So in my previous posts, I was able to elucidate on the Hycon project whereby it is a tactically unique cryptocurrency endeavour which runs on DAG (Directed Acyclic Graph), a more scalable and swift version of the blockchain model (referred to as the infinity blockchain). The result of this is that a good number of blocks will be published simultaneously while resolving conflicting transactions. Double-spends that occurs during the process will also be rejected via the SPECTRE consensus algorithm. I also mentioned the concept of the Infinity Project Ecosystem which is a part of the Hycon project that will be developed for public consumption in the near future. In light of this, I would like to write more on the strengths, use cases and probable weaknesses that the project may be faced with.
Strengths
Speedy Transactions: Within seconds, transactions can be completed. Of course hitches may occur, for instance, dishonest transactions which will be outrightly rejected in an instant in tandem with the high volume of blocks being published during that time frame.
Scalability: When compared to the Bitcoin blockchain which takes as much as 10 minutes (or sometimes even longer) before transactions are confirmed, Hycon would be an adorable and worthy option. This is because of its transactional throughput of up to 100 transactions per second (TPS) over a 1MBit/s connection which can be achieved as a starting point of the project.
Seamless and Frictionless: Aware of the fact that latency and throughput work as limiting factors as the maximum throughput within a network is drawn back by the latency between nodes, the DAG structure along with the SPECTRE protocol ensures that network latency is particularly expunged as a limiting factor within the transactional throughput. With this, all blocks that are received out of order can still be ordered depending on their implied position within the DAG rather than on the time they were gotten.
The success of Hycon phase 1 will lead to further development of the Infinity Platform where this gem of a project will be thrown out to the global audience for mass adoption as a medium of exchanging value for both big and small businesses, governments and NGOs as well as private individuals. This leads to the use case scenario.
Use Case
The infinity platform is an open, interactive system that has a simple yet intuitive UI which allows almost anyone the ability to construct their own personalized custom infinity blockchain. What makes the infinity platform special is that it will undoubtedly improve accountability, increase transparency and reinforce data security.
Accountability for Businesses: There has been disputes and issues raised concerning accountability in organizations, governments and even the society as a whole. Shareholders have been reported to often mismanage and abuse their positions at the detriment of their subordinates. Information that is immutable and auditable by both parties simultaneously will make the process accountable and this is why the Infinity Platform will be pivotal.
Transparency: Although, several corporations and relative entities have been placed in positions to monitor checks and balances as a way to safeguard their products, safety procedures and more, the chances of falsification by unscrupulous elements are still very high, not to talk of the possibility of man-made errors. With blockchain technology though, organizations can reduce the liabilities they incur on existing systems and self-errors. The infinity platform will make sure that transparency is rapidly improved to strengthen trust for all concerned parties.
Data Security: The use of a more intuitive UI can be utilized to build a secure system that will help protect and safeguard private data. The Infinity team are well aware that criminals will constantly try to bypass the most articulated security systems in a bid to steal sensitive, usually financial data. Through the Infinity Platform, users can create different security models that will work to ward of data breaches and influence trust between users and data owners who store their data.
Weakness
The only weakness I see that may limit and lend some strength to the competitors of Hycon is the introduction of a mobile app. The use of smartphones is still being underrated by many in a time where these mobile devices have actually become part of our daily lives. If the Hycon platform can launch an interactive app that will offer same or similar features that can be seen when used on a desktop, then I think the potentials will be huge as it will open the Hycon market to over 2billion people. In my next post I will be writing about the excellent team that setup this ground breaking project.
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