>>>Notes From Project Hydro AMA Session
Notes From Project Hydro AMA Session2019-05-23T15:56:22+00:00

Project Hydro continues to bring you innovate projects while providing transparent communication along the way. Part of that communication was allowing users and passionate hydrolytes a chance to talk to the team on Reddit.

Another successful AMA session happened over at a subreddit community with 19.1 million members by the Project Hydro team. Led by DA Harsh, he was given permission to conduct an AMA on the subreddit titled

I am Harsh Rajat, Part of Hydro’s global team, looking to solve real-world problems using blockchain(Ethereum). Some of us are finishing our studies, while others are established entrepreneurs, collectively making strides in making blockchain a reality for everyone around the World! Ask us anything!

 

The following notes are from the AMA! We are always pleased to answer specific questions to help show what Project Hydro is all about!

 

“Hello IAmA / Redditor!

First of all, really happy to be doing this! To start with, we are ProjectHydro.org, a community-backed blockchain project having a global presence (From Europe to Asia to the US). Trying to make blockchain mainstream by focusing on user experience and creating layer 2, layer 3 functionalities over Ethereum. Here to field questions about blockchain, decentralization, involving the community on building Hydro or anything in between!

Joining me for the AMA are Robert Kodra – President of Project Hydro, Joel Kite – Vice President, Mark Anstead – Lead Bizdev, The entire team is also available if you want to field your questions to them. Mark is already en-route to Malta for attending the AI & Blockchain Summit 2019 (we are one of top 10 finalists), he has promised to answer all the questions aimed at him during the layovers, make him regret that decision :slightly_smiling_face:.

In all seriousness, really excited for the AMA. We would also be rushing to catch our flight just after wrapping up this AMA. You all are more than welcome to come to find us and do an AMA face to face over at Malta as well.

Ask us Anything and we will do our best to answer all the questions.

IAmA policy checklist:

  1. Do you have existing funding in fiat currency? Yes, we are already funded.
  2. Is your product not only prototyped but actually in use in a real-world situation? Yes, though wish to explain this further for full transparency. Hydro, unlike most projects, have different phases (Raindrop, Snowflake, Ice, Tide, Mist, and Hail) which tackle different tech issues of the world. Raindrop (MFA competitor) to Google and blockchain based MFA is already live and used by people, available on iOS / Appstore, has several plugins for various platforms (WordPress, Drupal, etc). Snowflake protocol is live while the dApp Store is on testnet public beta, Tide is done as well while development is on for Ice and Hail. Mist is on brainstorming and architecting phase right now.
  3. Do you have an income with value in fiat currency? Yes, we do… Hydro is listed on Upbit and Bittrex among other exchanges.

Proof: https://imgur.com/a/sGctR7U

Update 1: Thanks for all the questions, It was great to engage and try to answer each one of them… you guys rock! It’s 4 AM at my end of the World so I would pass the torch to Mark, Marcco and Tim Allard for now. Do keep on posting your questions and I will make sure to answer the ones intended for me in 6 hours or so.

Update 2: Thanks for engaging with us on this AMA! It was an awesome experience for all of us. I will be reaching Malta on 22nd to attend the AI & Blockchain conference, most of Team Hydro delegation will also reach there by 22nd. For anyone who is going to be there: It would be awesome to talk face to face about all things Blockchain! I will be checking the thread on and off while on the flight to see if there are additional questions as well.

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What are some concerns you have about the safety of blockchain? Are what are some ways you are looking to combat that? – From Pendragon3141

Mark’s response

This is an awesome question!

It depends on how you look at it. There are 4 main types of blockchains and each have their pros and cons.

Permissionless private blockchain Permissionless public blockchain Permissioned public blockchain Permissioned private blockchain

The ones that, in my opinion, pose more of a threat are the permissioned private blockchains because it’s no different than a normal database. When something is permissionless, and or public, there is a much lower level of “bad actors” within the system. We function on a permissionless, public blockchain (Ethereum), which is the most trusted (or trustless) network for transactions and data storage as it’s extremely decentralized, as well as public.

