Jalan Sukses: HDAC: IoT Contract & Payment Platform

There are now a number of projects in the crypto ecosystem that are attempting to combine the Internet of Things and the blockchain. The Internet of Things, or IoT, networks the devices we use on a daily basis, such as appliances, smart homes, smart cars, wearable devices, or virtually any other smart device imaginable.

Industry experts predict that by 2025 there will be more than 30 billion interconnected IoT devices in the world. Innovative developers in the blockchain space are not attempting to take the Internet of Things onto the blockchain, which can be considered the future of the internet itself.

By bringing IoT devices onto the blockchain, it’s possible to create a “machine economy” in which interconnected IoT devices communicate with each other and make payments to each other for services and goods, all without human intervention.

Hdac is a new blockchain-based payment platform that is designed to facilitate fast and secure payments and communication between IoT devices. Backed by Hyundai BS&C, the Hdac platform is set to launch an ICO that will allow investors to participate in the development of this interesting project.

For more about HDAC, check this article out!

ABOUT HDAC

Standing for Hyundai Digital Asset Currency, Hdac is a next-generation trust based digital service platform focused on bringing IoT technology onto the blockchain. The platform intends to create smart contracts that allow all IoT devices to communicate with each other.

The HDAC project, with its native Hdac coin, is a collaboration between Hyundai BS&C, DEXKO (A Korean Exchange that will launch in February 2017, this is also where Hdac will initially be listed), Double Chain and Hyundai Pay. As such, the HDAC project doesn’t fall under the same bracket as Hyundai Motors.

HDAC will develop a new blockchain based on multichain capable of handling the scale and contract functionality required for an IoT platform, as well as bridges to Bitcoin and Ethereum to facilitate payments. IoT devices powered by Hdac will mean more actionable data to improve lives, businesses and governments. It differs from other IoT offerings by the convergence of the private blockchain and the public blockchain which creates a faster transaction speed.

HDAC is based on blockchains and accommodates all the general features of a typical blockchain. The limits of blockchains were revealed as it expanded over time.

HDAC Main Features are as follows:

1. IoT friendly blockchains

2. Public/Private blockchains.

3. Consensus Algorithm: ePoW, Trust-based.

4. Transaction Speed: ~160 tx/sec (public) ~ 500tx/sec (private) 1000 tx/sec (target) Block Time: 3 minutes.

5. Block Size: Dynamic (Max. 8 MB)

6. Extra Data: Dynamic (Max. 4 Kb)

7. Topology: Private/Public blockchains, Permissioned blockchains.

What Is The Internet of Things (IoT)?

In the simplest of terms; the Internet of Things is the connecting of any device over the internet. This can include: Mobile Phones, Fridge/Freezers, Cars and even Kettles. It is predicted to become one of the most important technological upgrades to occur over the next few decades. You can find a brief explainer video below:

What Is An IoT Contract?

An IoT contract is a ‘Machine to Machine’ (M2M) service that controls all the devices. An expansion of a regular smart contract, where the programmer shares the address of the device which will be controlled on the blockchain through HDAC.

HOW HDAC WORKS

The HDAC platform is configured as a completely hidden network that utilizes safe tunnelling between users and devices. This practice completely eliminates the threat of hacking, privacy invasion, and other cyber security issues.

One of the most interesting aspects of the HDAC blockchain is the method of consensus it uses. Unlike contemporary methods of consensus, such as Proof of Worth- which causes energy waste- and Proof of Stake– which creates unequal share between stakeholders, Hdac uses a new method of consensus called ePoW.

The ePoW method used by HDAC incorporates a block window mechanism that limits power wastage and eliminates stakeholder imbalance, creating a truly evenly distributed decentralized network. The Hdac blockchain will also seamlessly link private and public blockchains through the creation of a Bridge Node intermediary that executes key configuration to link disparate chains.

HDAC also incorporates a quantum random number generator when creating wallet addresses, private keys, and public keys, which is far more effective and secure than the pseudo random number generators in use today

HDAC ICO

In order to generate the capital necessary to create the Hdac network, Hdac will be launching an initial coin offering. Dac tokens will be issued at an exchange rate of 0.1BTC to 1,800 DAC. The entire token generation event has a goal of 6,000 BTC.

During the token generation event, 12 billion DAC will be created. Of these 12 billion tokens, 7% will be held by Hdac for capital reserve, while another 7% will be distributed to Hdac presale and TGE participants. The remaining 86% of the tokens generated in the event will be available through equitable ePoW mining, with the first block reward set at 5,000 Hdac.

The pre-mined DAC generated during the token event- which amounts to 14% of the total amount of DAC- will be distributed between capital reserve, Hdac technology implementation, global marketing, social media management, bounty programs, infrastructure development, liquidity management, and ecosystem organization.

Hdac plan to launch a number of services directly after the conclusion of the token event, including the launch of the Hdac consensus algorithm, a hardware wallet, an advanced security model, and an apps API.