HYCON: A NEW DAWN FOR THE BLOCKCHAIN ECOSYSTEM

In the world today, electronic and internet banking is the order of the day as this system is seen as a very fast, secure, efficient and effective system, which has been made simple and accessible due to accessibility to electronic devices and the internet. With this system, business transactions have been made transparent. Over the years, system has been developed to be more efficient and reliable. Among this framework is the blockchain ecosystem which incorporates blockchain innovation and cryptographic forms of money a medium of trade and exchange the blockchain environment.

This system has not only helped to simplify exchange and trade, but it has also helped the world in general to better achieve a cashless society policy. Though the blockchain technology system has been so far efficient and reliable, but it is a well known fact that no system is entirely perfect, that is free from challenges and bottlenecks which to a great extent has every tendency of creating loopholes in the entire system, thereby threatening the advancement of the system. In a bid to curb these existing bottlenecks, the infinity project was launched, with the main aim of addressing these problems.

The infinity project is aimed at providing a platform which to a great extent will eliminate the challenges facing blockchain technologies because these challenges has in one way or the other has affected the effectiveness of the blockchain ecosystem. Some of the challenges facing the blockchain system include throughput, latency, size and bandwidth, security, wastage of resources, usability, versioning, hard fork and multiple chain. When we talk about throughput, it is the time required for a processing transaction to be confirmed. When the throughput of the blockchain system is compared to that of other network, it is less thereby raising the need for concern on how to better increase the throughput of the blockchain system. Also, latency is posing as a challenge for the blockchain system as high latency between nodes tends to Increase the risk of mining on an old blockchain.

Although latency between nodes does not really acts as a large limiting factor, that is, the ratio of blockchain mining to the network propagation time is large. Size, which is the actual data the entire blockchain is represented with and the user (individual) blockchain size being sent over the network and bandwidth Is also a challenge for the blockchain system as it results to change in core protocol to allow for large transaction volume caused by increased mining fees, thereby causing a hard fork which is generally undesirable. The problems facing the blockchain system cannot be discussed without highlighting out security, which is one of the most crucial problem with system hacking predominately occurring. Some other challenges as listed above are wastage of resources which has to do with resources used to carry out its daily activities especially power and usability relating to accessibility to some features in the system.

In a bid to eliminating these problems facing the blockchain ecosystem, the infinity project has launched its own cryptocurrency called HYPER-CONNECTED COIN (HYCON) which it hopes will help to eliminate the problems facing the system. This coin is designed to be flexible, fast, cheap, safe and scalable. The infinity project has also device strategies which include identifying market needs, introduce a flexible currency (as discussed earlier) and innovations, make its platform user-centric and secure decentralized exchange, which it hopes will also assist in curbing the challenges.

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