Hacash: Bitcoin may not be the best cryptocurrency solution

Bitcoin will always be compared to fiat currency, and it is thought that it is due to Satoshi Nakamoto's total cap currency design that a similar fate of fiat currency being increased and devalued indefinitely by governments has been avoided. However, Satoshi Nakamoto did not design any large-scale payment and settlement scheme for Bitcoin. The current processing speed of only 7 transactions per second makes Bitcoin completely unsuitable for everyday payments and business settlements. Bitcoin's monetary design as a cryptocurrency is far from adequate.

What is a cryptocurrency that can be used for everyday payments should look like?

There should be no upper limit to the total supply and real-time payments must be met.

There's no room for the total supply, Satoshi Nakamoto's design is limited. In terms of real-time payments, the best solution for a real-time Bitcoin payment solution is currently the Lightning Network. But even if the Lightning Network allowed instant transfers in Bitcoin, users would not pay in Bitcoin because Bitcoin establishes itself primarily as a means of storing value. This is the fundamental reason why the Lightning Network is not as popular as Bitcoin.

So is there a better cryptocurrency that can solve Bitcoin's currency problem?

Hacash offers a new alternative.

What is Hacash?

HACASH (ㄜ) is a decentralized cryptocurrency system. It consists of three PoW coins with different purposes. The symbols for these three coins are HACD (diamond), BTC (one-way transfer), and HAC. HACD and BTC can adjust the supply balance of HAC. They can also be point-to-point transferred or exchanged with each other on Hacash's main network.

In 2018, a new cryptocurrency called Hacash was created. The Genesis block was mined in February 2019 and the founder of Hacash mysteriously disappeared, as did Satoshi Nakamoto.

The white paper left by the founders answers in detail what Hacash wants to achieve: a cryptocurrency system for mass payments and real-time settlements.

A reading of the whitepaper reveals that Hacash is, in fact, a currency, a cryptocurrency, which inherits the decentralized, PoW, double-spend avoidance features of Bitcoin, while solving the problems of Bitcoin's inability to make mass payments and lack of currency elasticity.

Hacash's three-coin system

There are three coins in the Hacash blockchain ecosystem, which are, in order of scarcity: HACD (Hacash Diamond), BTC (Bitcoin) and HAC (Hacash). Let's take a look at what each has to offer in turn.

Hacash Diamond （HACD）

Indivisible, but inherits the scarcity of bitcoin。

A store of value, more scarce than Bitcoin. Its total is limited to 17 million coins. And as each HACD is minted through mining, the difficulty of mining each coin continues to increase.

Example: Hacash Dimond "ZSASMM" has been mined

Each diamond is identified by 6-letter characters, similar to a car registration plate. In addition to the scarcity of the letters themselves, unexpected artistic creations can be made on these 6 letters, and the artistic and collectible nature of their presentation can play a part in the demand for them on the secondary market.

To obtain a diamond, a bid is required using the HAC. Due to the increasing difficulty of mining HACDs, the difficulty would exhaust all the world's arithmetic power, resulting in the impossibility of all HACDs then being unearthed.

Bitcoin

As a non-native currency in Hacash, how does Bitcoin exist on the Hacash blockchain? Due to the same address creation model, bitcoins can be transferred into Hacash in one direction, generating a certain amount of HAC that rewards those who transfer early. Bitcoins transferred to the Hacash chain add to the overall value of the Hacash mainnet and generate a certain amount of HAC to maintain the relative stability of the HAC value.

Hacash Coins

HAC is the first cryptocurrency generated in Hacash, which has no upper limit. Its block reward mechanism follows the Fibonacci sequence. For the first 6 years, the block reward will be 1, 1, 2, 3, 5, or 8 per block, depending on the block height (see the white paper for details). Once the block reward reaches 8 HAC per block, the reward will remain at 8 for ten years and then start decreasing in the order of 5, 3, 2, 1, 1, with ten-year a reward cycle per block; finally reaching 22 million in 66 years. After that, each block will always be rewarded with 1 HAC.

HAC is designed in such a way as to avoid the possibility that early involvement of large computing power and capital might threaten to monopolize the HAC blockchain.

These three currencies form a natural, decentralized exchange on the Hacash chain. The combination of these three currencies achieves a fairer issuance mechanism than Bitcoin and solves the problem of lack of market flexibility caused by Bitcoin's single currency supply.

Overall, Hacash inherits the core elements of Bitcoin's non-dual spending and decentralization, while allowing Bitcoin to evolve into a more cryptocurrency for monetary purposes through the HAC blockchain.

