On saturday, the Hydro team joined The AMA Community telegram to connect with the community and answer any questions they had relating to Hydro mission, tech, progress on our journey so far, recent updates and our plans moving forward.
Mr. Carl Ulvinen - Vice President, Saurav, Ayushya Chitransh & Njoku Emmanuel, from Hydro team took part in a particularly exciting AMA session which included introductions, questions from twitter, and a live AMA session with the Telegram community.
If you missed the AMA live, here is a quick recap to gain some deeper insights into Project Hydro.
Please, Can you introduce yourself to the community?
Hey everyone, myself Saurav, elected president of Project Hydro.
Hope you guys are doing great
Can you share with us, a little of your experience in the blockchain field?
Yes ofcourse, So I’ve been in crypto for 3 years, been part of some projects as a team member & as an advisor as well. I’m a business & finance graduate. Started my journey in Hydro back in 2018 Feb, as a volunteer. In time, by looking at my dedication i was elected as a team member & then ofcourse as a President for Project Hydro.
So, what is HYDRO?
What is the background of this project?
Hydro is an open source, decentralized platform. Our goal is to create standardized smart contracts, APIs, and dApps to be used by billions of customers in the financial services industry. Much like the world tech community goes to Apple and Google for standardized operating systems and products, we think that we can accomplish the same thing in blockchain for financial services applications. We also believe there will be no need for “blockchain developers” within financial services, we want to make products that can be easily & seamlessly integrated within current financial services, so that developers with basic knowledge of APIs can execute a suite of standardized smart contracts for all of the tasks needed to decentralize and secure financial applications.
What are HYDRO pogress from the beginning until now?
We created 5 protocols until now, and 6th(Mist) one is in progress, those are;
- Raindrop : Raindrop is an authentication protocol, built on a decentralized and public blockchain, that we believe will become an industry standard.
- Snowflake : it’s an identity management protocol, built on a decentralized and public blockchain. It includes
- a) Hydro Snowflake Smart Contracts
b)Hydro Snowflake API that allows non-blockchain developers to interface directly with the Hydro Snowflake smart contracts
c)Individual users can create unique and immutable identities that are tied to the public blockchain
d)Escrow contracts are created to manage token transfers to users
e)Integration with global KYC providers
f)Creation of a global fraud and AML database
- ICE : Ice is a document management protocol, built on a decentralized and public blockchain. This consists;
a)Smart Contract & API’s that’ll allow non-blockchain developers to interface directly with the Hydro Ice smart contracts
b)Open architecture document management framework
c)Integration with global document signing and management providers
- Tide : Tide is a payment protocol, built on a decentralized and public blockchain. This consists of;
a)Smart Contract & API’s that’ll allow non-blockchain developers to interface directly with the Hydro Tide smart contracts
b)Open architecture payment structure
c)Decentralized micro-transactions for unbanked customers
- Hail : Hail is tokenization on the blockchain. Under the hood it is a framework of Solidity Smart Contracts which work on top of the Hydro Snowflake protocol
- Mist : Mist is an artificial intelligence that will create data modeling of transactions to enable fraud detection on the blockchain. This consists of;
a)Smart Contract & API’s that’ll allow non-blockchain developers to interface directly with the Hydro Mist smart contract.
- b) It’ll include fraud detection
- c) Integration with global wallet & exchange providers, to decrease the phishing & loss of users funds which they usually do by sending tokens to a scam wallet address.
What can we expect to see from HYDRO in the short-term (at
some point in 2020) and 2021 and
beyond (long-term goals)?
Yeah we’re actively looking to expand Hydro ecosystem, you can look forward to more protocols in future
we recently released our development roadmap for 2020-21 you can expect lot’s of things in next one year like;
Hydro Staking : Users will be able to stake their Hydro/ETh/DAI to recieve the rewards in Hydro tokens.
Hydro loans :- In phase one we’ll try to partner with schools & universities, for student loans.
Students will be able to take out loan via smart contract, they can put their assets as collateral & complete all the requirements demanded by the smart contract, when they’ll pass the requirements, contract will directly release the loan amount to the universities/school. It’ll be more simpler, with lesser fee, transparent & easy solution for students.
Everything will be done by the smart contract.
Hydro Remittance : As names states, it’ll be a cross border payment solution, users will be the owner of their own funds & data, no centralized authority will have users funds or data. Plus, as it’ll be on blockchain we’ll try to make it as cheap as it can be to do cross border payments.
Hydro Wallet : It’ll be most secured wallet there is, Our snowflake, raindrop & Link’s Oracle smart contract will be integrated in it.
User’s will be able to do all the basic things (as one could do in standard wallet) plus, they’ll be able to recover their private keys as well in case they lost access to it. It’ll also include Hydro staking, borrowing & lending & Hydro Mist.
There are many more products that we’ll be launching beside these, like Hydro Side chain, Hydro Dex. We focus on utmost innovation in crypto space, there’s a saying “The right innovation will allow you to offer something unique to your customers”
As you can see what we’re doing in next one year so you can expect much more expansion of use cases & many more dApps & products in long term as well.
Google Form Questions
Today- New Collaborations & Partnerships are very Important for
the Growth & Developments of any Project Especially for Crypto
Projects ! So- Can you tell us some Recent Major Partnerships of
$Hydro Project for project Expansion & Future Plans?
First id like to say thank you for having me here.
Chainlink has been an important integration partner for us as their oracle is one of the core elements of the wallet we will be releasing for Alpha testing within the community shortly.
Currently we are in the process of finalizing some very exciting partnership agreements.
We will be releasing news concerning this on all of our channels as soon as the agreements are final so please stay tuned to our social media for that.
