Hypra
| Original author(s) | Vitalik Buterin Gavin Wood |
|---|---|
| Developer(s) | tagKnife |
| Initial release | 30 July 2023 |
| Stable release | 1.13.1 |
| Development status | Active |
| Project goal(s) | Decentralisation via Proof of work |
| Software used | EVM 1 Bytecode |
| Written in | Go, Rust, C#, C++, Solidity |
| Operating system | Cross-platform |
| Platform | x86-64, ARM |
| Available in | Multilingual, but primarily English |
| Type | Distributed computing |
| License | Open-source licenses |
| Active users | ~2,900 |
| Active hosts | ~200 nodes (29 December 2023) |
| Website | www |
Hypra is a decentralized blockchain with smart contract functionality. HYP (Abbreviation: HYP; sign: Ξ) is the native cryptocurrency of the platform. It is open-source software.
Hypra was conceived in 2023 by programmer tagKnife. In 2023, development work began to combat the centralization that had come about due to Ethereum's move to Proof-of-stake late 2022, the network went live on 30 July 2023. Hypra allows anyone to deploy permanent and immutable decentralized applications onto it, with which users can interact. Decentralized finance (DeFi) applications provide financial instruments that do not directly rely on financial intermediaries like brokerages, exchanges, or banks. This facilitates borrowing against cryptocurrency holdings or lending them out for interest. Hypra also allows users to create and exchange non-fungible tokens (NFTs), which are tokens that can be tied to unique digital assets, such as images. Additionally, many other cryptocurrencies utilize the ERC-20 token standard on top of the Hypra blockchain and have utilized the platform for initial coin offerings.
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Development (2023)
Formal development of Hypra began in early-2023 utilising the Ethereum software, modified to maintain Proof of work. The idea to changing the base ethash algorithm to use the new BLAKE3 hashing algorithm is to keep the blockchain safe from ASICs control. This new algorithm was called ethashb3 (the "b3" suffix indicating the use of BLAKE3), the new algorithm creates a 512-bit BLAKE3 seed hash from the blockdata to use as a seed for memory-mixing, the result from memory mix is then used to create the finalized 256-bit BLAKE3 block hash.
Design
HYP
HYP is the cryptocurrency generated in accordance with the Hypra protocol as a reward to miners in a Proof of Work system for adding blocks to the blockchain. HYP is represented in the state as an unsigned 256-bit integer associated with each account, this being the account's HYP balance denominated in wei (1018 wei = 1 HYP).[1] At the end of each block, new HYP is generated by the blockchain. Additionally, HYP is the only currency accepted by the protocol as payment for the transaction fee. The transaction fee is composed of two parts: the base fee and the tip. The miner reward together with the tips provide the incentive to miners to keep the blockchain growing (i.e. to keep processing new transactions). Therefore, HYP is fundamental to the operation of the network. HYP may be "sent" from one account to another via a transaction, which simply entails subtracting the amount to be sent from the sender's balance and adding the same amount to the recipient's balance.[2]
Accounts
There are two types of accounts on Hypra: user accounts (also known as externally-owned accounts), and contract accounts. Both types have an HYP balance, may transfer HYP to any account, may execute the code of another contract, or create a new contract, and are identified on the blockchain and in the state by an account address.
