What is Acala Network? Acala Network is the liquidity hub of Polkadot

Acala network is an economic ecosystem that enables the creation of smart contracts and is known as the liquidity hub of Polkadot. This network supports the virtual infrastructure of Ethereum and allows developers to simultaneously benefit from the features of Substreet and Ethereum. Acala Network has taken an important step in the development of this field by offering the first Polkadota collateralized stablecoin called aUSD and several dedicated services for DeFi optimization. Cooperation with reputable projects such as Ren has made it possible to easily transfer assets from other networks to Acala.

Introduction of Acala Network

Advantages of Acala network

security

Acala network uses strong infrastructure and protocols approved by Polkadot, which transfers the power of each network to another network and enables resistance to hacker attacks.

little cost

One of the main advantages of the network is the low cost of transaction fees. This network has the ability to process a large volume of transactions, and users need to pay the lowest fees to verify transactions faster.

Intra-chain transfer

Different layers in Polkadot have the ability to communicate with each other, and this possibility makes the Acala network interact with any blockchain. This feature allows users to easily transfer their tokens and data and register various contracts.

Compatible with Ethereum virtual machine

  Using Pluto technology, which is a side layer of Ethereum, the Acala network allows developers to transfer their smart contracts to Acala.

Stable money or stablecoins

Stablecoins are digital currencies that have a fixed value relative to the dollar and are used to reduce extreme volatility and risk in financial transactions. These currencies are used as a tool to preserve value and deal with price changes in cryptocurrency markets.

Applications of stable money (stablecoins)

Receiving and paying loans

The Acala network allows users to receive or pay loans without intermediaries and using stable currencies. This enables users to provide assets as collateral and receive loans without depending on the banking system.

Buying and selling without intermediaries

Users can trade their various currencies through the Acala network and pay transaction fees using stablecoins, which reduces the costs associated with transaction intermediaries.

Mobile payments

This network allows users to use their mobile phones to make financial payments. This possibility increases the speed and reduces the cost of transactions.

Sovereign token (ACA).

Acala Token (ACA) plays an essential role in network governance, and some of the important uses of this token include rewarding network nodes, transaction fees, voting rights for coin holders, creating new modules and pallets in the network, and determining the level of profit and collateral.

Development team

Acala network developers are composed of experienced and specialized people with a history of working in laminar and outstanding programming and technical skills. Team Senior Manager Bette Chen and Executive Director Ruitao Su are key people in this team.

Considering that the Acala network supports the Ethereum virtual machine, you can connect the addresses of the Acala network to Ethereum and view your balance.

What is the future of Acala Network?

Considering the wide possibilities that this ecosystem provides for users and developers and facilitates the liquidity of assets, it can be predicted that the future of Acala Network is very promising and full of possibilities.

Also, the Acala network is used as a part of other ecosystems such as Ethereum. Based on the research done and the roadmap provided by the developers, this network is expanding its capabilities for use in other ecosystems. These developments may increase interactions and collaborations with other projects and networks.