An indepth review of the Hycon startup

bluecrab (35)in #blockchain • 6 years ago (edited)

Crypto currency has become a global phonomenom known to most people and is becoming more and more mainstream. Presently in the world today money is now being transformed from something tangible held on ones hand to digital numbers that are moved around the world through the internet. Over the years now there have been different digital currency revolutions (crypto currency), new crypto currencies are released almost on a daily basis.

Hycon is a crypto currency platform who's Genesis block was published on January 4th, 2018 at 3:15am KST (GMT +9). It is available to be viewed on GitHub as part of team Hycon's respository.
Part of the characteristics of the Hycon is that it possess a Hash algorithm. Due to recent development in the ASIC technology it was moved from the Blake-2b hash to use the ASIC resistant hash crypto night which is also employed by Monero. One of the important things that makes crypto night interesting is that it uses pseudorandom memory read/write operations as part of it's hashing operations.

Hycon also implements a protocol called "Spectre" inorder to maintain consensus. Spectre basically generalises a block chain into the form of a directed acyclic graph (DAG), it does this by employing a voting algorithm between pairs of blocks inorder to specify their order in a pairwise manner. In Spectre voting, no votes are communicated between nodes and there is no need to explicitly participate in a vote, but rather the votes in Spectre comes from blocks and the way in which they vote is implied from the structure of the directed acyclic graph (DAG).And also there are certain criterias used in voting in Spectre.

One of the most common questions asked when discussing Hycon is about the directed acyclic graph structure itself. The directed acyclic graph structure employed in Hycon is a consequence of committing to a 100ms block interval. Directed acyclic graph structure has advantages over a linear block chain, one of it's primary advantage is that it allows for shorter intervals between blocks, which then in turn leads to a higher transaction confirmation speed.

This is quite different from currently existing block chains where newly mined blocks are chained on to the end of the block chain by referencing the hash of the previous block, a new block to be added to the directed acyclic graph references the current tips of the directed acyclic graph instead. With this blocks are published simultaneously from different nodes without running the risk of forking the chain.
The voting procedure used in Spectre is kind of a drain on resources, in other words it's implementation needs to be carefully managed.
Miners have to calculate the hash of the next block based on the hashes of the tips of the directed acyclic graph.

The mining process initial stage is the encoding and hashing of the contents of the block header, and it will not change as a result of the mining process. To allow for support for GPU mining using a modified version of XMRig, Hycon makes use of the stratum protocol.
On successful mining, that is completion of the proof of work for a new block, the miner is being rewarded with HYCON. This mining process in Hycon has been planned to last for 50years, and it's initial reward for mining a block is a set of 8 HYCON.

This reward will remain at 8 HYCON per block for 6 years and 2 months at which stage it will then decrease by 1 HYCON to 7 HYCON per block. This reward will continue to decrease until the market cap of 10billion HYCON is reached after just short of 50years.
In conclusion, this crypto currency is both safe and expedient and it's Vision is to provide a fast, secure, scalable and user centric blockchain and crypto currency ecosystem available for Mass adoption.

Hycon's Team