Friday, May 24, 2024

How High Is Hycon?

In this article, we’re putting the spotlight on a lesser-known cryptocurrency. That shy crypto is Hycon

What is Hycon?

Hycon is a relatively new cryptocurrency. Korean company Glosfer founded it in 2018. 

Like many other cryptocurrencies, Hycon has a characteristic distinguishing it from other cryptocurrencies. This unique trait is nothing the crypto market has seen before. That is probably why Hycon hit its millionth block within less than a year. 

So what is so special about Hycon? Every account has its own blockchain. The account-specific blockchain – also referred to as “account-chain” – is updated by the account owner. The account chain updates the block-lattice following every update from the account owner. 

The benefits of Hycon

  1. While it may seem counterintuitive, this process results in faster transaction times. How? No waiting for the network ledger to update. 
  2. No time limit on transfers. A significant difference between this personal-blockchains system and other cryptocurrencies is that every transfer requires two actions. The user sending HYCON performs the transfer action. Then, because the account owner updates their own blockchain – the recipient needs to receive it. The recipient can take the receiving action at any time. Thus – no time limit on a transfer. 
  3. Probably the most popular benefit of this cryptocurrency is the cost of transactions. The cost of transactions is reduced by the block-lattice system. Why? Because there’s no miner fee. By autonomously updating one’s own blockchain, there are no fees for miners.  

Where is Hycon today?

So, what is the current situation? Well, as you know, in the cryptocurrency market, things are always shifting and changing. Thus all we can say is where things stand at the time this article is being written. 

According to Xangle, they project a total supply of 5,000,000,000 tokens distributed by 2050. The current total supply available at the network stands at 3,016,744,867 tokens. The current value of Hycon is $0.001367, with what appears to be an upwards trend. 

Will the upward trend continue?

Isn’t that what we all want to know? No one can ever say which way it will go. we’ve already demonstrated this network’s highly positive elements. With such substantial innovations, it’s easy to see why it has been trending up lately. 

The takeaway

What we see in Hycon is a very unique – and very novel – cryptocurrency. This cryptocurrency introduces us to a completely different way of transferring and receiving crypto – one with multiple benefits: 

  • Significantly faster transaction times than other networks
  • No time limit on transfers
  • Cost-effective transactions without miner fees

So what do you think? Will you be investing in Hycon in 2021?