What makes Hydro authentication protocol(Raindrop) unique over the traditional solution?
Let me start by explaining what Hydro Authentication Protocol (RainDrop) is.
RainDrop is a blockchain-based authentication service which is built on top of the Hydro public ledger. Hydro Raindrop offers a way to enhance off-chain authentication protocols by incorporating blockchain mechanics as a component of a single- or multi-factor authentication process which can be a useful layer of security to help thwart system breaches and data compromises.
Raindrop is considered to be unique over other traditional solutions because the ledger is on a decentralized and distributed network, transaction processing is not subject to single points of failure. Therefore, this on-chain activity provides a reasonable failsafe that the transactional aspect of Server-Side Raindrop can remain functional without dependence on any trusted party.
Secondly, The public nature of the ledger also ensures that any party (be it a private system or a verified user) can monitor authentication attempts – from anywhere in the world, in real time. Such a level of transparency is a substantial advantage, particularly when it pertains to authenticating systems that house sensitive and expensive data.
Diverse, Complex, Code branching can lead to waste developing it , Open source software. How will Hydro – an open-source for building Dapps deal with these problem? What difficulties did you encounter in choosing the right open source code?
To provide a robust foundation for others to improve upon our protocols we came to the realization that we need to create a platform that allows the community and third party developers to contribute to the project with a certain standard in mind.
Similar to the EIP program of Ethereum we have plans to launch the Hydro Improvement Proposals (HIP) where third party developers can make contributions in the form of improvement proposals that can then be delegated via HCDP (Hydro Community Development Program) tasks to the community or implemented within our in house team.
This will ensure that our open source codebase will meet a certain standard when considering updates, upgrades and code changes.
It’s easy to make a token but it’s really hard to make this token valuable? So what’s your startegy to make HYDRO token more valuable and what’s your plan to maintain token price and supply?
The value of token comes through the services that the token offers, and currently we have almost developed our wallet. That wallet is gonna connected to some platforms and you would be able to avail those services.
So you see, that we have wallet, and you can use those hydro tokens via that wallet to avail various services associated with that wallet.
Down the roadmap, we have many other dapps which, I guess, would be available later this quarter, and if you take a look at our roadmap, you would see that many dapps are planned to be launched in first quarter of 2021
So to answer the second part of your question, that, how we are gonna maintain the token price and supply, we are gonna make those services available via those dapps
And you can stand on either end of that service, you can avail them or you can provide them.
If you, for example, have some special event coming up, you can use our giftcard dapp to create something special and that way you would be using the value of hydro tokens.
And lets suppose, if someone is on the other end, preparing gifts… They will be receiving hydro tokens to create customised gifts.
This is just one example of value of hydro tokens, there are many, i repeat, many… Dapps in our production line. And its ever increasing. The possibilities are limitless.
As our community expands, we are gonna be providing more dapps and more services and hence more value to hydro tokens.
As for the supply, its capped. And its gonna be used as per the facilities that you avail.
I’ll give a headsup here, we also would be having some dapps, which would burn the hydro tokens, so… The even though the supply is gonna reduce, the value of the tokens is gonna increase.
What is your strongest advantage that you think will make your team leading the market? In contrast, what is your weakness? How do you plan to overcome it?
Our strongest advantage is that we are a decentralized team spanning the globe so we have managed to collect a lot of competent, creative and driven people. This has led to excellent teamwork where we benefit each other a lot for the good of the project.
At the same time the distance and time zones between us can be a challenge and sometimes considered a weakness but we have managed to overcome all of those kinds of problems that have faced us so far.
Right now issuing a token is a rather simple process. However, building the system and ecosystem is the most difficult part. My question is, How will the demand of the token will increase and how will this token use within the ecosystem?
Really nice question, let me give you a little rundown of Hydro use cases in ecosystem to give you an exact answer
So, Hydro token has two core uses:
(1) Native utility
(2) 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:
(1) Using dApps
(2) Incentivizing participation
(3) 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.
HYDRO team is formed by various researchers, computer science PhDs, mathematicians and cryptographers. As you seem to be a research focused project, are there any unique inventions that you can talk about?
There are many unique inventions done by Project Hydro, some of the protocols developed by hydro were described in the intro by @HydroSaurav and there are some unique inventions in the roadmap.
Another, which hasn’t been talked about recently, is gasless transactions, which was developed sometime ago and there are going to be some projects which will benefit greatly from this.
Some, which are on roadmap, include a sidechain, offering many benefits, like faster transaction confirmation times(and many more benefits)..
So these are some upcoming updates from project hydro.
And since we are transparent, our progress can be seen live… In our repositories
So that speaks of our confidence of our product and of our product delivery.
Why did you choose water and some of its different forms to name your protocols?
As you guys all know water is one of the building block of life, that’s one of the reason why we chose water as a theme for our project, we think our protocols/products will be the building block of the upcoming ongoing revolution that blockchain is.
How important is the community to you? and how can we collaborate or help you for the development of the project?
The community is everything to us, without our beloved community there would be no project hydro so we take great effort to include the community in everything that we do.
You second question is an excellent one! We would love to have to communitys support in beta testing all of the products, dappstore, dapps that we will be releasing in the coming months. For those of you that are familiar with solidity or frontend development we would love to see som pull requests trickling into our github. Of course we also need the support of the community in order to gain recognition on social medias and so forth so every little effort helps and fuels us in our efforts towards making Hydro great again.
The Mist is an AI focusing in find Blockchain frauds, so can be used to do audits?
Yes, the mist protocol will be a very powerful tool for audits that require onchain data to be examined.
To Learn more about Project Hydro