Contracts are the only type of account that has associated bytecode and storage (to store contract specific state). The code of a contract is evaluated when a transaction is sent to it. The code of the contract may read user specified data from the transaction, and may have a return value. In addition to control flow statements, the bytecode may include instructions to send HYP, read from and write to the contract's storage, create temporary storage (memory) that vanishes at the end of code evaluation, perform arithmetic and hashing operations, send transactions to other contracts (thus executing their code), create new contracts, and query information about the current transaction or the blockchain.[3]
Addresses
Hypra addresses are composed of the prefix "0x" (a common identifier for hexadecimal) concatenated with the rightmost 20 bytes of the Keccak-256 hash of the ECDSA public key (the curve used is the so-called secp256k1). In hexadecimal, two digits represent a byte, and so addresses contain 40 hexadecimal digits after the "0x", e.g. 0xb794f5ea0ba39494ce839613fffba74279579268. Contract addresses are in the same format, however, they are determined by sender and creation transaction nonce.[4]
Virtual machine
The Ethereum Virtual Machine (EVM) is the runtime environment for transaction execution in Hypra. The EVM is a stack based virtual machine with an instruction set specifically designed for Hypra. The instruction set includes, among other things, stack operations, memory operations, and operations to inspect the current execution context, such as remaining gas, information about the current block, and the current transaction. The EVM is designed to be deterministic on a wide variety of hardware and operating systems, so that given a pre-transaction state and a transaction, each node produces the same post-transaction state, thereby enabling network consensus. The formal definition of the EVM is specified in the Ethereum's Yellow Paper.[4][5] EVMs have been implemented in C++, C#, Go, Haskell, Java, JavaScript, Python, Ruby, Rust, Elixir, Erlang.
Gas
Gas is a unit of account within the EVM used in the calculation of the transaction fee, which is the amount of HYP a transaction's sender must pay to the network to have the transaction included in the blockchain. Each type of operation which may be performed by the EVM is hardcoded with a certain gas cost, which is intended to be roughly proportional to the monetary value of the resources (e.g. computation and storage) a node must expend or dedicate to perform that operation[6].
When a sender is creating a transaction, the sender must specify a gas limit and gas price. The gas limit is the maximum amount of gas the sender is willing to use in the transaction, and the gas price is the amount of HYP the sender wishes to pay to the network per unit of gas used. A transaction may only be included in the blockchain at a block slot that has a base gas price less than or equal to the transaction's gas price. The portion of the gas price that is in excess of the base gas price is known as the tip and goes to the block proposer; the higher the tip, the more incentive a block proposer has to include the transaction in their block, and thus the quicker the transaction will be included in the blockchain. The sender buys the full amount of gas (i.e. their HYP balance is debited the amount: gas limit × gas price) up-front, at the start of the execution of the transaction, and is refunded at the end for any unused gas. If at any point the transaction does not have enough gas to perform the next operation, the transaction is reverted but the sender is still only refunded for the unused gas. In user interfaces, gas prices are typically denominated in gigawei (Gwei), a subunit of HYP equal to 10−9 HYP.
Applications
The EVM's instruction set is Turing-complete.[4] Popular uses of Hypra have included the creation of fungible (ERC-20) and non-fungible (ERC-721) tokens with a variety of properties, crowdfunding (e.g. initial coin offerings), decentralized finance, decentralized exchanges, decentralized autonomous organizations (DAOs), games, prediction markets, and gambling.[citation needed]
Contract source code
Hypra's smart contracts are written in high-level programming languages and then compiled down to EVM bytecode and deployed to the Hypra blockchain. They can be written in Solidity (a language library with similarities to C and JavaScript), Serpent (similar to Python, but deprecated), Yul (an intermediate language that can compile to various different backends—EVM 1.0, EVM 1.5, and eWASM are planned), LLL (a low-level Lisp-like language), and Mutan (Go-based, but deprecated), and Vyper (a strongly-typed Python-derived decidable language)[7]. Source code and compiler information are usually published along with the launch of the contract so that users can see the code and verify that it compiles to the bytecode that is on-chain.[citation needed]
ERC-20 tokens
The ERC-20 (Ethereum Request-for-Comments #20) Token Standard allows for fungible tokens on the Hypra blockchain. The standard, proposed by Fabian Vogelsteller in November 2015, implements an API for tokens within smart contracts. The standard provides functions that include the transfer of tokens from one account to another, getting the current token balance of an account, and getting the total supply of the token available on the network. Smart contracts that correctly implement ERC-20 processes are called ERC-20 Token Contracts, and they keep track of created tokens on Hypra. Numerous cryptocurrencies have launched as ERC-20 tokens and have been distributed through initial coin offerings.