Obviously with permissionless public chains, there are issues with scalability of a blockchain, but we are working on something called “layer two sidechains” which offer extremely high throughput, while still on Ethereum

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What are the potential limitations or dangers of blockchain technology? – From deerinthefield

Harsh replied

Well, Blockchain technology is new so there are many limitations and dangers to it, but so is the case with all the new tech which comes in.

A major limitation of the current implementation is how a user is expected to understand all the concepts associated to it, how to use it properly and the famous analogy of seed words, private keys. They got me scratching my head when I first began. I don’t think it should be like this and see it as a major hurdle to adoption… especially in the current age where everything should (rightly) just work without expectations from users. From a tech / developer perspective, the coding feels quite weird, again because of the points outlined above.

The dangers of blockchain tech is mainly the way a smart contract is coded and executed. It has the capability of taking any middle man out and create a truly decentralized machine to machine economy but on the downside, a poorly written contract (or code) can never be changed so any bugs in it is disastrous. For the project as well as for the users as well, which unfortunately has happened more times than anyone acknowledges.

NotBabaYaga followed up with

Very interesting point, how would you go about solving such an issue?

Harsh then replied

Solving the user experience point is just going through the product again and again to see what you can eliminate from the learning curve of the user. I don’t believe that adoption will come by teaching everyone about new lingos. This means that any product (even if it’s revolutionary) is not public ready unless you can compete with the existing centralized competitors in on boarding and the flow. This is not as easy as it sounds as people who are involve in the industry are so used to these terminologies now that they forget how hard it was for them when they started but some are beginning to pay attention to it as well.

What we do is we try to force our product or things we are building to our non-crypto friends and that’s why we are running out of friends… haha.

For the dangers, it’s really an issue which needs constant audits, 4-6 months of product on testnet (a testing version of blockchain network with dummy crypto and constantly engaging with people to see if you missed something out. Sadly, these sometimes don’t fit with a few crypto projects as either they want to be a first in doing something or become instant millionaires.

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Nice to see an ETH-based project popping up in an AMA.

Can you tell us more about your layer-2 solution? Is it a Plasma variant? Something that leverages ZKP’s? A validator sidechain?

Also, what do you mean by “layer 3”? – From seven7hwave

Harsh replied

Alright, So let me describe it like this:

  • Layer 1 is Ethereum… this is what all erc 20 tokens use to build their contracts, tokens and dApps on it.
  • Layer 2 are the protocols which we have built or are building. This includes Raindrop, Snowflake, Ice, Tide contracts, etc etc. They utilize layer 1 to achieve functionalities like Identity (Snowflake Protocol), Payments, Interests, Coupons, Lottery (Tide Protocol), File Management System (Ice Protocol), Authentication (Raindrop Protocol) etc etc
  • These functionalities in combination enables us to create cool dApps and Apps which become layer 3. Like how dApp Store uses ERC1484 (Identity Protocol of ours) and Snowflake (Payment and Resolvers).
  • Like dApp Store, the dApps which we build also utilizes these layer 2 protocols and their functionalities to create cool workflows. For example, the Ownership dApp built Javier Zafra (Hydro) which uses snowflake and identity. The Hydro Drive of ours which uses snowflake and ice. The Hydro Pay of ours which uses snowflake and tide and so on and so forth.
  • Layer 4 are people who are building on top of these… like hydrogen who might use some of the dApp smart contract (layer 3) along with some protocols (layer 2) and other Ethereum functionality. So example can be they build an app which uses layer 3, 2, 1 functionalities along with some added functionalities which they devise. That’s the entire layer architecture or ours.

Hope this helps.

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Hello to the hydro team! So here are my questions, feel free to answer as many as you would like: 1- How can block chain be more readily integrated into logistics and analytics? 2- Can you offer an alternative to Hyperledger Fabric? 3- How can block chain compensate for it’s memory requirements in order to be made lightweight and portable? 4- What are the best blockchain based projects and startups coming up? – From kraftybox

James replied

Hey,

  1. For logistics, Snowflake would definitely a game changer. We can tie digital identity to each item or maybe its bar code and keep track of it’s whereabouts in the system.
  2. An alternative to HyperLedger would be a modular platform like what Hydrogen Platform is building called “Molecule” which is essentially a platform that makes it easy for enterprise to leverage on blockchain and access Hydrogen APIs, and in turn build products on top Hydro Blockchain.
  3. I’m not sure how to answer this because blockchain is a collective database of public transactions. To make it compensate for memory, it mghtt have to do with the consensus algorithm like proof of work ( your hashing power ). Many new proposals have come up such as proof of stake in ETH 2.0 and this might reduce memory graphics consumption for computers.
  4. To answer, I would have to say projecthydro.org because of a fee less crypto-to-crypto peeer to peer decentralized application that is coming this May. Less than two weeks and I am excited!

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I invest in crypto and one of the things I always ask myself is: does this project need to be crypto based? How does being Ethereum based really benefit this project? – From KryptoBoiz

Mark replied

So to answer your two questions-

does this project need to be crypto based?

-Yes. In order to make a decentralized economy as we are planning to, it wouldn’t be possible to do it another way, especially with using blockchain. Many people say, “you could use the USD”, but in this case, it’s not necessarily possible. We are, however, making it possible to do conversions into local fiat currencies like USD for service providers who are being paid if they choose to.

How does being Ethereum based really benefit this project?

-We spent a lot of time discussing this, and ended up choosing Ether because of the decentralization of the nodes, and future scalability solutions. Some of the others were Neo, Stellar, EOS, etc.. One of our team members had a very long written out explanation so if I can find that for you, I’ll share it! This is the 30 second explanation though haha.

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Can you really call listing on two exchanges a true source of income? On the crypto scene it seems that coins and tokens are only invested in on their potential to return on investment rather than their actual use case. How many people are actually using this rather than hodling for potential gains? – From KryptoBoiz

Tim replied

At Hydro, every phase of development that we have is focusing on the utility for the end user. At the end of the day, we are building all the way from the protocol level to the front end of our products. We also see a need for making things easier, more natural and a comfortable experience to increase adoption so all of that goes into what we are building. My though process as a developer on the project is to really focus on the building and producing products to the real world many can use, which in turn will create more utility for the ecosystem.

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I try to keep up with crypto-related technologies but often I can’t seem to connect the economics how of the “currency” tied to the blockchain technology actually works. In other words, how does the currency of hydro tie into what you’re trying to solve?

If I’m understanding this correctly, you are trying to create a solution for being able to secure someone’s identity via authentication, documentation, and payment. What does the underlying currency have to do with this? Why would the coin/eth matter and why would the coin increase or decrease in value? – From AlternativeHole

Harsh replied

You are right in the sense that the Hydro currency is probably not required in enabling these functionalities and Ethereum could have been used. Deviating from the question a bit, we do have atomic swap so Hydro is not needed upfront. a user could just come to our v2 dApp store and swap Eth to Hydro without any hassle.

Well, back to the question, any tokens created are usually not required as those features of a smart contract can usually also be done in ether. But having them ensures that the team has some funds if the work they do proves to be good enough. That being said, the eco-system which we have created ties Hydro currency to dApp developers in the sense that they would have to stake some tokens to have their app available on our dApp store (to counter bad actors if they slip though). Our Raindrop (Authentication protocol) is free for users but requires enterprises to use Hydro (either via staking) or perform an on chain transaction for sensitive data access.

Having said that, another reason for using Hydro and having some reserved funds ties to the fact that we never did any ICO and just airdropped tokens. This was done to make it essential to us to drive the product imagined in whitepaper forward before we can have any value attached to our coin.

For the funds reserved, most of it is for development which is mostly outsourced to the community as we wanted an active community driven developing the project from the start, think we have given away 50 Million tokens so far and planning to give so much more for completion of the tasks, you can check out the active bounty list here: https://projecthydro.org/bounty-programs/hcdp-tasks/ and can even add your suggestions and a proposed bounty and we will award the project to you if the elected team feels it adds value to our eco-system. In addition to this, we have also reserved some of funds mainly to ensure that we have operation budget for 2 years (which should be sufficient to complete products and make the impact we desire).

Hope this answers your question.

Joel added

To expand on what Harsh said…

The Hydro token is required to call functions on our Smart Contract and to build products in the Hydro ecosystem.

