Copy link
Increase text size
Decrease text size
Link copied

Hyundai-backed Hdac to invest $10M for mainnet launch, presents new blockchain development plan at KBW 2019

Image Credit: Hdac Twitter

Wed, 09 Oct 2019, 03:57 am UTC

Hyundai Digital Access Currency (Hdac) is reportedly planning to set up a $10 million fund to invest in blockchain.

According to a report by Korean outlet The Financial News, the fund will be allocated to launch its mainnet and later develop applications for it. It also aims to support industry startups and to establish an ecosystem with a crypto compensation system.

Hdac, the issuer of the Hyundai token (HDAC), plans to launch its mainnet early next year, whereas its testnet is expected to be released this November.

Hdac Blockchain Development Plan

Meanwhile, Hdac also recently announced that it has completed a proof of concept as part of its enterprise development plans. It also revealed details of its new Proof of Stake (PoS)-based blockchain platform for payments and Internet of Things (IoT) projects like smart home construction.

The PoC will ensure data integrity and security and monitor real-time automobile manufacturing. With blockchain technology, new cars can be tracked across the production process and data are immutable.

Hdac aims to provide enterprise solution with better security by integrating blockchain technology with IoT, big data, and cloud, which are driving forces of the era of the Fourth Industrial Revolution,” Hdac founder Dae Sun Chung said during the Korea Blockchain Week (KBW) 2019 in Seoul, Korea.

The firm plans to achieve its goals with its new blockchain platform called “Friday,” which will work with the IoT ecosystem. Friday, which is based on PoS and comes with its own consensus algorithm, aims to address scalability, security, and decentralization.

It plans to be “suitable for not only DApp services but also IoT and payment services by securing scalability and processing speed while realizing Smart Contract functionality,” as per a press release.

TokenPost | [email protected]

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
More
  • Bitcoin (BTC) $8,341.26 (-2.98%)
  • Ethereum (ETH) $159.92 (-3.40%)
  • XRP (XRP) $0.224600 (+0.84%)
  • Bitcoin Cash (BCH) $311.26 (-8.43%)
  • Bitcoin SV (BSV) $251.52 (-12.26%)
  • Bitcoin (BTC) $8,341.26 (-2.98%)
Jan 24, 2020 (Friday)
04:24
Crypto Technicals: ETH/USD holds above 21-EMA and cloud support, further weakness on charts
04:23
Indian IT firm Mphasis to develop blockchain privacy-enhancing tech solutions with QEDIT
04:04
Crypto Technicals: BTC/USD extends weakness, eyes next major support at 110-EMA (8134)
Jan 23, 2020 (Thursday)
13:26
Amun lists inverse bitcoin ETP on SIX Swiss Exchange
12:32
World Economic Forum creates framework to help central banks design and deploy CBDC
11:52
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
11:52
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
11:24
Four Belgian banks including BNP Paribas, ING to share corporate KYC data using blockchain
10:34
Crypto Technicals: XRP/USD dives over 4%, more weakness on break below 21-EMA support (0.2231)
10:34
Dubai's government-owned utility company and Siemens organize blockchain lectures and seminars
10:18
SportsCastr to reward viewers with own cryptocurrency 'FanChain'
09:48
Hacker Noon deploys first blockchain feature after leaving Medium
09:10
Hyperledger launches community group to leverage blockchain to meet climate goals
08:32
Crypto Technicals: ETH/USD extends weakness below 200H MA, eyes 110-EMA support at 159.52
07:41
Deloitte sees Facebook's Libra as “bold new proposition” to create global financial infrastructure
07:06
Square receives U.S. patent for cryptocurrency payment network
07:00
Crypto Market - Asian Session Wrap - 23rd January 2020
06:50
Kik technical advisor to appear for deposition in ongoing Kin ICO case with SEC
05:40
Grayscale continues to support ethereum classic developers
05:40
Crypto Technicals: BTC/USD turns bearish near-term, eyes 21-EMA support at 8318
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft