If you are completely new to the world of Crypto and Blockchain, then HPB might be a new term to you. HPB stands for “High-Performance Blockchain”, and the blockchain itself consists of multiple servers (also known as “nodes”) scattered around the globe, all connected together to form a blockchain network.
You’ve probably already heard of Bitcoin. Bitcoin was the first cryptocurrency, and is the most well-known. Bitcoin is a virtual currency or “crypto”-currency that can be used to buy goods, exchange for other crypto-currencies, or exchange for cash. In the crypto currency world, cash is often referred to a “FIAT” currency. Examples of FIAT include the Pound Sterling, the US Dollar, and the Japanese Yen.
HPB Coin is another form of crytocurrency, and can be used in the exact same way as Bitcoin, however HPB is actually more closely tied to another well-known cryptocurrency called “Ethereum”.
Ethereum was launched after Bitcoin, and it’s founders decided that the Bitcoin cryptocurrency (and the blockchain network that it runs on) had room for improvement. Bitcoin is essentially just a cryptocurrency. It doesn’t do much else, however Ethereum offers more than a simple currency. With Ethereum, you can develop “smart contracts” to also run on the Ethereum blockchain. These smart contracts can be executed based upon a set of criteria embedded within the smart contract. The criteria can be very simple, but they can also be extremely complex.
An example of a basic “smart contract” would be as follows:
Jack wants to run for Mayor, but he needs at least 50% of the votes of his town. Each person in the town is given a unique ID, and this ID can only be used to vote once.
Each person eligible to vote can connect to a voting smart contract and cast their vote. The smart contract is cryptographically encrypted, so it cannot be tampered with in any way, nor does it require any human intervention to count the votes. Once all votes are in, the smart contract tallies up the number of votes and determines whether or not Jack got the 50% of votes needed.
As well as smart contracts, Ethereum also offers Decentralized applications, commonly known as DApps. These are applications that are run by all servers (nodes) across a blockchain, so there is no single group or entity which controls them.
The Dapps are run on the blockchain and the code behind them is free to view by anyone, which promotes fairness and eliminates any form of rigging.
So if Ethereum does all this, why did we choose to partner with HPB?
Well there are three distinct reasons why we believe HPB offers a superior crypto and blockchain compared with Ethereum.
Currently the entire global Ethereum network, consisting of thousands of server nodes, is only able to process transactions at a rate of 15 transactions per second. If you think about how many people may want to be processing transactions in the world, a transaction speed of 15 transactions per second (tps) simply isn’t scalable, and is currently Ethereum’s biggest hurdle to overcome. In comparison, HPB currently processes around 5000 transactions per second, and this will get faster as more nodes are deployed.
Lower gas fees
A gas fee is a tiny amount paid to the people who run the nodes that form the blockchain network, each time a transaction is made. There must be an incentive for people to run a node… after all, running an expensive server and using electricity to power the server, and keeping the server connected to the internet 24/7 isn’t free! So each time a transaction is made on a blockchain, a fractional amount of crypto is paid as a gas fee. Unfortunately for Ethereum, the gas fees are fairly substantial at the moment, because you can actually pay more gas than the “average” gas fee, to ensure that your transaction is prioritized over other peoples transactions. Now because Ethereum’s transaction speed is limited to 15 transactions per second, this effectively creates a bidding war as more and more people start to use it, because in order to get transactions prioritized, you need to pay more gas than the average cost, which pushes up fees. The more people using the Ethereum blockchain network, the more people are competing to have their transactions prioritized. Currently Ethereum transactions can cost upwards of $10.00 per transaction. In comparison, the average transaction fee on the HPB blockchain is around $0.01
HPB uses a specialist piece of Hardware called the “Blockchain Offload Engine”, also known as the BOE – This is effectively a fancy computer graphics card that was designed from the ground up to work in high spec server nodes, that is built to do one job….to run the HPB blockchain network. This specialist card is the reason HPB can run at 5000 transactions per second. But not only does it run fast, it includes an amazing piece of tech known as a “Hardware Random Number Generator” which is used to generate random numbers. We here at ESPORTSREF need random numbers to be generated to select referees for games, to ensure that the games are truly fair. Ethereum doesn’t include this feature. Instead it can utilize thid-party random number generators, but these aren’t truly random numbers. They can be predicted to some extent. We want to be sure that the random numbers generated are true random numbers, so HPB offers the perfect solution for doing this!
