An Australian-Chinese project is changing the way Blockchains talk to each other. Will HCash be the currency of currencies?
There are more than 1000 cryptocurrencies in existence today and the technology that most of these cryptocurrencies are based on is likely to be a great propeller for the global economy. According to UBS, blockchain technology could add as much as USD 300-400 bn of economic value globally by the year 2027. Is there space then for one more cryptocurrency?
What if that cryptocurrency could build bridges between diverse currencies and technologies in existence today? What if someone offered a whole array of technologies that hold promise to create value across a range of applications, technologies and use cases.
The Hcash platform is all about linking major blockchains which will allow value as well as information to flow freely. What is even more interesting is that HCash platform developed by HyperChain Pty Ltd. would allow interaction between block based and blockless based chains.
Untangling the Tangled Blockchain Web
We have a problem today that the hundreds of blockchains that exist today do not talk with each other. These hundreds of blockchains will multiply and become thousands in the future and the problem will only be compounded.
We desperately need a solution that will allow us to send value and information across blockchains. As more and more industries adopt blockchains, the idea that blockchains be able to communicate with each other will become even more relevant.
At the moment we have block based systems such as Bitcoin and Ethereum, which have gained a fair bit of popularity, we also have systems which are not block based such as Directed Acyclic Graph (DAG). In the DAG universe currencies such as IOTA and Byteball are also making their mark. HCash is helping in making these diverse currencies talk with each other.
Developing on Hyperchain Blockchain Technologies
Hyperchain Blockchain Technologies are envisaging a wide array of products and services that can be deployed across a vast swathe of use cases. Hyper Blockchain services include Hyper Health, Hyper Government, Hyper Cities and BlockChain As a Service. HCash itself is part of these blockchain technologies.
In fact the potential of HCash platform has already been demonstrated by an ENT Payment System, which has been designed by the HCash team to allow for easy and secure interaction between fans and entertainers.
Famous South Korean pop star Kwon Ji Yong has already signed up for ENT. Other potential applications can be built on this platform that will allow for similar interactions in a trustworthy manner. The Australian digital payment project Hyperpay is an example of a system that will be issuing tokens in the HCash environment.
HCash Researchers Pairing Chalk With Cheese
The way HCash platform makes it possible for interactions to happen between block-based and blockless-based blockchains is by acting as a sidechain for both. The hard work of researchers who have a solid background in their field has borne fruit.
HCash have built a strong research team with backgrounds from Monash University, Shanghai Jiao Tong University and Hong Kong Polytechnic University. This unique collaboration of Australian and Chinese talent is rooted in a decade of work by the likes of Dr. Joseph Liu from Faculty of Information Technology of Hong Kong Polytechnic University.
We are in an era of flux when it comes to the blockchain, but this can’t last indefinitely and sooner or later people are going to want to work across environments and demand seamless exchange of both value and data. The solutions devised by HCash have the potential to create the missing link between blockchains. The intrinsic value of Hcash can therefore just be derived by that one factor alone.
Bridging the Gap and Beyond
While the main attraction of HCash platform is its ability to bridge the gap between blockchains, there are other factors too that make the project interesting. HCash has adopted a both Proof of Work (POW) as well as Proof of Stake (POS) hybrid model.
The availability of both private and public addresses increases compatibility with blockchain systems such as ZCash and Byteball. There will only be a limited supply of tokens, capped at 84 million which makes the project attractive from a deflationary angle.
HCash will also be able to offer near instantaneous transaction times as it is not bound by block size limits. HCash is also future ready and can resist attacks by quantum computers. HCash will also be allocating 5% of the coins to a DAO, where the use of these funds will be determined by a democratic voting process.
It will ensure that the HCash community can remain integral to development of future plans whether it is building infrastructure, conducting promotion or creating products and services.
With the HCash team ready for a full launch and having already started sale of their tokens, it is expected the full launch can be completed by early 2018. When the project reaches its fruition, we can expect a new era where investors, developers and researchers would be able to work across blockchains and use and create new applications that would defy our very imaginations.
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