1. Why is Hacash a sound currency?
Hacash inherits Cypherpunk’s vision of becoming a more stable currency.
Cypherpunk History:
1982: E-cash, the first electronic currency prototype. Reason for failure: centralization of settlement
1993: Crypto Trading Cards, a digital cash collection Te card combined with cryptographic art, the first NFT with PoW mechanism in history. Reason for failure: only at the idea level.
1997 Hashcash invented the PoW mechanism. Reason for failure: PoW cannot be reused and circulated.
1998 Bit Gold can store and circulate PoW value. Reason for failure: fixed mining difficulty, inflation cannot be solved. B-money is the first cryptocurrency to pursue stable currency value. Reason for failure: lack of on-chain supply and demand adjustment mechanism.
2004 RPOW was the first cryptocurrency in history to implement a code prototype. Reason for failure: Double-spending check relied on the central server.
2008 Bitcoin The first successfully running cryptocurrency Reason for success: Utilizing the PoW longest chain principle to achieve decentralization and avoid double spending 2014 Ethereum Smart contract-backed cryptocurrency Reason for success: Adding programmability and support to cryptocurrency finance Potential reasons for failure of ICO: Monetary policy is unstable and centralized, abandoning PoW layer smart contract security issues and state explosion leading to ledger centralization issues
2018 Hacash is the limit of the PoW cryptocurrency paradigm. Three PoW coins, inherited and compatible with Bitcoin, use HAC and HACD to implement payment settlement and value storage respectively. The first PoW NFT in history, the first to maintain decentralization while pursuing the stability of purchasing power. From the perspective of various mechanisms of cryptocurrency, Hacash is the centralized and complete realization of the goals pursued by CryptoTrading Cards, Bit Gold and B-money in history!
The soundness of cryptocurrencies can be divided into monetary technology and monetary policy. Cryptocurrencies before Bitcoin focused solely on solving technical problems.
Bitcoin solves these problems. But it does not focus on issues related to monetary policy.
Hacash stands on the technical basis that Bitcoin has solved and inherits all the advantages of Bitcoin. Focus on optimizing monetary policy issues.
In addition to Hacash being better than gold and Bitcoin in terms of currency adjustment and sustainability, we can also evaluate Hacash and fiat currency, gold, and Bitcoin from another 15 currency attributes. We will focus on explaining the other 5 better attributes of HAC. :
In terms of currency divisibility: Bitcoin is one billionth, while Hacash is close to infinite.
In terms of currency fairness: The global origin of gold is uneven, but the total amount is unpredictable. Bitcoin has a fixed total amount and the output is halved. Hacash has an unlimited output. It is more fair to increase first and then decrease.
In terms of currency privacy: gold can be dissolved and recast, Bitcoin has no native privacy technology, and Hacash comes with optional privacy solutions;
In terms of currency decentralization: Bitcoin and Hacash can both be used to run full nodes;
Monetary efficiency level: The payment of gold is hindered by its physical properties. Although Bitcoin and Hacash can make point-to-point payments, Hacash's payment system is part of the monetary system.
The Bitcoin white paper does not explain how to solve the problems of large-scale payments and insufficient monetary elasticity.
These two problems are the core problems that Hacash solves.
2. HACASH was born in 2008, why did it really explode in 2024?
The author of Hacash disappeared after leaving a white paper in 2018. The first HACD was dug out on May 16, 2019. And 2020 is DeFi Summer, PoS is prevalent, and almost all eyes are focused on the Ethereum ecosystem. . The monetary theory of the Hacash project is too advanced and very difficult to understand. As a result, only a few people understand it. There are no founders and project parties, and there is no centralized capital power to promote its development. It can be said that its decentralized state, which is close to crypto fundamentalism, has caused the overall development to be too slow.
3.Hacash’s PoW 3-coin system
The financial ecosystem of three PoW coins on one chain
Hacash consists of three PoW coins with different characteristics, HAC, HACD and BTC. If we arrange HACD, BTC and HAC from left to right, we can conclude that liquidity will go from low to high, value stability will go from low to high, and speculativeness will go from strong to weak.
