One of the biggest advantages to using blockchain technology is the security of it. It is very difficult to hack. Where there is a weak link, however, is when moving crypto currencies to an exchange.
When one reads about a huge amount of coins vanishing or being hacked it is almost always when the money was on an exchange or in an open wallet.
Hshares recognises the need for more security when moving money around so they devised a way to use a sidechain to run parallel to other chains like Bitcoin.
This will make it easy to send money from one chain to another. As things stand now, blockchains cannot communicate with each other and need to use exchanges. With a sidechain they finally will be able to move around without an exchange.
How To Buy HSR
So you’re interested in buying HSR? Currently, there is no way to buy HSR directly with fiat, so the best way to buy HSR is to first purchase Ethereum, transfer it to your chosen trading platform and change it to HSR. We’ll show you how.
2. Once your account has been created and confirmed, log into your Binance account. Once you have logged into the account, go to the menu, click on the funds section and then deposit on the drop down bar.
3. Once you’re on the Deposit section, click the drop down menu labeled “Select Deposit Coin” and look for Ethereum, or type ETH and select.
4. This is your Ethereum Deposit Address, we have chosen Ethereum instead of Bitcoin due to the lower fees and transfer times. Next we’re going to look at buying Ethereum and depositing it into your Binance account.
1. First change the Buy option from BTC to ETH for USD and then choose your amount.
2. When you have chosen the amount of Ethereum you want to purchase (A minimum of 0.05 ETH is required), you will need to register and confirm your CEX account and payment details.
Once that has been confirmed and the ETH has been deposited into your account, we will then need to move it over to Binance.
3. Select the Withdraw option at the top of the site and select Ethereum as your currency. You will then be given a field, where you will add a wallet. This is where you can transfer your money to Binance.
4. Go back to your Binance Account and copy the alpha numeric code under your Ethereum Deposit section and paste it into your Ethereum Withdrawal section on CEX.io. Confirm that this address is correct and press “Withdraw“.
Your Binance account will now be credited with Ethereum.
2. On the trading platform, select the ETH section and use the search function to search for HSR/ETH and confirm.
3. On the HSR/ETH trading section you can now choose how much HSR you want to buy with your Ether. Once you have chosen your amount, press Buy HSR and place your order.
Once your order has been fulfilled, your account will be credited. Congratulations you’re now the proud owner of HSR.
Hshare, also called Hcash, is a DAO (Decentralized Autonomous Organization).
This acts as a way for blockchains to communicate with each other. In the case of a sidechain to transfer coins from one chain to another, a signal is sent from one block on one chain to another block on another giving the new block the hash information about the transaction. While doing this it also lets the main block know that the coins are there and that they aren’t being used somewhere else at the same time.
This immobilizes the coins and the information about the transaction is stored at the address on both chains where the movement took place.
The protocol for this to work is a mashup of Proof of Stake and Proof of Work. It works in the same way a PoF protocol works in the sense that blocks are mined by using computational power. In addition, though the mining goes to the witness who has not only the most computing power but the most tokens, so a Proof of Stake protocol.
This works to keep users engaged which makes validating blocks much faster than a standard Proof of Work protocol.
The biggest benefit for some to use Hshare is the fact that all information is anonymous. A major complaint about using cryptocurrencies to make payments is that whoever your paying knows exactly how much you are carrying in crypto.
With Hshares, just enough information is made available to validate the block without giving away any sensitive information. They will use zero information proofs to mask the identity of the sender and receiver through the use of advanced cryptography to verify transactions without sharing information about the transaction with miners.
The carrier of that information is the native token called Hcash. It will be used to pay for resource fees used in the network, such as deployment of smart contracts, operating and upgrading of systems (transaction fees, cross-chain data transfer fees).
Libertarians, cypherpunks and the unbanked have long been holding onto this idea of a system that can safely and anonymously run off the traditional financial grid. If this system proves to be viable, then it will pave the way for a truly decentralized crypto currency.