Introduction
We are now in a world of electronic system, everything, both tangible and intangible is increasingly getting digitized and money is not left out. The internet has provided a good footing for the evolution of digital currency which comes as a form of digital code called cryptocurrency.
Cryptocurrencies generally are launched on blockchain which us the architectural basis for the emerging digital coins, but then, blockchain has challenges of poor performance due to low Transaction Per Second (TPS) speed, anonymity of users and high technicalities in its design. This limits the use and acceptability of blockchain to cryptocurrency world only.
HYCON is a new cryptocurrency introduced into the digital blockchain world to resole the issues confronting the blockchain technology.
Challenges Facing Current Blockchain Technology
Let’s take a quick look into some of the problems that disqualifies the use of blockchain platform as a transaction medium in the mass market.
Latency is one of those problems and this is as a result of the low TPS from the reduced throughput of the system. The latency between nodes is rather too high and this and this increases the chances of mining on a preexisting block. Latency on blockchain technology is generally very high and this affects throughput capacity.
Security is yet another challenge that besets the current blockchain technology. More often than not, users do depend on safe keeping of their personalized private keys by centralized platforms. This can be altered and can grant a hackers details about the user’s wallet and of course, their cryptocurrency.
Execution of smart contracts is also a security challenge of the blockchain technology as it can cone with coding errors and lead to loss worth millions of US dollars on the blockchain.
Blockchain technology at present consumes huge quantities of resource and this have significant negative impact on the natural environment. The energy required to nmine Bitcoin blockchain is sizeably large, so enormous that it affects the supply on national grid.
Again, the of the current blockchains is not optimum at its usability. The time delay in publishing transaction and verifying same is huge such that it discourages users from transacting using blockchain technology.
Again, the non-real identity of the blockchain platform users is a problem of blockchain. Privacy is compromised as transactions are publicly shared on the platform and it is possible that a hacker checked through and private transactions can be intercepted.
How HYCON Platform Addresses these Challenges
Infinity Project, developers of HYCON platforms plans to resolve the above challenges by first researching into the fundamental demands of the market. Majority of current platforms are unable to meet the real world solutions and this limits its adoption to a few internet merchants. HYCON seeks to make blockchain more useful by first examining the user-oriented currency that the market seeks.
Also, in order to ensure flexibility, infinity project has introduced HYCON platform that can assume diverse monetary models. HYCON is a coin that is programmed to be swift, affordable, scalable and safe enough to be used in a number of real-life instances. Infinity blockchain leverages on an architectural framework that allows easy incorporation and alteration of basic technology to satisfy certain needs.
Again, the HYCON platform is designed to be user-friendly, such that of can be easily navigated and contents assessed with no need od specialized technical knowledge. It is flexible to use and it ensures the safety of users on the platform.
HYCON Tokens
HYCON is the official token of the HYCON platform. It is an ERC20 standard type token and its Ethereum-based. Transactions on the HYCON platform is carried out using this token and it is equally used for rewarding every nodes that contributes to the development of the platform.
Conclusion
HYCON platform was built after thorough analysis of the market demand for blockchain technology to be adopted. In response, the HYCON platform was designed to be a fast, safe, scalable and user-friendly cryptocurrency platform for mass market adoption.
For more information see
Website
https://hycon.io
Telegram
https://t.me/teamhycon