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Hoo Smart Chain, or shortly - HSC, is a Hong Kong-based blockchain platform that promises high-speed and low-cost transactions on a decentralized and highly energy-efficiency network tailored for a smooth user experience.
HSC is a brainchild of the Hoo Group, responsible for running Hoo Exchange, a relatively small Chinese CEX whose business model clearly follows the steps in DeFi made earlier by its more famous counterparts like Binance and Huobi.
Hoo Smart Chain is still growing its ecosystem, and its most recent campaign called Cosmic Origin Project is aimed at attracting more dApps - and more assets - to the HSC network by rewarding dApps with the highest level of on-chain activity. In addition, after the devastating LUNA crash in May 2022, HSC explicitly invited developers to move their projects from the Terra network to Hoo Smart Chain.
Hoo Smart Chain positions itself as an Ethereum sidechain and falls in a long line of projects aiming to solve the pricey gas fees problem revealed on the second-popular chain in the days of DeFi boom. To provide EVM compatibility, the blockchain uses HVM, which stands for Hoo Virtual Machine - described as a slightly modified version of the Ethereum Virtual Machine. The use of HVM makes it easy for HSC-based dApps to adapt themselves for use on other popular public chains such as Ethereum, BNB Chain, and HECO.
From a security point, the HSC network relies on a so-called PoSA consensus mechanism which is a combination of the proof-of-stake and proof-of-authority models. It is said that thousands of validators compete to secure the network while the final job is being done by a set of 21 nodes that are selected each round to process transactions and sign blocks.
According to the project’s documentation webpage, HSC is able to process over 500 transactions per second with an average block production speed of 3 blocks per second.
Users may interact with Hoo Smart Chain dApps via leading wallets like TokenPocket, MetaMask, and web extension wallet apps. Aside from that, Hoo Smart Chain wallet options include the network’s own Hoo Wallet. There’s a detailed explanation on how to set up a wallet of choice to use the Hoo Smart Chain that is published in the platform’s documents section.
The gas fees for transactions on Hoo Smart Chain are paid in the network’s native HOO token that plays a role in HSC ecosystem, similar to Ether’s on Ethereum.
Anyone willing to lock a large amount of HOO tokens can become a validator on Hoo Smart Chain through staking HOO. Due to the applied PoSA consensus mechanism, validators take turns verifying blocks and each of them has the same rights. According to the Cosmic Origin Project rules, the minimal staking amount for HSC validators is set at 100,000 HOO tokens.
The blockchain plans to switch to a so-called delegated proof-of-stake consensus mode, thus enabling all users to participate in staking HOO and opening a way to governance system implementation.
HOO token is the native asset on Hoo Smart Chain. It is a utility token, used for paying gas fees for transactions, as well as for earning by validators who stake HOO tokens to provide liquidity on the network. Another portion of the rewards income comes from fees collected from cross-chain transactions and is divided between validators as well. HOO is programmed with a max cap of 1 billion tokens, but its max supply is set to 100 million.
Although Hoo Smart Chain is clearly an intermediary of Hoo Group, founded by Chinese entrepreneur Ruixi Wang, it is being developed by a stand-alone anonymous team with a few core members reachable in the HSC’s discord community.
However, the announced network’s decentralization should be questioned as there’s not enough information on the HSC docs on the consensus mechanism while the project’s whitepaper clearly lacks many important technical details.
There is no information on any audits conducted on behalf of Hoo Smart Chain.
Hoo Smart Chain is currently connected to the Ethereum network, Binance Smart Chain, and Huobi Eco. Though in any cross-chain interactions the network relies on third-side bridging solutions, such as Equal Sign Bridge (ES Bridge).
Though the HSC ecosystem is still growing with new projects onboarding the network via its incentive campaign, Cosmic Origin Project, Hoo Smart Chain has already become a home for a number of DeFi, GameFi, and Social-Fi projects, such as DEXes PuddingSwap and ElkFinance, to name a few. Its previous incentive campaign called Unicorn Program also attracted a number of prominent DeFi projects to the network.
The HSC network also has an interest in the NFT industry, shown by a recent ‘Multi-chain Miner’ NFT launch. This is a joint project published by TokenPocket and HSC that allows staking of this NFT on GameDao and a number of HSC projects in exchange for possible rewards.
There’s no publicly available roadmap regarding Hoo Smart Chain's future development, and the network’s socials are far from being lively. The platform is either on the way to further ecosystem growth, or it might as well become a neglected image project, a few steps away from burnout.
https://www.hoosmartchain.com/
https://docs.hoosmartchain.com/
https://www.hoosmartchain.com/HooSmartChain_EN.pdf
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Last updated: Aug 22, 2023
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