As we have seen the growth in technology, we have also seen how it has impacted in finance and banking. The growth of technology and its impact on banking can be seen in the growth of mobile banking.
Electronic banking is taking over the banking world. We are seeing the transformation of money as something that can be touched and felt to something that cannot be seen with the naked eyes. Money is now becoming nothing but digital numbers.
This growth in technology has even gone further now with the emergence of cryptocurrencies. The backbone of the cryptocurrency revolution is the blockchain technology.
However, the blockchain technology as it is today is faced with certain challenges and limitations.
Challenges and Limitations of Current Blockchain Systems
The challenges and limitations which the current blockchain systems face today include;
• Security
Current blockchain systems face security risks which have led to attacks on blockchain networks and the wallets of people in exchanges thereby resulting in a loss of their cryptocurrency and the coding errors which are found in blockchains.
• Latency
Blockchain systems today face the limitation of latency. High latency between nodes increases the risk of mining on an old block as a result of the reduced maximum throughput of a network.
• Throughput
Current blockchains also face throughput limitations as a result of the latency between nodes. An instance is this; Bitcoin can perform up to 7 transactions per second (TPS) while Ethereum on the other hand is capable of performing about 10 transactions per second. When we measure this against the 2000 transactions that can be performed by the VISA network per second we can see that current blockchains are really limited by their low throughput.
• Usability
Blockchain is also facing the problem of usability which is arising from privacy concerns as anyone can view the transactions on an account without requiring the permission or approval of the account owner as it has been recently proven that Bitcoin is not anonymous.
Core Goal of HYCON
The core goal of HYCON is to address the challenges which have been identified with the current blockchain systems today. These challenges will be addressed by;
• Providing a flexible currency known as Hyper-connected Coin (HYCON) which can be used and adopted in real-world situations which will address the usability challenge of current blockchain systems.
• The platform also has the goal of making the blockchain innovation more accessible to the mass market including NGOs, businesses, and governments.
• They will also be dealing with the problem of low penetration of the blockchain technology and cryptocurrencies into the real world. So that cryptocurrencies will have a wide acceptance for commerce and trade.
• There is also a core goal to break all barriers to entry that currently exists in the crypto world by making the platform user-friendly and requiring little education to use.
HYCON Wallet
The HYCON wallets have been developed to using the highest form of elliptic cryptographic methods for transaction signing which is secp256k1 [33].
To also pave the way for easy integration with third-party providers, HYCON is implementing mnemonic codes for wallet recovery as specified by BIP 39 [40].
Conclusion
HYCON is providing a platform where the noticed challenges and limitations of current blockchain systems can be addressed and this would be achieved through providing a blockchain platform where scale, security, and fastness can be achieved.
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