Hcash is the cryptocurrency of a distributed ledger which links block-based and blockless blockchain systems.
Hcash is the cryptocurrency of a distributed ledger which links block-based and blockless blockchain systems The UTXO-based blockchain system (e.g. Bitcoin ) and account-based blockchain system (e.g. Ethereum ) has opened the door of a brand-new world for us. Although the impressive success of Bitcoin and Ethereum has certainly proven the value of blockchain technology and its massive potential in the future, we also see some inherent problems in blockchain technology along the way. Since 2015, there has been quite a few highly-promising distributed ledger systems that are not block-based gradually coming into our view, such as DAG (Directed Acyclic Graph) . With no doubt, a decentralized digital world is dawning, and Bitcoin or Ethereum has the potential to become the base currency in block-based distributed ledger. IOTA  or Byteball , on the other hand, may fulfil a similar role in a system based on DAG technology. Nevertheless, despite of the ability to be traded unrestrictedly on some centralized exchange platforms, these tokens, due to the fundamental differences in the underlying systems, can only circulate within their own blockchains, and would not be able to move freely from blockchain-based to blockless system or vice versa.