HYCON REVIEW
HYCON, which stands for Hyperconnected Coin, is the digital asset built on top of a faster and more scalable blockchain developed by the Infinity Project team. 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.
HYCON TECHNICAL SPECIFICATIONS
The first version of this document cited Blake2b as the only hash function being used as part of the HYCON system. However, due to recent developments in ASIC technology, it was decided to move away from the Blake-2b hash and to instead use the ASIC resistant hash Cryptonight, which is also employed by Monero. What makes Cryptonight interesting is that it uses pseudorandom memory read/write operations as part of its hashing operation. This leads to performance being loosely comparable whether on a CPU or GPU, while also rendering it incompatible with standard ASIC architecture. In the future, and in order to deter centralisation of mining resources, it is planned to follow the example set by Monero and periodically tweak the hashing algorithm to maintain ASIC resistance over the course of the mining period.
BENEFITS OF HYCON
Faster
Quick transaction confirmation times
Honest transactions can be confirmed or rejected definitively in mere seconds, due to the high volume of blocks published within that time interval.
Scalable
On-chain Scalability
Transactional throughput up to 100Tps on a 1MBit/s connection can be achieved as a starting point of the project.
Frictionless
Latency Tolerance
The DAG structure coupled with the SPECTRE protocol allows for network latency to be essentially removed as a limiting factor on transactional throughput. Blocks that are received out of order can still be ordered based on their implied position in the DAG rather than the time they were received.
Mining Process in Detail
The initial stage of the mining process is the encoding and hashing of the contents of the block header, which will not change as a result of the mining process. These contents are the references to the previous blocks, the Merkle root of the transactions to be contained within the block, the block target difficulty, the block timestamp, and the root of the Merkle-Patricia Trie representing the current world state after the transactions in this block(see Wallets & Accounts section for more information). This data is hashed using the 64 Byte version of Blake 2b to provide an unchanging pre-hash to be furnished to a GPU or CPU miner. T
his step is necessary, particularly for GPU mining, as HYCON block headers have variable length due to multiple possible parent blocks. GPU mining software works best when furnished with a fixed length data structure so pre-hashing is necessary. The 64 byte header pre-hash is then combined with an 8 Byte nonce, that is incremented by one for each hash attempt using the Cryptonight hash algorithm. The combined header pre-hash and nonce are hashed together to return a 32 byte hash representative of the block. This hash is then compared to the difficulty specified in the block header, and if the correct difficulty threshold is reached, the nonce is returned to be included in the finished block header and published
Mining Rewards
On successful completion of the Proof of Work for a new block, the miner is rewarded with HYCON. The mining process for HYCON is planned to last for 50 years. The initial reward for mining a block will be set at 8 HYCON. The reward will remain at 8 HYCON per block for 6 years and 2 months at which stage it will decrease by 1 HYCON to 7 HYCON per block. The reward will continue to decrease periodically in this fashion until the market cap of 10 Billion HYCON is reached after just short of 50 years. It was decided to decrease the mining reward linearly as opposed to Bitcoin’s geometric distribution with periodic halving, to provide a more balanced distribution of coins over the mining period and avoid severe decreases to the economic incentives for miners, as seen with Bitcoin’s halving model.
For more information check out the links below
Website: https://hycon.io
Whitepaper: https://hycon.io/doc/whitepaper1.2.2_en.pdf
Facebook: https://www.facebook.com/teamHycon
Telegram: https://t.me/teamhycon
Twitter: https://twitter.com/teamhycon
Reddit: https://www.reddit.com/r/HYCON/
Steemit: https://steemit.com/@hycon