Activation notice: Hcash will activate a testing chain for the upcoming main chain incorporating the new hybrid consensus algorithm and quantum resistant features

18 Dec 2017 - The Hcash main chain code has been pushed to GitHub:

 

 

Hcash adopts hybrid (PoW + PoS) consensus scheme, and its digital signature tech is quantum resistant. The development is a joint effort between LoCCS (The Lab of Cryptography and Computer Security) of Shanghai Jiao Tong University and Shanghai Guanyuan Information Technology Ltd. The technical documents (including the new hybrid consensus mechanism design, quantum resistant solution design, quantum resistant digital signature technical report, and quantum resistant signature compliant wallet user guide) have also been pushed to GitHub (https://github.com/HcashOrg/hcashd). You are welcome to conduct beta testing of Hcash quantum resistant signature feature. The test reference is here https://github.com/HcashOrg/hcashd/wiki. If you encounter any problems, or have any feedback, please submit them to https://github.com/HcashOrg/hcashd/issues. We are carrying out final test and optimisation of the testnet of the Hcash main chain. It will go public on the 25th of December, 2017.

 

Conventional public blockchains in the current market have 3 common issues:

Performance (low number of transactions per second)

Security (selfish mining, risk of 51% attacks, future quantum computing attacks)

Protocol upgradeability (not supporting smooth and decentralised protocol upgrades)

 

LoCCS has thoroughly researched distributed ledger technology and post-quantum cryptography. The team has developed an efficient but secure hybrid consensus scheme and quantum resistance solution, which can effectively solve these common issues. In fact, Hcash is currently the only public blockchain that can solve all 3.

 

The Hcash consensus mechanism has the following features (which have been online and stably running since the 30th of September 2017):

 

1) An innovative dual chain structure and dual level mining can greatly improve system throughput, without compromising security. For example, Bitcoin’s throughput is 7 TPS (transaction per second), while Hcash’s throughput is 450 TPS. This can also be increased by tuning system parameters;

2) Hcash enables not only PoW mining but also PoS mining by introducing a voting ticket transaction scheme. It can solve selfish mining issues, improve system robustness (prevention of a 51% attack) and increase flexibility;

3) Based on the new consensus scheme, all the miners and token holders can participate in community decision making, including protocol upgrades and community project investments.

 

The advantages of the Hcash quantum resistant solution are:

 

1) Compatibility: Before the threat of quantum computers existed, many cryptocurrency and Blockchain systems implemented the ECDSA signature algorithm. Forming a foundation for future interoperability between Blockchains, the Hcash digital signature architecture is compatible with ECDSA, so it can interface with mainstream cryptocurrency systems;

2) Flexibility: The Hcash network will support two quantum resistant solutions, both of which have been tested to be secure and efficient by several international cryptography research institutions;

3) Security: After being mathematically proven, Hcash’s quantum resistant solution is side-channel attack safe;

4) Efficiency: The Hcash Quantum resistant public key and signature is much longer than those found in the ECDSA signature algorithm. This means Hcash’s solution will reduce the Blockchain’s TPS significantly. To solve this, we have proposed a new SegWit scheme. Combining the new consensus scheme and quantum resistant solution together provides outstanding TPS efficiency - E.g. If Hcash implement its DILITHIUM in Bitcoin, its throughput will be a maximum of 0.389 TPS, while in Hcash, its throughput will be 150 TPS;

5) Compatibility: Hcash’s quantum resistant solution can be easily adapted to existing cryptocurrency and Blockchain systems.

 

As we know, the core value of a public Blockchain is its decentralised trust scheme. Essentially, a public Blockchains main feature is its security. Without it, all the transactions and data the make the network valuable could be rendered useless. Thus, in an open source world, a main way to provide true innovation is by furthering the technological development or an application of a Blockchain network in regards to its security.

 

Therefore, the Hcash foundation (whose main responsibility is for this type of innovation) cooperated with LoCCS of Shanghai’s Jiao Tong University, Australia’s Monash University, Hong Kong’s Polytechnic University and the cryptography research group of Singapore’s Nanyang Technological University to build a solid foundation to help make Hcash the new benchmark of public Blockchains.

 

To help emphasise our findings, we will have more open communication with our technological advancements in our community. Meanwhile, Hcash’s operating team will continue to develop new business models, build value adding applications and add positively to its ecosystem.

 

After its quantum resistance and consensus mechanism is implemented, Hcash’s multiple international R&D teams will move on to increasing interoperability between Blockchains, increasing privacy in its network, and refining and developing its wallet application. Additionally, Hcash’s smart contract functionality will be implemented very soon. As of the 11th of December 2017, the development team behind this function completed its testing and submitted its developments to the Hcash test net.

 

All of our teams will continue to develop Blockchain and cryptography technological innovation and its subsequent implementation. We believe that Hcash will grow to become the benchmark when comparing the next generation of Blockchain networks. With our effort and your support this dream will become a reality! Thank you