Building an all-inclusive financial center: An interview with Hector Network CEO
Stablecoins, known for their non-volatility as opposed to all the other inherently volatile cryptocurrencies, are among the hottest digital assets in 2021. They help traders store non-volatile value and maintain a consistent purchasing power as they are pegged to fiat money like the US dollar or Euro. But the value of these fiat currencies is depreciating due to certain fiscal policies which implies that its value today is worth more than its value tomorrow.
Hector Network is a decentralized asset-backed reserve based on the Fantom Opera Chain backed by an increasing pool of DAI, USDC, and FTM along with other assets to increase the value of its token over time which prevents the value of your asset from depreciating. The platform aims to become a financial center to facilitate a wide array of use cases within the Fantom ecosystem.
In an interview with Hector Network CEO Prometheus, we talked about the Hector Network ecosystem, the Hector bank, the utility of the bank, the HEC token, and the platform’s roadmap.
1. What makes the Hector Network ecosystem stand out from the rest in the space?
I would say our plans. We’re building a financial center on the Fantom Opera Chain – we want it to be as easy, safe, and secure as possible to control your funds on the network. We’re building out a range of products and services to achieve this. Part of the revenues from these products and services will be used to burn our native HEC token, helping us decrease the supply whilst benefiting holders.
2. Tell us more about the problems in the crypto sphere that motivated you to create Hector Network?
I wouldn’t say problems so much as opportunities. There’s a niche for an all-encompassing system that generates and shares funds with the users who support it. We wanted to create something akin to a community-supported investment/financial center. There are many projects which have done amazing things, and we wanted to emulate some of those projects with more of a focus on grassroots activity.
3. Hector Network recently launched Hector Bank as decentralized lending and borrowing platform. What are some of its major highlights?
Users can lend and borrow a range of tokens in a decentralized and trustless way, to either earn interest on their lent tokens or to leverage existing funds with loans. Over time we’ll be expanding Hector Bank to offer not only more tokens to lend/borrow but also a range of more complex product offerings. We want to make something where everyone can find value.
4. Decentralization is a core part of the Hector ecosystem. How are you ensuring that Hector Bank stays true to its truly decentralized nature?
Hector Bank is, and always will be, decentralized and trustless in nature. Users will only need a crypto wallet to interact with it. What you do with your own funds is your own choice, there is no KYC, and users can combine collateral with lending to have real control over their tokens.
5. How are you making the borrowing and lending process simple for Hector bank users?
Every function on Hector Bank can be done within a few clicks. The UI is simple and easy to use, and we have extensive documentation on our website explaining every feature as well as the terms and risks associated with crypto loans. Users can collateralize their supplied tokens with a single click, and all APY/APR figures are clearly shown in the UI.
6. What steps are you taking to tap into the utility of the bank in the future?
The expansion of our offerings is a real focus regarding growing our utility. This involves offering more tokens to lend or borrow, maintaining and tweaking the parameters on existing tokens to ensure that everybody gets value and minus risk, and creating more dynamic and complex products which allow for more advanced users to take advantage of the platform and liquidity we have.
7. How is the HEC token providing utility to the Hector Network ecosystem? Talk to us more about it.
The HEC token is really the backbone of the entire system. Over the course of 2022, we’ll be creating a subproject that will help drive demand for the HEC token and reward people for holding it. This includes:
- Hector Bank: a portion of revenues from this will be used to buy and burn tokens from the market.
- A cross-chain team: this team is developing a system that will allow our products and services to be accessible on multiple chains, allowing for access to more users.
- In our NFT projects: we are creating utility NFTs which will be used in the DeFi game we are creating. We are also designing an NFT staking system wherein NFT creators can curate NFTs with us and advertise them through our platform – a portion of revenues from this will be used to buy back and burn tokens from the market.
- A launchpad: will be used to help teams create innovative projects which help the entire chain to grow. We will offer expertise and fund-raising opportunities which can give new teams the best possible start in their projects. The revenues from this will be used to buy back and burn tokens.
- The TOR token: users will be able to burn their HEC to get access to the TOR stable coin which will give about 30% yield to those who stake it. This will burn HEC from the supply.
- Hector Swap: a DEX aggregator which will help form the backbone for our cross-chain/bridging plans. This aggregator will allow us to rapidly swap tokens and allow us to move capital around the ecosystem.
- Hector University: an education center that is free to all. We want to help make the crypto space more knowledgeable and safe, and so we’ll be creating and hosting educational content which can help people make more informed decisions.
- Hector Pay: we’re also creating a system that will allow users to use their crypto tokens to make real-world payments. This will help bridge the gap between the crypto world and the world of traditional finance.
8. Tell us more about the steps you are taking to engage your community with the Hector Network ecosystem?
No matter what the market circumstances are, we are always accessible to the community. We are regularly in the community chats to answer questions and take suggestions. As much as this can be stressful, we have a duty to be there for the community and explain all of our developments and decisions.
9. What lies ahead on the Hector Network roadmap? What products and services can we look forward to this year?
I have discussed this in the earlier question. For a full overview of our plans, please read our roadmap article on Medium.
For more information on Hector Network, please check out their official website.
Disclaimer: This is a paid post and should not be treated as news/advice.