For example – you bring up our first protocol (authentication) which has two parts (client side and server side). When using client side Raindrop, any party that wishes to onboard users into the Hydro ecosystem by creating HydroIDs must maintain a balance of Hydro. If someone wants to protect a database with Server-side Raindrop than an on-chain micro transaction must be conducted in Hydro before access to a system is granted

With our second protocol (Snowflake), for a Smart Contract to be able to be set as a resolver, it needs to pay a fee in Hydro. As Snowflake acts as a passport for identification information, the Hydro is a gateway fee for dApps into the network and streamlines user interactions with dApps and apps. Users can also encode Hydro withdrawal and transfer permissions within their resolvers, allowing resolvers to seamlessly integrate conditional token-transfers between user accounts. A basic example might be a rewards service that deposits Hydro to users whenever they complete certain surveys.

The uses go on throughout the ecosystem but in short the Hydro token is essential to the whole process

AlternativeHole further asked

Could you dive a little deeper into authentication? So before anything begins, you need to create a new user id and store that somewhere (typically a database). You’re saying that creating a userId requires HydroTokens?

I’m already wondering why one would need tokens to create a userId?

And does it cost HydroTokens to look someone up who’s already been authenticated? Does it cost HydroTokens to look someone up who hasn’t been authenticated?

Joel’s response

The blockchain is the database

I’m on mobile so let me know if I miss anything but the below is something I posted on our telegram that shows the basic difference between Hydro and traditional TOTP systems like Google Auth. It should answer your questions.

  • Raindrop does not make a transaction with every authentication. The only transaction is during the initial creation of a HydroID. After that systems only need to read from the public blockchain, which is a fast and free process, which leaves no footprint.
  • With Hydro developers can build a 2FA system that combines the best features of traditional authentication apps and U2F systems, with added benefits.

– Hydro based authentication systems use public key cryptography to store a secret (private key) on the users device, instead of having a plain text TOTP secret on the device and the servers. This means that should a database be breached the hacker cannot gain access to individual accounts.

– As the protocols are open source anyone can build an authentication app on top at no cost.

  • There is some cost associated with setting up a HydroID and staking of Hydro required by the creator of the app, but this is small in comparison to implementing traditional 2FA systems, and free to the end user, unlike key based systems.

– It can be built for use on devices such as smartphones that users already own, meaning that users don’t need another physical item that can be lost, stolen, or misplaced. This has the added benefit of being behind the security of the phone login/encryption, rather than being used at the push of a button as U2F keys are.

– Unlike traditional 2FA and Yubikey/Google Titian, a HydroID can be regenerated by the user storing their seed words carefully. Lose your phone. No problem just regenerate your HydroID and gain access to your accounts.

– It can be incorporated into any system. Have a cryptocurrency exchange with an app, why not get rid of third party solutions entirely, build Hydro 2FA directly into the app and have your own app authenticate users?

– You can also build Hydro authentication directly into a company server. For example, if an exchange wants to protect their database, they can build Hydro Raindrop on the server-side, and require an on-chain micro-transaction before granting access to a system.

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How would you explain block chain technology to a layman? – From momogogi

James answered

A collective of decentralized super computers validating transactions (making each transactions trust less) and then saving these transaction history into a public library.

Harsh followed up

This is a toughie but I will try… in ELI5, blockchain tech is having a computer network handle all task without any intervention from a human. This computer network is anonymous and can’t be shut down (atleast very very hard to do) so you cannot corrupt it. Task can be anything from recording a transaction to creating a if / else scenario which can go ahead and do their job once started and anyone can read the task done and the history of it along with almost all the things the task creator has built in the system.

Hope this answers (and answers it right :sweat smile:)

Also, this is from /u/milvus (Joel)

Look at the blockchain like an address book in a growing town. Every house has a copy of the address book and every time a new house is built the address book in every house is updated.

If a crook tries to edit the address book, the crooks address book won’t match up with details held by the other houses and they will be caught.

In order to change the address book the crook would have to break into every house and change every single address book at the exact same time.

DigiMagic replied

Say I’m a crook and I enter the address of my totally_honest_not_robbing_people_here house into the system. Am I understanding correctly that the system is set up in such a way, that there is no way to rename my house into crook’s_house and people will be coming to it indefinitely?

nagumi replied

For that new entry to become accepted, it would have to be in over 50% of all the homes in the town. Otherwise it’s ignored, deleted, overwritten.

