As initial blockchain technology is becoming popular due to its features of decentralization, transparency, usability, and reliability, the applicability of the blockchain is expanding across industries such as cryptocurrency, attendance verification, forecast markets, and international finance. Therefore, as the amount of transactions and data increases, it is necessary to consider a case wherein public blockchains will exceed their natural capacity.
The IoT industry is on the verge of exponential growth. The Hdac platform provides the missing building blocks needed to enable IoT environments to thrive:
- Authentication – devices can be correctly identified by one other
- Mapping – once identified, they can connect seamlessly
- Machine to Machine payment – devices can then bill each other
Token Generating, Mining and the Rewarding System
The total token amount of the Hdac blockchain is 12 billion DAC. The first block reward begins with 5,000DAC before token halving. The block generation cycle is 3 minutes, and halving is set to reduce the reward by half for every 1,032,000 blocks. That is, the block reward is reduced by half approximately every 71 months since the Genesis block was created. 7% of the tokens will be used for creating infrastructure, and an ecosystem to implement Hdac technology, boost its transaction, and also for liquidity management. Another 7% will be distributed to participants who donated to the Hdac Foundation at pre-sales and the token generation event.
Such a mechanism is a policy intended to maintain the intrinsic value of the token by reducing its supply. The total amount of tokens generated is fixed, rather than inflationary tokens where the generated asset increases to infinity and the asset value declines. It is important to see if the equilibrium price can be maintained at the point where the buyer and the seller’s stocking instincts meet.
Miners who want to mine by participating in the Hdac blockchain network, will receive the block rewards together with transaction fees as rewards. The block reward, which is halved roughly every 6 years, gradually increases the number of transactions included in a block, thereby filling up the reward amount that results in a lower fee for each transaction.
Hdac Technology Roadmap
The IoT blockchain network is a permissioned private blockchain that is registered after being authenticated and can operate on a blockchain network. Therefore, it can be said that its personality is different from a public blockchain which access to the network.
The components of the IoT blockchain network are as follows.
- Blockchain node: Records all transaction blocks as a full node. Stores setting information related to user-device, device-device control, billing, and management performed by the administrator.
- Administrator: A person who registers users, gateways, and devices in the blockchain and grants access between them. The settings are safely stored in the full node of the blockchain and are transmitted to the following users, gateways, and devices through the network. Each user and device maintains the latest settings related to them. It can also be integrated systematically with the existing IoT operating environment.
- User: A person or device with a program running as a simple node that does not store blocks.
- Gateway: As it is, a unit used to control many dummy devices or sensors. It can analyze details of the IoT contract and then transmit to dummy devices or sensors. Each device or sensor is connected with an individual address.
- Device: As it is, a device that is connected to a gateway or a simple node which does not store blocks. It corresponds to individual addresses and it can also analyze the IoT contract details and operate.
The user sends the IoT contract which is attached with a program to the gateway or a device. The device analyzes and operates the received IoT contract. The user can send transactions that access or control explicitly authorized gateways or devices.Read more here …