BW.com weekly AMA with Andrew from HyperCash: Hcash is everyone can and will use on a global scale in the future.
The AMA (Ask Me Anything) held every Friday by the BW.com official telegram(following as BW) welcomed Hyper Cash’s COO Andrew Wasylewics this week. In an hour, Andrew answered questions from members of the BW 7 global communities regarding the eco-system and development of HyperCash , expressed that he love how BW value the customer first ,easy to involved as project partner. He also answered questions from community members about the development of HC on the spot. The BW international operations team recorded the whole interview and shared the essence here:
Section 1: Introduction
Allen: Could you Introduce a little bit of yourself and why you stepped into this field of Blockchain, thanks.
Andrew(following as A): My background is I have a masters of applied science which i really enjoyed my time studying. From there I have extensive experience in the insurance and superannuation industries where I worked a number of different roles over many years. I have always enjoyed the entrepreneurial aspects of business and love learning new things. I came across blockchain technology, well really it was bitcoin at the time many years ago. Given the industry I worked in i saw the immediate application blockchain could improve the industry as there was (and still is) many short comings of how things are done. From there I have been involved ever since.
Have worked in small business through to large corporate enterprises.
Section 2: Questions from BW 7 global Communities
Question 1: By @Hemadi21. (BW Indonesia Community)
Helle, sir, Can u explain ur plan or vision to become standart new value ? coz its dificult.
(Helle, tuan, dapatkah Anda menjelaskan rencana atau visi Anda untuk menjadi nilai baru yang standar? karena kesulitannya. )
A: I’ll address this form our quantum computing angle. For something to have value it definitely needs to be secure otherwise how can it be worth anything? One of the single biggest threats to blockchain is quantum computing. This has been widely publicized amongst some of the top quantum computing experts in the world. The industry will be worth billions in the coming years and all the big players, IBM, Microsoft, and Google just to mention a few are investing big money into this space. Regardless of what your Bitcoin or other cryptocurrency may be worth, if it can be hacked, private key easily decrypted then does it really have any value in the long run? Going beyond other crypto currencies, implementing our post quantum algorithms into current systems, say in databases, storage or anything else that is at a rick for hackers is possible. It’s about implementing what we do into the real world. If it can be hacked by a quantum computer any data could be vulnerable and require technology developed like Hcash to secure it making us the new standard of value. In addition to this our end long term goal is to allow inter operability between block and block and blockless based blockchains. If we end up with all these different blockchains however we can’t transfer data, value or information between them then where is the real value in the real world?
Question 2: By @december26 . (BW English Community)
How did you guys survive in this long bear market and what difficulties have you encountered during this period?
A:it’s definitely had it’s challenges. We put a lot of time into this project before going live and allowed for many possible market conditions and projections. The team is experienced and have been involved in the blockchain ecosystem for an extensive period of time so to see market fluctuations like this was something we expected and planned for as many times in the past the market has lost 80+% of its value. We always planned to be here for the long term and that’s our focus and having a successful ICO also helped. When we commenced planning for this platform, the market had not yet rallied like it did and at the time was significantly lower than the bottom of the bear market which followed the bull market. This had a much lower impact on us than many other projects that were getting involved in the peak of the market. We have always been very particular on our expenditure regardless of market conditions and only pursue what we believe will help us in our end goals, ongoing development and the best interest of our community. Having said that it’s always more difficult in the bear market as regardless what you are working on there is always less interest in bear conditions. Given there was such a negative connotation in the media about ‘cryptocurrencies’ it did make it more challenging when speaking to the corporate sector and other academics as they often had a pre conceived idea about blockhead projects or knew someone that had lost money. This definitely brought on challenges and delays. Collaborations, partnerships and overall interest was definitely much more difficult. As adoption increases and time goes on people will see beyond the bear markets and look at the technology being developed.
Question3: By @NitinCrypto — (BW India Group)
What was the requirement to go with dual-chain ecosystem? Was it necessary?
