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November 24 2017

ICO Alert Report: Hyundai DAC

ICO Alert Report: Hyundai DAC

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ICO Alert Quick Facts

  1. Blockchain based IoT platform backed by Hyundai
  2. 0.1 BTC = 1,800 Hdac
  3. ICO runs November 27, 2017 — December 22, 2017
  4. 840,000,000 total available / 12,000,000,000 total supply
  5. 13,000 BTC raised in pre-ICO

What is Hyundai DAC?

Hdac is a blockchain based platform backed by Hyundai. The platform allows IoT devices to communicate with one another, handling identity, authentication, data storage, and payments. Hdac will develop a new blockchain based on multichain, capable of handling the scale and contract functionality required for an IoT platform, as well as bridges to Bitcoin and Ethereum to facilitate payments.
A good example of using Hdac technology would be car rentals at the airport. Instead of going to a booth, standing in line, doing paperwork, and getting a car key, you could go directly to a vehicle and have it automatically unlocked with a connection between your phone and the car.
— The Hdac Team

Q&A with the Hdac Team

ICO Alert: How does the Hyundai-DAC token (DAC) function within the platform and why is it needed?

Hdac: The Hdac token would be used for payments. For example, the token could be used to pay for a car rental, toll roads, car parking fees, even gas!

ICO Alert: Hyundai-DAC raised 13,000 BTC in presale from Asian markets. How were you able to generate that amount of interest from buyers?

Hdac: Hdac is led by Dae-Sun Chung, who is the founder of Hdac and Hyundai BS&C. His aunt and uncle are the CEOs of Hyundai Group and Hyundai Motors. This Hyundai connection has given the project credibility and attention.

ICO Alert: Is Hyundai-DAC seeking to be a digital asset currency in direct competition with Bitcoin? How will it differ from previous electronic encryption currencies such as BTC?

Hdac: Hdac is designed to allow easy payments between people and IoT devices. It would be impractical and costly to route millions of payments (sometimes micropayments) through a central authority. Hdac is not in direct competition with Bitcoin, because it is designed and focused on IoT devices.

ICO Alert: You claim that Hyundai-DAC will have “no risk of rapid inflation and deflation.” How do you plan on reducing this volatility?

Hdac: We discourage speculation and consider this a long-term project.

ICO Alert: What is the relationship between Hyundai-DAC and Hyundai BS&C and why is the partnership important to initial growth?

Hdac: Hdac is created through the cooperation of Hyundai BS&C, DEXKO, Doublechain, and Hyundai-Pay. Hyundai BS&C is not affiliated with Hyundai Motors of Hyundai Group per se, but the CEOs of Hyundai Group and Hyundai Motors are the aunt and uncle, respectively, of Dae-Sun Chung, who is the founder of Hdac and Hyundai BS&C. There are family ties, and they help each other out.

ICO Alert: You recently moved your Token Generation Event from its original date. What is the reason behind this move?

Hdac: The delay was decided to comply with the international regulations, especially with FINMA (Switzerland Financial Market Supervisory Authority) including KYC (Know Your Customer) and AML (Anti Money Laundering) procedures.
The decision is to make sure to prevent any potential problems in the future and to protect all participants.

ICO Alert: Can you explain the Hyundai-DAC philosophy on mining the blockchain? How does your ePoW system differ from current PoS and PoW models?

Hdac: Hdac ePoW is a consensus algorithm that reduces the mining monopoly by applying the block window concept. It reduces the wasteful energy consumed in the hash calculation by avoiding spontaneous mining attempts during the block window application period once the mining is successful.
ePoW Hdac is making the standard PoW techniques more energy and time efficient by reducing the number of nodes required to achieve consensus.

ICO Alert: Many cryptocurrency platforms choose to build onto the Ethereum network. Why have you chosen to build your own “Hybrid Blockchain”?

Hdac: The Ethereum network is currently limited to 25 tx/sec and is unable to meet the scaling requirements of IoT. By using a new blockchain, Hdac believes it will be able to meet its target of 1,000 tx/sec.

ICO Information
The main ICO begins on November 27, 2017. There are a total of 840,000,000 Hyundai DAC (DAC) tokens available during the main ICO, representing 7% of the total Hdac supply. The Hdac main ICO target is 6,000 BTC.

0.1 BTC=1,800 Hdac.

Token Distribution Information
There are a total 12,000,000,000 DAC tokens being created, with 840,000,000 DAC available during main ICO.

Contributors will be receiving tokens after the ICO. Details regarding the transfer of tokens will be announced on the website separately. When DAC is being issued, the exclusive Hdac wallet will be created and the DAC will be sent to the wallet. Contributors will be able to check their DAC balance on the Hdac website.

Visit the Hdac website for more information and the contribution address.

Allocation
86%: Equitable “ePoW” mining
7%: Pre-ICO and ICO sale
7%: Capital reserve

Use of Crowsale Proceeds
Pre-mined Hdac
35%: Capital reserves
15%: Technology development

Funds raised through ICO
24% Hdac core R&D / IoT hardware / Operations
11%: Global marketing
15%: Strategic partners / Business development

Team
Dae-Sun Chung, Founder
Dae-Sun established Hdac technology in 2017. He is the grandson of Ju-Yung Chung, the founder of Hyundai Group, consisting of 232 companies, making $276 trillion revenue annually. He is also the third son of Mong-Woo Chung. Dae-Sun established Hyundai BS&C in 2008, which operates IT, construction, and other businesses. Hyundai BS&C has its affiliates: Hyundai BS&I, Hyundai Fine Chemical, Hyundai BS&E, Hyundai Pay, which is a blockchain technology based fintech specialized company.

Devon Choi, Development Director
Linkedin
Devon’s main areas are ERP consulting of chemistry, automobile, and manufacturing industries with MS AX/NAV, SAP and Oracle in Europe, Japan, China, India etc,. He led ISP and PI projects for the Department of Duty Free, welding companies, heavy industry, and DAPA etc, at Hyundai BS&C. Currently, he manages the Hdac blockchain core, IoT, and mining pool development.

Joong-Bum Choi, Development Engineer
Linkedin
Joong-Bum developed a solution for mutual authentication of IoT based on the blockchain at Double Chain. He is currently in charge of the development of the Hdac core, explorer site, and mining pool site.

David Lee, Operating Director
Linkedin
David has a master’s degree and MBA from Hanyang University. He has experience in digital agency, finance, insurance, card corporation, and also as a CEO of a startup that constructs online and mobile services for fintech companies. He was a service planner for a cryptocurrency exchange related to blockchain. Currently, he is in charge of the general operation of the Hdac digital communication.

Robert Choi, Robert Choi
Linkedin
Robert is in charge of blockchain-based global marketing and is a Lean Startup Coach. He also has 25 years of cross-industry experiences at Procter & Gamble, Adidas, Allianz Life, MKTforum, Mail Dairies Co., and CHA health-bio group. He has innovative and extensive talents in brand marketing, sales strategy, communication, research, e-Biz, new business development, international business, startup business modeling, and digital marketing.

Social Media
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View the Hyundai DAC Website here.

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References
(1) Hyundai DAC Website, Hyundai DAC, (2017)
https://hdac.io/

(2) Hyundai DAC Whitepaper, Hyundai DAC, (2017)
https://github.com/Hdactech/Hdac/wiki/Hdac-Technical-Whitepaper

Topics: Blockchain, ICO, Cryptocurrency, Crypto, Initial Coin Offering