Renewed interest and new developer updates indicate that a unique blockchain-based map platform may be headed for new highs. Recently, a large number of traders on Crypto-related social media asked about Hyperion. So, is Hyperion a good investment?
As one of the most unique blockchain projects in 2020, researching Hyperion will be a worthwhile effort. It is one of the few decentralized networks to target the niche of global map data. To further expand on what Hyperion is and what it offers, I will provide a detailed overview of the protocol and its token. Near the end of the article, I will also provide you with a guide that will show you where and how to buy HYN.
What is Hyperion?
Hyperion is a decentralized blockchain platform that aims to create a ‘One Map’ product. With it, the protocol would deliver a unified view of global map data and services. According to the team, its unique consensus model called Spatial Consensus Protocol would not only transfer spatial information but value as well. Hyperion targets the way people consume map data, making them more open-source and decentralized.
Hyperion already launched an app for its product, called Titan. It is the first privacy-focused map application based on cryptographically secure features. Users can track maps and personal GPS data locally on their smartphones, requiring no internet access. To ensure true privacy, Titan enables users to delete all information about their movements or map plans in one simple click. And if they want to share their location with family and friends, they can do so in a cryptographically secure way.
Another product called Map3 provides new spatial data usage and scalable infrastructure at low prices and performance costs. It works as a decentralized platform as a service (PaaS) for maps. It is backed by One Map Compute technology and supports a high number of Map3 decentralized nodes. With it, users can create numerous map layers, scalable and decentralized map infrastructure, and seamlessly transition from other map-like technology.
All of these products and services are backed by the Atlas mainnet. The team refers to it as a ‘high-performance spatial consensus blockchain.’ Atlas provides world-scale map services with the help of Elastic Spatial Sharding. When making the protocol, the developers focused on bringing various features for map asset transactions and validation, supported by fault-tolerance, censorship resistance, and open-source participation.
Users can run as nodes on the Atlas network for validating blocks. In total, the team will select 88 validation nodes based on their performance. Hyperion will reward the successfully picked nodes by granting them staking rewards.
Is Hyperion (HYN) a Good Investment?
Considering that Hyperion is one of the only blockchain projects that focus on global map data, it is worth to at least consider the HYN token as a worthy investment. But what is HYN used for? We have numerous products and services under the Hyperion name but I mentioned nothing yet about the protocol’s token. So, without further delay let me showcase the benefits of holding HYN tokens.
Essentially, the economic model offers investors with multiple reasons to own HYN. Users can micro-stake and re-stake the token on almost all products and services previously discussed. For example, users can work as node verifiers on the Atlas blockchain network to earn HYN rewards. In June 2020, the developers expanded the economic model to introduce token burning as a financial incentive for investors.
The new system consists of an internal and external token burning mechanism. Internal burns are determined by the total number of HYN staked on Map3. On the other hand, external burning refers to the total amount of tokens consumed by using Map3 services. The team seeks to jumpstart the growth of the Hyperion ecosystem by bringing these demand-supply dynamics, which can potentially increase the value of HYN tokens.
For Map3, the developers created a Proof-of-Work incentive where micro-stakers earn, by default, 20% of the management fee charged by map operators. There are also subsidies for Map3 nodes that last one month, which are determined by the scaling cycle the nodes are in. At the start, Hyperion plans to distribute 300,000 HYN tokens per month during the Genesis Scaling Cycle. This will increase at a compounded 10% rate for each scaling cycle.
Based on these incentives, you can see that staking is incredibly important for the Hyperion platform. Therefore, HYN token holders stand to win more than just speculative value. If they implement their tokens by creating nodes, holders significantly affect the size of their portfolio.
In the next section, you can learn more about investing in Hyperion by checking out my step-by-step guide. I will also showcase the best exchange for trading HYN tokens and how to use it. Interested? Let me first explain what makes an exchange perfect for investing in HYN.
Where to buy Hyperion (HYN)?
