Introduction
One of the benefits of cryptocurrency is borderless, fast and secure transaction and payment. This has made this so different from the traditional one. Cryptocurrency is going to be the future of payment. Future of payment includes when purchases can be made anywhere at any time without cash and with low/zero transaction fees.
However, transactions on existing blockchains like Bitcoin and Ethereum still take like 10 minutes before confirmation. This is coupled with security issues. Over time, hackers have devised means to track payments, steal funds and breach smart contracts.
However, there is a new cryptocurrency that has seen the future of payment have aligned themselves with these criteria. HYCON is bringing a bright future for cryptocurrency payment and blockchain technology in general. With the introduction of HYCON network and infinity exchange, it aims to revolutionize blockchain.
What is HYCON
HYCON coined from the word ‘Hyper-Connected Coin’ based on the blockchain technology will be very safe. HYCON was designed to offer a solution to some of the shortcomings of the previous blockchain technologies. It aims to solve the problem of 'throughput' associated with existing blockchain such as Bitcoin and Ethereum.
Their major target is to make available a location where giant companies can securely store their data. This location will be secured, hack proof and save from threat. The project HYCON will stand out in terms of speed. Hence, transaction will be completed in seconds. Also, the project has the capacity of increasing thus, in a matter of days, the speed would have skyrocketed.
Why HYCON?
HYCON was able to identify the market needs to give miners what they want. It deviated from the traditional viewpoints of monolithic monetary development associated with lots of existing encryption projects. It also introduced the concept of a flexible implementation platform that can support different financial models.
HYCON Core Goals
Market Need Identification
A lot of cryptocurrencies like Ethereum, Bitcoin, Ripple etc. has gained mainstream attention and recognition. However, none has been able to gain massive adoption as a means of payment on a global scale. There is still a wide difference between crypto and fiat currencies. Only few online stores are confident enough to accept crypto as a means of payment. This level of adoption has made it very difficult to rely on Bitcoin or other cryptos as a main source of digital payment.
To overcome this challenges, the Infinity Project team will work to achieve massive adoption and expedite use cases. This will be achieved by working hand in hand with experts and players in a given field alongside the developers. This will help to drive the development of a successful market friendly currency that will be useful for everyone/user.
The team will define the core blockchain technology that will provide solutions from both development and market point of view.
Flexible Currency
The Infinity Project team will introduce a flexible implementation platform that is able to incorporate various monetary models. This has led to the development of HYCON (Hyper-connected Coin) which will be built on blockchain designed with a modular structure, interchangeable network. This will facilitate easy adoption of the technology to meet specific needs.
User-Centric Platform
The Infinity Project will develop a decentralized exchange that is open to all, and open the avenue that will enhance and make payment easier without a bank. The proposed DEX will be user friendly with nice UI and UX. Making it friendly will make people feel the disruptive force of blockchain technology.
Flexible Innovation
The Infinity Project will come up with a platform that will drive the use of HYCON. Innovations are being made so that a lot of people, government, businesses, NGOs, etc. can make use of the HYCON network.
Secure Decentralized Exchange (DEX)
A DEX is a cryptocurrency exchange where a lot of cryptos are traded without restriction or monitoring. The Infinity Project will introduce an atomic swap into HYCON. This will allow the cryptocurrency to serve as a medium of exchange and multiple cryptocurrencies will be traded and transactions fees will be shared among miners that help in protecting the network.
With atomic swap, HYCON will be held in an escrow pending the time that a transaction is confirmed and thus facilitate a true decentralized P2P trading.
The HYCON Team
There are over 60 development team members that make up the HYCON team. The team is growing with many of them taking care of the first phase of the infinity project. The team operates with the idea that everyone can enjoy what blockchain has to offer. The team has been in the blockchain business as far back as 2012.
Conclusion
There is a serious need to upgrade the blockchain technology. This is what HYCON seeks to achieve. The idea was brought about by developers from South Korean and they have been able to achieve a huge security level with a very fast transaction.
HYCON is vast and can adapt to offer its users the flexibility to design the Blockchain remedy they desire.
More Resources;
WEBSITE: https://hycon.io/
WHITEPAPER: https://hycon.io/doc/whitepaper_en.pdf
TELEGRAM: https://t.me/teamhycon