The monetary system they form is just like the period when gold, silver, and copper were the mainstream currencies. The free market will drive the mutual adjustment and use of the three different currencies.
We can introduce these three currencies from the perspective of currency divisibility, quantity, production methods, production rules, quantity regulation, main uses, current circulation, etc.
THIS
Main purpose: payment settlement
Divisibility: 10^248, nearly infinite division (HAC unit conversion)
Quantity: No upper limit
Quantity adjustment: Supply can increase, decrease, or remain the same.
Added: 1. Block rewards 2. Bitcoin one-way transfer incentives 3. HACD and BTC mortgage lending 4. Layer2 payment network staking interest
Reduction: 1. HACD auction and destruction 2. Mortgage lending HACD and BTC redemption and destruction 3. Mortgage lending HACD and BTC interest destruction 4. Special category transaction fees destruction
Production rules: Following the Fibonacci principle of first increasing and then decreasing, one block takes 5 minutes, and 288 blocks are produced in one day.
The first block began to be produced on February 4, 2019.
In the first stage, the number is adjusted approximately every 0.95 years for every 100,000 blocks, and the rewards gradually increase; the block reward in 2020 is 1 HAC, in 2021 the block reward is 2 HAC, in 2022 it is 3 HAC, and in 2023 to 5 HACs and to 8 HACs in 2024.
In the second stage, the number of 1 million blocks will be adjusted approximately every 9.5 years, and the rewards will gradually decrease; entering the second stage, there will be 8 HACs in 2025 for ten years, 5 HACs in 2035, and 5 HACs in 2045. 3 HACs, 2 HACs in 2055, 1 HAC in 2065, and 1 HAC in 2075 for ten years.
In the third stage, the final reward will be 1 HAC per block. There will be a total of 66 years before entering the third phase, and the total block reward will be 22 million. You can check when the next block reward changes by checking the community tool Hacash block reward countdown.
Production method: HAC follows the X16RS algorithm, which is resistant to ASIC mining machines. Mining started with the CPU, and currently a team has developed a GPU mining hoe.
Current circulation: approximately 1 million total production, 510,000 destroyed. The statistics are changing, please check the block explorer for details.
HACD
Main uses: adjusting HAC quantity, value storage, artistic creation, identity identification
Divisibility: Indivisible, each HACD consists of 6 letters
Quantity: 6 letters come from the 16 letters "WTYUIAHXVMEKBSZN" and are not repeated, so the total number is 16^6=16,777,216
Quantity adjustment: output can be stopped according to supply and demand
Production rules: HACD’s output requires mining and bidding. One block is produced every 5 blocks, with an average of 25 minutes. The HACD with the highest bid within 5 blocks is packaged. However, the mining difficulty of HACD will continue to increase and will not decrease, and output can be stopped at any time according to market conditions. The maximum daily output is 58 coins, and approximately 21,000 coins are produced annually. Assuming enough computing power is invested, it is estimated that less than 1.7 million HACD will be mined in 2100.
Production method: HACD follows the X16RS+ diamond mining algorithm, which is resistant to ASIC mining machines and is currently dominated by CPU mining. If multiple miners compete to mine at the same time, on-chain bidding is required.
Current circulation: more than 70,000, please check the block browser for details.
BTC
Main purpose: adjust the number of HACs and expand the BTC application ecosystem
Divisibility: divisible, divisibility is 10^8
Quantity: The total amount is 21 million, depending on how many BTC are transferred to the Hacash main network in one direction
Quantity adjustment: transfer can be stopped based on supply and demand
Production rules: One-way transfer of BTC can obtain HAC risk compensation. If you are the 1000th one-way Bitcoin transfer, your ranking will be 10, and you will be rewarded with 2048 HAC. The locking period is 2 weeks and 1024 HAC is released every week. More details can be found at: https://hacash.money/btc
Production method: Hacash and Bitcoin have the same account model. Use a Bitcoin address to transfer an integer number of BTC to a Bitcoin mainnet destruction address without a private key. The address before the transfer will generate BTC in Hacash.
