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INTRODUCTION TO HYDRO – BITMART TELEGRAM AMA

 

INTRODUCTION TO HYDRO – BITMART TELEGRAM AMA

15th OF SEPTEMBER 2020 10:00 AM EDT

 

Yommey (Bitmart Admin):

Good day ladies and gentlemen

It’s 10AM EDT today 09/15/2020

Ulviux | Hydro DA:

Hello! Thank you for having us!

SYED:Hello

Elly ♂️:Hello, Let’s go

Yommey (Bitmart Admin):

I welcome you all to another special AMA edition

Today we’re thrilled to have the Hydro project Team: Carl (Vice President) @Ulviux, 

Ana-Maria (Social Media Lead) @annajt, and Sam (Developer) @SamKoda to join us on this exclusive AMA session.

Ladies and gentlemen please welcome our special guests for this AMA session.

Fx2: Hi

Luis Alberto: Greetings

Ana-Maria | Hydro Social Media Lead:

Hello! Thank you for such a warm welcome

Ulviux | Hydro DA: Such a pleasure to be here!

Luis Alberto: Welcome

Rich Poe 🔷️: hi hydro team

Yommey (Bitmart Admin): Thank you

Mauricio Martínez: Welcome guys from the Hydro team

Yommey (Bitmart Admin): Please make notes of the following rules before joining the AMA session:

Part 1 (The first 30-45 min): to show respect to our guests and other members, all the community members will temporarily not be allowed to send message during this period. We have prepared some questions for our guests to answer and share their insights. So please hold your questions to the next part.

Part 2 (3-minute open time): Every members will be given a 1-minute open time to ask JUST ONE question each. Please do not ask more than 1 question.

Part 3 (questions answering time): Our guest will pick 5 questions from the community and answer it.

Please take note of the AMA rules

Yommey (Bitmart Admin):

INTRODUCTION TO HYDRO

Hydro is a decentralized ecosystem using cutting-edge cryptography to secure user accounts, identities, and transactions.

Without wasting much time, I would like to invite our guest to answer some questions prepared already for them

My first question goes thus below;

  1. Please describe what Project Hydro is in a few simple sentences?

@Ulviux please let me direct this to you 

Ulviux | Hydro DA:

Ah! Thank you for releasing the restriction 

Yes I certainly can

Yommey (Bitmart Admin):

Sorry about that. Mixed up somewhere 

Now let’s get ahead

  1. Please describe what Project Hydro is in a few simple sentences?

Ulviux | Hydro DA: 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.

No worries at all sir! Thank you for having me.

Yommey (Bitmart Admin): Great.

  1. Can you tell us which area does Hydro focus on at the moment?

Ulviux | Hydro DA: 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.

Yommey (Bitmart Admin): Interesting project development. Still have some more questions for you .

  1. 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?

 

This is 2-in-1

Ulviux | Hydro DA: Hehe, yeah it’s a big topic but I’ll try to answer to the best of my abilities

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.

Yommey (Bitmart Admin): Very insightful, Thanks for the response .

Ulviux | Hydro DA: You are most welcome!

Yommey (Bitmart Admin): Next question for you sir

  1. 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?

Ulviux | Hydro DA: 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. 

Yommey (Bitmart Admin): Thanks for the information. Very detailed I must say .

Ulviux | Hydro DA: Thanks for the oppurtunity to brag a lil’ about my awesome team .

Yommey (Bitmart Admin): @annajt I am sure you are waiting for me already

Ana-Maria | Hydro Social Media Lead: Yes, I’m waiting

Yommey (Bitmart Admin): Thank you for joining us, My next question is directed to you .

Ana-Maria | Hydro Social Media Lead:

Thank you for the warm welcome. Is a pleasure to be here

Yommey (Bitmart Admin):

  1. What are the strategies to attract new users and investors to your platform.

Ana-Maria | Hydro Social Media Lead: 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 and will be a community project, therefore we would like everyone to be part of it in every sense, we will be launching Voting dApp in Q4 of 2020 and the community members will be able to vote for crucial decisions within the project and will be able to take part in the team elections as well. We think social media play a crucial role in expanding the reach of a project and inviting more interested investors as well, so we will be running some campaigns in the future and will surely run ads of our upcoming products as well. You guys would be happy to know that our number of followers in all social media’s are increasing day by day and we believe that our community is expanding gradually.

Yommey (Bitmart Admin): Thank you Ana-Maria. This is detailed.

Ana-Maria | Hydro Social Media Lead:

You’re welcome.

Yommey (Bitmart Admin): Now let me come back to you again sir @Ulviux

Ulviux | Hydro DA: I’m still here

Yommey (Bitmart Admin): Good

  1. Can you give a brief description about your newly released Roadmap?

Ulviux | Hydro DA:

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 on chain 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.

Yommey (Bitmart Admin): One more question for you sir. Then I will let you rest.

  1. What makes Hydro authentication protocol (Raindrop) unique over the traditional solution?

Ulviux | Hydro DA: Happy to answer!

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.

Yommey (Bitmart Admin): Fantastic, that would be all from my end to you today.

