Hubii Takes Ether Off the Chain
A new protocol looks to improve ethereum’s hard-coded limit of 15 transactions per second for each block by off-loading much of the work a wholly tokenized second-layer protocol.
The protocol, dubbed Hubii, supports 15 transactions per address, Jacob Toll, founder and CEO of Hubii, told Markets Media.
“If we a had a million users using the protocol, and each had one ethereum address, the same mathematics would apply,” he said. “Each one of them would be able to perform 15 transactions per second, which would be 15 million transactions per second.”
Hubii started working with other companies that could use the firm’s scaling technology to develop the protocol in October 2017.
“We realized it was not sufficient and started building the protocol at the end of December and deployed in mid-June,” he added.
The protocol uses a trustless model, where the token holders protect the protocol’s security by operating as arbiters for any disagreement regarding a trade or payment made using the protocol.
Each transaction generates a receipt as well as incurs a fee that is given back to the protocol’s token holders.
“If you send me two ether, you will receive a message with a chit indicating that you have sent two ether to my address,” explained Toll.
The transactions are broadcasted across the network so that everyone can see that the protocol is correct. To avoid a 51% attack on the protocol, where an owner of the majority of the token can take over the protocol, Hubii plans to airdrop tokens into its ecosystem monthly for the next ten years.
Hubii recently has exited its stealth mode, noted Toll. “We’re expecting that September is going to be a busy month for us, in a good way.”
The company has created a software development kit (SDK) as well as a command-line interface for the protocol to lower its “barrier to entry,” he added.
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