So how do I get some HPB?
HPB is known as an “alternative coin” or altcoin, so unfortunately you will need to first purchase a primary cryptocurrency such as Bitcoin or Ethereum, and then exchange that for HPB.
There are loads of online services allowing you to purchase Bitcoin and Ethereum, however we’d suggest using the Kucoin Exchange because they also trade HPB, which means you can do everything from a single platform.
You register an account, then purchase either some Bitcoin (BTC) or Ethereum (ETH) from the Kucoin exchange. Please note that you will need to register your ID for KYC purposes as is the case for all regulated exchanges.
Once you have some Bitcoin or Ethereum in your main Kucoin account, you will need to transfer them from your “main” account to your “trading” account. This can be done instantly inside the Kucoin app.
Once you have the Bitcoin or Ethereum in your “trading” account, you can then exchange them for some HPB.
Switch to your trading account and search for “hpb” and once you’ve found it, click on the “trade” button, which will offer a dropdown with either the option to trade HPB/BTC or trade HPB/ETH – You should pick the one based on the crypto you purchased.
You will be taken to the trading page. If you don’t have any experience with online trading it can at first seem a little daunting, but’s its actually quite simple and straightforward once you get the hang of it. Most online crypto exchanges will look very similar, and operate in the same way.
The main window shows the current live price of HPB compared to either BTC or ETH, depending on which option you chose. Now people are trading between different crypto’s all around the world, 24 hours a day, so you’ll see the graph moving up and down as the day progresses. At the very end of the graph to the right, you’ll see the current price of HPB to BTC (it would of course be the price of HPB to ETH if you were looking to exchange Ethereum) and based on the example image, we can see that the current price is showing as 0.00000341 – This means that 1 HPB coin will cost you 0.00000341 BTC to exchange.
Kucoin also offers an indication of what this would be in real $USD terms.
Basically 1 HPB is worth $0.108603 $USD in real-money terms
Therefore if you want to get 1 HPB, you’ll need 0.00000341 BTC in your account.
Next, let us take a quick look at the “Order Book” and “Recent Trades” section of the page.
The “Order Book” is split into two sections (Red and Green) and is comprised of people selling HPB and people buying HPB.
The top (red) section are the people selling HPB and the price indicated in the red box, is the “best price” (lowest price) that someone is willing to sell their HPB to the buyers.
In the red box, you will see that someone is offering to sell HPB at a rate of 0.00000343 BTC which is the lowest current price on the order book.
This particular seller has a total of 378.8579 to sell. You can either purchase all of them, or purchase a portion of them. If you purchased 100 HPB from this seller, the number in the “Amount” column, would drop down to 278.8579.
The lower (green) section are the people buying HPB and the price indicated in the green box, is the “best price” (highest price) that someone is willing to pay to buy HPB from the sellers.
In the green box, you will see that someone is offering to buy HPB at a rate of 0.00000337 BTC which is the highest current buy price on the order book.
This particular buyer wants to buy 483.4619 HPB.
The Kucoin is basically matching up buyers with sellers!
The “Recent Trades” section simply provides details of…you guessed it….recent trades. It provides details of the price that was paid for HPB in BTC, the amount of HPB that was purchased, and the time it was purchased.
Finally, we will look at the section where you actually place your trades. In the bottom right corner you will see the market interaction section. This is where you can buy (or sell) your HPB in exchange for BTC or ETH.
There are three trade types – “Limit” – where you can specify a price that you’re willing to pay, and can then just sit and wait to see if a seller would be willing to sell at the price you’ve stated. In this instance, you might find that your order is never matched, if the price you are willing to pay is too low.
There is also the “Market” option, and this is usually the most common option. In this option, shown in the example image below, you are willing to accept the current best (lowest) sell price. You simply type in the amount of your BTC (or ETH) that you are willing to spend, and by clicking on the “Buy HPB” button, you will get the equivalent amount of HPB based on how much of your BTC/ETH that you were willing to spend.
There are also some shortcut buttons….for example, if you wanted to spend 50% of your BTC on HPB, then you could just click on the 50% button, and it will filling the amount you want to spend as 50% of the amount you own.
The same works for selling your HPB once you have some. You type in the amount of HPB you’d want to sell to interested buyers, and you would then click the “Sell HPB” button.
The final option is the “Stop Limit” option. This is more for traders looking to buy and sell HPB as the price moves up and down, so it’s beyond the scope of this tutorial.