Hana Network is an emerging layer-1 blockchain built using the Cosmos SDK and employing the Proof of Stake consensus mechanism. Designed with user accessibility in mind, Hana Network aims to simplify the onboarding process and facilitate seamless participation within its ecosystem. Currently in the testnet phase with no token launched, this overview explores Hana Network’s core components, products, team, and potential. We will provide updates as they become available.
Table Content:
The Hana Network Interface.
Exploring the Hana Network Ecosystem
The Hana Network ecosystem currently comprises two primary products: the Hana Network layer-1 blockchain and the Hana Card Game.
Hana Network: Simplifying Blockchain Access
Hana Network strives to provide a user-friendly experience, particularly for newcomers. The team emphasizes optimizing the on-ramp and off-ramp processes, making it easier to convert fiat currency to cryptocurrency and vice versa. Users can purchase crypto directly through the Hana Network mobile application using fiat currency, eliminating the need for Know Your Customer (KYC) procedures typically required by centralized exchanges (CEXs).
Leveraging zkSNARKs technology, Hana Network prioritizes security and decentralization during these transactions. This zero-knowledge proof system enhances privacy while maintaining the integrity of the network.
Users can purchase crypto assets directly through Hana Network. Source: Hana Medium.
Furthermore, Hana Network envisions becoming a seamless bridge between decentralized applications (dApps) and different blockchain networks. This ambitious goal aims to eliminate the need for traditional bridging solutions for asset transfer, though it remains in the conceptual stage. We will continue to monitor developments and provide updates.
The envisioned structure of Hana Network. Source: Hana Medium.
Hana Card Game: Engaging with the Ecosystem
Inspired by a traditional Japanese card game, Hana Card Game allows players to collect cards using ETH or USDC. Participants enter the game via invitation codes, earning points based on their deposits and the performance of their referrer. Accumulated points unlock various card designs, with over 192 unique cards currently available.
Reaching the top 100 leaderboard grants the prestigious “Hana OG” title. While currently lacking direct financial rewards beyond points, Hana Card Game participants may be eligible for future airdrops, with higher point totals increasing the likelihood of receiving tokens. Notably, withdrawals from Hana Card Game are scheduled to commence in Q1 2025, meaning current deposits cannot be withdrawn.
The Hana Card Game Interface. Source: Hana Medium.
The Team, Investors, and Partners Behind Hana Network
The Team
Led by Founder and CEO Kohei Hanasaka, a Kyoto University graduate and former CEO of the stablecoin project Yen, the Hana Network team brings a wealth of experience from the Japanese blockchain scene.
The team behind Hana Network.
Investors and Partners
As of October 24, 2024, Hana Network secured $4 million in funding from prominent investors like OrangeDAO, Morph, pSTAKE, and Dewhales. The project also benefits from the support of Binance Labs. Strategic partnerships include collaborations with industry leaders such as Babylon and EigenLayer.
Exploring Similar Projects
While Hana Network carves its own niche, other projects explore similar themes:
- Allora Network: A layer-1 blockchain focused on AI data storage, aiming to empower developers to contribute to AI algorithm development within its network.
- Bittensor: Another layer-1 blockchain dedicated to AI data storage, leveraging blockchain’s transparency and data-sharing capabilities to facilitate AI development for businesses.
Conclusion: The Potential of Hana Network
Hana Network presents a promising vision for a user-friendly and accessible blockchain ecosystem. While still in its early stages, the project’s focus on simplifying onboarding, leveraging zkSNARKs for security, and fostering interoperability between dApps and networks positions it for potential growth. The backing of established investors and partnerships with industry leaders further strengthens its prospects. As Hana Network progresses through its testnet phase, the realization of its ambitious goals will be key to its long-term success. We encourage you to stay tuned for further updates and developments from Hyperloop Capital Insights as we continue to monitor Hana Network’s progress.