Harsh replied

For a crook to trick the system, it has to change 51% of address books as those address books are constantly verifying themselves. So, as the number grows (say 5000 address books) then a crook needs to change 2501 ones which makes it quite improbable.

Joel added

To add to the answers that others have given, the crook wouldn’t only need to break into over 50% of the homes and change the entry at the same time (before a new home is built – every x minutes), but they would have to use the individual key for each home, they can’t just break a window or kick down a door.

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hello!

How far are we from an efficient, hackproof DAO? (Decentralized autonomous organization)

Which project is the closest to a functional DAO?

Thanks! – From gocchisama

Harsh replied

Decentralized autonomous organization

I would say we are not there yet. A lot of projects are making good progress but I also attach a time variable to anything that cites itself hackproof. Bitcoin in 2009 was an awesome concept but it only attained immutability status once it withstood the test of time. See Ethereum for example, we are building on top of it but Ethereum went through a hack (the outcome of which resulted in Ethereum classic) so any DAO are just that, trying the concept they have at this point.

Only with time, they can attain hackproof and efficient status. Don’t have that much knowledge on which project is closest to a functional DAO as of now.

Mark added

I have a little knowledge re DAOs, so I’ll answer this. For a completely hackproof DAO? probably a couple years away as we still have issues with the storage of the funds in a completely decentralized manner. Personally, I think that they need to be stored in oracle smart contracts like what Chainlink offers, but this hasn’t been done yet.

I think the closest project to a fully functional DAO is probably DAOstack- they have some cool features that they’re building out for Genesis. I know they have some issues with it and it got hacked, so they definitely got some slack for that. Regardless, they’re on the right path for it

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How could you see blockchain making paper currency such as the USD or Euro becoming obsolete in favor of blockchain currencies. What would you say would be the biggest obstacle of this becoming a reality? – From corbanato

Mark replied

While I don’t think paper currency is going away anytime soon (although moving forward it definitely will become obsolete), many organizations and projects are trying to build these solutions to be utilized on a daily basis.

I think the biggest obstacle at this point is avoiding the technicalities behind how something is used, rather than saying all the details about how the blockchain works on the backend. Many of the people in this space are super tech oriented and don’t have a clue how to explain this to a regular average joe. That’s where people like myself come in to help!

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With the technology you have, how will it be used to better enhance society? – From imanAholebutimfunny

James replied

We’re building multiple smart contracts leveraging on blockchain technology, that will enhance digital lifestyle in the future of the decentralized web 3.0.

These protocols we’re building range from

  1. Security protocol
  2. Identity protocol
  3. Document management and signing protocol
  4. Peer-to-peer payment protocol
  5. Security Tokenenization protocol
  6. Artificial intelligence protocol

With these protocols, we’re building a safer, fairer, and a more simpler operating system for the web 3.0.

Harsh added

There are several cases as /u/sadfool1 (James) has outlined. To elaborate on this, the features we have / are building can:

  1. Enable user to have a single identity across all their wallets (Ether) in a simple, trustable way – This helps them in avoiding importing their keys and also gives sort of an aggregate identity to the user.
  2. This single identity powers our dApp store, this is done to ensure that a user is identified by a single identity and not multiple wallets. – This ensures that a user get’s access to their existing data stored even when they are on a different device (having a different wallet), i.e. adding to user experience and eliminating import of private keys which not many would do in a secure manner.
  3. This single identity then powers our entire eco-system and a range of protocols, namely Tide (which is payment protocol, takes care of interest calculation, lending, lottery on chain) – This opens up a range of apps which we can build for the users, some of the current things we are working at using this are Hydro Pay (p2p app) and Hydro X (remittance)
  4. Our Ice protocol builds a file management system on top of our identity protocol, along with storing of encrypted files, transferring files, stamping files, sharing files / groups – This opens up the possibility of having an on-chain drive (kinda like google drive). The use cases for this are using it to create a KYC dApp that stores encrypted user’s information on storage blockchain and forms a file management system for that user on ethereum blockchain. we can then eliminate multiple KYCs from different institutions by tying up with them, this saves cost for them and ensures that users always own these files (making sure that central breach of kyc data is averted).
  5. The Tide and Snowflake identity also helps us in attaching transactions data done by multiple addresses to a user which then is fed to our Mist protocol to detect fraud by analyzing those transactions and picking up behavior pattern – This can help the ethereum community in general as before sending a money to a wallet, they can check the risk factor of the wallet

There are several other ways by which it could work really well. hope this answers your question.

