HYCON: A Cryptocurrency Using the Spectre Protocol

in #cryptocurrency3 years ago (edited)

HYCON is a cryptocurrency which will be newly introduced in the cryptocurrency exchange market as the vision of the infinity project.
HYCON as a cryptocurrency will be fast and more secure by using the spectre protocol to enhance high transaction speed while maintaining maximum security during any transaction.
The Blockchain technology has posed a great benefit by giving opportunities for interested platforms build their project systems using its network prowess, no doubt several projects has benefitted from the Blockchain network, in the same light it’s advantage cannot be overemphasized but this doesn’t mean that the Blockchain network doesn’t have setbacks to its scope of operation and to that end it means the Blockchain network doesn’t provide full and effective solutions to those problems that prompted its existence. Some setbacks and limitations of the Blockchain network are (these limitations accrue to Bitcoin and Ethereum):
SECURITY
It’s no news to Blockchain users that one of the best-selling points of the Blockchain technology is that it’s very difficult to hack the system or transactions being altered by an unrecognized identity. Users already rely on the safe storage of their private keys used for a transaction on the network, if these private keys are compromised then strange users or hackers can temper and gain access to another users wallet (cryptocurrency).

USABILITY
When carrying out transactions using the Bitcoin Blockchain, the sender and the receiver can easily see the transaction history of one another [peer-to-peer entity] by knowing what was bought and even the peer that received. Therefore transactions are public and shared on the Blockchain, at this end, no transaction on the network is done privately and this is as against the real world occurrence.

WASTED RESOURCES
More electricity and energy is required to validate a single transaction on the system, therefore, electric and energy outlay used to mine Ethereum and Bitcoin on the Blockchain technology is highly massive and also considering its environmental effect in that same regard. The volume of energy used to protect both Bitcoin and Ethereum is large enough to provide power to a particular district.

SOLUTION
In a bid to proffer HYCON (infinity project) as the solution to the surfaced problem, this will provide global acceptance and adoption of the HYCON cryptocurrency in the exchange market with a handful of other services, therefore, HYCON is a user-centred digital cryptocurrency that will serve as the choice of every user. From the beginning, the Hyper-connected coin (HYCON) was designed to be fast, secure and cheap for global scaling and use as a means for value exchange and thus, facilitate trustless peer-to-peer trading.
Hycon Unique Technical Specification

SPECTRE PROTOCOL
To maintain consensus ,HYCON implements the Spectre protocol and its basic voting rules which refers to a visual representation of the process. Votes come from blocks and the voting method is implied by the DAG structure.
Node.js & Typescript - Network Infrastructure
Typescript poses a strong type checking that it enforces on the javascript, this allows the platform takes advantage of the asynchronicity provided by node.js while node.js allows cross-platform where individual component waits for the outcome of processes outside the usual process flow.

Hycon Wallet & Addresses
For effective transaction signing, Hycon wallets employ industry standard cryptography curve as well as mnemonic code for wallet recovery and other provisions are also made. Hycon addresses are mainly generated as 20byte arrays sliced from the 32bytes hash of the possible associated public key. One of the characters of the string acts like a checksum for the address, the use of checksum in this manner minimizes the chance of using a mistyped address.

CONCLUSION
Exploring the setbacks of existing cryptocurrency is the basis for the infinity project and one of its core visions is to provide scalable, fast and secure blockchain and cryptocurrency ecosystem which will be adopted by the public. This new cryptocurrency is expedient and also offers valuable separated additions.

For more information, visit:
Website: https://hycon.io
Whitepaper: https://hycon.io/#whitepaper
Twitter: https://twitter.com/teamhycon
Telegram: https://t.me/teamhycon

my Bitcontalk profile link:
https://bitcointalk.org/index.php?action=profile;u=1708600;sa=summary
my bitcointalk username: sparklins4u

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