Current circulation: Not in circulation
4.Hacash’s economic model:
In 2018, an anonymous person or team left a white paper titled "Hacash: A Cryptocurrency System for Real-time Settlement of Large-Scale Payments." This white paper provides a method that inherits the advantages of Bitcoin and is consistent with the purchasing power of gold. Adjustment mechanism, fully decentralized purchasing power stable monetary system.
The entire currency system consists of three currencies with different attributes based on the PoW mechanism, namely HAC, HACD and BTC.
BTC can be transferred to Hacash in one direction. After the transfer, the ownership rights and currency attributes remain unchanged, and the original value of BTC is maintained. The total amount is still 21 million, and it is circulated in Hacash in the form of the smallest unit satoshi. After the one-way transfer of BTC, additional HAC will be issued, and the amount of additional HAC will be issued from large to small. After the one-way transfer of 1.05 million BTC, only one additional HAC will be issued for each BTC transfer.
The total amount of HACD is approximately 16.77 million, which is generated through mining and HAC bidding. The difficulty of mining will continue to increase, and it can be produced on demand. The maximum daily output is 58, so all HACD theoretically takes 800 years. However, because the difficulty will increase exponentially in the future, it may never be able to be produced. All HACD.
In addition, HACD can also create art, which is better than BTC in terms of value storage. As of the time of publication, HACD has destroyed 55% of the HAC in circulation.
The total amount of HAC is unlimited, mainly produced by mining. The other two methods are through one-way transfer of BTC and staking to generate interest on the payment network to increase issuance. HAC's mining output mechanism follows the Fibonacci method of first increasing and then decreasing, from block 1 to 2, 3, 5, and 8 per year. After reaching 8, it will continue for ten years and then start to increase every ten years. The annual output is reduced to 5, 3, 2, and 1, and the output per block is maintained at 1.
From a macro perspective, the supply can be adjusted through one-way transfer of BTC, additional issuance and bidding HACD to reduce circulation and stabilize purchasing power. Therefore, HAC will be better than BTC in terms of payment and settlement, avoiding the centralized stablecoin solution linked to legal currency and achieving large-scale settlement native to encryption.
From a micro perspective, HAC can also adjust the quantity through on-chain mortgage lending of HACD and BTC. HACD and BTC can lend HAC as collateral to increase supply. Redeem HAC and generate HAC interest through HACD and BTC to destroy the supply to reduce supply.
The entire process of HAC purchasing power adjustment is like gold's purchasing power adjustment mechanism, and theoretically has a faster response than gold. The increase in the price of HAC will stimulate the one-way transfer of BTC to increase HAC, and increase circulation through HACD and BTC mortgage lending. When the price of HAC decreases, it will be used to bid to destroy HACD, redeem HACD and BTC to destroy HAC, and reduce circulation.
5.Hacash’s Challenge:
From an objective perspective, many aspects of Hacash’s monetary properties are superior to those of gold and Bitcoin. However, due to the widespread use of fiat currencies, especially in countries where inflation is still low and the purchasing power of the national currency is still strong, people give Bitcoin or even gold less priority than those countries where the national currency has completely lost its purchasing power.
The process of forming the purchasing power of Hacash, Bitcoin and gold is the same. They all need people around the world to first understand it, continue to understand its advantages as a currency, and continue to adopt and use it as a store of value and general equivalent, so as to completely form a truly wireless currency. Sovereign monetary system.
What is clear is that the challenges that Hacash faces as a currency will not only come from the distortion of fiat currency, but also from the defense of the Bitcoin community. From the historical perspective of currency, high-quality currencies will eventually be voted by the people with their feet.
The length of the process for Hacash, the best currency at the moment, to be adopted will depend on everyone in the world. It may be very long, and it may grow rapidly as long as it encounters an explosive opportunity, but in any case Hacash has pointed out a way for us to be able to do so. A viable monetary solution away from the modern system of financial exploitation.
6. Why HACD is a better value-added asset
From various aspects such as mechanism and programmability, HACD has stronger scarcity and is more suitable as a crypto asset for wealth storage than BTC.
