Hong Kong’s HashKey Group unveils Ethereum Layer-2 chain

Companies • April 9, 2024, 6:10AM EDT

Published 1 minute earlier on

Quick Take

The network, named HashKey Chain, adopts zero knowledge-proof technology for efficiency, Hashkey said.
HashKey Chain plans to utilize its native token, HSK, to incentivize ecosystem contributors.
The company said it will launch the network on testnet within the next six months, and on mainnet within a year.

HashKey Group, a Hong Kong-headquartered digital asset services provider, announced the upcoming launch of its Ethereum Layer-2 network HashKey Chain on Tuesday at the 2024 Hong Kong Web3 Festival.

The network, which adopts zero knowledge-proof technology, aims to expand HashKey's Web3 ecosystem by offering users low-cost, efficient and developer-friendly on-chain services, the company said in a statement. HashKey expects to carry out a testnet launch within the next six months, followed by the mainnet launch within a year.

The group said zero knowledge-proof technology enables the chain to achieve higher scalability and cost efficiency, along with a comprehensive developer toolset and user-friendly blockchain browser.

Security will remain a priority with third-party code audits and community participation in security testing planned, the company added. According to the release, the network will aim to provide a safe and self-controllable environment for developers, incentivized by HSK, HashKey's platform token.

HashKey Cloud, a web3 infrastructure provider and a unit of the HashKey Group, is set to power HashKey Chain. It has provided node validation services for over 80 public chains since 2018, the company said.

On Monday, HashKey launched a new crypto exchange, HashKey Global, after gaining a relevant license in Bermuda. It is reportedly planning another funding round later this year, after completing a Series A round in January that secured nearly $100 million.

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About Author

Danny Park is an East Asia reporter at The Block writing on topics including Web3 developments and crypto regulations in the region. He was formerly a reporter at Forkast.News, where he actively covered the downfall of Terra-Luna and FTX. Based in Seoul, Danny has previously produced written and video content for media companies in Korea, Hong Kong and China. He holds a Bachelor of Journalism and Business Marketing from the University of Hong Kong.