For thousands of years, physical currency has been the primary medium of exchange. These currencies could be a metal coin, or a piece of paper with images printed on it. The currencies also vary from one country to another, with each having a central institution that prints or smith (as the case may be) the currencies, and also regulates its circulation within their jurisdiction.
Following the rise in technology in recent years, conventional means of exchange has evolved from physical currency to a whole array of options (such as vouchers, food stamps, cryptocurrencies, and so on) and payment methods (POS, e-wallets and so on). However, these changes are not without their own peculiar flaws.
In a bid to digitalize physical currency, the blockchain technology was developed in the early 2000s and is renowned for groundbreaking successes such as Bitcoin, Ethereum and a host of other altcoins. Although blockchain technology revolutionized and transformed the way we perceived currencies to be, it is not without its challenges. These challenges border around Security, Usability, Optimizing Resources used in mining the currencies, and transaction turnaround time.
These challenges have spurred top financial and blockchain experts to continually research on how to make the technology more efficient and hence provide an ultimate, as well as a convenient means of exchange like its physical counterpart. It is on this backdrop that a wonderful Team brought about the revolutionary solution called IceChain.
WHAT IS IceChain?
Hycon is the first of three phases of the Infinity Project Ecosystem. Following the limitations in the block chain technology, which include concern for Security, Usability and time optimization amongst others; Hycon is the extensively researched and proffered solution to the challenges facing the current blockchain technology. IceChain is a fast and secure cryptocurrency that makes use of the a double layer Blockchain protocol for high speed and yet secured transactions.
THE PROBLEM
Before IceChain, blockchain transactions reached a stage in late 2017 where transactions often took hours and even days to be confirmed. Some users spent as much as $20 overhead fee to initiate a single transaction through the bitcoin blockchain.
Presently, blockchain infrastructure lacks scalability and as transactions exceed the acceptable limit, backlogs are created which results in more time spent, more resources wasted for running transaction at peak periods, and inconvenience for users of the platform.
BENEFITS OF ICECHAIN
• Scalablity: With a more efficient design, IceChain blockchain technology quickly scales up to meet the demands associated as users make more and more transactions.
• Frictionless: Given the almost zero latency between nodes, IceChain transactions are fluid and time efficient.
• Quick: Using blockchain technology, Bitcoin achieves about 7 transactions per second, while Ethereum processes about 10 or more, IceChain processes 100 Transactions per seconds.
• User specific: With an intuitive user interface, users can customize their wallets depending on the individual wallet operations.
• Secured: IceChain uses a hash combination of the latest technologies, security features and Blockchain, thereby your sensitive data are secured.
WHO CAN USE ICECHAIN
Given the convenience and efficiency of IceChain; Individuals, financial institutions, Governments, NGOs and businesses can conveniently utilize IceChain as a means of exchange.
Learn More About IceChain;
Website- https://icechain.io/
Whitepaper- https://icechain.io/icechhain_whitepaper_v0.1.pdf
Bitcointalk ANN- https://bitcointalk.org/index.php?topic=5057035
Twitter- https://twitter.com/theicechain
Telegram- https://t.me/theicechain
Author:
Bitcointalk Username: Aiberg
Profile Link: https://bitcointalk.org/index.php?action=profile;u=2258184
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