Trading on cryptographic currencies comes with unique challenges. These currencies’ volatility can fluctuate without warning. In the light of this, many find it hard investing in such.
Bitcoin and Ethereum might have failed but their benchmark is the yardstick behind over 2000 cryptographic currencies and altcoins in the digital space. HShare is joining the queue of digital currencies.
Is HShare (HCash) a Scam or Overhyped Coin?
The media had been awash with different insinuations to this coin. Some analysts speculate that the coin is likely a scam despite its huge upsides.
Most of its team is relatively unknown to the crypto world. It is quite mysterious that they have no links to professional networks. However, the coin seems to have better tidings despite these speculations.
Is this Product Functional?
The functionality of HShare is left to the end-user to determine. Nonetheless, its blueprint highlighted some pain points of the chain technology. In the midst of severe criticism, making decisions on HShare has to be dexterous.
HShare’s Value Transfer is Unprecedented
In the build-up to year 2015, the block chain technology was regarded with suspicion. Haven championed the cause of a decentralized system; it became ironical that the technology fell into the same problem it tried to solve. Scalability was reduced to the barest minimum.
There was outright disarray in the system as many platforms sprang up to solve scalability issues. As more came up, other downsides were birthed. There was the issue of interoperability. Coins hosted on the Ethereum block chain cannot be interchanged for their Bitcoin counterparts.
It is common knowledge that chain platforms use mining and consensus algorithms play vital roles towards that. It seemed the mining process was different across block chain platforms. For instance, you cannot transfer coins and value from Ethereum to EOS. This downside was unfavorable and there was revolution.
A new school of thought emerged forming another mining process. Directed Acyclic Graph (DAG) became the new order. The reason behind its invention was instability in block chain platforms.
Hence, DAG design was to mine without help from the block chain. This seemed an effective way of overcoming existing hurdles but it ended up creating disparity and further deepening the lines demarcating block chain. So there were two mining processes – Block chain and DAG.
HShare is perhaps the messiah that was awaited. The platform aims at unifying DAG and block chain and also facilitating mining process.
Sneaking in as a Side Chain
Pitching its tent with the block chain or fully supporting DAG will not yield any result but will only escalate the situation.
HShare therefore decided to become a side chain. By this, it can effectively mediate between DAG and block chain without bias.
Can we now have Interoperability?
Existing chain and DAG platforms are literally at enmity with each other. Their mining process is at the core of this division. Now that HShare had stepped into the picture, the question is can we now have interoperability of coins?
This answer to this is in the affirmative. By functioning as a side chain, HShare had opened up its platform as a mediator. Ethereum coins can cross-carpet to Bitcoin’s for transactions. HShare was designed to work with block-less and blockchain platforms.
That is exactly what it is doing with blockchain coins such as Ethereum and block-less (DAG) platforms such as IOTA and Byteball.
If you are wondering how possible this will be, refer to your digital wallet. Digital wallets are created based on the chain technology that hosts the currency/coin.
Ethereum’s digital wallet is different from Bitcoin’s. HShare had this in mind. Its dual network supporting block chain and block-less platforms have interoperable addresses.
These addresses are connected to HShare’s official wallet. When value is transferred from Ethereum to DAG, the block chain network receives it and forwards same to the block-less address. It is as simple as that.
HCash is the Link
HShare does not achieve its interoperability by default. Its token “HyperCash” (HCash) is the pioneer of the revolution. HCash links both block chain and block-les systems unto the HShare platform. HCash is a cryptographic currency.
It will be joined to multiple block chains with the aim of facilitating transfer of value among these platforms.
It will also facilitate privatization of transactions, add to the system’s DAO governance and be effective in HShare’s quantum resistance.
Aside Sybil attacks and hashpower attacks predominant during mining on block chains, there exists another superior attack. Quantum computers are being developed in the background. These computers exist in states different from traditional “0” and “1”.
When implemented, Quantum computers can retrieve codes from chain platforms. They have brute computing power.
Though analysts have posited that about 11 quintillion years will be required by a hacker seeking to decode a 128-bit cipher, Quantum computer can do this under a six-month time-frame.
HShare took extra precaution to this regard. HShare’s codes have integrated Quantum resistance in them. This is a great stride because if it would take 6 months to hack other platforms, it will take longer to hack HShare because of this extra security layer.
Transferrable Value is the Next Mile
HShare’s prospects are quite impressive. Despite coming under heavy criticism, its team is working relentlessly to achieve set goals. Hopefully, the project will see daylight and birth a new order for value transmission across different platforms.