According to research conducted by Trend Micro, stolen line items of Personally Identifiable Information (PII) are readily available for purchase within the Deep Web for as little as $1. Not only that, other sensitive materials such as passport scans and bank login credentials are also available on the black market, making the distribution of stolen data increasingly fragmented and untraceable.
Hydro is an all-new blockchain that enables new and existing private systems to seamlessly integrate and make use of the immutable and transparent dynamics of a public blockchain to enhance functional aspects of their daily work by streamlining:
- Application and document security
- Identity management
- Daily transactions
The Hydro public blockchain enhances security through the use of unique public authentication modules and deploys a technology called “Raindrop” – a service that facilitates transactions via smart contracts and validates private system access publicly. Not only that, it can be used in conjunction with existing private authentication methods.
Moreover, Raindrop provides additional security to users for sensitive financial data so that private information can be insulated from third-party actors.
Lastly, it is worth mentioning that the initial implementation of Hydro Raindrop will be done within the Hydrogen API Platform. The native APIs are available for enterprises and developers to build, test, and deploy sophisticated financial technologies and products.
Overview of the system
- Hydro leverages its unique infrastructure by developing products that can offer tangible benefits to financial service applications.
- The platform has been implemented on the Ethereum network.
- The Hydro blockchain differs from other blockchain initiatives in that it can exist independently and can layer around new or existing systems without requiring a systemic change.
- This service allows authorized institutions and organizations to plug into its APIs so that they can automatically access the native blockchain.
- The user interface is highly visually-oriented and can be utilized by novice as well as experienced blockchain customers.
Hydro’s key offering to its customers is its blockchain-based authentication service, called “Raindrop.” It has been built atop the Hydro public ledger and offers customers an immutable, globally viewable layer of security that verifies access requests and ensures that they originate from an authorized source.
Primary offerings of the Hydrogen ecosystem
Hydro makes use of private authentication protocols such as OAuth 2.0 to provide a high level of robustness and overall usability. Additionally, the platform incorporates blockchain mechanics as a component of its authentication procedure. This adds an additional layer of security and minimizes the risk of system breaches and data compromises.
Overview of the architecture employed by the platform
With the Raindrop verification protocol, Hydro is able to define a transaction which a user must then execute from a known wallet. The only way a user can conduct a valid transaction is by accessing the wallet in question. When using Raindrop, both the system and the accessor can monitor authorization attempts on an immutable public ledger.
How it Works
The core Hydro authentication process involves 4 primary parties which include:
(i) Accessor: this is the agent that attempts to access the system or any DApp making use of Hydrogen APIs within its core digital infrastructure.
(ii) System: the gateway used by the accessor to utilize the native Hydro API.
(iii) Hydro: the central module that is utilized by the System to communicate and interface with the blockchain.
(iv) Blockchain: the distributed public ledger that processes and facilitates all internal HYDRO transactions. It contains all of the internal smart contracts.
The primary initialization begins with the registration process wherein users are required to obtain pertinent credentials which will enable the system to communicate with the blockchain via the Hydro protocol. The system brings an Accessor on board who registers a public address and then passes the registered address on to Hydro. That registration only needs to occur once.
Initialization process employed by Hydrogen
After the Initialization is completed, the central authentication process can commence. This is done by the Accessor, who is required to request Raindrop details from the System. The platform then generates a new Raindrop transaction, which stores certain details immutably on the blockchain, and returns the full details to the Accessor via the System.
Validation procedure followed by the platform
The last step in the process is the Validation. During this step, the Accessor officially requests access to the System via the predefined established mechanism. The Hydro platform automatically interfaces with preexisting native smart contracts, checks the validity of all transactions, and then responds with a true/false designation accordingly.
About the team
Michael Kane is the co-founder and CEO of Hydrogen. According to his online bio, Michael has been the recipient of numerous awards including:
- Winner, Tech Pioneer — 2x Best of Show Finovate
- Winner, UK Great Tech Award
Mike has served as an associate at Bridgewater Assc. and has also overseen the development of other projects related to crypto-assets and the blockchain.
Sid Sharma is the project’s Head of Continuous Innovation. He holds a master’s degree in computer science from Columbia University and previously worked at S&P Capital IQ as well as McKinsey & Co.
Lastly, Matthew Kane is a co-founder of Hydrogen and is viewed within the cryptoverse as a fintech pioneer. He has twice received the UK Great Tech Award and is an expert in crypto assets. Matt is one of the first individuals to have created a crypto investing application for widespread public use.
Token Performance Details
Introduced into the crypto market just under 10 days ago, HYDRO is currently experiencing a huge surge in demand.
HYDRO token lifetime performance chart (courtesy of CoinMarketCap)
While initially trading at a base rate of $0.001 on May 3, the token is currently worth $0.005 (as of May 13).
However, it should be noted that due to the newness of this token, current market performance should not be treated as an indicator of future market value.
Hydro promises to enable private financial systems to seamlessly leverage the power of public blockchains as well as utilize niche technologies such as smart contracts to create secure, transparent, and low-cost financial products globally.
If you would like to start investing in Hydrogen, HYDRO trading pairs are currently available on Mercatox, CoinEX, EtherDelta and Token Store.