEYRING PRO, then choose ‘Connect’

Browser Extension

(*) This method is unavailable for Safari or any browser that does not support 3rd-party extension.

1. Download Metamask Extension

2. Set up your wallet

3. Go to Networks, choose Custom RPC

4. Insert as below

Network Name: HECO Mainnet
New RPC URL: https://http-mainnet.hecochain.com
Chain ID: 128
Symbol: HT
Block Explorer URL: https://scan.hecochain.com

5. Once inserted, click ‘Save’

6. Go to HECO Dapp

7. Click ‘Connect to a Wallet’

8. Choose Metamask

9. Now, you can connect to HECO Dapp by using Metamask

HECO Faucet

HECO Faucet is a place for developers to claim test token on HECO network. Developers can claim from HT to HUSD, USDT, ETH free of charge.

To claim token on HECO Faucet, please follow the 03 steps below.

Go to https://scan-testnet.hecochain.com/faucet
Choose HT & WTH, or HRC-20
Insert your address, then click ‘Submit’

Huobi Token Staking

You can stake $HT directly on the Huobi Exchange, or on HECO network at https://www.heco123.com/en-us/vote

To become a validator, you only need to stake 32HT. You can find a detail guideline for Huobi Token Staking at docs.hecochain.com/#/en-us/consensus?id=staking