Hycon

HYCON is the digital asset built on top of a faster and more scalable blockchain developed by the Infinity Project team.

About Hycon

Hycon is a digital asset that aims to address the scalability and transaction rate issues that other cryptocurrencies face. The system uses a directed acyclic graph (DAG) structure that will allow for more throughput with lower latency compared to linear blockchain structures such as the one used by Bitcoin. The SPECTRE consensus algorithm allows for this nonlinear structure to operate while simultaneously preventing double-spending and transaction conflicts. For future developments, Hycon also plans to develop a decentralized cryptocurrency exchange.

Token Sale Use of Blockchain

Product

2.6
Product
Readiness

Is the product ready for use? Is there a working prototype or MVP? How long until it is operational?

2.0
N/A
2 - Proof of concept or test platform.
Appeal

How appealing is the product? How good or necessary is it? Does it have a distinct edge?

3.0
N/A
3 - Interesting.
Target User Base

Is it mass market or niche?

3.0
N/A
3 - Has growth potential.
Competition

Are there many other similar solutions or is this one of just a few, or even one of a kind?

2.0
N/A
2 - Quite a few / somewhat better competitors.
Innovation

How innovative or inventive is the product, either conceptually or technologically?

3.0
N/A
3 - Partial, a novel approach or aspect.

Product

Hycon aims to focus on adoption: it is stated by a member of the Hycon team that “[their] parent company, Glosfer, is planning a roll-out of brick-and-mortar cryptocurrency franchises that allow customers to buy cryptocurrency in-store just as easily as they can buy a lottery ticket. [They] have 200 franchises set and ready to go around the country (Korea) and these are going to be released to the public in March”. Hycon plans to use a PoW consensus algorithm initially, in order to limit the number of blocks and reduce the ability of users to spam the network, and then switch to a PoS system at a later (unspecified) time. An AMA on Reddit hosted by members of the Hycon Team can be found here: https://www.reddit.com/r/HYCON/comments/7p3qgg/hycon_ico_ama/

Product Whitepaper

Use of Blockchain

4.0
Use of Blockchain
Blockchain Development

Is blockchain technology essential? Does it make the solution significantly different and better?

4.0
N/A
4 - Innovative use of blockchain technology.
Disruptive Blockchain Advantage

How disruptive is the introduction of blockchain technology into the product's market space?

3.0
N/A
3 - Potentially disruptive.
Need for a Custom Token (vs. BTC or ETH)

Is the token essential or could it be done just as well or better with fiat or Bitcoin?

5.0
N/A
5 - Real, tangible, utility-based value.
System Decentralization (besides token)

How decentralized is the system architecture other than the token (e.g., data collection, storage, access, and use, or decision making processes, etc.)?

5.0
N/A
5 - Fully decentralized.
Contribution to Blockchain Ecosystem

How compelling is the solution's contribution to the evolution of blockchain infrastructure and economy?

3.0
N/A
3 - Interesting.

Use of Blockchain

HYC is a crypto asset that operates using a directed acyclic graph (DAG) chain structure and the SPECTRE consensus protocol, which Hycon calls the Infinity Blockchain. The benefits of this approach are higher transaction rates (lower latency) and greater platform scalability. Hence, the need for a custom token for the platform is quite obvious. The Hycon GitHub page can be found through manual search, and upon investigation, reveals significantly low levels of content and activity (it is revealed in an AMA on Reddit that the Hycon team is currently “polishing up” the relevant code before they release it to the public, but this cannot be verified). A publicly available, working product has yet to be released from Hycon (although it is claimed that a working prototype is available in house).

Use of Blockchain Roadmap

Whitepaper

3.0
Whitepaper
Comprehensiveness

Does it cover the full scope of the problem and solution?

3.0
N/A
3 - Covers most key issues; a few holes.
Readability

Is it easy enough to understand?