First, the design of HACD transcends the core mechanism of Bitcoin and achieves the goals of price stability and asset preservation through a unique economic model. Compared with Bitcoin's simple total cap design, HACD adopts a mining difficulty mechanism that only increases but does not decrease, resulting in its currency supply per unit time being able to automatically adjust according to market demand. This flexible supply adjustment mechanism reduces market price fluctuations, which is more conducive to the stable storage of asset value.
Another outstanding feature of HACD is its dual-coin model. Each HACD is obtained through pure PoW mining, and is bid through the destruction of another PoW coin HAC to obtain on-chain confirmation. At the same time, the mining difficulty of HACD continues to increase and never decreases. This feature makes the output of new coins increasingly difficult over time. This difficulty adjustment mechanism allows the mining cost to continuously increase, further ensuring the scarcity and value storage performance of HACD.
In addition, as the originator of inscriptions and coins, HACD each has a unique inscription and different and superimposed art forms, further increasing its scarcity and value. By using a combination of 16 specific letters to form an identification inscription and limiting the total amount, each piece on the HACD market has a unique value. This personalized logo and inscription design brings a collectible-like play to the HACD market, making specific HACDs more collectible, further promoting their appeal as a wealth storage asset.
7. What is HACD from the perspective of BTC?
Each HACD will randomly calculate 6 components from specific 16 English letters without repetition, so there are 16 to the 6th power of possibilities, and the total number is approximately 16.77 million. The generation process requires the same computing power as Bitcoin, but it is very different from the mining process of Bitcoin.
HACD is a native asset on the Hacash chain, but it is not used as a block reward. The block reward is served by another currency, HAC. HAC is the first governance-free and oracle-free, fully decentralized purchasing power stable currency. The output of HACD is based on the computing power invested by Hacash every five blocks. When there is no computing power input, HACD will not be output. Every time a HACD is produced, the difficulty of computing power will increase, not decrease. Rather than adjusting the difficulty of BTC every two weeks, which may increase or decrease.
In addition, a maximum of 58 HACDs can be produced every day. In theory, it would take 800 years to mine all HACDs. However, because the difficulty will continue to increase, there is a total limit like gold, and they will never be mined. The difficulty of mining is It will grow to the point where it will exceed Bitcoin at some point in the future, and even one cannot be mined even with all the global computing power. The total number of Bitcoins is 21 million, and the block reward is halved every four years, starting from 7,200 BTC per day until the mining is completed in 2140. The output curve is fixed over time and has nothing to do with the mining difficulty.
Miners who participate in the production of HACD invest in computing power for mining in every five-block period. They also need to bid with other miners through HAC during the period. The highest bidder within the period can obtain the HACD and use it to bid for HAC. 90% of them were destroyed. When the market demand for HACD increases, the bidding fee for HAC will increase, thereby increasing the production cost of HACD according to market demand through HAC. Current demand for HACD has destroyed 52% of HAC.
What is interesting about this auction process is that each HACD has a different art form. Only after the HACD with the highest bid during the cycle is successfully packaged can the scarcity of the different art forms of the HACD be known, similar to the process of unboxing a blind box.
In terms of market supply and demand adjustment, HACD allows miners to judge whether to invest corresponding computing power to control output through increasing difficulty and market demand, and flexibly adjusts production costs through bidding. It is more sensitive and capable than BTC's market supply and demand adjustment. Reflect the real needs of the market.
4 Programmable Protocols for HACD
On the basis of such a superior output mechanism than BTC, HACD has its own programmable attributes and already has four programming protocols: Hacash native protocol, inscription protocol, generative art protocol and inscription protocol. The exploration of each HACD programming protocol has just begun. Here is an example for each HACD programming protocol:
Hacash’s native protocol supports Turing-complete programmability, which means that any programmability on Hacash L1 can be empowered on HACD. For example, on-chain atomic transactions of HACD and HAC benefit from Hacash’s readable financial contracts.
