Hyundai-backed Hdac Technology teams up with blockchain startup CasperLabs

Image Via Hdac Technology (Twitter)

Hyundai-backed blockchain firm Hdac Technology has signed a memorandum of understanding (MOU) with blockchain startup CasperLabs, CoinDesk reported.

Under the MOU, the firms will work together to explore and develop consensus mechanisms and seamless integration between the Hdac and CasperLabs blockchains.

Hdac discussed the new protocol upgrading the proof mechanism from PoW to PoS with @VladZamfir from CasperLabs, The two are sharing the same issue and will continue their cooperation to solve technical problems.#blockchain #CryptoChicks #CasperLabs #VladZamfir pic.twitter.com/4kj0jjSJwq
— Hdac Technology AG (@hdactech) June 3, 2019

The partnership is aimed at ensuring scalability while maintaining decentralization. The initial focus of the collaboration will be on the joint technology development of consensus mechanisms.

“Many implementations have come with some flavor of compromise to decentralization and we aim to provide full decentralization alongside permissionless access,” said Mrinal Manohar, CEO of ADAPtive Holdings Ltd., parent company of CasperLabs.

Headquartered in Wyoming, CasperLabs is currently working on a Pure Proof of Stake blockchain, which is based on the research by Vlad Zamfir, CasperLabs lead CBC-Casper architect and Ethereum researcher.

Hdac is a hybrid blockchain technology company that supports both private and public blockchains. It currently has its own production Proof of Work blockchain.

The company has been engaging in blockchain-based global business since its establishment of its headquarters in the crypto valley in Zug, Switzerland in October 2018 by Dae-Sun Chung, the CEO of Hyundai BS&C. This includes collaboration with Israeli blockchain startup Orbs, Canadian fintech firm TODAQ, and the first blockchain project of India Eleven01, among others.