Summary of HYCON CEO Taewon Kim’s October 31 YouTube Announcement
1. GHOST Protocol Update
- Released on October 30, 2018
- The purpose of implementing the protocol is to resolve issues experienced by PoW-based algorithms
- If two blocks are created simultaneously, one of them is discarded, and the energy used to create that block is wasted
- By implementing GHOST, the block that would have been discarded is included in the chain in a reduced form which in turn increases the security of the chain
- Miners who created these discarded blocks are rewarded
- There is less incentive for miners to join centralized mining pools, which leads to improved chain security and reduced block time (from the current 30 seconds to 15 seconds)
- Exchanges can maintain good security while reducing the number of confirmations and deposit time
- GHOST is a stepping stone to completing SPECTRE
2. Airdrop Event to Celebrate the GHOST Protocol Update
- The airdrop event will be held through OKEx and OKCoin Korea
- From November 1 to November 8
- Details about the event will be announced by the exchanges
3. HYCON Mining Volume Reduction and Coin Burn
- Currently 691,200 HYCs are mined daily
- Will reduce the daily mining volume and burn some of the 10 billion (total supply)
- The scale of the mining volume reduction and the coin burn has been decided internally
- Details will be announced during the next broadcast on November 7
4. HYCON Token Economy
- HYCON Adventure Platform will feature airdrop of HYCON-based ICO tokens, auction of products with real value, and other events to the extent permitted by law
- You can buy products or participate in events through HYCON Adventure Platform, and fees incurred in the process will be burned
- HYCON’s goal is to create lots of online spaces where cryptocurrency can be used and the annual circulated volume target is 10 billion
- Mining volume reduction, coin burn and the HYCON Adventure Platform will all play a part so that the burned volume exceeds the mining volume
5. HYCON BUYBACK
- It’s not a standard buyback