The programmability of the Inscription protocol is the hallmark of HACD as an NFT. It is also the key to being able to implement ERC404 for cryptocurrency transactions without the need for smart contracts. HACD can be listed on any centralized exchange, and the divisibility is determined by the centralized exchange. When the HACD is withdrawn from the exchange to the on-chain wallet, it must be an integer number of HACDs. After the withdrawal is successful, you can see different six-character HACD inscriptions. The entire process does not require a contract and does not require a large amount of Gas fees.
The HACD Generative Art protocol is a hallmark of HACD visualization. Due to the production mechanism of PoW, HACD is also creating its own unique art form in the history of generative art: energy generative art. Each work is random and unpredictable, requiring computing power to generate. There are more than 16 million possibilities, and it takes many centuries to complete. People participating in this creation will come from different backgrounds around the world. . Currently, HACD has three types of generative art. The earliest HACD generative art work is called HIP-5 diamond, which has 9 shapes and 16 colors, 8 of which are special shapes, with a 3% probability of being generated. HACD collectors are keen to collect 9 shapes and 16 colors, known as diamond sets. At the same time, he also likes to collect the color purity of ordinary diamonds. The transaction volume of a green HACD pure diamond reached 2 BTC.
HACD's engraving protocol is very similar to BTC's ordinals protocol, and different indexing protocols can be developed. The most essential difference is that Ordinal is based on Bitcoin's UTXO model, while HACD's inscription protocol is based on Hacash's account model. This means that the inscription flexibility of HACD will be much higher than that of Ordinals, such as the issuance of BRC20 tokens. HACD's inscription protocol naturally supports advanced functions such as destruction and superposition, so-called "smart inscription".
The four programmable protocols of HACD seem independent, but they can be combined with each other, and the combination can produce very innovative gameplay. For example, in the cryptocurrency circuit, HACD is not only the originator, but also can realize cryptocurrency transactions without relying on contracts. At the same time, combined with generated art and inscription protocols, HACD can generate different art pictures and form their own NFT trading markets, because HACD Coins can also be issued on the Internet, and it can also form a currency trading market, and the bottom layer of HACD as a PoW NFT has a floor price as a whole, which forms a new concept of a picture within a picture and a coin within a coin, which may give the current hot picture The currency swap track leads a new direction.
8.HACASH data collection:
1.HACASH official website: https://hacash.org
2. Newbies learn about HACASH: https://hacashdao.org
3. Web plug-in wallet: https://hacash.com/moneynex
4. Understand Hacash from a monetary perspective: https://hacash.money
5.HACASH Telegram Group (International): https://t.me/HacashCom
6. Fine diamond HACD exchange: https://sea.hacash.diamonds
7. Reveal the HACD Techflow, the originator asset of inscriptions and graphics coins with a monthly increase of 25 times:
https://techflowpost.com/article/detail_16342.html…
8. The hacash project is popularized from shallow to deep: https://medium.com/@HacashFans
9. White paper: https://github.com/hacash/doc-chinese/blob/main/whitepaper.md…
10. Register for the exchange to purchase HAC: https://xeggex.com/?ref=6488d255dacba819a462bc37……
11.Hacash L3：https://hacash.com
12. The most detailed introduction to HACD: https://hacd.art
13.Hacash’s largest mining pool: https://hacpool.com
14.Hacash News Network: https://hacashnews.com
15.GITHUB URL: https://github.com/hacash
16. Master Hacash: https://master.hacash.com
17. Check the rarity of diamonds: https://hacpool.com/report
18. HACD mining tutorial website: https://hacash.org/zh/mining-HACD
19. Blockchain browser to view circulation, maximum amount, computing power, chip distribution: https://explorer.hacash.org/?lang=en
20. Analyzing Bitcoin one-way transfer: https://cointime.ai/@KenYou/analyzing-bitcoin-one-72126…
21. Hacash’s fifth anniversary special report looks back on 2023 and looks forward to 2024: https://mp.weixin.qq.com/s/gLVN6zCAzBsO5EqiJUaKnQ…
22. Analyzing Hacash: The First PoW Flatcoin with the Advantages of Gold and Bitcoin:
https://cn.cointime.ai/news/hacash-shou-ge-tong-shi-ju-bei-huang-jin-he-bi-te-bi-you-shi-de-pow-flatcoin-29853