3.0
N/A
3 - Readable, takes some time.
Transparency

Does it candidly describe and disclose where the project now stands, how much exists and how much still needs to be done, etc.?

3.0
N/A
3 - Basic honesty with some hype.
Business Plan Presentation

Does it contain a viable, comprehensive business plan?

2.0
N/A
2 - Missing critical information.
Technology Presentation

Does it present a well thought out technological architecture? Does it address implementational challenges?

4.0
N/A
4 - Clear, well thought out, realistic.

Whitepaper

The whitepaper is a moderate length of 29 pages. The technology plan is presented in very high detail and discussed in a manner that is well beyond a layman level explanation. The business plan is presented at a low level of detail, as this project does not aim to be a business, but a cryptocurrency competitor. Hycon chooses to omit most details of the token sale from the whitepaper. Overall the whitepaper is heavily focused on discussing the technological aspects of the platform in great detail, and as a result, the document takes considerable time to read and comprehend.

Whitepaper Compliance

Roadmap

2.8
Roadmap
Concreteness

Is there a concrete and practical development plan (vs. just a conceptual vision)?

2.0
N/A
2 - Vague, noncommittal.
Feasibility

Is the development plan realistic? Is it based on reasonable goals and timelines?

3.0
N/A
3 - Optimistic.
Vision

Is there a larger, long-term vision?

4.0
N/A
4 - Long term.
Dependencies (services or capabilities)

How available, operational, or trusted are the other systems or capabilities on which the project relies?

3.0
N/A
3 - Imperfect but available, or using substitutes.
Current Position

Where is the project now, relative to its vision and plans?

2.0
N/A
2 - Critical obstacles ahead.

Roadmap

The roadmap presented in the whitepaper spans from September 2017 to Q4 2018 and contains low levels of detail. Milestones presented do not contain descriptions as to what the milestone entails. Milestones reached thus far include the Korean pre-ICO, creation of the genesis block, and the private sale. The Infinity Decentralized Exchange is planned to launch on Q4 of 2018.

Roadmap Company and Team

Compliance

2.6
Compliance
Token Utility (value through usage)

How much use is there for the token itself (regardless of its value as an investment vehicle)?

5.0
N/A
5 - Foundational or varied use cases.
Token as Security (tradable instrument)

How valuable is the token as an investment vehicle or financial instrument?

2.0
N/A
2 - Primarily, with few additional rights.
Token/Smart-Contract Readiness

Is the blockchain infrastructure of the project ready for use? Is there a working prototype or MVP? How long until it is operational?

2.0
N/A
2 - Proof of concept or test platform.
Attention to Compliance Issues

How much attention is given to compliance (via token and ecosystem design, token sale participation, etc.)? Is this issue addressed directly and coherently?

2.0
N/A
2 - Minimal, superficial or hackneyed.
Legal Review/Risk Assessment

What kind of legal documentation (reviews or agreements) and risk assessment are provided?

2.0
N/A
2 - Insufficient or unprofessional.

Compliance

The whitepaper does not contain a disclaimer section and does not explicitly state whether HYC tokens should be considered securities. Content regarding compliance and legal review are quite minimal in the document presented by Hycon. It is stated on the Hycon website that residents from the US and China are not permitted to participate in the token sale.

Compliance Token Sale

Company and Team

2.6
Company and Team
Company Stage and Foundation

Is the company already established? Has it raised funds before? Is it mature?

3.0
N/A
3 - Company structure in place.
Background of Lead Team Members

Do we know who they are? Do they have LinkedIn profiles? Do they have solid, relevant backgrounds?

2.0
N/A
2 - Fragmented or inconclusive.
Team Assembly and Commitment

Is a solid, fully committed core team in place? Do they have online (e.g. LinkedIn) profiles showing sufficient relevant experience? Is their participation transparent?

3.0
N/A
3 - Mostly assembled and committed.
Team Skill Set Relevance

Does the amount of talent and skill in each area seem to fit the project requirements?