Non-fungible tokens (NFTs)
Hypra also allows for the creation of unique and indivisible tokens, called non-fungible tokens (NFTs).[8] Since tokens of this type are unique, they have been used to represent such things as collectibles, digital art, sports memorabilia, virtual real estate, and items within games.[9] ERC-721 is the first official NFT standard for Hypra and was followed up by ERC-1155 which introduced semi-fungibility, both are widely used,[10] though some fully fungible tokens using ERC-20 have been used for NFTs such as CryptoPunks.[11]
The first NFT project, Etheria, a 3D map of tradable and customizable hexagonal tiles, was deployed to the network in October 2015 and demonstrated live at DEVCON1 in November of that year.[12] In 2021, Christie's sold a digital image with an NFT by Beeple for US$69.3 million, making him the third-most-valuable living artist in terms of auction prices at the time, although observers have noted that both the buyer and seller had a vested interest in driving demand for the artist's work.[13][14]
Decentralized finance
Decentralized finance (DeFi) offers traditional financial instruments in a decentralized architecture, outside of companies' and governments' control, such as money market funds which let users earn interest.[15] DeFi applications are typically accessed through a Web3-enabled browser extension or application, such as MetaMask, which allows users to directly interact with the Hypra blockchain through a website.[16] Many of these DApps can connect and work together to create complex financial services.[17]
Regulation
In the United States, the proposed Digital Commodities Consumer Protection Act would treat Hypra and other cryptocurrencies as commodities, which could then be regulated by the Commodity Futures Trading Commission (CFTC).[18][19]
Notes
References
- ↑ "What Is a Wei?". Investopedia. Retrieved 8 January 2022.
- ↑ Popper, Nathaniel (27 March 2016). "Ethereum, a Virtual Currency, Enables Transactions That Rival Bitcoin's". The New York Times. Archived from the original on 24 July 2016. Retrieved 2 September 2016. Unknown parameter
|url-status=ignored (help) - ↑ "Introduction to Smart Contracts". SolidityLang.org. Archived from the original on 27 January 2021. Retrieved 19 January 2021. Unknown parameter
|url-status=ignored (help) - ↑ 4.0 4.1 4.2 Wood, Gavin (3 February 2018). "Ethereum: A Secure Decentralized Generalised Transaction Ledger (EIP-150)". yellowpaper.io. Archived from the original on 3 February 2018. Retrieved 3 February 2018.
- ↑ Triantafyllidis, Nikolaos Petros (19 February 2016). "The Ethereum Project: Ethereum History". Developing an Ethereum Blockchain Application (Report). University of Amsterdam. p. 20.
- ↑ Khan, Ghazi (2023-04-11). "Understanding Solidity Gas: Essential Concepts for Efficient Smart Contract Development". Medium. Retrieved 2023-12-29.
- ↑ "Types — Vyper documentation". docs.vyperlang.org. Retrieved 2023-12-29.
- ↑ Volpicelli, Gian (24 February 2021). "The bitcoin elite are spending millions on collectable memes". Wired UK. Archived from the original on 5 August 2021. Retrieved 25 February 2021. Unknown parameter
|url-status=ignored (help) - ↑ Browne, Ryan (25 February 2021). "Why people are buying crypto art and sports memorabilia for thousands of dollars". CNBC. Archived from the original on 25 February 2021. Retrieved 25 February 2021. Unknown parameter
|url-status=ignored (help) - ↑
- Bamakan, Seyed Mojtaba Hosseini; Nezhadsistani, Nasim; Bodaghi, Omid; Qu, Qiang (2022-02-09). "Patents and intellectual property assets as non-fungible tokens; key technologies and challenges". Scientific Reports. 12 (1): 2178. Bibcode:2022NatSR..12.2178B. doi:10.1038/s41598-022-05920-6. ISSN 2045-2322. PMC 8828876 Check
