All You Need To Know About HyperCash
HyperCash, Hcash, or Hshare is a decentralized, open-source cryptocurrency platform that runs on proof-of-work and proof-of-stake consensus. It is created on the HyperCash blockchain where transactions between peers take place without direct involvement or interference by governments or third parties. Unlike other cryptocurrencies such as Bitcoin and Ethereum which are proof-of-work only, HyperCash has a staking mechanism that allows you to earn an annual interest in addition to mining. HyperCash was created mainly to allow data exchange between blockchain and non-blockchain networks.
History of HyperCash
Initially named Hshare before changing its name to Hcash on exchanges, HyperCash was launched on October 2nd, 2017 and held an ICO on June 28th, 2017. The transition of Hshare to Hcash was completed in 2018 at the rate of 1 Hshare = 1 Hcash.
The project was developed by a team made up of chief scientist Dr Joseph LiuDallas Brooks, Andrew Wasylewicz and Khal Achkar. Its new development team is made up of veteran Silicon Valley developers MO Sen and John Woeltz and is currently led by CEO Adam Geri.
The team, in partnership with international universities such as the Monash University in Australia and Jiao Tong University in Shanghai, are working to make Hcash safer and more efficient, while the Hong Kong Polytechnic University seeks to build a credentials system that is decentralized and anonymous while also developing a faster payment platform for Hcash. Hcash users can now prove their identity and preserve their privacy.
HyperCash was released with the primary aim of letting individuals earn a particular percentage of HyperCash interest from the amount staked.
Process of Creating HyperCash
Unlike other proof-of-work based crypto like Bitcoin and Ethereum that depend heavily on electricity and internet connection as well as GPU and CPU power for their mining process, the case is different with HyperCash. HyperCash instead utilizes both proof-of-stake and proof-of-work. As a miner of HyperCash, you can either be a solo miner or a pool miner. Discovering a block is difficult as a solo miner but if you do discover a block, you will get a small reward. If you are a pool miner, your computing power can be shared with other miners making discovering a block much easier thus more reward.
Mining hardware can include a CPU or GPU. The Blake256R14 algorithm is the mining algorithm used by the HyperCash cryptocurrency. The mining software can easily be downloaded. With regards to staking, the more staked in the pool, the more blocks can be discovered, and so the more interest can be earned on the staked amount.
Hcash Technology
Zero Proof Knowledge: The Zero Proof Knowledge technology does not require identifiable user information. The identity of parties in a transaction are concealed using a bi-directional encryption. This masks the identity of users while providing full transaction details which is an improvement on transactional privacy.
Mining with Hybrid PoW and PoS: To verify and create new blocks requires Proof-of-Work or Proof-of-Stake. The computing power of the user network is maximized through a hybrid PoW/PoS system. Miners are motivated by PoW to add more computing power.
Dynamic Real-Time Electoral System: Shareholders decide the use of revenue using a dynamic real-time electoral system. Shareholders’ network computation power determines their voting power. Hcash is governed by the decentralized autonomous organization (DAO) which makes decision making easy as it follows a hierarchy.
Maximum Circulation of HyperCash
Upon completion of its mining process, the maximum amount of HyperCash that come into supply is 84,000,000. HyperCash is distributed as follows: a fourth of the total supply (21 million) is created with Proof-of-Work. Another quarter is created through proof-of-stake. A third of the supply will go through ICO and be given to the community. Investors will get 12.6 million coins, while the HyperCash team receives 5% ($4.2 million) and HyperCash DAO will receive 5%.
HyperCash price peaked at $38.40 on August 27, 2017. On a daily basis, over $1 million worth of Hypercash’s token, HC, is traded and trading pairs include USDT, BTC, and ETH.
Many exchanges buy and trade HC, including Binance, OKex, ACX, EXX, KuCoin, TOPBTC, Huobi, Gate.io, Bit-Z, and Bitthumb. When the token HSR (the beta token of HyperCash) was swapped to HC, these exchanges supported the change seamlessly.
How Hcash is Different From Other Cryptocurrencies
Hcash has several features that make it stand out compared to other cryptocurrencies.
The Hcash wallet, for example, will soon be able to send and receive various currencies due to its dual chain functionality. This feature is, however, not available in Bitcoin and Ethereum.
Due to Hshare’s hybrid nature, Hshare (HSR) holders can be part of decision making. The existing technology cannot be compared to the consensus algorithm. By being hybrid Pow and PoS, it is easy for community-wide decision making.
Both DAG and blockchain systems are catered for by its bi-directional feature. This makes interactions across blockchains easier. Also, the identity of the user always remains hidden.
You can make unlimited Hcash transfers with limited block size. Hcash wallet transfers are not interrupted by the speed of transfer or the amount, which makes it convenient.
How to Buy HyperCash
Hcash can be purchased from exchanges like Binance, Bit-Z, Okex, Gate.io, Hypex, etc.
How to Store HyperCash
You need a HyperCash wallet or another wallet that supports cryptocurrencies to store your HyperCash. A great way to keep your HyperCash safe is to use an offline HyperCash wallet such as Ledger Nano hardware wallet or you can download Edge wallet.
Transferring HyperCash to Other Users
To transfer your HyperCash to another user, both must have trust in each other. The trust is the HyperCash address sent to the receiver while there must be some HyperCash balance in the sender’s account to send to the receiver. The sender will see a blank space for the receiver address and another blank space for the amount to send to the receiver.
