What Is Chihuahua? | HUAHUA Ecosystem Review
Aug 06, 20225 min read
Chihuahua is a young project launched about six months ago but already has a large and dedicated community. The Chihuahua project has about 23,000 Twitter followers, more than 3,700 Telegram subscribers, and several thousand more on other social networks. The project is actively developing, expanding its ecosystem, concluding new partnerships, and strengthening its position in the crypto market. You can find out what kind of project it is in our article today.
What Is Chihuahua?
As the name implies, Chihuahua is a meme coin that uses cute little dogs as its ambassador. The project developers strive to make it as useful, engaging, and sustainable as possible. Unlike its predecessors, Chihuahua is a meme coin that utilizes the PoS consensus algorithm, which makes it the most eco-friendly meme coin on the market. Realizing the growing importance of blockchain compatibility, the developers of Chihuahua chose the Cosmos ecosystem to launch their project. Thus, Chihuahua was built using Cosmos SDK and Tendermint сonsensus:
- Cosmos SDK is a framework that allows developers to build their own customized blockchains based on the Tendermint consensus algorithm.
- Tendermint is a consensus algorithm that has a reliable mechanism of resistance to unauthorized actions, known as “Byzantine falls”. It is used in the Cosmos interconnected blockchain system and was introduced in 2014 by programmer Jae Kwon, who aimed to avoid the problems of high energy consumption in blockchain networks and create an “Internet of blockchains” for more reliable decentralized user interaction.
Moreover, thanks to the blockchain interoperability protocol, namely IBC, the Chihuahua blockchain can seamlessly connect, make transactions, and exchange tokens and data with other chains within the Cosmos ecosystem.
Thus, Chihuahua uses the IBC protocol, SDK structure, and Tendermint BFT engine, joining more than 30 chains and hundreds of decentralized applications and services that are part of the Cosmos ecosystem. Furthermore, thanks to the Cosmos IBC protocol, the Chihuahua blockchain can use various functions, ranging from inter-chain swaps (for example, Osmosis) and ending with privacy blockchains (such as Secret Network).
Chihuahua is a community-driven project that is governed by the Community DAO. To support the project and become part of the community, users have to stake their HUAHUA tokens. Stakeholders can delegate their tokens to one of the 125 active validators, thus contributing to the network’s security. Stakeholders receive not only the right to vote on all issues related to the project’s development but also get passive income. To date, stakeholders can receive up to 400% APR by delegating their tokens.
It should be noted that 10% of the validators’ revenue is used to redeem HUAHUA tokens to send to the Community Pool. In addition, for three months, the Community Pool was replenished with 5% (approximately $2 billion HUAHUA) from airdrop funds. To date, the Chihuahua Community Pool has more than 12 billion tokens. Any community member can request part of the pool funds for the project’s development on the top of the Chihuahua Chain. All proposals are discussed and accepted within the framework of the Chihuahua Commonwealth Forum. The stakers vote for the proposal’s adoption by depositing tokens on a 1 to 1 per token vote basis. The topics in the framework of the Commonwealth Forum are divided into six categories:
- Academy. Topics related to “how to” and various educational materials.
- Community. Users can discuss and vote on various issues. For example, implement a hard cap for Chihuahua Chain or review the Community DAO compensation.
- Dev. It is a corner where links to various resources are presented.
- Governance. A place where community members vote for proposals. For example, increasing the minimum deposit for the Governance Proposal or speeding up the inflation process.
- Grants. A place where users can offer their ideas and projects and request funds for their development.
- Validators. Validators’ corner, where users can explore transparent reports.
In addition to staking, users can add their HUAHUA tokens to the liquidity pools on Osmosis and receive up to 500% APR in HUAHUA or OSMO.
In cooperation with Passage, the project team began active work on the launch of Chihuahua Metaverse. The launch is scheduled for September 2022 but may be delayed due to audits. The Passage team is planning a listing of Metahuahua NFTs, which will later be integrated into Huavatars. The development of the metaverse is still ongoing. Each community member can participate in the development of Huahuaverse, as it is planned that this virtual world will be completely customized, that is, based on the wishes of community members. It is known that the development of Huahuaverse will lean on the Unreal Engine, which provides incredible quality to the game. Only owners of HUAHUA tokens and MetaHuahua NFTs will be able to visit the metaverse. In addition, it is known that community users will not need to download any application to play. Players can enter the metaverse from their mobile or desktop device via a browser.
Players can communicate via chat with Chihuahua emotes by adding each other’s wallet addresses. It will also be possible to fight with each other with the help of three minigames.
Chihuahua NFT Collectibles
The project released two NFT collections, which proved to be highly successful and were sold out in the blink of an eye:
- HuaNOTS NFT collection. The collection was released by NOTs NFTs but is currently transferred to StargazeZone. Each NFT is backed by 7,500 HUAHUA and provides reduced staking commissions on NOTs.ART validator. A total of 310 items are presented, 65 of which are for sale. The floor price of HuaNOTS NFT is 319 STARS.
- Crazy Huahuas NFTs. The collection is presented on the secret NFT marketplace Stashh. Crazy Huahuas NFT collection consists of 233 items, with a floor price of about $16. Each item is a secret bag. After the acquisition, the owner of the NFT receives the name of his Crazy HuaHua, a rarity level, a prize, and a link to the Secret Park. Secret Park is a place where users can play card games. There are also Crazy Handlers NFTs, the possession of which provides the holder with a seed phrase and a Secret Park address.
Huahuapot is the first game that runs on top of the Chihuahua Chain. The essence of the game is elementary. The user needs to buy a ticket and try his luck. Each ticket purchase increases the winning block by 100. At the end of the block, the winner is chosen pseudo-randomly among all participants. You can buy as many tickets as you want.
Chihuahua Chain is one of the fastest growing meme coins on the market, which in a short time of its existence, has managed to win the hearts of thousands of users. The project is actively developing under the leadership of its community. The project team plans to launch a mobile application soon. Partnerships have also been concluded with such well-known companies as Gravity Bridge, the Ethereum token, and Cital.One, Sentinel, and many others.