HYCON - Review of the prospective blockchain project

bountyacaunt (32)in #bounty • 6 years ago (edited)

Hey. There are more and more crypto-currencies and various block projects. If a year ago their number was not so great, then in 2018 with each month there is a huge increase. How to understand this stormy sea and choose worthwhile? Today I will tell you about an interesting and promising project, called Hycon

Hycon is a new digital asset. Roughly speaking, this is a new crypto currency. The developers of this project say that the network will be the fastest at the moment and will overtake Bitcoin and Etherium in terms of transaction speed. Large campaigns will be able to store their data in this ecosystem. Unlike other block networks, this network will be more secure.

Main characteristics

Decentralized exchange is a fast and reliable network for data exchange, developers use their own innovations and modern technologies.
Speed is the declared speed - just a few seconds for any transaction.
Scalability - the developers promise a speed of up to 3000 transactions per second, it significantly exceeds the speed of other networks, which with the increase in users are becoming slower.

Miner's reward

If the new block is successfully completed, the miner is awarded with HYCON tokens. The production process is planned for 50 years. The initial amount of remuneration for each new block will be 8 coins and will be relevant for 6 years and 2 months from the moment the network was launched. Then it will decrease by 1 token to 7 coins per block. Subsequently, this amount of payments to the miners will be periodically reduced, until after 5 years the total number of coins in circulation will not reach 10 billion. The developers decided to reduce the amount of compensation for mining linearly, in contrast to Bitcoin's geometric system, which provides for a periodic cut in half. They argue that in this way a balanced distribution of coins will be ensured throughout the production period. This will also avoid serious consequences due to a reduction in economic incentives for the miners with whom they encountered during the Bitcoin mining.