The use of blockchain technology has caught many people’s attention. Having been a society run by banks and the government, especially in financial aspects, with little to no control, the creation of blockchains has changed the way we view the exchange of transactions. With blockchain technology, exchange of transactions are decentralized, which implies the entire network is operated on a user-base and not by some authoritative figure.
Hashcash BlockChain (HC NET), a network that was once only available to institutions is now set to be available for individual purchases as of March 1st, 2018. The following will quickly analyze HC NET with respect to its goals and usefulness.
What is the Goal Behind HC NET?
HC NET is a blockchain network that has been created with the intentions of easing the exchange of assets and payments between several enterprises that exist globally. It is believed to run in real-time hours and greatly emphasizes successful and secure transactions.
Some of the common users of HC NET include banks, Fintechs, currency exchanges, payment networks, corporate houses and global merchants, which validates not only the usefulness but also the trust such users have in the entire system.
How Can Individuals Benefit From Having Access to HC NET?
The perks that enterprises have been enjoying can now be enjoyed by individual consumers as well. First, the network transaction fees tied to the HC NET is as little as 0.0000021USD, which is far less than most standard banks that charge a minimum of $1 (i.e. depending on geographical region).
Second, the time it takes for the transactions to pass through is believed to be 0.08 seconds, which allows consumers to get their assets or transactions moved as efficiently as possible.
Lastly, individuals will also have access to the several transactions being completed in the HC NET ledger. This allows one to assess the trend of exchanges taking place in real-time.
Other potent benefits include instant reconciliation, eliminate expensive messages, and merchant account management to say the least.
How Does Accessing HC NET Work?
In order to take advantage of the entire HC NET, and being able to purchase HCX, consumers must download the mobile app Paybito, which is a multi-signature wallet and cryptocurrency exchange that is highly secured from potential dangers like hackers.
Based on the claims made, HCX will be made available for Android users in the near future as well, however, in order to make purchases, consumers must do so with either USD or INR (Indian Rupees). Globally speaking, the purchases can be done with the use of Bitcoin. Unfortunately, using bitcoin is something to watch out for, as the transaction fees tied to it might be significantly high.
The Future of HC NET
HashCash HC NET appears to have potential in the long run as new mergers are believed to occur. For instance, Alfa-Bank, Russia’s largest Commercial bank declared partnership with HashCash and others like CommerzBank, Yes Bank, and Latipay have also showed interest in forming alliance.
Hence, it is clear that such a network is high in demand, and has opportunity to grow. This is of no surprise, as HC NET has a strong and desirable competitive advantage.