HYCON: THE NEEDED SOLUTION TO THE CHALLENGES OF BLOCKCHAIN

One day a friend asked me if blockchain technology has truly succeeded in disrupting this current era, then why is it yet to be adopted into real-world applications?
The answer I gave him was simple; blockchain is yet to be scalable as there are many issues which are limiting the adoption of the blockchain, such as security, low confirmation time and so on.
I still believe blockchain is just getting started, which is the reason why there is great need to nurture and enhance it so as to bring the needed revolution the world needs today.
Bitcoin introduced blockchain technology, therefore, it was the term the first generation of blockchain or blockchain 1.0, followed by Ethereum which is termed the second generation or blockchain 2.0. While Bitcoin opens the way for decentralization, Ethereum paved way for the use of smart contracts. Their limitations or shortcomings led to the invention of other blockchains termed blockchain 3.0 or third generation blockchains, but yet, these limitations are still not solved as blockchain is yet to be scalable.
It was discovered that the limitations of these blockchains are;
i. Throughput: Blockchain can't be adopted in real-world applications when a centralized system like VISA can process 65,000 transactions per second. Bitcoin and Ethereum can carry out only 7 and 10 transactions per second respectively, which is far lower as compared to VISA. In a quest to solve this, Bitcoin is yet to implement lightening network while Ethereum is already utilizing Raiden network yet the issues persist.
ii. Latency: This is yet another issue, but in this case, it attributes to the low throughput associated with these blockchains. A study shows that the low throughput is as a result of low latency between nodes, as high latency increases the risk of mining in old blocks.
iii. Wasted Resources: Bitcoin alone consumes 32TWh of energy annually for mining. This poses a serious risk to the environment as the more new investors come in, the more mining increase thus more energy consumption. Although Ethereum blockchain doesn't consume much, the combination of the energy consumption of both blockchains is not advisable.
iv. Security: Bitcoin introduces decentralization so as to make sure users are in charge of their personal data thus ensuring data safety which is lacking in centralized systems. But yet, when users access centralized exchanges, they tend to expose their private keys, thus exposing their data to breaches.
v. Usability: Blockchain cannot be adopted when it takes Bitcoin approximately 50mins to confirm a transaction.
All these and more contribute to the slow adoption of blockchain on a global scale.

THE SOLUTION: HYCON

The simple solution to these limitations is HYCON. HYCON is a scalable, cheap and faster cryptocurrency built on a more scalable and secure blockchain. HYCON leverages on a blockchain comprising of a structure known DAG (Directed Acyclic Graph) and a consensus algorithm known as SPECTRE. HYCON was built by the Infinity project team with one aim, making HYCON be the driving force which will go a long way to promote the adoption of blockchain in the world.
By utilizing DAG and the SPECTRE consensus algorithm, the Infinity project team creates a blockchain which can perform the following;
a. Publishing of several blocks simultaneously,
b. Resolving conflicting transactions,
c. Rejection of double spends attacks.
As one of the main aims of the infinity project team is to promote the adoption of the blockchain, they came up with different objectives.
First, as one of the criteria to succeed in a business is having a product which the market needs, the Infinity project team aims to create a digital asset which is yet to penetrate the digital commerce industry, thus the creation of HYCON. HYCON being a scalable digital asset will answer the question of; What does the market need?. As it is paramount that the crypto space and world at large need a digital asset like HYCON which can confirm transactions faster, which is cheap and scalable, thereby can be adapted for use in real-world applications. Also, it's necessary to have a platform which will be easier to navigate by investors, in addition, the infinity project team aims to utilize this opportunity to expose investors to the power of blockchain technology.
Furthermore, owing to the fact decentralization is one of the blockchain feature which has been driving this crypto space, giving users power over their personal information, the infinity project team aims to build a secure and user friendly decentralized exchange where users will be free to exchange different cryptocurrencies, thereby being sure their data or funds are protected at all times. To make it more interesting, HYCON can also be used as a medium of exchange within the decentralized exchange.

CONCLUSION

The crypto space is still growing and still in its infancy, thus the urgent need to have a scalable blockchain. The Infinity project team solves this problem by creating HYCON, a cheap, faster and more scalable digital asset, through this and with this, low throughput, security etc which have been the limitations of current blockchains will be taken care of, in the long run contributing to the adoption of blockchain technology on a global scale.

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