HashKey Teases Launch Timeline for Its Layer 2 Solution HashKey Chain

UTC by Godfrey Benjamin · 3 min read
HashKey Teases Launch Timeline for Its Layer 2 Solution HashKey Chain
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A key feature of the HashKey Chain is the integration of the platform’s native token HashKey EcoPoints HSK.

Without providing any specifics, HashKey Group has hinted at the possible launch period for its Ethereum Layer 2 solution dubbed HashKey Chain. In an X post, the Hong Kong licensed crypto firm informed the public of the potential launch of the L2 by Q4 2024. This means that HashKey has the next six months to push out the Chain.

HashKey Unveils Its Ethereum L2 Chain

After this defined time range for the launch, members of the public may have to wait another year before the emergence of the testnet on the mainnet. As security is a priority for the mainnet, HashKey Group intends to involve its community members in the security checks featuring the chain. This is in addition to performing independent code audits, all geared towards ensuring a robust and secure platform.

During the 2024 Hong Kong Web3 Festival held in April, HashKey Group announced the launch of this solution. It leverages ZK-proof technology to offer low-cost, efficient, and developer-friendly on-chain solutions. HashKey Cloud, a Web 3.0 infrastructure provider and a division of the group, will power the Ethereum L2 chain.

HashKey Chain will mark the firm’s first entry into the Ethereum L2 ecosystem. It is aimed at providing users with a robust, low-cost, and developer-friendly platform.

Here, they can execute on-chain transactions and deploy Decentralized Applications (dApps). The platform is largely developer-friendly. It recognizes the pivotal role that developers play in driving innovation within the blockchain space. As part of the comprehensive suite of tools that it provides for developers, HashKey Chain provides an intuitive blockchain browser and a robust set of development frameworks.

The ultimate goal is to lower entry barriers and enhance the overall development experience. In addition, it could also birth an era of strategic collaborations and synergy within the blockchain community. This will be achieved via partnerships with incubators, angel investors, venture capitalists, and think tanks. Future3 Campus, ThreeDAO, and HashKey Capital are some of the partners.

HashKey Chain Set to Utilize HSK Token

A key feature of the HashKey Chain is the integration of the platform’s native token HashKey EcoPoints HSK. The HSK token is useful for incentivizing and rewarding ecosystem contributors, including developers, investors, and users. Adopting the ERC-20 token helps HashKey to encourage active participation and engagement within its growing ecosystem.

Markedly, the coin also offers fee discounts and “specific rights” for asset issuance as well as early access to “future new token subscriptions.” According to the HSK whitepaper, the token has a total supply of 1 billion.

65% of this supply is allocated for marketing and business development. Another 30% goes to the HashKey team, while the remaining 5% is reserved for additional ecosystem user protection. There are also plans to burn HSK tokens, during which 20% of the firm’s net profits will be used to “protect HSK holders from the dilutionary impact of rewards-based increases in HSK circulating supply.”

Blockchain News, Cryptocurrency News, News
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