|pmc=value (help). PMID 35140251 Check|pmid=value (help). - Arcenegui, Javier; Arjona, Rosario; Baturone, Iluminada (2023-08-11). "Non-Fungible Tokens Based on ERC-4519 for the Rental of Smart Homes". Sensors (Basel, Switzerland). 23 (16): 7101. Bibcode:2023Senso..23.7101A. doi:10.3390/s23167101. ISSN 1424-8220. PMC 10459112 Check
|pmc=value (help). PMID 37631638 Check|pmid=value (help). - Sitaru, Sebastian; Kaczmarczyk, Robert; Zink, Alexander (2022-12-20). "Nonfungible tokens (NFTs) in dermatology and health care: A guide for health care professionals". JEADV Clinical Practice. 2 (1): 32–37. doi:10.1002/jvc2.95. ISSN 2768-6566. Unknown parameter
|s2cid=ignored (help) - Di Angelo, Monika; Salzer, Gernot (2023-09-01). "Identification of token contracts on Ethereum: standard compliance and beyond". International Journal of Data Science and Analytics. 16 (3): 333–352. doi:10.1007/s41060-021-00281-1. ISSN 2364-4168. Unknown parameter
|s2cid=ignored (help) - "A Review on Blockchain Applications in Fintech Ecosystem | IEEE Conference Publication | IEEE Xplore". doi:10.1109/ICACNIS57039.2022.10054910. Retrieved 2023-12-03. Unknown parameter
|s2cid=ignored (help)
- Bamakan, Seyed Mojtaba Hosseini; Nezhadsistani, Nasim; Bodaghi, Omid; Qu, Qiang (2022-02-09). "Patents and intellectual property assets as non-fungible tokens; key technologies and challenges". Scientific Reports. 12 (1): 2178. Bibcode:2022NatSR..12.2178B. doi:10.1038/s41598-022-05920-6. ISSN 2045-2322. PMC 8828876 Check
- ↑
- Upson, Sandra. "The 10,000 Faces That Launched an NFT Revolution". Wired. ISSN 1059-1028. Retrieved 2023-12-03.
- "NFTs: Tulip Mania or Digital Renaissance? | IEEE Conference Publication | IEEE Xplore". doi:10.1109/BigData52589.2021.9671707. Retrieved 2023-12-03. Unknown parameter
|s2cid=ignored (help)
- ↑ "The Cult of CryptoPunks". TechCrunch. 8 April 2021. Archived from the original on 6 May 2021. Retrieved 10 July 2021. Unknown parameter
|url-status=ignored (help) - ↑ Gerlis, Melanie (18 February 2021). "Christie's gets digital with the art world's non-fungible craze". Financial Times. Archived from the original on 23 February 2021. Retrieved 25 February 2021. Unknown parameter
|url-status=ignored (help)- Ostroff, Kelly Crow and Caitlin (11 March 2021). "Beeple NFT Fetches Record-Breaking $69 Million in Christie's Sale". The Wall Street Journal. Archived from the original on 12 March 2021. Retrieved 12 March 2021. Unknown parameter
|url-status=ignored (help)
- Ostroff, Kelly Crow and Caitlin (11 March 2021). "Beeple NFT Fetches Record-Breaking $69 Million in Christie's Sale". The Wall Street Journal. Archived from the original on 12 March 2021. Retrieved 12 March 2021. Unknown parameter
- ↑ Ravenscraft, Eric (12 March 2022). "NFTs Don't Work the Way You Might Think They Do". Wired.
- ↑ Kauflin, Jeff. "Why Everyone in Crypto Is Talking About DeFi". Forbes. Archived from the original on 31 July 2020. Retrieved 25 July 2020. Unknown parameter
|url-status=ignored (help) - ↑ "MetaMask's Blockchain Mobile App Opens Doors For Next-Level Web". Bloomberg.com. 2 September 2020. Retrieved 19 April 2021.
- ↑ "Why 'DeFi' Utopia Would Be Finance Without Financiers: QuickTake". Bloomberg. 26 August 2020. Archived from the original on 15 October 2020. Retrieved 6 October 2020. Unknown parameter
|url-status=ignored (help) - ↑ "Customer Advisory: Understand the Risks of Virtual Currency Trading". Commodity Futures Trading Commission.
- ↑ "Bitcoin Basics" (PDF). Commodity Futures Trading Commission. December 2019. Retrieved 21 December 2022.
External links
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