HDAC Technology, a blockchain technology company, founded by Hyundai BS&C CEO, Dae Sun Chung, has announced a partnership with Casperlabs, a blockchain startup. Both the companies have signed a memorandum of understanding (MOU) on June 28, 2019.
The idea behind this partnership is to jointly research and develop consensus mechanisms and seamless integration between the HDAC and CasperLabs blockchains.
The contract has been made for three years and both the companies have planned to organize several hackathon events in the U. S. and South Korea during this period.
Mr. Mrinal Manohar, CEO of ADAPtive Holdings Ltd., the parent company of Casper Labs said that the goal of this collaboration is to ensure scalability without compromising decentralization, which according to him, is very important for mass adoption.
“Many implementations have come with some flavor of compromise to decentralization and we aim to provide full decentralization alongside permissionless access,” he said.
Initially, the two companies will primarily focus on the joint technology development of different consensus mechanisms. HDAC, the issuer of the Hyundai-DAC token, is looking to enable next-generation IoT environments that are authenticated and verified. HDAC currently runs their in house Proof of Work (PoW) blockchain. CasperLabs is currently developing a Pure Proof of Stake (PoS) blockchain. The research is lead by CasperLabs lead CBC-Casper architect and Ethereum researcher Vlad Zamfir. Both parties will share research and technical support as a part of the partnership.
Once the token gets ready, it will be listed on some of the prominent exchanges, including Kraken, Binance, and Bittrex.
Reference: Yahoo Finance