A short summary of the Infinity Project and HYCON
A survey of the cryptocurrency landscape reveals no shortage of unique and useful platforms that aim to solve specific issues. There are projects promising anonymity, speed, decentralization, easier mining, or scalability, but few of these are good candidates for widespread adoption and everyday use. The individuals and businesses in the marketplace demand a quick, convenient, and secure means of exchange.
When it comes to adoption in the market, even the crypto projects with the best brand recognition are received with caution rather than enthusiasm. None of the current solutions in popular use meet the usability criteria for widespread integration into the larger economy.
It’s easy to see headaches for end-users. With transaction times up to 60 minutes, it’s no wonder supermarkets and coffee shops aren’t jumping on the cryptocurrency bandwagon. End-users also fear the potential for hacks and coding errors. Even tech-minded people are prone to user errors while safeguarding wallets and 30-digit private keys.
These unsolved issues inspired the strategy for the the Infinity Project and HYCON:
1. Identify actual market needs for a cryptocurrency
2. Develop a cryptocurrency that is flexible
3. Create a user-centric blockchain platform
4. Develop an ecosystem that promotes sustainable innovation
5. Investigate methods for a decentralized cryptocurrency exchange
The vision for the Infinity Project is a flexible coin that meets market needs and provides a secure and seamless user-centric experience. A full node running the HYCON software has access to a locally hosted web GUI allowing for wallet operations, transactions, and blockchain exploration. We’re also developing an intuitive wallet and exchange platform GUI to implement a fully decentralized cryptocurrency exchange by using “atomic swaps” to facilitate trustless P2P trading of HYCON and other cryptocurrencies In addition, a means of decentralized trustless exchange is in development.
For speed and flexibility, HYCON uses the SPECTRE protocol. The advantage of SPECTRE over a typical blockchain is shorter times between blocks and faster transaction confirmations. SPECTRE allows different nodes to publish blocks simultaneously, blocks to be published simultaneously from different nodes, without forking the chain. For miners, SPECTRE eliminates orphaned blocks.Meanwhile, miners don’t have to worry about orphaned blocks.
Speaking of mining, HYCON uses we’ve implemented the Cryptonight proof-of-work algorithm, making it possible to mine with either a GPU or a CPU. However, in the interest of sustainability, we are seeking a more energy-efficient mining algorithm for the future, such as Proof of Space.
Sustainability is important. The vision for HYCON is longterm, with a mining timeline of 50 years. Because of this length, and the high rate of block publication, mining rewards will be relatively low. However, a high volume of transaction fees should make mining an attractive option.
Looking at existing cryptocurrencies and the limitations preventing market adoption and integration, the Infinity Project and HYCON are in position to break barriers with our fast, secure, scalable, and user-centric blockchain and cryptocurrency ecosystem.
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