Here at hi, we are thrilled to unveil a significant development in our journey— the hi Protocol Testnet. This represents a pivotal moment where innovation, decentralized identity, and blockchain technology converge to shape the future of web3.
Since the beginning of 2022, our team has been tirelessly researching, experimenting, and pushing the boundaries of blockchain technology. While these efforts may not have been immediately visible, they’ve been instrumental in bringing us to this exciting moment.
Before we dive into the details, let’s clarify the concept of a Testnet. It serves as a dedicated blockchain environment for developers to experiment, test new features, and ensure platform robustness without affecting the main blockchain. It’s the sandbox where we, and the developer community, can test the biggest and boldest ideas that will cement the hi Protocol Mainnet when it goes live.
Unveiling hi Protocol (hiP)
hi Protocol (hiP) is our flagship Layer 1 Blockchain. It boasts groundbreaking innovations in scalability, adaptability, and human identity. Built on the robust Proof-of-Staked-Authority consensus, hiP offers faster finality and cost-effective transaction fees.
Tackling Decentralized Identity Challenges
Vitalik Buterin has deemed decentralized identity the “biggest unsolved problem” in blockchain. To tackle this, we’re introducing the groundbreaking Proof of Human Identity (PoHI) within hi Protocol. This empowers developers with unique-human authentication mechanisms.
The Three-Tiered Account System
hi Protocol introduces a three-tier account system, unlocking boundless possibilities for human-only networks and decentralized applications. This promises welfare improvements for all participants, from identity validators to block producers, developers, and end users.
The Evolution of the HI Token
From Utility to Governance
With the Mainnet launch of hi Protocol, $HI will undergo a transformative shift. It evolves from being solely a utility token within the hi App to a versatile governance and transactional token for the entire hi ecosystem.
Empowering Token Holders
This change empowers token holders with new responsibilities. They will have the authority to propose and vote on various initiatives that could reshape $HI’s tokenomics, including decisions on allocations, supply dynamics, and structural changes to the blockchain.
Gradual Transition to the New Token
This transformative change will gradually phase out the $HI token as we know it today, making way for a new native token on the hi Protocol. This mirrors how $HI’s role is expanding to become a pivotal part of the evolving hi Protocol ecosystem.
Mainnet Launch and Key Utilities
This change will come into effect once the mainnet is live, and the new token will introduce essential utilities:
- Native Token: The new $HI will serve as the gas for deploying and invoking smart contracts, as well as for facilitating cross-chain operations. It will also serve as the reward mechanism for Identity Validators to help build out the world’s most powerful unique-human blockchain.
- On-Chain Governance: Proof of Staked Authority (PoSA) brings decentralization and community participation. Block Producers and Identity Validators will collaborate to determine various parameters on hi Protocol through a proposal-vote process based on their staking.
A Fair Launch and Airdrop for Old $HI Holders
The new $HI as the native token on the hi Protocol will be introduced through a fair launch. A significant portion will be allocated to holders of the existing $HI (ERC20/BEP20) token, or “Old $HI.” $HI will be airdropped to members who have staked Old $HI in Vault and Earnings within the hi App, or have Old $HI staked in one of the LP Reward Pools. Furthermore, a bonus pool of $HI will be allocated to early supporters of hi.
This transition marks a pivotal moment in our journey, one that holds immense potential for shaping the future of blockchain technology, governance within the hi ecosystem, and the evolution of $HI.
- H2 2023 – hi Protocol Testnet Launch – LIVE
- 🌐 Testnet Block Explorer and Faucet Launch: Essential tools for seamless Testnet interaction.
- 🌐 Seamless Asset Bridging: Now, you can easily bridge BNB Chain Testnet assets to the hi Protocol Testnet.
- 🌐 Metamask Compatibility: Access the Testnet effortlessly through Metamask.
- H1 2024 – hi Protocol Mainnet Launch
- Transition of existing HI token (ERC20/BEP20) to native hi Protocol through airdrop
- Onboarding of Block Producers
- Launch of hi Protocol Block Explorer and Bridge
- H2 2024 – hi Protocol PoHI Layer 2 Launch
- Onboarding of Identity Validators
- Proof of Human Identity consensus mechanism goes live
- Multi-tiered account structure implemented
Visit now https://protocol.hi.com/ to learn more about the hi Protocol Testnet and how you can start using it now.