Investing in cryptocurrencies is not easy. Especially when you have a lot of assets to consider for investment purposes. But now that we know what makes Hyperion a good investment buying it should be easy, right? Well, not really. First, you have to find an exchange that is both good and that has listed HYN. Finding HYN on exchanges is easy, however, finding a good exchange is very difficult.
There are various problems that the average trader encounters on most exchanges. Oftentimes, they demand excessive private KYC information. Some even go as far as to charge extremely high fees that cannot be found anywhere else. And the absolutely worst thing? Some cryptocurrency exchanges are so difficult to use that it takes weeks for a beginner to trade.
To save you from a terrible headache, I decided to investigate these issues and discover a great exchange where you can buy HYN. After extensive research, I discovered only one exchange that fit all my criteria.
Coinuma is a European cryptocurrency exchange that offers more than 40 innovative new altcoins. Users can trade on both desktop and mobile, earn inverse fees, and creating an account only takes a few minutes. Additionally, the exchange asks only for limited KYC information, respecting your privacy, and keeping it even more secure compared to other platforms. In the guide below, I will show you how to register, deposit funds, and trade on Coinuma. So without any further delay, let’s immediately start.
Making an Account on Coinuma
You can create an account on Coinuma in an extremely short time. In fact, it only takes three easy steps to register and after that, you can instantly login. To begin, head over to the official exchange website at Coinuma and click on ‘Start Now’ in the top right corner. After that, continue by typing your email and password in the necessary fields. After doing so, click on register and you are done.
But before you can log in, make sure to verify your account first by visiting your email service. There, you will find an email from Coinuma with a relevant verification link. After visiting the link, your account will be verified and you will be ready to log in. Now, you can continue by visiting the ‘Finances’ tab to transfer funds to the exchange.
Transferring Assets to Coinuma
After entering the ‘Finances’ section, you will encounter an extensive list of all the cryptocurrencies supported by Coinuma. There, you will have to find the wallet address of either Bitcoin or Tether. As the exchange only listed HYN/BTC and HYN/USDT trading pairs, you must deposit one of these two assets. Continue by typing BTC or USDT in the search box and clicking on the ‘deposit’ button. At this point, Coinuma will show you a unique address that you need to use when withdrawing assets from your personal wallet.
Depending on the network congestion at the time you made the transaction, it will take anywhere from 5 to 20 minutes for your assets to appear on Coinuma. After receiving the full amount, switch to the trading page to finally invest in HYN.
Trading Hyperion (HYN)
You are just one step away from becoming a proud HYN token owner. To invest, visit the ‘Exchange’ section and locate the trading pair list in the left part of the screen. Here, you can see all of the trading pairs, their price, and volume. In this case, I will use USDT to invest. Type HYN/USDT in the search box and click on the first result. Alternatively, visit the following link.
Here, you will see the trading pair’s chart and order section. To buy HYN at a lower price, select a limit order, the price at which you are buying and the number of USDT you wish to spend. After the HYN token reaches your price, the market will fill your order. Otherwise, select a market order and the number of USDT tokens to spend. Click on ‘Buy’ and you will instantly purchase the tokens. This is it, simple wasn’t it?
After completing all of these steps, you have finally invested in Hyperion (HYN). In this article, I showed you what the blockchain-based map data protocol does and how it works. Additionally, you learned how Hyperion (HYN) holders earn from staking and how the new burning mechanism drives prices up. In the case that someone asks you if Hyperion (HYN) is a good investment, you now know exactly how to answer.
And more than that, you also had the chance to learn about Coinuma. Trading cryptocurrencies on Coinuma, as you can see, is really easy. Creating an account only took a few minutes and after depositing funds you could instantly trade the last coins and tokens. Do not forget that for each order you create, Coinuma will reward you with additional maker fees with the help of their inverse fees feature. Feel free to take a look at the rest of the exchange and discover what else Coinuma offers!