Hyundai's Token Company Partners With CasperLabs to Build a PoS Blockchain

HDAC, issuer of the Hyundai-DAC token, is working with CasperLabs to move from proof-of-work.

AccessTimeIconJul 8, 2019 at 4:17 p.m. UTC
Updated Sep 13, 2021 at 9:24 a.m. UTC
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HDAC Technology, a blockchain company backed by Hyundai, has entered into a strategic partnership with blockchain startup CasperLabs to jointly research and develop consensus mechanisms and seamless integration between the HDAC and CasperLabs blockchains. The companies signed a memorandum of understanding (MOU) on June 28, a small initial step toward further cooperation.

The goal of the collaboration is to ensure scalability without compromising decentralization, something that Mrinal Manohar, CEO of ADAPtive Holdings Ltd., parent company of Casper Labs, says 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.

Experimentation Phase

Initially, the partnership will focus on joint technology development of consensus mechanisms. HDAC, issuer of the Hyundai-DAC token, aims to enable next-generation IoT environments that are authenticated and verified. HDAC currently has their own production Proof of Work blockchain. CasperLabs is currently working on a Pure Proof of Stake blockchain based on the research by CasperLabs lead CBC-Casper architect and Ethereum researcher Vlad Zamfir. As part of the partnership, CasperLabs and HDAC will share research and technical support.

The three-year collaboration reportedly includes the organization of hackathons in USA and Korea and jointly working with select customers and partners to help them implement blockchain-based solutions.

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