The market of crypto currency faces barriers that adversely affect the scalability of the sphere and do not allow developing according to the desired scenario.
In my previous article I already talked about the most global problems of bandwidth, anonymity and security. Those factors that do not allow to globally accept Bitcoin i Ethereum networks not only by ordinary users, but also by large business structures. This, in turn, is detrimental to capital investment and does not give a large-scale impact to users.
HYCON
The solution is brought by the new company HYCON, led by TAEWON KIM, and a team of experienced professionals. The project team creates a new token model that can be flexible and easily integrated, regardless of the purpose of its use. This is achieved through a thorough analysis of market needs and the creation of a new coin.
The new vision model is based on DAG technology, instead of the usual Blockchain. This technology is similar to blockchain, but at the same time is completely different. The fact is that DAG is also a decentralized distributed registry, but it is not linear. This means that transactions are confirmed not by blocks, but by nodes in a random order. From this, there are advantages in speed, since "heavy" work of all the blocks is not required. Also, there is no mining technology, which excludes the need to use energy resources and get away from the catastrophic problem that I mentioned in the previous article, and has a more decentralized basis.
Further I want to tell about architecture of the project and its basic technical elements. _
Consensus on Ghost Protocol Tools
To maintain consensus, HYCON uses a protocol called SpecteR and is radically different from the protocol of the blockchain. These generalizes the block and submits it in the form of a DAG in which there are no targeted cycles. This mechanism operates on the principle of confirming a new transaction of several previous ones. As a result, a kind of tree is formed. Transactions in such a system as well as in a blockchain system are unchangeable. This approach will increase the processing speed and increase latency. Ghost - a protocol that will provide an opportunity to solve the problem of interaction in the system.
Wallet
For ease of use, HYCON has developed not only a cool wallet, but also its simplified version. It is an addition to the Google Chrome browser, and its registration takes no more than 3 minutes. This interface solution added maximum mobility to the workflow. Despite its lightness, it is in no way inferior in performance.
The wallet has mnemonic codes that are used to restore the account, as well as when interacting with third parties
Accounts
The control of the account of expenses and balances of the user is constructed on the model used Ethereum. It uses the hash code blacke2b, which will be able to provide user accounts for HYCON users. This hash code makes the processing of transaction data as expedient and accurate as possible.
Summary
Summing up, we can talk about the coming revolutionary changes thanks to the new concept of approaches in crypto currency from HYCON. These approaches will safely influence the development of the entire sphere and will allow it to be implemented in many areas of activity. The company is gaining momentum and moving towards the goal.
Information about the project:
Website: https://hycon.io/
Whitepaper: https://hycon.io/doc/whitepaper1.2.2_en.pdf
Facebook: https://www.facebook.com/teamHycon/
Twitter: https: // twitter. com / teamhycon
Telegram: https://t.me/teamhycon
Medium: https://medium.com/@teamhycon
