HCX, the native digital asset on HC NET, available only for institutional purchase earlier, is now open to individuals. HC NET is used by banks, currency exchanges and regulators for cross-border payments. The HashCash blockchain network HC NET enables enterprises to move assets and settle payments across borders in real-time using blockchain technology. The network uses the native digital asset HCX to conduct transactions quickly and securely. Every operation on the network consumes a small amount of HCX.
The California based company has partnered with multinational banks, currency exchanges, corporations, and payment networks to facilitate retail remittances, cross-border corporate payments and trade finance activities through its blockchain network HC NET.
According to a source, the company is also hosting a blockchain consortium of diamond merchants and a consortium of insurance providers on HC NET. The Diamond merchants are using the network for tracking the provenance of diamonds through their supply chains and settling payments. The insurance consortium is experimenting with smart contract automation in processing claims and preventing fraud.
On a recent tear so far this year, HashCash and a few of its banking partners have come out and made joint announcements of their collaborations. Alfa-Bank, Russia’s largest Commercial Bank, earlier declared that it partnered with HashCash to set up a Domestic Payment Ecosystem on HC NET. German Banks such as Commerzbank, and just yesterday Deutsche Bank also joined the network for blockchain based cross-border payments. Singapore’s UOB, India’s Yes Bank and currency exchanges in UAE are among others acknowledged collaborating with HashCash.
A more comprehensive list of financial organizations on HC NET is available on HashCash partners page.
HCX: The crypto on HC Network
HCX forms the native assets of HC NET, the HC network on which the asset will be there. An asset is defined as an item value that is stored on the ledger. One HCX forms the unit of digital currency like any other digital currency, e.g. bitcoin. This is a digitized currency with no physical framework, but this forms an integral part of the HC network. The HCX forms the medium to move money around the world and to construct transactions between different currencies quickly and securely. HCX is further fragmented at the base level in units called JOTs. A JOT can be defined as the one-tenth million of HCX, i.e., 10 millionth of HCX equals to a JOT.
At the time of writing, the network asset showed a 24-hour trading volume of USD 40 million. The live network and HCX asset performance are available in public domain. The network also publishes a blockchain explorer which shows the transactions happening on the live and test network in real-time.
HCX can be purchased by downloading the mobile app Paybito. Paybito is a multi-signature wallet and a crypto exchange that uses bank-level security features to protect the user from hacks. HCX will be made available to Android users and can be purchased with USD and INR. Crypto traders in other countries can send bitcoins from their wallets to the paybito app and purchase HCX using Bitcoins.
“The universal utility of HCX drives its demand on the network. HCX will be available in all major exchanges of the world in the next few months,” said Raj Chowdhury, MD of HashCash and a well-known figure in the blockchain world. Chowdhury last year led the International Organization for Standardization (ISO) initiative to create interoperability standards for major blockchain platforms.
You may be wondering, this platform sounds comparable to Ripple, so what are the differences. See below for just a few comparisons to see why HC NET is gaining traction to begin the year.
- HashCash’s Bank friendly blockchain network offers complete transaction privacy for counterparties of the transaction where even HashCash, the company managing the network has no visibility of any of the attributes of the transaction occurring on the network. That is why Hashcash does not charge fees on a per transaction basis model.
- On the Ripple blockchain network, the parties and the transactions are visible to network participants. The company managing the network has visibility of the attributes of the transaction occurring on the network. Perhaps this could be the reason for per transaction fee model by Ripple.
#2 Settlement Mechanism
- Hashcash allows the flexibility of much wider settlement assets on the network.
- Whereas, Ripple uses its own asset XRP for settlement.
#3 Full Stack Service
- Hashcash network offers a complete end to end implementation and support where Hashcash team implements the product with Hashcash Network in client infrastructure.
- Ripple does not typically implement directly with a Financial institution. It is the financial institutions’ responsibility to hire a third party for integration and implementation.
HashCash enables enterprises to move assets and settle payments across borders in real-time using blockchain technology. Banks, corporate houses, domestic payment networks, fintech companies and currency exchanges use the HC Network for retail remittances, corporate payments, trade finance and payment processing. With presence in 26 countries, HashCash has 100+ enterprises using its products.