Summary of HYCON CEO Taewon Kim’s October 31 YouTube Announcement


1. GHOST Protocol Update

- Released on October 30, 2018

- The purpose of implementing the protocol is to resolve issues experienced by PoW-based algorithms

- If two blocks are created simultaneously, one of them is discarded, and the energy used to create that block is wasted

- By implementing GHOST, the block that would have been discarded is included in the chain in a reduced form which in turn increases the security of the chain

- Miners who created these discarded blocks are rewarded

- There is less incentive for miners to join centralized mining pools, which leads to improved chain security and reduced block time (from the current 30 seconds to 15 seconds)

- Exchanges can maintain good security while reducing the number of confirmations and deposit time

- GHOST is a stepping stone to completing SPECTRE

2. Airdrop Event to Celebrate the GHOST Protocol Update

- The airdrop event will be held through OKEx and OKCoin Korea

- From November 1 to November 8

- Details about the event will be announced by the exchanges

3. HYCON’s Listing on the Fourth Exchange

- HYCON is not an ERC20 token but a coin with its own mainnet

- It took time to test synchronization and wallets on the new exchange

- Wallet syncing and other work completed, now in the final testing phase

- HYCON will be listed on the new exchange before November 12

- Listing announcement will be made by the exchange, rather than Team HYCON

4. HYCON Mining Volume Reduction and Coin Burn

- Currently 691,200 HYCs are mined daily

- Will reduce the daily mining volume and burn some of the 10 billion (total supply)

- The scale of the mining volume reduction and the coin burn has been decided internally

- Details will be announced during the next broadcast on November 7

5. HYCON Token Economy

- HYCON Adventure Platform will feature airdrop of HYCON-based ICO tokens, auction of products with real value, and other events to the extent permitted by law

- You can buy products or participate in events through HYCON Adventure Platform, and fees incurred in the process will be burned

- HYCON’s goal is to create lots of online spaces where cryptocurrency can be used and the annual circulated volume target is 10 billion

- Mining volume reduction, coin burn and the HYCON Adventure Platform will all play a part so that the burned volume exceeds the mining volume

6. HYCON BUYBACK

- It’s not a standard buyback

- Volume of HYCON buyback and future plans will be announced on November 7