HYCON: A HYBRID BLOCKCHAIN PLATFORM
In less than ten years, our world has evolved beyond recognition. Great revolutionary leaps change the vision and approaches to all the processes and mechanisms of modern society. In this article, I want to make out the most interesting and bright precedent, which touched all spheres of life without exception. Innovation, which became the flagship of our future interaction. Today, we will talk about the crypto currency. We will discuss all its advantages and disadvantages, discuss the problems, the options for their solutions and new architectures for effective work and development.
How Crypto-currencies were Formed
The first crypto currency was created in 2008, by a certain Satoshi Nakamoto, and was named Bitcoin. It was based on the technology of blockchain. It is a decentralized register of confirmed transactions that build a data chain without the possibility of editing and substitution. The process of formation and popularization of the coin Satoshi took about 5 years, but as a result brought an unheard of furore all over the world. The coin and technology on which it is built is interested in society. The advantages of using it in a peer-to-peer network, where everyone had equal rights, became obvious. Among the main qualities were:
Minimally low commission
Permanent working capacity, regardless of time of day and day of the week
Security and security, due to cryptographic algorithms and unprecedented computing power
Microtransactions reaching thousandths of a dollar
Full openness of technology mechanisms for all comers
Intermediaries, in the form of banks, became unnecessary, because all transactions pass from user to user, where they have equal rights
Unlimited number and variety of actions
The ability to monitor organizations and state enterprises
Further more. In 2015, a new currency, Ethereum, was invented, which had a new opportunity - the use of Smart-contracts. This technology, which in the offline mode, with the help of computer algorithms fulfills the conditions of the given functions.
Now, new currencies appear every day, mastering new areas and improving approaches to all sorts of processes. The development of this sphere does not stop for a second, erasing past boundaries to form a new world of the future.
The problem of existing crypto-currencies
Despite the weightiest advantages of the tool, the technology on which it is built is quite young and it still has many stages of formation and improvement. To date, there are several shortcomings that seriously affect the efficiency and widespread implementation of crypto-currencies. They require new solutions and improvements for the further healthy development of technology.
The most relevant of them, I will try to state further.
Throughput . This factor determines the number of transactions performed per second within the network. At the moment it is absolutely unsatisfactory both in the Bitcoin network and Ethereum and leaves much to be desired. This directly affects the scalability of the crypto currency and, as a result, leads to a slow development process.
Low latency. It is caused by the logic of the technology, which involves the processing of previous blockchain, which greatly slows down the workability and requires huge computing power.
Dimensions of the system. The problem is related to the need for local storage of copies of the entire block of the circuit. It follows that the more blocks are created, the heavier the chain becomes. This threatens the fact that in the future it will be able to handle only a few nodes, which in turn is already like centralization.
Security. This is one of Blockchain's greatest strengths. Due to the mechanism of proof of work, the network is almost impossible to crack, or the cost of hacking will exceed the profit earned by fraudsters. But despite this fact, there remain several other, vulnerable points. First, it is the central storage of their identity, where they become more accessible to intruders. Secondly, coding errors in Smart-contracts, giving a loophole for scammers.
Energy catastrophe. To process transactions, the miners use just a global amount of electricity. According to experts, with the further development of technology in these conditions, the planet expects an energy crisis and causing irreparable damage to the environment.
Anonymity. In fact, the crypto currency is not completely anonymous. The fact is that wallets are always open for viewing and only hide real data about the identity of the owner. But, if you manage to link the person with the wallet, it will give an opportunity to monitor our personal lives to third parties.
The possibility of solving these problems and who will provide them
There is no doubt that the solution to these problems is unduly urgent. But are there teams with the capabilities and knowledge necessary for such serious implementations? Having studied a lot of projects and proposed consensus, I found a very strong idea, ready to take up the implementation of such global plans. The project that interested me is called Infinity Project, I want to tell you about it in more detail.
And so, the Infinity Project is a project that wants to rework existing processes that do not achieve the desired result and thereby ensure the supply and demand in the market of crypto-currencies with the help of new revolutionary solutions.
Objectives of the company
Study the market to understand its real needs;
Develop the most flexible crypto currency;
Create a Blockchain platform, user-centric;
Grow an ecosystem that will support and strengthen innovative solutions;
More detailed study of what methods need to make an exchange in a decentralized environment.
Understanding the market
Despite the value of the crypto currency, it is poorly integrated into world finance. Restricting a meager percentage of the entire infrastructure. This indicates that we will not be able to use the existing coins for a long time in full. Therefore, the Infinity Project sees the need for a more detailed analysis of the real needs of the markets. Deep implementation and a multifaceted approach to studying real queries will help create a practical solution when developing your own crypto currency.
Currency flexibility
Infinity Project is focused on the creation of a flexible coin HYCON, which can be fast, safe and scalable for the opportunity to adjust to any situation and user requests.
User Orientation
The goal is to attract as many users as possible by reducing the threshold of entry to the crypto community of users ready to move in step with the times and develop technology. For this, an intuitive interface of accounts, purses and the exchange process has been developed. Ease and ease of use will ensure a large-scale influx of new members of the ecosystem.
Flexibility and development
The Infinity team wants to provide an opportunity for many structures, organizations and individual users to find the solution they need and implement it with the help of a blockchain. For this, the platform will be an arch-flexible space to meet a wide variety of tasks.
Decentralized exchange
The panacea in the world is crypto-currency. The bulk of exchanges remain centralized, endangering the assets of their users. Plus, their codes are not publicly available and therefore users do not have the ability to transparently manage. Infinity Project plans to integrate HYCON as a crypto currency exchange environment.
Outcomes
The emerging problems in the crypto-currency market are quite large and require radically new methods of solution. Infinity Project develops a whole multi-step model of changing old approaches. The first product of HYCON - intends to become the most flexible and applicable ecosystem, ready to give users practical solutions and satisfy their requests. The team is to conduct a titanic work to achieve the desired results. Nevertheless, they have already proved that they can achieve much. I have absolutely no doubt that the project will gain wide community approval and help the future development of the Crypto-Currency and Blockchain technologies in general.
RELEVANT LINKS:
Web: https://hycon.io
Whitepaper: https://hycon.io/#whitepaper
Telegram: https://t.me/teamhycon
Twitter: https://twitter.com/teamhycon
Facebook: https: // facebook .com / teamhycon
Instagram: https://instagram.com/teamhycon
Reddit: https://reddit.com/r/HYCON
Writer: [email protected]