Review
The level in which technological advancement has led to the development of blockchain which is an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of value. Undoubtedly, it is good to recall that blockchain is one of the changing technology in the world today and cannot be controlled by any single entity. Blockchain has opened up new possibilities in the financial sector, public sector and many other areas.
Nevertheless of its awesome features the blockchain has experienced some inefficiencies that has really limited it from progressing to greater heights and from adding more useful value to the world's economy, if these problems are not looked into there will be so much set back with the blockchain technology and cryptocurrency generally.
With much emphasis, blockchain requires large amounts of computing power which comes at a very high cost, using Bitcoin as a case study which was claimed as of few years back that the computing power required to keep the network running consumes as much energy as was used by 159 of the world’s nations, this is of course a problem in the blockchain technology
Blockchain technology also experiences an unregulated system and lack of security: due to the lack of regulation in blockchain technology it creates room for scammers to hack investors wallet and make a way with millions of money.
Furthermore, the encrypted nature of blockchain technology makes it difficult for transactions to be processed smoothly and faster without much delays.for instance, I purchased a product or something with bitcoin and I needed it urgently and it took almost 72 hours to deliver due to the congestion or some other problems in the blockchain and because of this problem of transaction delay I couldn't make use of the product at that point in time.
These problems are really challenging and needs proper solutions to help eradicate them and make blockchain technology free and fair to all. And with these aligning problems brought about Infinity project which has introduced a new cryptocurrency known as HYCON with the purpose of addressing and tackling some of the problems facing blockchain technologyby introducing some platforms such as:
DAG structure
Hycon employed a dag structure which allows for shorter intervals between blocks, and at the end it makes it easy for transactions to be confirmed at a faster speed. the DAG has the ability to publish several blocks simultaneously and to resolve conflicting transactions and reject double-spends through the SPECTRE consensus algorithm.
INFINITY SPECTRE implementation
The introduction of the INFINITY SPECTRE which will be written in Rust will make it possible to have complete control over data structures and memory management.
SPECTRE protocol
Hycon implements the SPECTRE protocol to maintain consensus by generalising a blockchain in the form of a directed acyclic graph(DAG) by employing a voting algorithm between pairs of blocks in order to specify their order in a pairwise manner.
Conclusively,HYCON will make it easy for numerous cryptocurrencies to be traded in a decentralized manner without fear of hackers having access to one's account. Also with Hycon there will be a user-friendly platform that will allow a lot of people to have access to block chain technology freely.
Roadmap
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Hycon has a great and wonderful team and advisors that are putting in all their best to make this project a success.
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TOKEN DISTRIBUTION
Airdrop: 4%
Ecosystem development fund:5%
Bounty:5%
Team:5%
Investors:10%
Public mining:70%
Corporate social responsibility:1%
For more details visit the links below:
Website: https://hycon.io
Whitepaper: https://hycon.io/#whitepaper
Medium: https://medium.com/@teamhycon
Twitter: https://twitter.com/teamhycon
Telegram: https://t.me/teamhycon
AUTHOR'S DETAILS
NAME : DULO WEGNER
BTT USERNAME
DULOWEGNER
BTT PROFILE
https://bitcointalk.org/index.php?action=profile;u=1196236;sa=account