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Token distribution period runs until February 16, 2018. The first 25,000 people who SIGN UP as developers will be distributed a minimum of 222,222 Hydro tokens at the end of the period. Please see the post below for more details.
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Token distribution period runs until February 16, 2018. The first 25,000 people who SIGN UP as developers will be distributed a minimum of 222,222 Hydro tokens at the end of the period. Please see the post below for more details.
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The Public Ledger for Financial Services
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Hydro allows private systems to interface with a public blockchain. We propose a new hybrid private-public model that enables financial services platforms to leverage the dynamics of a distributed, transparent, and immutable public ledger. The project focuses on particular areas where this can add value, such as authentication, identity management, document security, transactions, and artificial intelligence.
Hydro allows private systems to interface with a public blockchain. We propose a new hybrid private-public model that enables financial services platforms to leverage the dynamics of a distributed, transparent, and immutable public ledger. The project focuses on particular areas where this can add value, such as authentication, identity management, document security, transactions, and artificial intelligence.
Background
Hydro is part of the parent company Hydrogen. Hydrogen is a tech platform for developers and enterprises in the financial services space. Its modular set of APIs offers digital infrastructure and capabilities to quickly prototype, build, test, and deploy sophisticated financial technology platforms and products globally.
We began an integration of blockchain tech as part of the Hydrogen platform during the summer of 2017. Our main consideration was how the Hydrogen API ecosystem, being fundamentally private, can be enhanced by a public blockchain layer. As we laid out our plans to accomplish that, we also realized that our proposed private-public hybrid model can and should be used to enhance systems of all kinds. We are excited to announce Hydro as an open technology suite, with its ongoing implementation in Hydrogen serving as a point of immediate adoption.
Design Principles
We are building Hydro on the Ethereum infrastructure, although we remain platform agnostic. We intend to leverage the thousands of developers globally that are working to make underlying blockchain technology faster, stronger, and more efficient. Hydro focuses on developing product-oriented capabilities, largely centered around smart contract functionality.
Our main design philosophy is that of augmenting off-chain systems rather than outright replacing them. We do not believe that all economic activity will or should move on-chain. Rather, distributed ledger technology can serve to enhance those underlying, fundamentally private systems in specific ways. Hydro is laser-focused on making that a reality and synergizing with the current environment, in order to facilitate real-world adoption of blockchain tech in a meaningful way and introduce the benefits of decentralization, immutability, and transparency.
What Sets Hydro Apart?
Hydro is architected as an independent parallel layer, and its value comes from various interactions between the private and public layers. This means an underlying private system does not need to change in any fundamental way or create any costly new architecture - allowing even large institutions to rapidly adopt blockchain technology beyond the proof-of-concept phase.
Additionally, Hydro is implemented natively into the Hydrogen API ecosystem, offering immediate and direct access to Hydro capabilities. Hydrogen can power many kinds of platforms and applications across the financial services sphere (investing, savings, insurance, financial wellness, etc.) and the company works with a range of clients, from individual developers up to large financial enterprises.
Raindrop
The first Hydro release deals with something that is core to all systems - authentication and security. It was conceived to provide additional protection for sensitive data that is increasingly at risk of breach. In the proposed framework, dubbed "Raindrop", on-chain operations performed via smart contract can validate access to private, off-chain systems. This validation layer complements standard private authentication and authorization protocols, such as Google Authenticator and OAuth 2.0, by acting as an additional public factor that must be satisfied before system access is granted. The worldwide developer community, through the decentralized and transparent consensus mechanisms of the blockchain, can now offer greater protection to billions of pieces of sensitive data from bad actors.
The Raindrop authentication process involves 4 entities: an Accessor trying to gain access, a System that denies or grants access, the Hydro module (off-chain), and a Hydro smart contract (on-chain). An example of a System is a REST API, while an example of an Accessor is an API developer. The diagram below depicts how these entities interact during part of the process.
Please see the white paper and website for more detailed information about how Raindrop works.
Token Distribution for Developers
As of today, developers can sign up for Hydrogen as part of the Hydro rollout. Sign-ups will be limited to the first 25,000 developers and will conclude on 2/16/18. At the culmination of the sign-up period, a minimum of 222,222 Hydro tokens will be distributed to each developer for use in integrating Raindrop authentication and further developing with Hydro and Hydrogen.
Hydrogen is a platform built by developers for developers, and there is no cost to sign up. We encourage people to make world-changing applications using Hydro from day one, with no barriers.
Token Dynamics
Hydro utilizes an ERC-20 standard token. The total token supply is 11,111,111,111 (for the atomic number 1). Of those tokens, up to 50% will be distributed to the developers who successfully sign up during the rollout period described above. 20% of the token supply will form a treasury, to be used in promoting the ongoing health of the Hydro ecosystem. The final 30% is reserved for the team.
We are very excited to launch Hydro and see the amazing ways in which it is used by developers of all kinds! Feel free to comment and ask any questions below - we look forward to engaging with the community!
