Monash University’s Clayton campus will be home to the brand new Collinstar Lab, for the development and improvement of Hcash’s technologies.
Last night’s (03/10/2017) event was met with much excitement, as faculty members of both Monash University, the Hong Kong Polytechnic University, and the managing director of Collinstar Capital presented speeches to attendees.
Firstly, Jon Whittle, Dean of Information & Technology at Monash University spoke. He welcomed attendees to the launch event, and explained the purpose of the lab: “This lab will be located at Monash University Clayton campus, which we are now on, and there will be a node-based polytechnic campus in Hong Kong. It will staff a team of PHD students and research fellows who will look to develop new cryptographic algorithms to be deployed in the cryptocurrency, Hcash.” After congratulating the companies, he introduced the following speakers.
Marc Parlange, Provost of Monash University explained how important the relationship between the universities and companies is, and touched on the potential real-world applications of research into these technologies; “agriculture, to laws, the questions of society, looking at the discovery of new drugs... This is the heart and soul of where Monash, in many ways, is going to be going in the coming years.”
Prof. Qin Lu spoke about how the popularity of blockchain technologies is growing, especially when it comes to payments and lending services. She emphasised the high demand for fintech services in Hong Kong, and the Asia pacific region, stating the importance of collaborations between companies and universities. She closed by saying “We would like to see our joint work to leave a trackable chain of innovations to change our way of doing business and the way we live our lives - We can foresee that in the not so distant future, boundaries of countries and regions will be removed as one world village, at least in the digital world.”
Jacob Cheng introduced Collinstar Capital, and spoke about the industry in which they are involved. He said, “We think this is the very early stage of this industry, the fundamentals of this technology are based on cryptography, and that’s why we are looking back to go for the top universities like Monash and Hong Kong Polytechnic University.” Mr. Cheng also emphasised that Collinstar is interested in purely providing funding which is fully flexible, and has no interest in directing or restricting the research that these institutions conduct. He then went on to explain, that the reason he invited these scholars and institutions to work on Hcash is because they have experience, resources, and previous outcomes, which are all aligned with the heart of cryptography, and this can be integrated into the industry.
Research and development, lead by Dr. Joseph Liu, who is a cyber security expert, and has extensive knowledge in applied cryptography. He wrote his thesis in 2004, which the prominent cryptocurrency, Monero - focused on security, privacy, and intractability, used as a basis for their technology. His speech detailed this, and the story of how he came to know Mr. Cheng, closing his presentation with “I had no hesitation in joining Collinstar for this collaboration, and I believe in the coming future, everyone who lives in Australia, they are going to use Hcash as our day to day payment system, and I am also proud to say that the technologies behind Hcash are developed by Monash University, and Hong Kong Polytechnic university.” Dr. Liu and his team will especially bring technologies pertaining to Quantum resistance - protection against hacking via quantum computing, and zero knowledge proof - a simplified, and much quicker way of proof of ownership of assets.
Congratulations were in order as the official documents were signed by Jacob Cheung, Managing Director of Collinstar, Prof. Qin Lu, deputy dean from department of computing in Hong Kong Polytechnic university, and Marc Parlange, Senior Academic Administrator of Monash University.
This event marks the start of the work and collaboration which will follow, to ensure that Hcash will advance leagues ahead of the competition when it comes to the technology behind the cryptocurrency platform.