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Mon 17 Sep 2018 10:12 AM

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Dubai company to launch first third-generation blockchain

Sultan Ali Rashed Lootah's Relam Investment is behind Hetachain, which promises faster processing time and lower energy use

Dubai company to launch first third-generation blockchain
Hetachain has been designed as both a public and a private blockchain and incorporates hybrid technologies from the blockchain world to enhance the space’s potential.

A new iteration of blockchain and an accompanying cryptocurrency have now been launched in Dubai.

The people behind Hetachain, Dubai-based Relam Investment owned by local entrepreneur Sultan Ali Rashed Lootah, claim it represents the third generation of blockchain technology; if Bitcoin was the first and Ethereum, with its smart contracts, the second, then Hetachain is seeking to prove its role as the third, with much higher transaction processing speed, greater security and, as a result of both, ground-breaking scalability.

Hetachain has been designed as both a public and a private blockchain and incorporates hybrid technologies from the blockchain world to enhance the space’s potential.

It incorporates delegated proof of stake (DPoS) – a democratic system that seeks to eliminate domineering miners which cryptos such as BitShares and Steem currently use – and Byzantine fault tolerance (BFT) to deliver greater flexibility and industry-scale transactions.

“We are driving the whole world into a new ecosystem,” says Sultan Ali Lootah, chairman and CEO of Hetachain.

“Hetachain will be your enabler, your society, your business and your social life. It is designed to be a diversified ecosystem crossing various sectors such as finance, healthcare, retail, trade and transport, and will always upgrade with the changes happening in our societies. The ecosystem is empowered with a 3.0 blockchain technology, and through it we will provide our smart contracts, HetaCoin, Heta Wallet and other technologies.”

With the later launch of HetaCoin, planned for 2019, it is hoped this will enable greater adoption of blockchain technology.

“An ICO is a highly exciting venture which allows people to invest in unique opportunities like Hetachain. The Hetachain ICO will fully support and engage with companies and people who will positively change the world. I’m looking forward to working with revolutionary influencers and disruptors,” said Norman Khan, Hetachain’s co-founder.

The Dubai launch will be followed by launches in Istanbul and then London.

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