[HYCON] GHOST Protocol Update!
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!
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,