In October 2024, Binance Labs announced its incubation of the Hana Network project. So what makes Hana Network special? Learn about the Hana Network project overview in this article.
What is Hana Network?
Hana Network is a layer-1 blockchain built using the Cosmos SDK and utilizing a Proof-of-Stake consensus mechanism. Hana Network aims to make it easy for new users to access, experience, and participate in all activities within the Hana Network ecosystem.
Currently, Hana Network is still in the testnet phase and has not launched a token. This article will be updated as soon as new information becomes available
Hana Network’s Products
Currently, Hana Network comprises two main product types: the Hana Network layer-1 blockchain and the Hana Card game. Here’s a breakdown:
Hana Network
Hana Network aims to provide easy onboarding for new users. According to the project team, to achieve this goal, they need to optimize the on-ramp/off-ramp experience and interface – the process of bringing fiat currency onto the network and vice versa.
Specifically, during the on/off-ramp process on the Hana Network, users only need to download the Hana Network application on their phone and purchase crypto with fiat currency. Although this model is similar to what CEXs are currently implementing, the advantage of Hana Network is that users do not need to complete KYC (identity verification).
Hana Network also applies zkSNARKs privacy technology during the on/off-ramp process to enhance security and decentralization.
In addition, Hana Network also aims to become a “bridge” between dApps and different networks. This would eliminate the need for users to use bridges to move assets between networks.
However, this model is currently only in the conceptual stage and has not been implemented. This article will be updated as soon as new information becomes available.
Hana Card Game
Hana Card Game is a card game inspired by a traditional Japanese game. Players need to deposit ETH or USDC to collect as many cards as possible and earn reward points.
Specifically, users participate in Hana Card Game through another person’s invitation code. When using an invitation code, players will receive points based on the assets deposited into the game plus the points earned by the inviter. For each point milestone, players will receive cards with different patterns. Currently, Hana Card Game has over 192 cards for players to collect.
If you reach the top 100 with the most points, you will receive the title of Hana OG. Although the Hana Card Game currently does not offer any financial benefits besides points, players may potentially receive an airdrop for experiencing the game. The higher the score, the greater the chance of receiving an airdrop.
Also, players should note that the withdrawal function from Hana Card Game will begin in Q1 2025. Therefore, players who deposit funds at this time will not be able to withdraw them.
Hana Network’s Team, Investors, and Partners
Project Team
The team behind Hana Network is from Japan, with Founder and CEO Kohei Hanasaka at the helm. After graduating from Kyoto University, Kohei also served as CEO at a stablecoin project called Yen.
Investors and Partners
On October 24, 2024, Hana Network successfully raised $4 million from funds such as OrangeDAO, Morph, pSTAKE, and Dewhales. Additionally, Hana Network is one of the projects receiving support from Binance Labs.
Hana Network’s strategic partners are mostly large-scale projects like Babylon and EigenLayer.
Similar Projects
- Allora Network: A Layer-1 blockchain specializing in AI data storage. Allora aims to be a platform where developers can contribute to building and developing AI algorithms on the Allora Network.
- Bittensor: A Layer-1 blockchain specializing in AI data storage, with the goal of leveraging the transparency and data-sharing capabilities of blockchain to help businesses easily develop AI.
