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Blockchain is a shared public ledger of transactions that records and maintains that record of all transactions made on the system - from the genesis of the first block until the present moment. The ledger - the blockchain defined above - is built using linked list, or chain of blocks, where each block contains a certain number of transactions that were validated by the network in a specific timespan. In the financial ecosystem, Blockchain technology has been able to provide reduced costs of transactions, increased transparency and also increased speed of payment transactions. Because of increased development worldwide, money is no longer held physically at hand but is transformed into what is digital and moved on the internet. Crypto currencies have been used as a form or medium of digital currency that does not include the need for people holding physically printed money. Challenges faced in Blockchain System and Infinity Project Goal of Solutions. Despite the marvelous improvement in the Blockchain network, limitations linger around that hinder the full perfection of the system. And they include
i. Size and Bandwidth
ii. Security
iii. Latency
iv. Usability
v. Wasted Resources
vi. Versioning, Hard Forks, and Multiple Chains
The infinity project was formed with 5 major goals at heart. They conducted thorough analysis of already existing Blockchain which include bitcoin, Ethereum and other various promising altcoins to examine the limitations of each and also their strength. With this in mind, Infinity Project team researched new technology and algorithms that will be suitable for mass, real world adoption. Infinity project formulated 5 core goals. And they include:
Market Need Identification- it is surprising to realize that despite the fact that many Blockchain projects gained mainstream attention none of them have succeeded to penetrate digital commerce on a global scale. A great division exists between the crypto projects and real world applications. To overcome this major setback, Infinity Project defined the core Blockchain technology required in order to find a mutually desirable solution from both a market and development standpoint. This lead infinity project team to develop a new cryptocurrency that will provide practical solution that the market need for complete penetration into digital commerce on a global scale.
Flexible currency- Infinity Project team introduced the concept of a flexible implementation platform that can incorporate various monetary models. This led to the creation of “Hyper-connected Coin” (HYCON). This was developed to be very fast, cheap, scalable and also safe. It is fully ready for usage and adoption in the real world solutions to problems.
Secured Decentralized Exchange- Freedom is what Infinity Project will provide for its users, they will have the opportunity to exchange different crypto currencies in a decentralized manner. Available exchange today are centralized and they require fiat and cryptocurrencies to be held on this exchanges, and the source code that powers these exchanges are often not publicly available for full review and this encourages theft by these exchanges.
Flexible innovation- Infinity sole aim and goal is to encourage or help people generally to harness the power of Blockchain technology. Hycon will make this possible because it is very fast and cheap to use as a full or complete means of exchange. Decentralized corporate ledgers have been created to enhance information security and facilitate more efficient data storage and transmission.
User-centric platform- Bitcoin on the Blockchain network opened a new way of making payments without the use
of banks, but the UI and UX of most crypto currencies are difficult and un friendly to use. Infinity project seeks to reduce all the barriers to entry by providing a better and straight forward user-friendly platform for transactions.
Through Hycon, Infinity project will integrate a concept of atomic swaps that will allow currencies to become true medium of exchange. Through Hycon, multiple other cryptocurrencies will be traded and transaction fees will be distributed among miners who protect the network.
Hycon Mining Process in Detail
The initial stage of the mining process is the encoding and hashing of the contents of the block header, which will not change as a result of the mining process. These contents are the references to the previous blocks, the Merkle root of the transactions to be contained within the block, the block target difficulty, the block timestamp, and the root of the Merkle-Patricia Trie representing the current world state after the transactions in this block(see Wallets & Accounts section for more information).
This data is hashed using the 64 Byte version of Blake 2b to provide an unchanging pre-hash to be furnished to a GPU or CPU miner. This step is necessary, particularly for GPU mining, as HYCON block headers have variable length due to multiple possible parent blocks. GPU mining software works best when furnished with a fixed length data structure so pre-hashing is necessary. The 64 byte header pre-hash is then combined with an 8 Byte nonce, that is incremented by one for each hash attempt using the Cryptonight hash algorithm. The combined header pre-hash and nonce are hashed together to return a 32 byte hash representative of the block. This hash is then compared to the difficulty specified in the block header, and if the correct difficulty threshold is reached, then once is returned to be included in the finished block header and published.
About Hycon Wallets
For the Hycon wallets a full node running the Hycon software will have access to a local hosted GUI allowing for wallets operations, transactions and Blockchain exploration. This GUI was written using react that will allow lightweight high performance interface. While Hycon wallets employ industry standard elliptic curve cryptograph method for transaction signing as well as also implementing mnemonic codes for wallets recovery.
To keep track of transactions and balances of Hycon users, accounting model was introduced. The model chosen for use in Hycon is based on the one used in Ethereum. Each block contains the world state as a result of the publication of its contained set of transactions, the value of which is the hash of the merkle patricia root representing the account data for all Hycon accounts. The account data that is stored is the balance of that particular account in Hycon, a reference to the most recent block referencing that particular account, and a nonce value representing how many transactions that particular account has initiated. The nonce value is used to protect against replay attacks, and the previous block reference is an optimization to Allow for quicker transaction history querying as well as easier tracking for SPECTRE in the case of a double spend.
With the adoption of the methods discussed, Infinity Project and HYCON cryptocurrency will offer valuable inputs and practical solutions to the global cryptocurrency both in transaction speed, safety and also decentralized exchange.
Contact Details
website: https://hycon.io
telegram: https://t.me/teamhycon