German start-up Herdius GmbH is set to revolutionise the cryptocurrency world through the development of an innovative new blockchain infrastructure. The Herdius system aims to lower entry barriers into the world of crypto assets and to make a lasting, positive impression on the blockchain market.
“Herdius is not just another competitor in the cryptocurrency market. We see ourselves as a catalyst for Blockchain technology broadly, looking to improve transaction times, security and the user friendliness of existing cryptocurrencies, while also enabling the immediate exchange of data between different blockchains,” explained Balazs Deme, Founder and CEO of Herdius.
“Our vision is to create an innovative infrastructure that will exist as an independent new layer in the cryptocurrency ecosystem. The network will act as a decentralised exchange that operates between the user and underlying blockchains of established cryptocurrencies, like Bitcoin or Ethereum.”
More transactions per second
The Herdius Blockchain is designed to scale more effectively than established blockchains. With a combination of the latest blockchain technology and Herdius’ technical innovations, users will be able to transfer their own cryptocurrencies into the Herdius network and trade with much improved transaction times.
Scalability is a major issue for many established blockchains. The Bitcoin Blockchain has the capacity to complete three to four transactions per second on average, Ethereum currently supports about 15 per second. These transaction rates lag significantly behind established payment solutions. For instance, Visa can process 1,667 transactions per second, on average.
Secure and user-friendly private keys
Herdius also presents a new solution for handling private keys (which users require to access their crypto token wallets). With the current solutions, users are essentially choosing between security or convenience. They can either store their crypto assets offline – in hardware wallets or on paper – or in convenient online wallets which, however, are prone to hacks or bugs.
Founder, Mr. Deme noted, “From a user-experience point of view, the handling of private keys continues to be a weak point for cryptocurrencies. The Herdius infrastructure has been designed to provide users with a third option that delivers more user-friendly – distributed virtual wallets. Put simply, the idea is to break up private keys into multiple encrypted pieces and store these across the network until they are needed. Through this process, users have the convenience of an online wallet, but with significantly increased security.”
To fully realize the project’s potential, the Berlin-based company will be undertaking an Initial Coin Offering (ICO). A private presale of the Herdius token will start on December 11, 2017 with the public ICO following in early 2018.
During the ICO, users can purchase the Herdius token until the hard cap of 30 million Euro in Ether is reached. The Herdius team has also set a “floor” of five million Euro. If this threshold is not met, token-buyers will receive a full refund. The Herdius token will be issued in exchange for Ether, and gives buyers the opportunity to validate transactions on the Herdius blockchain, which allows them to earn transaction fees. The token will also provide users with the opportunity to provide input into the ongoing development of the network.
Commitment to transparency and compliance with German law
In the face of growing international criticism of the ICO model, the Herdius team is committed to carrying out the project in a manner that provides maximum transparency. “From the beginning, we placed a lot of value on being clear about who we are and what we’re doing, not just from an operational standpoint, but also from a legal perspective. We want our token-buyers to feel positive about their decision to work with us,” stated Deme.
Unlike many other ICOs with German involvement, Herdius is not relying on Swiss foundations or Maltese subsidiaries. The Herdius team has disclosed its entire business plan and ICO model to German financial regulatory body, BaFin.