3.0
N/A
3 - Correlated to project requirements.
Team Skill Set Balance

Is the team well-rounded (biz/tech/blockchain)? Is there sufficient talent and skill in all areas of required development?

2.0
N/A
2 - Somewhat skewed.

Company and Team

The 15 team members are listed on the Hycon website, along with their profile pictures, short descriptions, and links to LinkedIn accounts. The skill set of the team is heavily geared towards technology as opposed to business, which is to be expected for this kind of project. 8 of the 15 team members are listed as blockchain engineers. Upon investigation, the LinkedIn profiles of some of the blockchain engineers show a lack of extensive professional experience developing for blockchain-related projects. Thus, the number of “blockchain engineers” may be somewhat deceptive in representing the team’s competence with regard to blockchain development.

Company and Team Product

Token Sale

2.2
Token Sale
Raise Amount Max

Is there a clear cap? Is the maximum raise amount modestly sufficient (as opposed to either greedy or insufficient)?

2.0
N/A
2 - Somewhat greedy or unrelated to plans.
Raise Amount Min

Is the minimum raise reasonable considering the development plan? Are there raise-amount dependent milestones?

2.0
N/A
2 - Only loosely related to plans.
Fund Allocation

Is fund distribution and allocation reasonable and justified?

2.0
N/A
2 - Use of funds only loosely defined.
Token Allocation

Is the ratio of tokens sold to those kept reasonable? Does it prevent the company from having too much control?

3.0
N/A
3 - Sufficient company/community interest balance.
Media Presence and Following

Is the sale being talked about in Reddit, Bitcointalk, Social Media, Medium, etc.? Is information available and accessible? Is there interest?

2.0
N/A
2 - Minor exposure and interest, or ambivalent reception.

Token Sale

The total number of HYC tokens is 10 billion (70% is for public mining, 4% is for airdrops, 5% is for the ecosystem development fund, 5% is for the bounty program, 5% is for the team, 10% is for investors, and 1% is for corporate social responsibility). The exact meaning of some of the token allocation categories (such as corporate responsibility) is not sufficiently described. The allocation of funds is described in satisfactory detail. The soft cap is $13.9MM USD (reached during pre-sale) and the hard cap is $60MM USD, where 1 HYC = $0.09 USD. The token sale takes place on March 30, 2018.

Product

Hycon aims to focus on adoption: it is stated by a member of the Hycon team that “[their] parent company, Glosfer, is planning a roll-out of brick-and-mortar cryptocurrency franchises that allow customers to buy cryptocurrency in-store just as easily as they can buy a lottery ticket. [They] have 200 franchises set and ready to go around the country (Korea) and these are going to be released to the public in March”. Hycon plans to use a PoW consensus algorithm initially, in order to limit the number of blocks and reduce the ability of users to spam the network, and then switch to a PoS system at a later (unspecified) time. An AMA on Reddit hosted by members of the Hycon Team can be found here: https://www.reddit.com/r/HYCON/comments/7p3qgg/hycon_ico_ama/

Category Breakdown
Readiness

Is the product ready for use? Is there a working prototype or MVP? How long until it is operational?

2.0
N/A
2 - Proof of concept or test platform.
Appeal

How appealing is the product? How good or necessary is it? Does it have a distinct edge?

3.0
N/A
3 - Interesting.
Target User Base

Is it mass market or niche?

3.0
N/A
3 - Has growth potential.
Competition

Are there many other similar solutions or is this one of just a few, or even one of a kind?

2.0
N/A
2 - Quite a few / somewhat better competitors.
Innovation

How innovative or inventive is the product, either conceptually or technologically?

