HYCON, which stands for Hyper-Connected Coin, is the digital asset built on top of a faster and more scalable blockchain developed by the Infinity Project team in Gangnam, Seoul. Using a DAG (Directed Acyclic Graph) structure, it has the capability to publish several blocks simultaneously with the ability to resolve conflicting transactions and reject double-spends through the SPECTRE consensus algorithm. This makes HYCON a next-generation cryptocurrency which can be used in the real economy.
The HYCON ICO, based out of South Korea managed to raise over $3 600 000 dollars during the duration of their crowdsale.
The Infinity Project team decided to step away from traditional viewpoints of monolithic monetary development present in many existing encryption projects, and introduce the concept of a flexible implementation platform that can incorporate various monetary models. By extension, this led to the creation of our “Hyper-connected Coin” (HYCON), which from its very beginnings, was designed to be fast, cheap, scalable, and safe, and thus ready for adoption and usage in a variety of real-world situations. The underlying Infinity blockchain that it’s built upon has been designed with an interchangeable, modular structure, which will facilitate the easy adoption and alteration of the underlying technology to suit specific needs.
The Infinity Project seeks to reduce entry barriers by providing a more straightforward and user-friendly platform, in addition to an intuitive wallet and exchange platform interface. Ultimately, our goal is to allow more people to harness the paradigm-shifting power of blockchain technology.
An active area of research for the Infinity Project is giving users the ability to exchange different cryptocurrencies in a decentralized manner. Current exchanges rely on centralization to cheaply and quickly trade cryptocurrencies, however this centralization requires users to entrust their fiat and cryptocurrency holdings to the exchange. As part of the Infinity Project’s future research, the project leaders intend to integrate the concept of atomic swaps into Hycon to allow for their currency to become a true medium of exchange. Through HYCON, multiple other cryptocurrencies will be tradable, and transaction fees will be distributed to the miners who protect the network. Atomic swaps will allow HYCON to be held in escrow pending the proof of payment of another cryptocurrency, and thus facilitate trustless P2P trading of HYCON and other cryptocurrencies
The company initially claimed they’ve raised a considerable amount at a private presale but proof of such was never provided. If that was true, it would mean that their distribution model was largely flawed because the early investors held more than 80% of the tokens.
Overall, despite the sketchy acts in the past, HYCON has managed to clear its name. They launched a main net recently which additionally aided in clearing their name. The project has a solid foundation and definitely has room to grow.
