Hashport is the enterprise-grade public utility that facilitates the movement of digital assets between distributed networks.
What is Hashport?
Hashport is an interoperability solution that facilitates the movement of digital assets across supported networks in a quick, secure, and cost-effective way. It currently supports 7 networks — Hedera Hashgraph, Ethereum, Polygon, Avalanche, BNB Chain, Arbitrum, & Optimism — with support for 40 different tokens and their wrapped versions on the platform.
Hashport enables interoperability between these networks by allowing them to communicate with each other. This allows siloed networks to connect, explore different use cases and leverage innovations of each other. Hashport uses a lock, mint, and burn process to provide cross-chain interoperability between these networks. We recently did a deep dive on how fungible tokens get ported across Hedera, Ethereum, & Polygon where we broke down each step to understand how porting fungible tokens on Hashport works.
What is Hedera Hashgraph?
In order to understand Hashport better, it is imperative to understand what Hedera Hashgraph is and why Hashport chose to leverage the power of the Hedera Consensus Service (HCS) and Hedera Token Service (HTS). Hashgraph is a DLT(distributed ledger technology) that was invented by Dr. Leemon Baird, who is also the founder of Hedera Hashgraph. It is often described as the next generation of blockchains with more performant properties such as high throughput, low latency, low and fixed fees, less carbon footprint, fair transaction ordering, and higher standards for security. These properties are extremely desirable for developers building decentralised applications. These are some of the reasons why Hashport utilises Hedera Hashgraph and helps facilitate interoperability on the network.
How does Hashport’s Validator Swarm work?
Hashport utilises a robust validator swarm that is committed to ensuring the integrity of the network. The swarm is composed of industry-leading organisations across diverse sectors of the industry. The initial validators are: Worldpay from FIS, The HBAR Foundation, Polygon, Animoca Brands, Hex Trust, Maker Growth / StableNode, LimeChain, Calaxy, and BCW Group. These diversified organisations currently operate within the core and emerging DLT market segments of gaming, strategy consulting, social tokenisation, financial services technology, custodial service solutions, back-end blockchain development, and stablecoins. The diversity and integrity of Hashport’s validators will allow the platform to quickly recognise and implement new opportunities, thereby helping it to continually increase utility for users as the space evolves.
How it Works
Hashport’s validator swarm harnesses the power of the Hedera Consensus Service (HCS) and Hedera Token Service (HTS). It combines these services with an omnibus wallet and smart contract endpoints to lock digital assets on the network of origin and project their representative versions onto a foreign network of choice. Bridged tokens are 1:1 of the original digital asset.
Supported Networks & Tokens
Hashport offers a unique solution that allows users to interact with decentralised applications on foreign networks without relinquishing control of their underlying assets. To this effect, the guiding principle of the platform has always been to provide users with new worlds of opportunity. In practice, this means integrating as many new network connections, applications, and communities into Hashport as possible.
At launch, Hashport supported the Hedera, Ethereum, and Polygon networks. Almost a year later and with the help of community feedback, we expanded the list of networks and officially announced the integration of Avalanche and BNB Chain. Hashport now supports interoperability between 5 networks and 31 tokens and their wrapped versions.
The Best of All Worlds: Exploring new worlds of possibilities
Hashport does more than just facilitate interoperability between supported networks, it helps applications migrate from their native networks to explore other ecosystems while seamlessly onboarding their user base. One such application is DOVU which migrated from Ethereum to Hedera to take advantage of a more performant network. Hashport also provides a robust API service for applications to integrate the Hashport bridge into their application. This can improve its liquidity, accessibility for its users, and user experience as interoperability now exists within the application. Visit our documentation page to know more about our APIs.
Hashport believes that security is at the heart of every application and we have been through two rounds of audits by Omniscia, who came to the conclusion that “Overall, the codebase of Hashport is once again of very high quality and the documentation of the project is exemplary.”
We are super excited to expand our services and offerings by continuously integrating more networks, coins, and tokens onto the platform based on community feedback.
Try out the Hashport bridge or reach out to us if you would like to know more about Hashport and follow us on our social media to stay updated.
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About Hashport
Hashport is the enterprise-grade public utility that facilitates the movement of digital assets between distributed networks, extending their functionality in a quick, secure, and cost-effective way. In order to remain platform-neutral, Hashport functions without the use of a proprietary token. The network is built on a robust and performant architecture, secured and operated by a group of industry-leading validator partners from around the world. Hashport has passed a rigorous security audit and follows industry best practices; regularly performing comprehensive network tests to ensure the integrity of the network.
Disclaimer: The information provided on Hashport’s website does not constitute investment advice, financial advice, trading advice, or any other sort of advice. You should not treat any site content as advice.