3.0
N/A
3 - Partial, a novel approach or aspect.
Product Score:
2.6

Use of Blockchain

HYC is a crypto asset that operates using a directed acyclic graph (DAG) chain structure and the SPECTRE consensus protocol, which Hycon calls the Infinity Blockchain. The benefits of this approach are higher transaction rates (lower latency) and greater platform scalability. Hence, the need for a custom token for the platform is quite obvious. The Hycon GitHub page can be found through manual search, and upon investigation, reveals significantly low levels of content and activity (it is revealed in an AMA on Reddit that the Hycon team is currently “polishing up” the relevant code before they release it to the public, but this cannot be verified). A publicly available, working product has yet to be released from Hycon (although it is claimed that a working prototype is available in house).

Category Breakdown
Blockchain Development

Is blockchain technology essential? Does it make the solution significantly different and better?

4.0
N/A
4 - Innovative use of blockchain technology.
Disruptive Blockchain Advantage

How disruptive is the introduction of blockchain technology into the product's market space?

3.0
N/A
3 - Potentially disruptive.
Need for a Custom Token (vs. BTC or ETH)

Is the token essential or could it be done just as well or better with fiat or Bitcoin?

5.0
N/A
5 - Real, tangible, utility-based value.
System Decentralization (besides token)

How decentralized is the system architecture other than the token (e.g., data collection, storage, access, and use, or decision making processes, etc.)?

5.0
N/A
5 - Fully decentralized.
Contribution to Blockchain Ecosystem

How compelling is the solution's contribution to the evolution of blockchain infrastructure and economy?

3.0
N/A
3 - Interesting.
Use of Blockchain Score:
4.0

Whitepaper

The whitepaper is a moderate length of 29 pages. The technology plan is presented in very high detail and discussed in a manner that is well beyond a layman level explanation. The business plan is presented at a low level of detail, as this project does not aim to be a business, but a cryptocurrency competitor. Hycon chooses to omit most details of the token sale from the whitepaper. Overall the whitepaper is heavily focused on discussing the technological aspects of the platform in great detail, and as a result, the document takes considerable time to read and comprehend.

Category Breakdown
Comprehensiveness

Does it cover the full scope of the problem and solution?

3.0
N/A
3 - Covers most key issues; a few holes.
Readability

Is it easy enough to understand?

3.0
N/A
3 - Readable, takes some time.
Transparency

Does it candidly describe and disclose where the project now stands, how much exists and how much still needs to be done, etc.?

3.0
N/A
3 - Basic honesty with some hype.
Business Plan Presentation

Does it contain a viable, comprehensive business plan?

2.0
N/A
2 - Missing critical information.
Technology Presentation

Does it present a well thought out technological architecture? Does it address implementational challenges?

4.0
N/A
4 - Clear, well thought out, realistic.
Whitepaper Score:
3.0

Roadmap

The roadmap presented in the whitepaper spans from September 2017 to Q4 2018 and contains low levels of detail. Milestones presented do not contain descriptions as to what the milestone entails. Milestones reached thus far include the Korean pre-ICO, creation of the genesis block, and the private sale. The Infinity Decentralized Exchange is planned to launch on Q4 of 2018.

Category Breakdown
Concreteness

Is there a concrete and practical development plan (vs. just a conceptual vision)?

2.0
N/A
2 - Vague, noncommittal.
Feasibility

Is the development plan realistic? Is it based on reasonable goals and timelines?

3.0
N/A
3 - Optimistic.
Vision

Is there a larger, long-term vision?

4.0
N/A
4 - Long term.
Dependencies (services or capabilities)

How available, operational, or trusted are the other systems or capabilities on which the project relies?

3.0
N/A
3 - Imperfect but available, or using substitutes.
Current Position

Where is the project now, relative to its vision and plans?

2.0
N/A
2 - Critical obstacles ahead.
Roadmap Score:
2.8

Compliance

The whitepaper does not contain a disclaimer section and does not explicitly state whether HYC tokens should be considered securities. Content regarding compliance and legal review are quite minimal in the document presented by Hycon. It is stated on the Hycon website that residents from the US and China are not permitted to participate in the token sale.

