Monash University and Collinstar Capital have signed a multi-million-dollar agreement to develop the blockchain cryptocurrency Hcash, with hopes to establish Hcash as a virtual cryptocurrency exchange.
Dr Joseph Liu in Monash University's Faculty of Information Technology and Dr Allen Au, from Hong Kong Polytechnic say the blockchain technology utilized to grow Hcash is exceptional to the bitcoin system.
“The new laboratory will enable us to develop functional blockchain-based options with strict security that may, along with electronic currencies, be also implemented in other application domains, for example digital well being,” Monash Associate Professor Carsten Rudolph explained.
The collaboration between Monash University and Collinstar Capital will see the development of a joint blockchain cryptocurrency study and development laboratory located at Monash's Clayton campus and a node based in The Hong Kong Polytechnic University.
Dr Liu and Dr Au think Hcash will be a connecting point for all present blockchain systems, possibly allowing Hcash to function as a virtual cryptocurrency exchange.
Up until now, existing cryptocurrencies can only be traded within their own system.
What Is Collinstar?
Asset management company Collinstar Capital is a industry leader in Financial Technologies, leading to blockchain infrastructure, digital money investments, and appropriate consulting solutions.
Managing partner of Collinstar Captial, Mr Jacob Cheng said they were attracted to this partnership because of Dr Liu's research into cryptocurrency because his research has formed the basis of one of the biggest cryptocurrencies in the world, Monero.
“The powerful cryptographic history of Joseph and Allen will definitely push Hcash into the next level of success. This is exactly what we desire and the joint lab will be a perfect match,” Mr Cheng, stated.
Bitcoin, the planet's earliest cryptocurrency, was designed in the wake of this Global Financial Crisis, in 2008.
The digital currency is controlled by a decentralized system of users and enables people to pay for goods and services without involving regulators and banks.
In this peer to peer system, digital transactions are listed in a public distributed ledger called a blockchain, which protects the identity of the consumer.
Considering that bitcoin is made, countless other cryptocurrencies have sprung up, but bitcoin remains the best known and most widely employed.
Collinstar Background Information
Cryptocurrency is a digital currency in which encryption techniques are used to modulate the creation of units of currency, working independently of a central bank.
Dr. Joseph Liu is a senior lecturer in the Faculty of Information Technology, Monash University. His research areas include cyber security, blockchain, applied cryptography and privacy-enhanced technology. His newspapers received over 3500 citations and also his remarkable research in linkable ring signature forms the concept basis of one of the biggest cryptocurrencies on the planet. He has served as the program chair for various security conferences and has published more than 130 papers in top conferences and journals.
Dr. Allen Au is an assistant professor in the Department of Computing, The Hong Kong Polytechnic University. Dr. Au's research interests include information security, applied cryptography, answerable anonymity and blockchain.
He's published over 100 refereed papers in leading conferences, such as the ACM Conference on Computer and Communications Security (CCS) and the Network and Distributed System Security Symposium (NDSS). His work was mentioned over 2500 times. He is presently serving as a committee member of the Hong Kong Blockchain Society R&D division.