Revolutionizing Crypto Payments: How Hacash (HAC) is Overcoming Bitcoin’s Scalability Issues

CoinEx
4 min readJun 20, 2024

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Since the launch of Bitcoin in 2009, one of the drawbacks has been scalability, which makes it unsuitable for it to be used as a widespread medium for daily payments and it can only serve as a store of value.

To solve this problem, a group of individuals launched a multi-layer solution called Hacash, abbreviated as HAC, to solve this problem.

What is HAC

Hacash is a peer-to-peer money system that builds on Satoshi Nakamoto’s concept, providing the same decentralization and security as Bitcoin. However, Hacash (HAC) does something Bitcoin cannot do in a completely decentralized setting: it allows for the modification of monetary supply as needed to stabilize purchasing power.

The currency system includes three types of Proof of Work (PoW) coins: HACD, BTC and HAC. These are evenly scattered without pre-mine or centralized management. Notably, HACD serves as the first PoW NFT and PoW generative art.

“Hacash is a proof-of-work and programmable crypto monetary system. It is the first cryptocurrency that decentralizes and adjusts the money supply to keep purchasing power stable.

Hacash has three layers. Layer 1 includes the ASIC-resistant X16RS mining algorithm, the Beacon Tower Protocol with 51% attack resistance, readable contracts, optional privacy, equity account model and BTC one-way transfer.

Layer 2 functions as a channel chain settlement network, enabling large-scale instant payments of HAC and BTC. Layer 3 is an application ecosystem scaling layer based on Layer 1 and 2, supporting various Rollup technologies and multi-chain protocols.”

As a programmable PoW Layer 1, Hacash addresses the challenges of low security and state bloat in Ethereum’s smart contract, both of which hinder decentralization. Its technical structure is divided into three layers:

  • Layer 1 is primarily responsible for the creation, distribution and settlement of three currencies;
  • Layer 2 enables large-scale instant payment via a channel chain payment network; and
  • Layer 3 supports various Rollups and multi-chain technologies.

As of the time of writing, the HAC token is currently trading at $9.85 and it’s up 10.5% in the past 24 hours and has risen 1881.2% in the past year; it has a market capitalization of $8.2 million with a circulating supply of 831,309.

Background and history of HAC token

In 2018, an anonymous individual or team released a whitepaper called “Hacash: A Cryptocurrency System for Large-Scale Payments and Real-Time Settlement.”

This whitepaper introduced a cryptocurrency system designed to inherit Bitcoin’s strengths while introducing a purchasing power adjustment mechanism similar to gold. The system was supposed to be completely decentralized.

Hacash, which originated in 2018 as an anonymous white paper, was envisioned as a global currency to replace Bitcoin (BTC) for payments. The PoW project focuses on a Rollup-based multi-chain infrastructure with three layers (L1, L2, L3) (BTC, HAC and HACD) built on the Bitcoin and HACash main networks.

HAC distribution can be classified into three phases

  1. In the first stage, the number of blocks is set to around 0.95 years every 100,000 blocks and the reward gradually increases. The block reward is one HAC in 2020, two in 2021, three in 2022, five in 2023 and eight in 2024.
  2. In the second stage, the number of blocks is modified once per 1 million blocks for around 9.5 years while the payout gradually decreases. In the second phase, eight HACs will last ten years in 2025, five in 2035, three in 2045, two in 2055, one in 2065 and one for ten years in 2075.
  3. In the third stage, the reward remains steady at one HAC per block. The block reward is 22 million, spread over 66 years before entering the third stage.

The price rise of HAC in CoinEx

Hac token was listed in CoinEx on June 19, 2024 with a market capitalization of $8.39 million. The price of HAC is $10.13 as at the time of writing with a lowest price of $8.771 and a high price of $12 in the past 24 hours.

Overview

About CoinEx

Established in 2017, CoinEx is a global cryptocurrency exchange committed to making trading easier. The platform provides a range of services, including spot and margin trading, futures, swaps, automated market maker (AMM) and financial management services for over 5 million users across 200+ countries and regions. Founded with the initial intention of creating an equal and respectful cryptocurrency environment, CoinEx is dedicated to dismantling traditional finance barriers by offering easy-to-use products and services to make crypto trading accessible for everyone.

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