Category Breakdown
Token Utility (value through usage)

How much use is there for the token itself (regardless of its value as an investment vehicle)?

5.0
N/A
5 - Foundational or varied use cases.
Token as Security (tradable instrument)

How valuable is the token as an investment vehicle or financial instrument?

2.0
N/A
2 - Primarily, with few additional rights.
Token/Smart-Contract Readiness

Is the blockchain infrastructure of the project ready for use? Is there a working prototype or MVP? How long until it is operational?

2.0
N/A
2 - Proof of concept or test platform.
Attention to Compliance Issues

How much attention is given to compliance (via token and ecosystem design, token sale participation, etc.)? Is this issue addressed directly and coherently?

2.0
N/A
2 - Minimal, superficial or hackneyed.
Legal Review/Risk Assessment

What kind of legal documentation (reviews or agreements) and risk assessment are provided?

2.0
N/A
2 - Insufficient or unprofessional.
Compliance Score:
2.6

Company and Team

The 15 team members are listed on the Hycon website, along with their profile pictures, short descriptions, and links to LinkedIn accounts. The skill set of the team is heavily geared towards technology as opposed to business, which is to be expected for this kind of project. 8 of the 15 team members are listed as blockchain engineers. Upon investigation, the LinkedIn profiles of some of the blockchain engineers show a lack of extensive professional experience developing for blockchain-related projects. Thus, the number of “blockchain engineers” may be somewhat deceptive in representing the team’s competence with regard to blockchain development.

Category Breakdown
Company Stage and Foundation

Is the company already established? Has it raised funds before? Is it mature?

3.0
N/A
3 - Company structure in place.
Background of Lead Team Members

Do we know who they are? Do they have LinkedIn profiles? Do they have solid, relevant backgrounds?

2.0
N/A
2 - Fragmented or inconclusive.
Team Assembly and Commitment

Is a solid, fully committed core team in place? Do they have online (e.g. LinkedIn) profiles showing sufficient relevant experience? Is their participation transparent?

3.0
N/A
3 - Mostly assembled and committed.
Team Skill Set Relevance

Does the amount of talent and skill in each area seem to fit the project requirements?

3.0
N/A
3 - Correlated to project requirements.
Team Skill Set Balance

Is the team well-rounded (biz/tech/blockchain)? Is there sufficient talent and skill in all areas of required development?

2.0
N/A
2 - Somewhat skewed.
Company and Team Score:
2.6

Token Sale

The total number of HYC tokens is 10 billion (70% is for public mining, 4% is for airdrops, 5% is for the ecosystem development fund, 5% is for the bounty program, 5% is for the team, 10% is for investors, and 1% is for corporate social responsibility). The exact meaning of some of the token allocation categories (such as corporate responsibility) is not sufficiently described. The allocation of funds is described in satisfactory detail. The soft cap is $13.9MM USD (reached during pre-sale) and the hard cap is $60MM USD, where 1 HYC = $0.09 USD. The token sale takes place on March 30, 2018.

Category Breakdown
Raise Amount Max

Is there a clear cap? Is the maximum raise amount modestly sufficient (as opposed to either greedy or insufficient)?

2.0
N/A
2 - Somewhat greedy or unrelated to plans.
Raise Amount Min

Is the minimum raise reasonable considering the development plan? Are there raise-amount dependent milestones?

2.0
N/A
2 - Only loosely related to plans.
Fund Allocation

Is fund distribution and allocation reasonable and justified?

2.0
N/A
2 - Use of funds only loosely defined.
Token Allocation

Is the ratio of tokens sold to those kept reasonable? Does it prevent the company from having too much control?

3.0
N/A
3 - Sufficient company/community interest balance.
Media Presence and Following

Is the sale being talked about in Reddit, Bitcointalk, Social Media, Medium, etc.? Is information available and accessible? Is there interest?

2.0
N/A
2 - Minor exposure and interest, or ambivalent reception.
Token Sale Score:
2.2

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