Introduction to HAH
What are cryptocurrencies?
Cryptocurrency is a medium of exchange based on a distributed ledger (blockchain).
A medium of exchange is an item that is widely accepted as payment for any good or service, while a ledger is a data storage system that records transactions. Blockchain technology allows users to transact on a ledger without having to rely on a trusted third party to maintain the ledger.
The first cryptocurrency was Bitcoin created by Satoshi Nakamoto. Since Bitcoin launched in 2009, thousands of cryptocurrencies have been minted on many different blockchains.
What are HAHs?
HAH is the cryptocurrency used for many things on the Hash Ahead network. Fundamentally, HAH is the only acceptable payment method for transaction fees. HAH is also used as the main form of collateral in the DeFi lending market, the main unit of account in the NFT market, and payments earned by providing services and selling physical goods.
Hash Ahead allows developers to create decentralized applications (dapps) that share pools of computing power. This shared pool is limited, so Hash Ahead needs a mechanism to determine who can use it. Otherwise, a dapp could accidentally or maliciously consume all network resources, rendering the pool inaccessible to other applications.
HAH cryptocurrency supports the pricing mechanism of Hash Ahead computing power. When users want to complete a transaction, they must pay HAH to have their transaction recognized by the blockchain. These usage costs are called Force fees, and the amount of Force fees depends on the computing power required to execute the transaction and the computing power demand of the entire network at that time.
Therefore, even if a malicious dapp submits in an infinite loop, the transaction will eventually exhaust the HAH and terminate, bringing the network back to normal.
Casting HAH
Minting refers to the process of creating new HAH on the Hash Ahead ledger. The underlying Hash Ahead protocol creates a new HAH, which cannot be created by a single user.
HAH is minted to reward each block proposed, as well as checkpoints at each epoch to reward validators for other activities related to reaching consensus. The total issuance depends on the number of validators and the amount of HAH they stake. In an ideal situation where all validators are honest and online, the total HAH issuance will be equally divided among all validators, but in reality the distribution will vary depending on the performance of the validators. About 1/8 of the total issuance will be rewarded to the block proposer, and the rest will be distributed among other validators. Block proposers also receive transaction fee tips and miner extractable value, but these come from circulating HAH, not newly issued HAH.
Burn HAH
In addition to creating HAH through block rewards, HAH can also be destroyed through a process called "burning". When HAH is burned, it is permanently withdrawn from circulation.
Every transaction on Hash Ahead will burn HAH. When users pay for their transactions, the base gas fee set by the network based on transaction demand is destroyed. HAH burns, combined with variable block sizes and capped gas fees, simplify transaction fee estimation on Hash Ahead. When the network demand is high, the number of HAH burned by the block can be more than the number of HAH minted, effectively offsetting the issuance of HAH.
Burning the base fee prevents block producers from manipulating it in various ways. For example, if block producers get a base fee, they can add their own transactions for free and raise everyone else's base fee. Alternatively, miners could refund the base fee to some off-chain users, making the transaction fee market more opaque and complex.
HAH denomination
Due to the small size of many transactions on Hash Ahead, HAH has some denomination units representing smaller amounts. Among these denominations, Wei and Gwei are particularly important.
Wei is the smallest HAH denomination, so in many technical implementations, Wei is used as the unit for calculation.
Gwei (short for giga-wei), is often used to describe gas costs on Hash Ahead.
Wei
10-18
technology implementation
Gwei
10-9
Readable gas cost
Transmission HAH
Every transaction on Hash Ahead contains a value field specifying the amount of HAH transfer (in Wei) sent from the sender address to the receiver address.
When the recipient address is a smart contract, the HAH of these transfers can be used to pay for gas after the smart contract executes its code.
More information about the transaction
Query HAH
Users can query the HAH balance of any account by checking the account's balance field, which shows the amount of HAH held (in Wei).
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