Technology

Greetings from Team HYCON!

Last time, we shared the exciting news about the 5,000 ETH buyback.

Today’s news is equally awesome!

[Total Supply Burn and Mining Volume Reduction!]

Embark on a long and successful journey with HYCON!

HYC’s total supply is 10 billion, with the daily mining volume of 691,200.

Team HYCON has the following plan.

Adjust the total supply from 10 billion to 5 billion.

Reduce the daily mining volume by 90% from 691,200 to 69,120.

Check out our updates on the hard fork for 90% mining volume reduction in real time at https://hycon.io.

Look forward to more news to come!

Stay tuned for more,

Team HYCON

Greetings from Team HYCON!

Today, we have some good news for you.

[HYCON Foundation] Announced the 5,000 ETH HYCON BUYBACK!

Team HYCON decided to repurchase some HYC circulating in the market by the end of November.

What is a buyback?

Like buybacks in the stock market, a crypto company repurchases its own coins circulating in the market using its funds.

Coin buyback is good news that has a positive impact on the price.

It is a way to adjust the price and manage the cryptocurrency.

After completion of the HYCON buyback equivalent to 5,000 ETH, we will share the total amount of the buyback with you.

We decided to return all the repurchased HYCON to you through an airdrop event rather than burning them.

Please continue to show us your love and support!

Sincerely,

Team HYCON

Greetings from Team HYCON!

Remember our awesome protocol upgrade on October 30, 2018?

Let’s recap the memorable moment!

[BLOCK #317,713] GHOST Protocol Update!

HYCON was born again on October 30, 2018 with the GHOST Protocol update!

The GHOST update aims at solving the problems that all proof-of-work algorithms face.

Until now, if two blocks were generated simultaneously, one of them was discarded, which meant the energy used to make that block was wasted.

This incurs loss to the miner of the discarded block as well.

The GHOST Protocol update solves these problems.

First, discarded blocks are accepted into the blockchain network in a reduced form to enhance the security of the chain. The miners of these discarded and later incorporated blocks are given a reward.

Also, as the need to participate in centralized mining is reduced, security on the chain increases and block time decreases from 30 to 15 seconds.

This means that exchanges can more safely wait for fewer confirmations and accept a deposit more quickly and that you can trade HYCON on a faster and more secure network.

That’s all on the GHOST Protocol update.

For more information, check out the video clip featuring HYCON Team Lead Owen Delahoy!

https://youtu.be/p5rB15KckY8

Watch from the beginning of the clip if you want to listen to CEO Taewon Kim’s introduction.

If you only want to learn about the GHOST Protocol, start 43 seconds into the clip!

HYCON has completed a huge step toward to the SPECTRE Protocol.

Please show us your continued support!

Stay tuned for more,

Team HYCON

If you have been following us lately you might have heard us talk about GHOST Protocol. It is one of our roadmap milestones that we are on course to implement at the end of this month.

The upcoming GHOST Protocol upgrade does the following:

1. Cut the block time from 30 to 15 seconds.

2. Speeds up the confirmation time as a result of decreased block time

3. Reward miners even if they mined a block that is not incorporated in the main chain.

Before unpacking each point, here is a quick refresher on the basic mining process.

Transactions can be published from anywhere in the network. The role of miners is to collect, verify, and publish these transactions as blocks on the chain. Due to the random nature of the hashing in a proof of work system, it sometimes happens that two blocks are produced by two different miners at around the same time. This results in one of the blocks not being included on the main chain and discarded.

These blocks that are valid but unfortunately not included on the main chain are described as “orphaned.” Normally, the miners of these orphaned blocks are not rewarded, and their efforts do not add to the total work of the chain. It can also lead to negative cases where selfish miners mine on top of “their chain” to try to overtake the main chain and retain their rewards.

This is where GHOST Protocol comes in. GHOST Protocol adopts some of these orphaned blocks as “uncle blocks” and assigns partial rewards to the miners of these blocks, but more importantly, the work from these blocks isalso included on the main chain. Including the work from these uncle blocks makes it more difficult for an attacker to overtake the main chain, because their own work can be used against them as uncles to further add weight to the main chain. In essence, the hash rate of these miners is more efficiently applied to the stability of the HYCON blockchain network, with the added bonus of faster transaction confirmation and processing time due to shorter block intervals that can be achieved with GHOST.

Although GHOST Protocol update is an important milestone in and of itself, it is only a stepping stone in our journey to achieve SPECTRE implementation as shown in our technical roadmap. Despite many obstacles and hard work required on the way, Team HYCON is firmly committed to deliver on our roadmap promises to HYCON community. So please stay tuned and join us in our adventure by showing continued support and interest.