How does Hacash solve the problem of real-time payments

In Hacash's white paper, the concept of the channel chain settlement network is introduced. The basic principle is that the Channel Chain Settlement Network allows everyone to create a decentralized Paypal that enables real-time payments of HAC and BTC, allowing the nodes that open the settlement network to receive the corresponding revenue (gas fees, commissions, etc.).

In addition to inheriting Bitcoin's core technology, which solves Bitcoin's large-scale settlement and currency problems, Hacash is designed with a level of equity control and optional privacy protection that Bitcoin does not have.

Hacash's monetary innovation

Open and shared operation: decentralized, all code and algorithms (including nodes, wallets, browsers) are open sources. The project relies on the unpaid dedication of early development contributors and the support of the consensus community.

A fair cryptocurrency issuance algorithm: no founder rewards, no official proxy, no node allocation, no pre-mining, no private placements, and no foundations. Everything is mined fairly from scratch. The reward rises from 1 to 8 per block over 6 years, then drops to 1 over 60 years, and is eventually fixed at one cryptocurrency per block. 22 million currencies will be mined in the first 66 years, with an unlimited total.

Full range of transaction payments and asset change protocols: multi-party signed transaction structures combined with standardized protocols for condition checking, status confirmation, aggregated payments, and transaction transactionalisation to meet the vast majority of modern financial, corporate, and personal payment needs.

Scalable large-scale real-time settlement network: decentralized channel chain settlement network with anti-centralization, payment and receipt leveling, fast reconciliation, real-time arrival, arbitration protection, and dynamic scaling, capable of increasing transaction volumes on demand, with no theoretical upper limit, to cope with the needs of modern business development.

Hierarchical control of equity and a multi-signature account system: multi-signature accounts solve the security problem of lost and stolen secret keys and the need for simple co-hosting of funds. There is even an account system that can meet the needs of modern companies with a multi-layered equity structure (supporting different beneficial and voting rights and avoiding the loss of funds in extreme cases).

Multiple privacy protections: Hacash offers a variety of privacy protection features such as payment churning, front-end deferred payment, and encrypted settlement networks that can be tailored to your needs without losing payment efficiency and ease of use.

Block Diamonds and Channel Interest: Block Diamonds are a heterogeneous currency that dynamically adjusts supply according to the heat of the economy. The total quantity is capped at 17 million and is indivisible, each with a unique six-letter literal mark, making it highly collectible. The payment channel has a locked-in interest rate in addition to the fee income to incentivize the spread of the settlement network.

History witnessing 51% of attacks: 51% of attacks are one of the biggest risks to the large-scale use of cryptocurrencies. hash invented the history witnessing algorithm, which allows arithmetic competition to determine future blocks and cryptocurrency collateral to determine historical blocks, thus de facto avoiding the possibility of 51% attacks (requiring both 51% of arithmetic power and 51% of tokens to launch an attack).

Third-party services such as fee offsetting and transaction escrow: Hacash is designed with the needs of mature commercial operations in mind in the underlying protocol, supporting the possibility of multi-role participation and transaction customization for counterparties, recipients, custodians, witnesses, aggregators, data services, security services, audit services, etc. to meet the needs of modern commercial payment services to the fullest extent.

Status of Hacash

Hacash has been growing steadily for almost 4 years since the first HAC was mined in February 2019. Its mining arithmetic has continued to set new highs in those 4 years, growing from a blockchain reward of 1 HAC to 5, with the total number of HACs being burned off by half due to community demand for HACDs. HACDs have also gone from being 6 letters to be given 3 different art forms, and are leading a new NFT art form called PoW Art, with its number 50638, the letters UBUXAB's HACD was once purchased by the family office for 500,000 a piece. The whole development of Hacash is very similar to that of Bitcoin, from the earliest developers and miners to the different entrepreneurs that have joined the scene. Overall, the purely decentralized development of Hacash and the design of the currency not being able to be easily monopolized has resulted in Hacash being in an early stage of development.

The emergence of Hacash just wants to prove that: the only way to surpass Bitcoin to achieve the large-scale application of cryptocurrency in real business and daily life can only be better "currency", it cannot be any other more high-end and complex "blockchain technology".

Hacash is a public chain, similar to Bitcoin, but much more than that, and it wants to build on the success of Bitcoin to achieve mass adoption of The mission of cryptocurrency is to spawn a fairer financial system. Because a fair financial system is predicated on a fair currency.