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DISCUSSION OF EXISTING BLOCKCHAIN TECHNOLOGIES
Size and Bandwidth
Versioning, Hard Forks, and Multiple Chains
INFINITY PROJECT - CORE GOALS
Core Goal 1 - Market Need Identification
Core Goal 2 - Flexible Currency
Core Goal 3 - User-Centric Platform
Core Goal 4 - Flexible Innovation
Core Goal 5 - Secure Decentralized Exchange
HYCON TECHNICAL SPECIFICATIONS
Consensus - SPECTRE Protocol
Application of SPECTRE Protocol to Example DAGs
Example Case - A Double Spend
DAG Versus Blockchain
INFINITY SPECTRE Implementation
Network Infrastructure - Node.js, Typesc...
This paper begins by outlining the vision of the Infinity Project, which is planned for a 3
phase roll-out: 1) the ‘HYCON’ coin 2) the open-source Infinity Platform for customizable
enterprise blockchain solutions, and 3) a decentralized cryptocurrency exchange platform.
However, this whitepaper’s main objective is to provide a detailed analysis of ‘HYCON’, a
fast and secure cryptocurrency that makes use of the SPECTRE protocol to enable high
transaction speeds while maintaining security. Identified herein are a sample of the
challenges and limitations of many existing cryptocurrencies and solutions proposed by the
HYCON coin. Additionally, the technical specifications of HYCON will be introduced, as well
as a brief discussion of SPECTRE and its implementation in this project.
“...cash, after millennia as one of mankind’s most versatile and enduring technologies, looks set
over the next 15 years or so finally to melt away into an electronic stream of ones and zeros.”
The Economist (2007)
In today’s world of electronic and mobile banking, money is transforming from something
tangible, held in one’s hand, into digital numbers that are moved around the Internet. In this
environment, it was a natural progression for new forms of currency to emerge, which exist
only as cryptographically secured strings of digital code, known as ‘cryptocurrency’. This
digital currency revolution began in 2008 when the still anonymous Satoshi Nakamoto
published the Bitcoin whitepaper .
Today, new cryptocurrencies are released on an almost daily basis, sharing one unifying
concept: the underlying technological architecture that is the blockchain.
A blockchain itself is a shared public ledger of transactions that records and maintains that
record of all trans...
DISCUSSION OF EXISTING BLOCKCHAIN
For the purposes of this discussion, the Bitcoin and Ethereum blockchains will be the focus
as they are the most widely used and well studied implementations of blockchain technology
A useful reference point for examining blockchain technology is the work of Yli-Huomo et
al.. Presented therein is a comprehensive summary of recent work on blockchain
technology and the limitations inherent to a blockchain based system. While their research
was focused entirely on papers discussing the bitcoin blockchain, the findings presented are
broadly applicable for the purposes of this discussion. The key discussion metrics used were
drawn from Swan  and again, these are applicable here.
This research highlights seven limitations of current blockchain systems:
- Size and Bandwidth
- Wasted Resources
- Versioning, Hard Forks, and Multiple Chains
As mentioned above, latency and throughput go hand in hand as limiting factors, because
the maximum throughput of a network is limited by the latency between nodes. If there is a
high latency between nodes, the risk of mining on an old block is increased. On the Bitcoin
network, for example, the average time taken for a block to propagate to 50% of the nodes is
just under 2 seconds, with 90% of nodes reached after approximately 13 seconds (as of
April 2017) . For Ethereum, the average time for propagation to 50% of nodes is less than
1 second, with 90% of nodes reached in approximately 10 seconds .
For Bitcoin, the ratio of the block mining time to the network propagation time is large,
meaning that latency between nodes does not act as a large limiting factor. With Ethereum’s
shorter inter-block time, the wasted time could be more problematic, but Ethereum uses an
algorithm based on the GHOST protocol  to incentivise mining on the longest chain
instead of attempting to continu...
network is determined by how much hash power you use to find new blocks. Pretending to
be two miners would require the hash power to be divided, resulting in no advantage.
There are, however, other ways to attack user funds on a blockchain network. Often, users
rely on the safe storage of their private keys by centralized exchanges, which, if
compromised, can provide an attacker with access to their wallets, and by extension, their
Another security risk in the blockchain space is found in the implementation of
that feature coding errors. A particularly well-known and successful
exploitation of a smart contract occurred on June 17, 2016 and is now colloquially known as
the “DAO attack”, wherein an attacker was able to use a small flaw in the code that executed
the smart contract to obtain an estimated $50~60 million worth of ether, an event that
eventually led to the controversial hard fork that split the Ethereum network in two, creating
senders and recipients of transactions can see the financial history of the other, and could
even have the ability to know what was bought, what was gambled on, or even which entity
received ‘anonymous’ support, once you are able to link a particular address to an individual.
As the American FBI has proven several times now, Bitcoin is not truly anonymous. For
many users, financial transparency is perhaps one of the largest disadvantages of using
Bitcoin, however, researchers are working on fixing this problem with solutions such as
zkSNARKS  (zero-knowledge cryptography), which is a privacy mechanism built into
ZCash, and added to Ethereum with the Metropolis (Byzantine) upgrade.
Versioning, Hard Forks, and Multiple Chains
The primary problem of forking on a blockchain is one of loss of consensus and security.
Take the hyperbolical example of a severely bloated blockchain which makes use of 100%
of the computing power available in the universe, and a contrasting example wherein 100
INFINITY PROJECT - CORE GOALS
During the formation of the Infinity Project we asked the following 2 key questions:
Given current limitations of existing cryptocurrencies, what are the needs and
wants of the market and how can we provide solutions?
What properties are necessary for a cryptocurrency to be widely adopted and
integrated into the wider economy?
With these questions in mind, we conducted a thorough analysis of existing blockchains -
including Bitcoin, Ethereum, and a variety of promising Altcoins - to uncover the strengths
and weaknesses of each project. However, it was difficult to find a project that perfectly
aligned with our initial questions posed above.
Therefore, the Infinity Project team began researching new technologies and algorithms
that were more suitable for mass, real-world adoption, to help us meet our goals. At the
same time, we started to design the basic framework of the Infinity Project, and formulated
the following 5 core goals:
September 25, 2017
January 3rd 2018
Private Sale (Closed)
March 30, 2018
June 01, 2018
HYCON Distribution & Node
HYCON Listed on Exchange
Infinity Decentralized Exchange