Updated: Dec 20, 2019
HCash or HyperCash is a newly launched “plug and play” blockchain, which is attracting crypto enthusiasts because of its entry in the top 20 cryptocurrencies, by market cap, and the fact that it can easily interface with other blockchains. The hybrid platform, which was initially named HShare (HSR), allows value transfers among both block-based and blockless-based blockchains. The HyperCash token is denoted by HC.
This guide will explain the purpose of HyperCash, the team behind it, the way it works, and various uses and applications.
What Is HyperCash Designed For?
HyperCash is designed to be multi-compatible and multifunctional software, which connects closed-loop systems and allows different blockchains to trade coins and information. It promises end-to-end privacy and uses zero-hash proofs.
The cryptocurrency is intended to be used as a side chain, for both blockchain and legacy networks. It is expected to be technically ready for blockchain’s global domination. While interoperability among blockchains is not a new concept (Aeternity, Neo, Lisk, and Icon have all been created for the same purpose), HC is designed to be “the” sidechain for all other cryptos and blockchains.
Who Is the Team Behind HyperCash?
HyperCash was initially developed by a team comprising of Khal Achkar, Dallas Brooks, and Andrew Wasylewicz. It has since then got itself a new team, led by Adam Geri (CEO), Andrew Wasylewicz (COO), and Dr. Joseph Liu (Chief Scientist). The current HCash team is mainly based in China and Australia. However, information is scarce since the team has largely decided to stay silent, except for occasional updates on Medium.
Dr. Liu, who is known as the “Godfather of Monero (XMR)” for his leading research in Ring Signature, is the lead developer of the HyperCash project. Other notable names on the advisory board include Dawa Gu, Ryan Xu, Haoba Ma, and Dr. Man Ho Allen Au. Haoba Ma is also the founder of Aelf.
The cryptocurrency has partnered with various international universities like Shanghai Jiao Tong University (SJTU), Australia’s Monash University, and the Hong Kong Polytechnic University to make HC more efficient and safe to be used.
How Does HyperCash Work?
HyperCash technology involves Zero Proof Knowledge, which does not require identifiable user information. The identity of all parties involved in each transaction is concealed by using bi-directional encryption. HC tech allows users to mask their identities while only disclosing transaction details, such as the amount. This goes a long way in improving transactional privacy.
The mining mechanism employs a hybrid of Proof-of-Work and Proof-of-Stake consensus algorithms. Verification and creation of new blocks can either be done using the PoW or PoS system. This hybrid system helps in maximizing user engagement network’s computing power. PoW in itself motivates the miners to keep adding to the computing power.
The stakeholders vote to decide the use of revenue through a dynamic real-time electoral system. Shareholders’ network computation power determines the individual voting power. HyperCash is governed by a decentralized autonomous organization (DAO), which makes decision making easy based on hierarchy.
DAO governance system enables ongoing decentralization and continual vitality. It also allows the decentralized ledger system to circulate information without obstructions, between different blockchain systems.
What are Current and Future Applications of HyperCash?
HC has been recently launched and it can be purchased from exchanges like Binance, Okex, Bit-Z, Huobi, Bitkan, Gate.io, Hypex, and KuCoin. It can easily be transferred between different platforms. This has made it the new standard of value.
You can currently purchase HyperCash against fiat currencies such as USD, CAD, AUD, EUR, and GBP. Most exchanges pair HC against BTC, USDT, and ETH.
The HC hybrid technology can be used for the Internet of Things and Big data to curate, store and transfer data. It can also be used for improving financial efficiency by effectively capturing the Fintech space.
Hong Kong Polytechnic University is currently building a decentralized anonymous credentials system, for a faster payment system for HC. This will allow HyperCash users to preserve their privacy and prove their identity on the platform.
Investors can gain trust in the cryptocurrency because multiple noteworthy organizations have put their money in HyperCash, including Fintech Blockchain Group, Bitmain, Bixin, Blockchain Ventures, and Collin Star.
HC’s market capitalization stands at $207 million, and with its hybrid platforms and secure private transactions, the cryptocurrency is only expected to gain new grounds. The team is working hard on establishing quantum-resistant computing, which will protect users against cracking of source codes, making the platform even more private and secure.