How hashport works
hashport is an omni-portal allowing digital assets to flow seamlessly between public distributed networks.
Introduction
Porting assets in hashport is a simple way for users to increase the functionality of their assets and introduce new & exciting opportunities across different networks.
For end-users, porting is intuitive: a user connects their wallets, then selects an input asset and an output network. They specify an input amount, and the Portal calculates how much of the output asset they will receive. They then execute the Porting Execution with one click, receiving the output asset in their wallet.
Connecting wallets
To start using the hashport Portal, connect a Hedera Hashgraph account and an EVM account. Below is a list of ways users can connect their cryptocurrency wallets.
Hedera Hashgraph:
- Hashpack Wallet (chrome extension)
- Infinite Wallet (chrome extension)
- Venly Wallet (web wallet)
- Keystore File Upload*
- Mnemonic Phrase*
- Private Key*
EVM-compatible Networks:
- MetaMask (how to connect)
* hashport does not store user account information. All account information is stored on the user’s device and is deleted when the browser or tab is reloaded or closed.
Sending an asset
Users can initiate a porting execution on hashport by selecting an input asset and specifying an input amount. The hashport interface will ensure the assets are sent to the Portal Account or smart contract based on the input asset.
At the most basic level, native assets, such as HBAR, WETH (Wrapped ETH), and WMATIC (Wrapped MATIC), WAVAX (Wrapped Avalanche), and WBNB (Wrapped BNB) are locked and unlocked in the Portal Account. In contrast, projected assets are minted or burned depending on the direction of the porting execution.
Receiving an asset
By connecting both a Hedera Hashgraph account and an EVM account, hashport can be sure that the assets, whether native or projected, will be delivered to the user’s wallet after going through a set of simple steps.
Depending on how you are using hashport, the Validator Swarm either instructs the smart contract to send the projected tokens to your EVM wallet, or for the Portal Account to unlock your native tokens and send them back to your domestic account.
Service Fees
The hashport Portal applies a 0.5% service fee on each porting execution. This service fee is used to operate the validator swarm that guarantees the security and stability of the Portal.