HDAC, CasperLabs Collaborate on Proof-of-Stake Blockchain

HDAC Technology, the company behind Hyundai’s Hyundai-DAC token, has partnered with blockchain startup CasperLabs to develop a proof-of-stake blockchain.

The collaboration’s ultimate goal is to ensure scalability without affecting decentralization. Mrinal Manohar, CEO of CasperLabs’ parent company ADAPtive Holdings Lt., said this will be key towards achieving 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.

HDAC and CasperLabs will initially focus their attention on the development of consensus mechanisms. 

The former, who currently has its own production proof-of-work blockchain, is striving to enable authenticated and verified next-gen Internet of Things environments.

The latter, meanwhile, is working on a pure proof-of-stake blockchain based on research by lead architect and Ethereum researcher Vlad Zamfir.

HDAC and CasperLabs signed a memorandum of understanding on June 28 to signal the start of their strategic partnership. They plan to collaborate for three years, during which they will share research and technical support.

Both companies also plan to organize and launch several hackathons in the US and Korea. They will also provide support to and help select customers and partners to implement blockchain solutions.