HydroPay - A p2p Payment System On Ethereum. Instant. Gasless.

HydroPay - A p2p Payment System On Ethereum. Instant. Gasless.

By Rahul | HYDRO Fans | 29 Apr 2019


Hydro is an open source blockchain project comprising of multiple smart contracts (protocols) and a dApp store, all powered by the HYDRO token. Hydro enables new and existing private systems to seamlessly integrate and leverage the immutable and transparent dynamics of a public blockchain, to enhance application and document security, identity management, and transactions.

In the true spirit of an open source project, Hydro is developed and managed by a decentralized global community.

Divied up in Phases of release, Hydro is coming up with a Payment Phase called, "Tide". The first step to this is to release a p2p Payments mechanism on Hydro, which is built on Ethereum. This is an important step in the payment space as perviously we have only seen payment tokens such as Xrp/Xlm respectively. Ethereum is a world computer and as such the vale exchange through payments given its bottlenecks with TPS and fees was not visible. However, Hydro is utilising a method to provide "Instant Gas-Less Payments". This is a very powerful avenue we are entering as it enables Ethereum to be sent instantly and given Hydro's use of the Erc1484.

Emerging identity standards and related frameworks proposed by the Ethereum community (including ERCs/EIPs 7257357801056, etc.) define and instrumentalize digital identity in a variety of ways. As existing approaches mature, new standards emerge, and isolated, non-standard approaches to identity develop, coordinating on identity will become increasingly burdensome for blockchain users and developers, and involve the unnecessary duplication of work.

The proliferation of on-chain identity solutions can be traced back to the fact that each codifies a notion of identity and links it to specific aspects of Ethereum (claims protocols, per-identity smart contracts, signature verification schemes, etc.). This proposal eschews that approach, instead introducing a protocol layer in between the Ethereum network and individual identity applications. This solves identity management and interoperability challenges by enabling any identity-driven application to leverage an un-opinionated identity management protocol.

A protocol for aggregating digital identity information that is broadly interoperable with existing,proposed and hypothetical future digital identity standards,we know that the Erc1484 is capable of tracking identity as it must be coupled with payment at all times to keep track of capital flow. 

   

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While we wait for the official release, Hydro has implemented a testversion on the Rinkeby testnet. Visit https://snowmo.io/ to try this out.

Your Snowflake avatar is derived from a public Ethereum address, the private key to which was generated by the site and is saved in local storage (for an idea of why this might not be the best idea outside of a demo setting, see this talk by MyCrypto founder Taylor Monahan). Drawbacks aside, this pattern makes it easy to use a meta-transaction to create a persistent, on-chain user identity while abstracting away gas costs. User identities are created using the ERC1484 framework, which is where your EIN, or Ethereum Identification Number, comes from. All ongoing transactions are funneled through a Resolver built specifically for this demo. To enable secret messages, ECDH is used to establish unique shared secrets between senders, which are run through a KDF (scrypt) and then used to encrypt messages with AES. The code for this front-end is available on Github.

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The Creation Transaction is on the rinkeby testnet,  for instance, https://rinkeby.etherscan.io/tx/0x386020fc672318445d36d343bb4f5d975a56767fd2273e3916cca82eee68b951

Given the scope of this development, HydroPay could very soon be utilised not only for its efficiency but also for the current price that the Hydro token is at, value exchange on this platform could see massive adoption. 


Rahul
Rahul

Lawyer/CryptoEnthusiaist


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