(दोहरी-श्रृंखला पारिस्थितिकी तंत्र के साथ जाने की आवश्यकता क्या थी? क्या यह आवश्यक था?)
A: According to our vision, HCASH will create a new platform which is able to be ‘connected’ to different blockchains (such as that of Bitcoin and Ethereum), thereby allowing value and information to circulate freely between systems, redefining the value of a blockchain. To maintain our initial vision without affecting technological development, we propose the next generation of HCASH to havetwo chains running laterally, each serving different functions in the ecosystem.The proposed parallel, dual-chain ecosystem consists of an upgraded HCASH main chain (HyperCash) and a new chain — HyperExchange, which is derived from the main chain, with a different set of functions. As the two core hubs in the HCASH ecosystem, the two chains can freely share their varioustechnical advantages and resources from each other’s ecosystem.
HyperCash provides value tokens, helpingmaintain HyperExchange’s system stability, while HyperExchange supplying HyperCash with moreapplication scenarios. Hence, HyperCash represents the underlying blockchain technology for theHCASH ecosystem while HyperExchange solves inter-blockchain communication and brings more ecological advantages to the whole system. They are making joint efforts in bringing more resource and expanding the HCASH ecosystem.
There is always different ways of doing however we felt in this case it was the best approach with the appropriate flexibility. Look at bitcoin for example, 10 years later we are still talking about scaling issues. you can’t just upgrade chanes with a bit of code. It’s very difficult to implement a functional post quantum ring signature let alone stack it with other features all on one chain.
I believe we were the first ones to implement a post quantum algorithm
Question4: By Sneha Hegde (BW Africa Group)
What is the status of HAIL project which was supposed to be completed by now as per your road map?
Progress is going really good. An overview is on June 26th, 2019, the HCASH Foundation announced that the development of HCASH AI lightning protocol (HAILP) has been completed, with network testing commencing on July 1st and completing on 31st July.After nearly one year — thanks to the team’s continuous efforts, the target to Complete HAIL Protocol Development in Q2 2019 in the roadmap has been successfully reached, with the vision of “A New Standard of Value” being realised progressively After HAILP development being completed, Hcash team published a proposal for HAILP Deployment and Block Reward Distribution Adjustment on HC Autonomy. Following the release of the latest version of the proposal, a lot of Hcash community members participated in the voting. The proposal has been approved by the community on 31st July. The mainnet is to be upgraded at block height 216,666. This is estimated to occur at 16:00 on the 16th of August 2019 (GMT+8).
Question5: By @VinayK 5: (BW Russian Group)
Can you please explain us in a simple terms what is Post Quantum Singnature Technology?
(Не могли бы вы вкратце объяснить нам, что такое технология Post Quantum Signature?)
A: Quantum computers will become practical in the coming 10 years. It is so powerful that it takes seconds only to break those existing signature schemes such as the well-known RSA signature or Elliptical Curve Digital Signature Algorithm that is used in the Bitcoin network. Post quantum signature technology refers to those advanced algorithms that are secure in the existence of quantum computers. That means even if you have a quantum computer, you cannot break the post quantum signature scheme. In the other words, it is million times safer than the existing signature scheme that has been used in the Bitcoin or most of the cryptocurrency blockchain networks. The team will be down at Monash shortly speaking to the researchers on how we test the algorithm using current methods to predict whats coming.
Question 6 By @lienismynick
Why did you chose your project name as Hcash? And do you feel satisfied with the progress you have made so far when looking back to the days when you started Hcash?
A: Cash or ‘fiat currency’ is the base currency used for transacting in any major economy in the world. Hypercash and many other cryptocurrencies find these ‘bassless’ and ‘valueless’ currencies redundant as we progress to a more technically advanced future. This is where the name Hypercash came into play, with the H in Hcash standing for Hyper. The reason being is these cryptocurrencies, these low cost, high speed, global and intermediary-less currencies are the next step in finance and they are going to replace the aforementioned redundant currencies. Hypercash, the safe, secure, cheap and useful currency, is one of the next contenders on the world stage regarding what comes next. We know that our token is something that everyone can and will use on a global scale in the future.Overall yes we are happy with our progress and also with what’s to come. Could things have gone smother, could have there been less delays and better overall delivery? Well yes we could always do things better but we also learnt from the experience and happy with what we have achieved to date. We rather deliver something properly and fully functional bug free then rush something to satisfy an anticipate timeline. Product quality, research and development is super important and without that you have nothing. We definitely have the team to deliver and will be here for the long term.
