even years after the biggest data breach on record, data protection is still a much-talked-about topic. With the recent Facebook data breach which saw data from over 533 million users posted on a hacking website in March 2021, users and companies alike have sought a viable, reliable, and safe data privacy platform.
Despite being burdened with issues such as vulnerabilities, over-complexity, and human error, the data protection industry is expected to be worth over $103 billion by the end of 2027. There’s an urgent need for an advanced privacy-focused platform capable of resolving all of the barriers to global adoption. While several of these platforms have been launched, only a few have managed to address the main problems of the industry. The HOPR protocol is one of the few.
Born out of a $1 million seed round led by Binance Labs, the incubation and seed funding structure of Binance; the largest crypto exchange, HOPR seeks to take data protection to a whole new level. Laying the groundwork for a safe, reliable, and sovereign internet, this privacy-focused platform attempts to provide total control over metadata, data, and privacy.
Through a series of advanced protocols, HOPR Protocol strives to anonymize everything that happens online, from messaging and financial transactions to exchange of sensitive medical records between hospitals and securing the burgeoning IoT [Internet of Things], where billions of automated devices would otherwise broadcast sensitive user metadata to the cloud.
In an unprecedented attempt to offer more, the HOPR team announced on a recent call with community and investors that they’d be introducing a unique gamified asset staking scheme as an alluring way for customers to earn.
Staking on HOPR
Through its native token, HOPR, the privacy-focused platform will attempt to incentivize users on the network.
Expected to kick-off on July 27, 2021, all HOPR token holders can begin farming tokens and earning annual percentage yields [APY] of 18% and more if they lock their assets for the full period of 175 days [6 months].
All token holders will have to stake assets in fully audited HOPR smart contracts for a specific period to earn rewards. Through compounding, investors may re-invest rewards or have them paid out as soon as they are due. As mentioned earlier, investors will get a base 18.25% APY if they lock assets for the full period. But that's not all.
HOPR will offer users an opportunity to collect an array of non-fungible tokens [NFTs] linked to numerous HOPR events. In contrast to standard NFTs, which have no function, each of these NFTs when collected and linked to a staking address will boost the user’s APY. Best of all, these NFT collectibles can be stacked, meaning that the more you collect, the more APY you get at the end of the full period. The scheme is designed to incentivize regular users who actively participate in HOPR testing and the development of the HOPR ecosystem, so mechanisms have been put in place to prevent abuse by whales or unscrupulous actors.
Running a truly gamified system, investors will earn HOPR NFTs when they participate in certain activities on the network. The most important of these are monthly testnets and users will earn a new NFT each time they participate.
HOPR is committed to building a sustainable and accessible community-based testing system, so the majority of NFTs will be collected by running nodes and participating in testing. However, there will be additional NFT drops involving competitions, games, and the Ethereum Community Conference [EthCC] scheduled to be held in Paris, France.
With staking and NFT collection expected to begin in the last week of July, HOPR is offering users a unique opportunity to receive huge boosted APY, all while contributing to online data privacy.
