No one had imagined the surge in popularity of cryptocurrencies when Bitcoin came to the scene in 2009. The cryptocurrency scene has grown and so has the technology behind these digital currencies. Blockchain based technology is being adopted by banks, financial institutions, companies and even small businesses. Different cryptocurrencies have emerged which offer various benefits.
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There are block based currencies like Bitcoin and Ethereum and non block based systems such as Directed Acyclic Graph (DAG). In the DAG space there are further currencies like IOTA and Byteball. In this universe of blockchains, interoperability remains the missing panacea. There is an increasing need for a cryptocurrency that cuts across various platforms, allows the movement of data and value seamlessly and provides a high level of security to its users. HCash an Australian-Chinese collaborative effort now promises to do just that.
What is HCash?
HCash is a cryptocurrency that will act as a sidechain for both block and non-block based blockchains. In simple terms, it will allow for transactions of both data as well as value (money) to happen between systems that can’t really exchange both easily at the moment. In this way HCash will also act as a Hive or even as a decentralised exchange. Security has been given due consideration by HCash. They are going to adopt Zero Knowledge Proof technology so as to achieve bi-directional encryption and protect user privacy. A mixed Proof of Work and Proof of Stake model will be adopted by HCash that will allow users of HCash to participate in decision making. There are other features that make HCash appealing as well like the DAO governance model that they have adopted and the ability to use both public and private addresses. HCash also allows holders to transfer unlimited times with a limited block size, irrespective of the speed or amount of transfer. A complete understanding of HCash works can be gained by reading the whitepaper that they have released.
A New Standard of Value for the Future
HCash is working to create a new standard of value. A new world in which information and value will finally flow unrestricted. The currency will allow the creation of a better blockchain that will help fuel development of applications that allow for a secure and decentralised way of conducting transactions. The fact that HCash is free from constraints that other cryptocurrencies suffer from like block validation time, make the currency attractive to users who like near instantaneous transactions. Limited token supply which is pegged at 84 million may contribute to future value of the currency itself.
The main feature of HCash is the fact that it allows for transactions to happen across blockchains but the cryptocurrency has other applications as well in different fields. HCash can be deployed in the FinTech, Industrial Internet, Big data and Artificial Intelligence as well as the Internet of Things (IOT) landscapes. In fact HCash based applications have already started emerging where it is being used as a part of Hyperchain Blockchain Technologies. Examples include the ENT Payment System which has been designed by the HCash Team that allows for secure interaction between fans and entertainers. Hyperpay, an Australian digital payment project is also using HCash.
Leading Quantum Computing Researchers Join HCash
The creators of HCash have made it future ready by incorporating post-quantum cryptography. HCash will be able to survive the rise of quantum computing. Four leading experts in quantum computing from the University of Technology Sydney, Macquarie University Research Centre in Quantum Science and Technology and Singapore’s Nanyang Technological University will lead research in developing a quantum attack resistant HCash. The experts are: Gavin Brennen, Associate Professor at Macquarie University, Miklos Santha, Director of Research at CNRS an Troy Lee, Associate Professort at Nanyang Technological University along with Dr. Marco Tomamichel, Senior Lecturer at the University of Technology, Sydney. The focus on quantum computing assumes great importance as there is a US$ 160 billion incentive for attackers with access to quantum computers to destabilise the entire basis of security of cryptocurrencies. The four experts have previously authored a whitepaper investigating the advantage of quantum computing against cryptocurrencies such as Bitcoin. The whitepaper even projects possible timeframe of the materialisation of such a threat. The four experts joining HCash will give the currency protection against any potential threats in the future.
New Coins for Old
At some point in the future there will be a token sale that will allow investors to gain access to Hshare. This currency is a precursor to Hcash and can be redeemed on a Hshare exchange or Hcash official team with Hcash on any online Hshare exchange. After approximately 10 months all acceptance and replacement will be completed and Hshare will be destroyed. Ultimately investors will be able to gain HCash. The open source code for Hshare ensures that there is transparency and users can confirm that the number of Hshare released is the same amount as the Hcash number specified in the whitepaper. In the end it will be market forces that determine the future of HCash but given the number of features that the cryptocurrency may offer and that it will allow in the future seamless exchanges between blockchain, it does have the potential to be a currency of choice for many cryptocurrency enthusiasts and even others who are yet to discover the joys of using digital currency.