Question7: By@SatishYR (BW Turkey Group)
My question will the information be exchanged between Blockchain and Non-Blockchain networks?
(Sorum şu: Blockchain ile Blockchain Olmayan ağlar arasında bilgi alışverişi yapılacak mı?)
A: This is something that is ongoing as a part of our research and development and our end goal is to be able to do this. The hyper exchange is in a way a very ‘simple’ version of this but it is extremely difficult and no one has achieved this as far as we are aware. There have been some atomic swaps that have been completed under specific circumstances however our end goal is to have this information and value to be free flowing and to be able to be used in the real world. It’s hard to give an exact timeframe on this due to the complexities involved and a lot of the unknowns. But we can assure you we are doing our very best to make it happen and to be the first to do so. We have the bets people on it!
Question8: By @Phuongthao02 (BW Vietnam Group)
Safety and security are always the most concerned issues. So how secure is Hcash? And what technology does Hcash use to ensure user privacy?
(Vấn đề an toàn và bảo mật luôn là vấn đề được quan tâm nhất. Vậy mức độ bảo mật của Hcash như thế nào? Và Hcash đã sử dụng công nghệ gì để đảm bảo tính bảo mật và quyền riêng tư cho người dùng?)
A:This is a very good question actually. As mentioned before, quantum computer could be a greatnthreat to the current cyber security. That’s why we develop post-quantum signature and Ring-CT. this July, HCASH Chief Scientist, Dr Joseph Liu and his and his colleagues’ paper “Lattice RingCT V2.0 with Multiple Input and Multiple Output Wallets” was published by the Australasian Conference on Information Security and Privacy (ACISP).The HyperCash team has adapted and improved current RingCT technology. The code for the post-quantum secure linkable ring signature scheme, proposed to be implemented in HC has been released this year.Dr Joseph Liu’s paper supports multi-input-multi-output transactions. It is a comprehensive Ring CT protocol, such that it contains all necessary parts including a linkable ring signature (for user anonymity), commitment scheme (for hiding the transaction amount) and range proof (to ensure the hidden value is a positive amount). All parts are in a lattice-based setting, meaning that the overall protocol is post-quantum secure. The release of this code enables other projects and users to gain access to HCASH’s version of post-quantum signature application and privacy protection. In future, the HCASH development team will continue to conduct more in-depth research in the direction of post-quantum signatures and ring signatures. When it comes to post quantum security we pride ourselves to be industry leaders in this field! As mentioned before We will be down at Monash in the coming weeks to explain a little more about how we test and anticipate our security on what we know today and let the community know.
Section 3: Lively Question
Question 9 by @december26
With blockchain is being in such an early and young industry, partnerships are an integral component of any project’s journey. Which types of partnerships have you already attained and what are the plans on this front moving forward?
A: There are many we are working on currently, some I can talk about some I can’t. We are working closely with governments on various projects. Also as you know we are very big on research and development which is why we have research labs at Monash University and Hong Kong polytechnic university. we will continue to grow in this area. Once the quantum ring CT is released we have some corporates very interested in how they can implement this.
Question10 by @sony_LI
how you see BW？and from your perspective, what kind of field HyperCash could work with BW together in the future?
We feel very privileged to be involved with the BW exchange. We love how they pride themselves to put the customer first, their importance on reputation, always looking for improvements and utilizing sophisticated security to keep users safe. They are very well rounded and it’s no surprise to see that they have grown to a top exchange. It’s great to see how easy they are to work with and the involvement they are having with projects on their exchange. They are really interested in what we and others are doing. We definitely see future collaborations with BW and look forward to many more!
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