Ulviux | Hydro DA: it’s quite brilliant indeed.

Yommey (Bitmart Admin): @SamKoda is part of the team and I believe he’s here.

Ulviux | Hydro DA: Thank you for the questions! Its been a pleasure!

Sam Ayorinde: Yes, I am here.It is a pleasure to be here.

Yommey (Bitmart Admin): Please do not leave yet as you and other speakers can help us answer questions from the audience. Nice to have you Sam , my question isn’t much, I’ve got only one.

Sam Ayorinde: Thank you for having me once again.

Yommey (Bitmart Admin):

  1. Now can you briefly describe the use case(s) of Hydro for us. We’ll love to know

Sam Ayorinde: Hydro token has two core uses:

(1) Native utility

(2) Ecosystem circulation

(Native utility)

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.

(Ecosystem circulation)

Movement and flow of HYDRO between participants.

Snowflake, Ice, Tide and some of our upcoming products like Remittance app, lending and borrowing smart contracts, Hydro loans etc are prime examples of that.

Hydro tokens move in between developers, business integrators and end consumers. Creating a robust ecosystem with supply and 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 and Hydro Decentralized Exchange

Yommey (Bitmart Admin): Kudos Sam,You have done justice to my question. Time now to open the floor to the audience .

Sam Ayorinde: Thank you.

Yommey (Bitmart Admin):

We’ll only answer 5 questions from the audience because of time .

Audience please do not ask more than one question

Now it’s your time .

Omoluabi: What’s the difference between Hydro Snowflake and Hydro Raindrop?

 

Ulviux | Hydro DA: Snowflake handles identification while raindrop handles authentication.

 

Fx2: will there be a swap for hydro in the nearest future?

 

Ulviux | Hydro DA: No, there arent any planned swaps in the future. Please check our roadmap at https://projecthydro.org

 

Jijaheed: Can you tell us the motivation and benefits for investors to hold $HYDRO token long term? What plans do you have to help drive demand and scarcity for the token?

@SamKoda 

@annajt 

@Ulviux

Ana-Maria | Hydro Social Media Lead:

There are plenty of features and benefits that will attract investors:

  1. Hydro Staking will be an amazing feature. Our users will be able to stake their Hydro, also ETH and DAI in order to receive rewards in Hydro tokens.
  2. Hydro loans also will be beneficial for everyone, especially for students .

There are many more advantages for investing in Hydro .

3.Our Hydro Remittance app will be a cross border payment solution .

4.Our Hydro wallet will be the most secure wallet, having Snowflake and Raindrop protocols integration. Our Hydro wallet will also allow users to recover their private keys in case they lose them.

Elly ♂️: Can You talk about any Dapp development on the platform?

What will be the main Benefits for Developers on Hydro Platform?

Do you think there is a need of Good Developers in the Crypto Market?

 

Sam Ayorinde: Developer’s can build their dApps in our dApp store, where they can use any revenue model they want to incentives themselves.

We’ll be providing them all the tools that’s necessary .

Yommey (Bitmart Admin): One more and are we are good.

Cio: There we see many projects that claims they are fully Decentralized. But they done their work in a Centralized way. How can we sure that $HYDRO is fully Decentralized? Can you please tell us what’s $HYDRO working method?

 

Ulviux | Hydro DA: In the case of our dAmbassador team the first of us were initially elected by the community through voting. And every time we onboard someone new into the team we first have elections internally within the team. In the future we plan to build a voting dApp that can handle this process so that everything can be recorded on the public blockchain so that the community can play a vital part in the project by voting in a fully decentralized way.

The community is central to project hydro and will naturally have final say in all of the important decision concerning the project. By providing infrastructure to make this actually work we aim to create a truly decentralized structure within the project that can govern it successfully for years to come.

Yommey (Bitmart Admin): We want to say very big thank you to the Special Guest Speakers.We appreciate your time for all the responses provided and to the Audience too.

Thank you for always being there.

HYDRO AMA WINNERS

Congratulations to the following users. Please send a private message to me with your BitMart account email/phone for distribution of your rewards .

@Olonade02 @ikenna7 @Jijaheed @iam12312 @ReigiGo

Yommey (Bitmart Admin): On this note we’ll draw the curtains on today’s AMA session.

Ulviux | Hydro DA: And from all of us at Project Hydro, thank you so much for having us! Its been a pleasure!

Thank you so much for all the great questions! 

Yommey (Bitmart Admin): Great, thanks so much everyone and have a great day. Congratulations to the winners once again, AMA officially closed .

Ulviux | Hydro DA: You too @yommey_bitmart_admin! And congratulations to the winners.

Ana-Maria | Hydro Social Media Lead: Thank you for having us, Congratulations to the winners! You are an amazing audience.

Agus: Good AMA

Ulviux | Hydro DA: Thank you for all the questions, it was amazing, if anyone of you guys would like to know more about Hydro, ask any questions or just wanna say Hi! To Hydro team, hop on to our telegram channel @projecthydro. Also don’t forget to check out our Roadmap

https://link.medium.com/B4rImJ8Nx9

 

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