Hycon is a project that steals to become one of the fastest in the world. The transfer of funds in it will take only a few seconds. The network is also scalable, which will allow it to maintain a similar transaction speed and after five years of operation. According to the developers, the network technology offered by them should become one of the safest for the last several years. All they plan to do is provide an ecosystem in which large companies will store data. This will be a secure environment, protected from the threats that many block networks have faced before.
The team of authors of the project set a lot of goals that they intend to achieve in the coming years. First of all, they strive to ensure a quick connection to the network of all comers, regardless of the country or region of residence.
Based on the economic justification for their new technology, the main role in it will be played by the HYCON token. Together with the consensus algorithm Specter and directed acyclic graph, the coin will provide a fast transaction time and high throughput.
HYCON will be used to transfer digital assets within the network, which will provide a high level of security that will outpace the performance of many current block networks.
Project Capabilities:
- Consensus Protocol Specter
- Mining
- Remuneration of miners
- Wallet
Consensus Protocol Specter
Unlike the bitcoin protocol used to reach consensus in a block chain, Hycon implements a different technology called Specter. The principle of his work is to generalize the block chain in the form of a directed acyclic graph using the voting algorithm between pairs of blocks to determine their pairwise order. Simply put, block X must be created before block Y or block Y must be created before block X.
Mining
To create blocks, you need an algorithm to prove that the work is done in a manner similar to most existing crypto-currencies. The miners will calculate the hash of the next block based on the hashes that "advises" the DAG, the merkle root in the transactions that are to be included in the block and the nonce, which will change until the hash calculation is completed, exceeding the current complexity. Despite the fact that the creators of the Specter declare the possibility of creating up to 10 blocks per second using this algorithm, Hycon will initially have a goal of providing a rate of 1 block per second. Although the current prototype network uses the PoW algorithm for mining, the authors of the project claim that they are aware of its high power consumption. In this regard, they are considering a number of alternatives for the future, including a little-known algorithm for proving space. It requires that the miners pre-compute and store large amounts of data, and then look for files for the solution that would match the current level of complexity. This option allows to use less electricity and has already demonstrated its effectiveness in such projects, BurstCoin and SpaceMint.
Remuneration of miners
If the new block is successfully completed, the miner is awarded with HYCON tokens. The production process is planned for 50 years. The initial amount of remuneration for each new block will be 8 coins and will be relevant for 6 years and 2 months from the moment the network was launched. Then it will decrease by 1 token to 7 coins per block. Subsequently, this amount of payments to the miners will be periodically reduced, until after 5 years the total number of coins in circulation will not reach 10 billion. The developers decided to reduce the amount of compensation for mining linearly, in contrast to Bitcoin's geometric system, which provides for a periodic cut in half. They argue that in this way a balanced distribution of coins will be ensured throughout the production period. This will also avoid serious consequences due to a reduction in economic incentives for the miners with whom they encountered during the Bitcoin mining.
Wallet
The complete node on which Hycon software is running has access to locally hosted web graphics that allow you to perform transactions with purses. The GUI was written using React to provide a simple and efficient interface.
Hycon wallets use standard elliptic curve cryptography methods for signing transactions, in particular secp256k1, as well as mnemonic codes to ensure ease of integration for third parties (provider purses). Provision is also made for the purses HD (hierarchical deterministic). The addresses in the Hycon network are generated as 20-byte arrays, cut from the 32-byte Blake2b hash and associated with it the public key. For user to read, they are output in Base58 format with the prefix H. The last four characters of the string act as the address checksum. It is calculated in three stages. First, the 32-byte Blake2b hash is calculated. Then the result is encoded into the Base58 string and only then the first four characters from this line are added to the string form of the address. The use of a checksum minimizes the likelihood of a random address error.
Information about the project's token:
Name of the token: Hycon
Total number of tokens released: 10 000 000 000 Hycon
Total number of tokens allocated for sale: 1 000 000 000 Hycon
Price of the token: 1 Hycon - 0.1 $
Minimal investment - 50 $
Accepted currency: BTC, ETH, LTC
The issue of tokens occurred on June 1
Hard cap - 30 000 ETH
Road map:
Team:
The project is supported by a team of specialists from Seoul (South Korea) called Infinity Project, who specialize in the development and research of block technology since 2012. Hycon authors view their idea as creating a completely new type of crypto currency, which can be easily used in a real basic economy. The team of experts and advisers includes 18 people.
Taewon Kim (Chief Executive Officer, the leader of the Glosfer and Infinity Project teams, is a strong supporter of the idea that the current era can allow a better and more transparent society to be created thanks to the power of blockchain technology and the Internet).
Dongju Ryu, head of IT security, has extensive security knowledge, participates in the development of Glosfer and Infinity projects, previously served as technical advisor to the Ministry of the National Cyber Team and adviser on cybersecurity and technology at the National Police Agency of South Korea.
Chris S. Na (executive director, vice president, specializes in global business development, author of a platform to attract leading political, business and industry leaders to global, regional and sectoral programs).
Dongseop Kim (blockchain engineer, believes that the next generation of block technology will have a universal impact, seeks to work to improve security and accessibility in various areas).
Kyujeong Kim (blockchain engineer, a participant in the Glosfer project, actively contributes to the development of the block chain, conducts research in order to improve the technology of blockages through the Infinity project).
Conclusion:
Hycon is aimed at a serious upgrade of blockchain technology, the need for which has already arisen. Presented by South Korean developers, the network has the highest level of security and fastest transactions to date. The HYCON token will be used not only within the network, but also traded on external exchanges and mined by mining. If after the launch of the network it will have all the technical specifications, then we can expect that the rate of HYCON will certainly begin to grow.
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