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hey guys, two questions: – From Superjain123

  1. why pick ethereum over other ones? and

  2. when will Eth hit 1000+ again, if at all?

James replied

  1. We chose Ethereum because
  • they have the biggest community of developers
  • ethereum network has been the longest and proven chain that’s has been maintained
  • it has been 100% in uptime since inception
  • it is most decentralized amongst all the chains
  • most secure ( can’t be 51% attacked, DDOS, etc )
  • most mature chain

Harsh added

sure.

  1. Ethereum is the most mature platform out there. There are some limitations of speed attached to it right now but it started the smart contracts movement. We did contemplate moving to newer smart contracts based platforms but eventually decided to stay as I mentioned, we found Ethereum to be mature and upcoming upgrades to satisfy our need for speed ;).
  2. I have stopped answering this question after I made my family FOMO on bitcoin around $15k. They are getting excited about crypto again though so that’s a good sign.

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Can you discuss in anymore detail the partnership with TD Bank and the timescales for them utilising Hydro products? – From Bbauer24

Marcco replied

TD Bank is a long term paying client of Hydrogen, who’s engineers built out the Hydro protocols. As the relationship grows and as adoption of the platform increases among TD clients, integration of Hydro into future products is part of the plan, as stated in TD Bank’s press release of the partnership.

https://www.prnewswire.com/news-releases/td-bank-group-and-the-hydrogen-technology-corporation-announce-north-american-agreement-to-bring-automated-digital-investing-solutions-to-td-clients-300710551.html

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We’ve had over a decade of cryptocurrencies, and so far the real world applications have entirely been criminal – money laundering, tax evasion, purchasing illegal goods and services.

Do you expect this to change? Your proposal doesn’t seem to address this at all. – From TomSwirly

Harsh replied

imo Tax evasion, illegal goods and services are something which be finding new ways to side step law and crypto being the new way falls to it. It’s really no different than cash or illegal transactions of any kind. Money in any form will always attract criminals.

I do expect law to get better on this, just how they got smarter with catching cash transactions. With blockchain, the entire transaction is available for everyone to see (except privacy coins which are a different issue all together) and this makes it a little less appealing than cash in the long run when agencies have upgraded themselves to catch this. Cash on the other hand offers no such mechanism so yes, I do see it going down in the long run.

As for real world applications, I believe they are already there. Just imagine a world, where you don’t have to deal with disputes as they are stored on blockchain and thus can’t be tampered with. Or, imagine a case where people can remit dollars instantly and incur just 10 cents as fees on it. These are not in the distant future but has already happened.

Will blockchain overtake every sector? I don’t think so but yes some will be replaced sooner than later.

As for us, we are trying to connect Identities to a set of addresses and then building services like fraud detection, remittance, kyc, etc on top of our protocols. Taken together, we hope to solve some of the issues which are currently present.

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Why do you all sound the same.

“Why are innovating the way innovation works by implementing blockchain into our innovative blockchain which will innovate the innovation of this worlds innovative block chain.”

It’s all the same thing with you start ups. Why do you think you’re so different? This isn’t an advert sub, so why not just delete this? – From grandpasexballs

Tim replied

The difference is with Hydro, we are not just talking about innovation, we are actually innovating. The hard part is trying to find projects like this with a lot of noise out there and sometimes, that noise is not that great. We have actual real world products and proposed enhancements (ERC-1484) to the one of the largest decentralized blockchains and are building real utility for the token. Coming from a development background, I found this project by its Github activity (code repositories) and seeing them push the envelope. Our roadmap can give you a glimpse of what we are doing short term to add substance to our messaging. I know it may not change your thoughts, but just wanted to say there are some hard working projects out there who are doing some pretty cool things.

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What do you say to the critics, that claim Blockchain is largely a pyramid scheme? – From knobtremor

Harsh replied

I just tell them this quote: Hey… hey… hey bitconnect!!! haha..

In all seriousness, I just tell them that blockchain is a technology and people are free to use it as they wish to. Pyramid schemes involve money in some way or the other so do we declare money as a pyramid scheme.

