Although statistics for the 53rd best currency in accordance with the market capitalization on CoinMarketCap is still showing Hshare (HSR), the team behind the crypto announced the final rebranding of Hshare to HyperCash (HC). The news followed the official launch of the mainnet update 2.0 as announced on Twitter by the team representatives on August 7th, as the team behind HSR is already embracing the new brand on social media.
As token swap from HSR to HC is still in progress, HyperCash will officially become a thing once the swap is completed.
HyperCash (HC) Mainnet Launched
HyperCash ecstatically announced two weeks ago, on August 7th that the official mainnet upgrade 2.0 was launched. That being said, the team representatives declared that at the block height 938,888 the HCASH foundation has officially upgraded the mainnet to version 2.0.
The team previously announced that all Hshare (HSR) units should be transferred from Hshare desktop to any of the two available wallets, including HyperPay and HCASH mobile wallet in order to avoid losing their funds. That is why all HSR holders were supposed to transfer their funds to HyperPay or HCASH wallet before the block height reaches 938,888, as it happened ahead of schedule on August 6th after which the team announced the official mainnet launch.
In the official post on Medium, as announced on August 7th, the team shared the news about already having 22 exchanges alongside with HCASH wallet and HyperPay mobile wallet supporting the token swap, adding that the current update represents developments and a year-long hard work.
The team explained that the core of the new mainnet update will be the new native token, HyperCash (HC), further stating that the network will completely integrate a DAO-driven ecosystem, quantum resistance as well as support a hybrid protocol merging Proof of Stake and Proof of Work mechanisms.
Further, in their official release, the team representatives added that thanks to the research provided by the Polytechnic University in Hong Kong and Monash University, the new update should also implement privacy-preserving protocols and lightning network in the near future as HCASH developers are already considering the provided research. The team also has other plans regarding the future integrations to the newly updated mainnet, stressing out that HCASH foundation will also work on launching HyperExchange network (HX), that ought to create a dual-chain structure between HC and the planned HyperExchange, also creating a dual token, HX, and HC.
This dual link should pave the way for smart contract operations and cross-chain transactions, which should be a major addition to the mainnet. The team finally added that the relationship between the two mentioned parallel chains should be mutually beneficial, representing the underlying technology for all future developments.
HCASH Topped on Bithumb by Trading Volume for Two Days
During the official mainnet release after the block height of 938,888 has been reached, the HCASH team announced that during August 6th and August 7th, HCASH was marked as the top coin on Bithumb exchange in accordance with its trading volume.
During the first day, the team reported that after the exchange announced providing support for HSR to HC token swap, the trading volume of HCASH climbed up to 32 million dollars, having the trading volume of Bitcoin (BTC) placed at the second place with around 12 million dollars.
The next day, on August 7th, the trading volume of HC topped to 34 million dollars, still maintaining top 1 ranking as the hype was still alive, which the team saw as an increased interest in the newly rebranded HyperCash. Although the trading volume on Bithumb showed an amazing increase in the trading volume of HCASH, two weeks later,
HSR charts are showing a decrease by -44% for the past two weeks, which describes the post-mainnet launch timeframe.
Moreover, HCASH is showing only 1.9% of rises in the period of 7 days, while it is up by 1.4% during the last 24 hours on August 21st, which means that although HC gained a massive momentum during the mainnet launch, the newly rebranded crypto don’t seem to immune to the continuously bearish market trends. However, it is expected to see a more vital progress in the market for HyperCash once the token swap is settled and marked as complete.