Hyundai backed Hdac just raised a $100 Million Pre-Sale
Hdac is the latest edition in the growing list of blockchain based IoT platforms in the market. The platform currently allows IoT devices to quickly and effectively communicate, handling identity, authentication, data storage and micro-payments. They recently concluded a pre-sale, which smashed its projection by raising a whopping 13,000 BTC (~100m USD) from a predominantly non-English speaking audience.
Another interesting thing about the Hdac platform is that it is backed by a corporate giant. Korea’s Hyundai Group’s subsidiary has backed the project and lot of their proprietary software, like Hyundai Pay etc and look to develop a new blockchain based on multi-chain capable of handling the scale and contract functionality required for an IoT platform, as well as bridges to Bitcoin and Ethereum to facilitate payments.
Hdac stands for stands for Hyundai Digital Asset Currency and is run by the nephew of the Hyundai motors’ heads. When asked about why the company is taking the token sale route, when the funds could have been raised within the family, a spokesperson said, “the answer to this question is the very nature of cryptocurrency: decentralization. Hyundai BS&C plans to make HDAC decentralized and controlled by the public and the market. They want people to use and trade it, and they do not want to make it a privately owned technology. They want to equitably distribute the tokens to any investors and make it public-friendly.”
However, the company didn’t deny that the family ties help each other out. Currently, the technology wing Hyundai BS&C is already building an apartment complex called Herriot that will use HDAC in a smart homes project.
Blockchain platforms for IoT is a need. The market will be very vast, very soon and the market will be big enough for many blockchain platforms to operate in. So in terms of betting on simply the merit of the project, Hdac makes the cut.
It’s the industry connections that will definitely help in getting platform adoption, which perhaps makes Hdac a lot more interesting over other projects in the space. Plus, their fund raising power is already on display with that massive pre-sale.
Looks like a project worth betting on.
Learn more about this project
1. HDAC uses EYL’s quantum technology: http://naver.me/FyWUoJ6r, http://me2.do/GDWUzHEj
2. Hyundai-Pay cooperate with Oasis Lending, a P2P lending service for the arts and culture enterprise: http://me2.do/xEbcH6xy
3. Hyundai-Pay works with Hancom Group (Korea’s Microsoft): http://naver.me/xoxT8WF6
4. Hyundai BS&C builds Heriot Apartment which plans to use HDAC technology: http://naver.me/FcEmP7MO
5. Hyundai-Pay holds hands with MODA to merge blockchain technology and IoT: http://me2.do/5cHsO43N, http://naver.me/Fbe4DqX7
6. Doublechain advertises HDAC in Japan: http://me2.do/FyWgq8QC, https://m.youtube.com/watch?v=
7. Hyundai-Pay will implement transaction service with KRP (Asia’s PayPal): http://me2.do/5RyxjK4M
8. Doublechain plans to build medical tech system on blockchain platform with Worldwide Medical: http://me2.do/Gigqn9Dq
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Hitesh Malviya is the Founder of ItsBlockchain. He is one of the most early adopters of blockchain & cryptocurrency enthusiast in India. After being into space for a few years, he started IBC in 2016 to help other early adopters learn about the technology.
Before IBC, Hitesh has founded 4 companies in the cyber security & IT space.