Doesn’t convince some but they are really wary of the tech and I also understand their frustration. In reality, all you can really do is explain to people what blockchain is and then give them time to play with that idea. People were hesitant to use online payments a while back, still are in my country (India). Digital wallets are also something which they are nervous about but in the end, if it works well and does better job than adoption will follow in it’s own time. Till then, you can only inform them and keep on BUIDLing.

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How do you plan to cut down the energy consumption of mining centers? Our energy is far from green – From Dictator_XiJinPing

Harsh replied

I agree with this. I don’t have a solution to it and I also don’t like the justification that we are better than mining gold, etc, etc. I don’t think I have any thoughts on how to improve this :(.

Joel added

This is an issue and energy consumption does need to reduce across all industries, or we need to see more use of renewable and nuclear technologies. How we solve this is difficult. Where there is money people will do whatever they can to get it even if it means using huge amounts of energy.

From a crypto aspect, ethereum moving to Proof of Stake would certainly help in reducing energy demands.

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I literally read that you were part of hydra By the way, what real world problems are you going to solve? – From Mikeman206

Harsh replied

haha… as mentioned below, I am proposing that as an internal way of greeting for all the team members of Hydro.

We are trying to solve many as we have divided our project into several phases.

  1. Raindrop was our first phase and is already done. In a nutshell, it utilizes blockchain to do multi factor authentication, it’s already live and we already have it available for instant integration on numerous platforms like WordPress, Drupal, Joomla and many others. This phase focused on ensuring security and already have websites which have implemented it. you can read more about it here if you wish to.
  2. Snowflake / ERC-1484 is our Identity phase, it connects or aggregates all associated addresses and gives them an identity without exposing the user. This is built to power the entire eco-system and exposes a lot of cool features to handle. Example is our dApp Store which utilizes this to provide a hassle free user experience and security to user by ensuring that they have to deal with importing a private key anywhere else, it’s just click and connect. Another Example is using this phase with Ice phase of ours to build a KYC dApp which any exchange can use with the user’s permission so that the user is instantly verified and the organization doesn’t have to pay for a KYC process. The user is in full control of the document and they never have to give their personal info out. Snowflake protocol is live and dApp Store v2 is going through alpha testing.
  3. Ice is our file management phase, which is about providing user the way to store files (encrypted) on blockchain (storage based) along with a file system which allows them to share files / folder, transfer them to other users, stamp them to enforce off chain contracts and so on. Combining this with other protocol like Ice or even lending dApp of ours opens up new possibilities for truly out of the box dApps. We also have a Hydro Drive dApp which will allow users to access these functionalities independently as well. Ice is currently in development.
  4. Tide is our payment protocol phase, this is also completed and we are using it (along with Snowflake) to build Hydro Pay (P2P gasless transaction app) and Hydro X (Remittance app), The protocol also has the features to do interest payments, lottery, gift card, etc on chain.
  5. Mist is more on fraud detection, it analyzes the behavior pattern of an Identity by looking at all the transactions associated with all the addresses associated with a user. This protocol when done can potentially help us in analyzing the data associated with a user and assigning a risk factor to each address. This will help in devising the first ever fraud detection mechanism which can tell how likely it is that an ether address is compromised. Inside hydro ecosystem, payments done through Tide can be halted if the score is high enough and for the ethereum community in large, this can be tied to third party plugins / extensions or even exchanges to warn a user if the address risk score is high. This phase is currently getting brainstormed and architected on.
  6. Hail is our security tokenization phase and it’s currently in development as well. It utilizes the features of the above phases to provide security tokenization.

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Would blockchain technology ever be appropriate for something like.. say, voting for the president of the united states? – From bkconn

Harsh replied

It is a possibility but is far away… mainly due to verification of the Identity of the voter. Right now, blockchain is just a bunch of addresses that have crypto and they use them to perform some function. Identity of the person using behind it is not know. For the voting to truly matter and be fair, blockchain tech needs to figure how to associate, verify an identity and ensure the person who has voted is not allowed to vote again. You also will need massive blockchain adoption or a hybrid approach to make it a possibility. So yeah, a few years away from it at the very least is what I am thinking.

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