Understanding HECO and ERC blockchain
Hi guys and welcome to another beautiful Saturday morning, the weekend is already here and the weather is looking just great.
Over the week we experienced yet another crypto Madness, the pump, and dumps which never seem to end and while some traders continue to make huge gains and profits, others also continue to get rekt.
Well, today’s topic is not about Crypto and its price but rather a clear differentiation about HECO and also what ERC is.
With the appearance of multiple blockchains, many offer certain benefits not available on the Ethereum Blockchain and also try to avoid the high gas fee required when making transactions via the ERC network, for those not familiar with this, ERC is ethereum based and it supports multiple blockchain, Erc20, erc721, and many others but their singular similarity is that they all operate on the Ethereum network and thus high-end fee is usually required when making transactions surrounding them.
Some devs saw this and decided to make their own network and while this new network might have the same public and private address, they operate on a different interface, in short, you can not instantly swap them to their counterpart by simply sending their token to the other party, the result is usually lost of funds.
HECO known as Huobi Eco Chain has the same similarity as explained above and while it shares the same public and private address with the Ethereum network, both actually operates on different interface and users are advised to make proper research before investing in any of the above.
Some weeks back, TokenPocket added HECO to their supported wallet and users can easily interact with multiple HECO Dapps directly from their mobile devices without the need to search for a PC or any powerful device when compared to mobile.
While the new addition is great and also bring new interaction to the TokenPocket community, some users still find it hard to interact with this, probably they don’t have due knowledge about the difference between ERC and HECO
Points to note about HECO blockchain
- It shares the same public and private address as Eth
- it houses its own interface and sending a HECO token to an ERC address simply means your fund will be available on ERC
- The HECO blockchain has its own explorer which can be browsed here https://scan.hecochain.com/home/index
- If you sent an HT token to HECO blockchain and for some reason, you are not able to view the transaction via the above link, then most likely your token was sent to ERC
- The above is done by you and not TokenPocket or any other wallet, the good news here is, if you have control of your mnemonic phrase word or private key of the account such token was sent to, you can easily redeem it by simply importing the said account to the Ethereum Blockchain
- To locate if your token is available on ERC, then simply such on etherscan.io
- When sending HECO based token to an exchange, always ensure such exchange supports HECO network and you copied the right exchange
- If the exchange doesn’t support HECO and instead ERC, the token will be sent alright but you won’t have access to it
- Always check and if you are not sure if they support it or not, reach out to their community manager via their supported community to properly ask and get answers in other to avoid loss of funds.
This is all for today and until some other time, stay safe.