HCash a blockchain development start-up just closed its initial coin offering, raising nearly AUD $53 Million in the process which is one of the largest ICO to date in Australia.
Melbourne-based HCash revealed details of its first round of funding from June 28 to July 15. The start-up managed to raise 21,000 Bitcoins during its first round. Using the bitcoins value on the date of closing, the total fund amounted to $52.89 million, a record for Australian ICO. Chinese who are bullish have leaped onto the startup’s public sidechain technology that allows for exchange of value and data between different blockchains including both block and block-less based.
HCash CEO Dallas Brooks said “HCash is the first Australian blockchain which aims to link the current mainstream blockchains, such as Bitcoin and Ethereum, with the next generation of blockchain technology. We expect HCash to mark the beginning of a new era of blockchain technology where isolated blockchains can communicate and recognize each other.”
The developers of HCash are working towards a security protocol that prevents quantum attacks by developing technology with research partners in Melbourne-based Monash University, the Shanghai Jiao Tong University and the Hong Kong Polytechnic University. The HCash sidechain connects traditional blockchains with blockless based Directed Acyclic Graphs systems to reduce transaction times with enhanced privacy features.