BitMart, a premier global digital asset trading platform, jointly held a Telegram AMA with Hydro on September 15, 2020. Hydro (Token Symbol: HYDRO) is the blockchain division of Hydrogen, the global financial platform of the Web 3.0. Hydro enables new and existing private systems to seamlessly integrate and leverage the immutable & transparent dynamics of a public blockchain to enhance application and document security, identity management, transactions, and artificial intelligence.
In the AMA, we are pleased to have Carl Ulvinen (Vice President), Sam Ayorinde (Hydrogen Developer), and Ana-Maria (Hydrogen Social Media Lead), to join the AMA and share valuable insights with our community members.
If you miss the AMA live, check our AMA recap below for more details:
Q1. Describe what Project Hydro is in a few simple sentences?
Hydro is a decentralized project consisting of a collection of open source smart contracts built on the Ethereum blockchain to secure users accounts, transactions and identities from malevolent actors. Anyone can integrate these smart contracts to gain their powerful operational security into their own dApplications.
Q2. Which area does Hydro focus on at the moment?
Currently we are focusing heavily on releasing an alpha version of our wallet built on top of the snowflake protocol with a Chainlink oracle to provide a robust and user-friendly wallet that is fully open source. We are also working on releasing an alpha version of our Remittance app for the European market.
These two are our main focus at the moment on the product side, we want to begin beta testing these within our community so please stay tuned for that.
On the protocol side we are working on the mist whitepaper to be released in Q4 this year as well as updating the snowflake protocol to the latest stable version of Solidity.
Q3. Can you list some great features of HYDRO that makes it ahead of its competitor?
What is the competitive advantage your platform has that you feel most confident about?
In my opinion the greatest strength of Hydro is that anyone can develop on top of it and use its core protocols to improve the security of their own applications with identity and authentication being handled securely.
When the previous Hydro devs merged their EIP proposal ERC 1484: Digital Identity Resolver into Ethereum's master branch a new era of digital identity was born.
- Snowflake follows this ERC 1484 digital identity standard and that will allow every end-user of a snowflake-powered application to be minted a globally unique Ethereum Identification Number to provide a major barrier to identity theft in the end-users digital presence and solve a lot of problems in the emerging fintech space.
- Raindrop is an excellent way of showcasing how blockchain based authentication should be the new norm as it adds an additional layer of security and the ability to restore one's 2FA account when migrating to a new device.
When these two protocols are used together they will provide a robust solid foundation for others to build to their needs upon.
Q4. One of the competitive advantages of hydro is the Dev team who assures speedy developments of different functionalities in the hydro ecosystem. I'd like to know more about your team. Were there any significant challenges that your team encountered in the past?
When the first DAs were elected and faced with the incredible task of building up a new development department, marketing department, design department, social media department and community governance department to actually govern the project as a foundation there were significant mountains that needed to be conquered in terms of locating and hiring the necessary skill set that is required to push this project forward. On top of that we also needed to deal with creating a foundation for these to operate under and start to develop the products that we want to build. I am very proud of what our team has accomplished with limited resources in such a short period of time and I have to say that the team work that I have experienced since joining project hydro has been nothing short of incredible so going forward I feel confident that we will be able to overcome any challenges that come our way.
The current development lineup of nine developers is spearheaded by our corda certified Chief Technology officer Srinivas Ratnam with his 17 years of experience as a fullstack developer.
Our frontend team consists of myself, Jignesh and Sam. Then we have our backend team where Njoku, Devis, Ayushya takes care of all the solidity code. And lastly our AI team where Mathew and Naveen handles the research phase and whitepaper.
Srinivas has done an excellent job in coordinating the team's efforts in building the first alpha release of the wallet and it has been an exciting journey to see the initial mockups blossom into what we will release for testing. Truly amazing to be part of such a creative and experienced team.
Q5. What are the strategies to attract new users and investors to your platform.
One of the ways in which we are trying to earn investors interest and make our project well known to them is by joining different AMAs and events. We will also be expanding our partners list in coming months. Hydro is & will be a community project, therefore we would like everyone to be part of it in every sense, we'll be launching Voting dApp in Q4 of 2020 & there community members will be able to vote for crucial decisions within the project & will be able to take part in the team elections as well. We think social media play crucial role in expanding the reach of a project & inviting more interested investors as well, so we'll be running some campaigns in future & will surely be running ads of our upcoming products as well. You guys would be happy to know that our number of followers in all social media are increasing day by day and we believe that our community is expanding gradually.
Q6. Can you give a brief description about your newly released Roadmap?
Our Roadmap focuses on kickstarting the development of products and updating the protocols we currently govern to meet current solidity standards. We are also very excited about our Mist team that has begun the research into how our AI will recognize patterns to prevent fraudulent transactions from taking place and the upcoming rebrand to further revamp the project. Myself personally is very excited about the upcoming revamp of the dAppstore with its accompanying dApps in Q4 this year.
Q7. What makes Hydro authentication protocol(Raindrop) unique over the traditional solution?
Well, apart from being free and open source, compared to traditional 2FA solutions that usually generate the authentication code locally in your phone for you to enter in to the website/application you want to login to a 2FA app that is built with the raindrop protocol they are instead displayed on the site you want to login to so that you can enter them in to you phone instead - this is to prevent you from being “phished” for you 2FA code by spoofed sites as the spoofed site cant guess the correct auth code. This means that hackers will have to compromise either your phone, the website itself or the provider of the 2FA application and on top of that decrypt the entire public blockchain in order to get your ID which makes the raindrop protocol very robust and secure when deployed.
Q8. Briefly describe the use case(s) of Hydro.
Hydro token has two core uses:
- Native utility
- Ecosystem circulation
Built-in functionality that's unlocked through HYDRO use.
Examples are server-side and client-side Raindrop.
For server-side Raindrop, users solve unique challenges using HYDRO. Smart contracts check the HYDRO transaction before authentication.
In client-side Raindrop, companies stake HYDRO to interact with the smart contracts. This incentivizes third-parties to be good actors within the ecosystem. A good example of it, Hydrogen who built the 2FA app on our Raindrop protocol, they staked HYDRO tokens to build the app.
Movement and flow of HYDRO between participants.
Snowflake, Ice, Tide & some of our upcoming products like Remittance app, lending & borrowing smart contracts, Hydro loans etc are prime examples of that.
Hydro tokens move in between developers, business integrators & end consumers. Creating a robust ecosystem with supply & demand dynamics and market forces.
As the ecosystem grows, HYDRO tokens will be integral in:
- Using dApps
- Incentivizing participation
- Validating users
We also have lots of upcoming products in 2021 which will expand Hydro use cases, Like Hydro's own Oracle smart contract, Staking & Hydro Decentralized Exchange
[About the Project]
Hydro is the blockchain division of Hydrogen, the global financial platform of the Web 3.0. Hydro enables new and existing private systems to seamlessly integrate and leverage the immutable & transparent dynamics of a public blockchain to enhance application and document security, identity management, transactions, and artificial intelligence.
- Website: https://www.hydrogenplatform.com/
- Whitepaper: https://www.hydrogenplatform.com/white-papers/Hydro_Raindrop_White_Paper_English.pdf