Everything You Need to Know about HCash and HCash Mining
HCash is a unique cryptocurrency that aims at facilitating value transfer among blockchains. Besides, HCash can also allow value transfer between blockchains, and blockless cryptocurrencies. Accordingly, the platform will facilitate private transactions, DAO governance, and quantum resistance. This will ensure a dual chain ecosystem that greatly adds to the depth of the blockchain industry.
The network is highly secure on account of the quantum resistant signature technology. You can use this platform to exchange information seamlessly between blockchains and non-blockchain networks.
Dual Chain Ecosystem
The HCash network consists of two chains that run literally with differentiated roles to make the ecosystem complete. Consequently, the dual chains ensure an interlinked, bifocal dual-token, dual-chain ecosystem. This helps in solving interconnection, privacy and security problems that have plagued blockchain networks since inception.
The two chains are known as the HyperCash (HC) main chain and the HyperExchange (HX) chain respectively. The latter chain is a subsidiary of the former and facilitates inter-blockchain communication including BTC, ETH and others, and non-blockchains such as DAGs
Other Key Features
Decentralized Autonomous governance
DAO governance is a distinct feature of this network and is present to fulfill the needs of the HCash community. DAO provides efficiency in decision making and an overall more sustainable and inclusive development environment.
POW and PoS Hybrid Mechanism
HCash is unique for utilizing a combination of Proof of Work and POS mining consensus. How does this work? POW in involved in the generation of blocks while POS ensures the verification of miners before joining the blockchain. This hybrid consensus of miners and stakeholders participation minimizes the possibility of mining Hash power monopoly. Hash power monopoly has been an issue for older POW coins like the Bitcoin blockchain. Moreover, hybrid mining adds to the security of the ecosystem.
Besides the hybrid mining, HCash implements post-quantum lattice Ring CT protocols. Privacy is a fundamental need for many users seeking to invest or utilize a blockchain ecosystem. The network also and improves and optimizes ZK-SNARKs meaning that clients to the platform can have greater options in meeting their privacy needs.
Post-quantum Signature Technology
Quantum signature technology is a big deal in blockchain circles and the hype is not unjustified. This technology vastly improves the security and efficiency of blockchain networks. In line with that, HCash supports a number of post-quantum signature schemes. The network is also compatible with traditional ECDSA signatures, which ensures an elevated level of security for users in a possible future quantum computing environment.
HyperExchange ensures that cross-chain transactions and high efficiency. The smart contract possibilities are versatile and diverse. This means that with HCash, you can effectively interact with and execute transactions on and between blockchains. In the grand scheme of things, HCash is redefining the value of blockchains by allowing the free flow of information and value. The ecosystem is still making improvements with the improvement of HC Main chain performance nearest in the roadmap.
Significantly, the development team conducted an operation in the last quarter of last year to ensure swap stability. This saw the swapping of tokens on both the HCash and HyperPay mobile wallets. HSR and HC token swap increased possibilities for users. The migrating of services from the HSR chain to the HC chain is an important development.
How to Mine HCash
The process of mining HCash can be two-fold depending on whether you wish to conduct pool mining or utilizing specialized hardware. For the former, you can download ‘Gominer’. Gominer is a POW mining client that supports solo and pool mining using CUDA and OpenCL devices. The application is simple to use and ensures you can practice convenient mining without the expenses of specialized hardware.
There is also the option of hardware mining. You can either utilize desktop mining which is very inefficient or purchases specialized ASIC mining machines compatible with HCash mining. The ASIC rigs are quite costly at a few thousand dollars but make up for it with better returns than cloud mining. The equipment may be a little sophisticated for a new user but once set up, things run seamlessly. HCash mining is a profitable and realistic venture and there is a meaningful reason to try it out.
In conclusion, HCash is a strong coin with impressive use cases and real growth potential. The bear market of 2018 may have been devastating but HCash is one coin well positioned to make the most of a possible upsurge in coin prices this year. Therefore, it is a project to keep your eye on.