The Project Hydro AMA at DBCRYPTO

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The Project Hydro AMA at https://t.me/dbcryptochat 

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Question: Hey guys, I know you already have a partnership with Chainlink, are there any other crypto projects that you think Hydro should partner with?

Answer (Mark): There are a few we're working on right now actually. Most specifically for Snowflake. You're able to do a ton of different things with that protocol as it's not really just focused in on KYC/AML and onboarding users

For example, I've been starting to chat with the ELA team and looking to reach out to the BAT team about building a tipping dApp for content creators and website designers. 

Another is one for a ride-sharing platform which would enable you to build a reputation system behind it (also enables tipping) so everyone is a good actor within the system.

You can also create lending dApps, like the one which was recently built by one of our community members because you can tie in 3rd party credit scores so people become good actors within the system. If they screw up on the loan/collateral, well... it could negatively affect their credit for lending money they can't pay back.

I've got a bunch of calls lined up this coming week about partnering up with some crypto projects for Snowflake. They were supposed to be done this week but I was in bed sick with the flu.

So, one of the big benefactors for Snowflake right away because of how it's set up can be for exchanges.

You may have seen this headline pop up a couple days ago with the KYC leaks https://www.ccn.com/dark-web-hacker-proves-leak-of-customer-data-from-worlds-leading-cryptocurrency-exchanges/.

Snowflake would enable you, as the end user, to control that information, similar to a Bitcoin or Ethereum wallet. This means your information is more secure as they don't log and store it since it's being verified by other companies. Would make the exchanges less liable in these situations :D?

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Daniel[DBcryptoAdmin]: Hmm wow. That's great Mark, I'll need to read more about that Snowflake component

Mark: Snowflake is/was the toughest cookie to crack (or in this case, I should say build) for the devs. As they created an EIP for identity aggregation, called the ERC-1484, which will most likely become the standard for identity management on the blockchain

You can check that out here: https://github.com/ethereum/EIPs/issues/1495

Snowflake is already completely finished, it's currently undergoing a final security audit which should be finished either by the end of January or the first week or two of February. Once that's done, it'll be pushed from testnet to be live on the mainnet

The ERC-1484 code has already been audited by 3 different organizations I believe, and they found zero errors, which is def a good sign lol

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Mark: I've got a bunch of calls lined up this coming week about partnering up with some crypto projects for Snowflake. They were supposed to be done this week but I was in bed sick with the flu.

Question: Should we expect these partnerships to start rolling out only after Snowflake is completed, so at end of Q1, or sooner?

Answer(Mark): I don't know exactly when they'll be completed. Some are initial calls and some are follow ups. I'd personally like for them to be completed and rolling out sooner than later haha

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Question: How do you see Hydro be the Fintech OS of the future? Has it started?

Answer (Tim): It has - One of the things that attracted me to the project was its active development community. We have multiple millions of $hydro up for grabs for developers that advance the ecosystem. You might have heard about Raindrop, our 2FA solution. a community dev built an amazing WordPress plugin that integrates Raindrop, and just today we have our Drupal plugin live in the wild.

We are really ramping up our need for smart contract development, so if anyone is interested in development work, or know someone who is, we more than likely will have something to get worked on. The many phases which make up the Project Hydro roadmap, really cover the bases on doing exactly that.

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Question: How do you see Hydro be the Fintech OS of the future?

Answer (Jonah): I believe we have a good foundation created by Hydrogen. We are now a separate entity from Hydrogen, but they initially laid out the phases. They have around a decade of Fintech experience and connections. They know what is needed and wanted! Over the past year, they secured partnerships with IBM, TD Bank and many other large companies. Mike, the CEO is building on top of Hydro for Hydrogen. Because of this we frequently get input and recommendations from him. I’m a newer DA but I can say this all gives me great confidence in the Hydro ecosystem and its future.

Just wanted to add one other note, we aren't restricted to fintech only. This was the initial plan but now Hydro has been built out to be an entire ecosystem. Think EOS, Neo, etc.

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Mark: Snowflake is already completely finished, it's currently undergoing a final security audit which should be finished either by the end of January or the first week or two of February. Once that's done, it'll be pushed from testnet to be live on the mainnet. The ERC-1484 code has already been audited by 3 different organizations I believe, and they found zero errors, which is def a good sign lol

Question: Am I correct in thinking this push won’t include the dApp store, that will come later? Will there be any update on the hydro app?

Answer (Mark): That is correct. That's currently being worked on- like the UI/UX stuff. I believe Jonah is actually working on it.

All the updates with the protocols, like with Snowflake will be added to the Hydro app which you can download.  So, the dApp store will be on there as well.

Every Hydro API will be on there. It'll be pretty sweet! Not sure if some of the designs for that have been released or not

Answer (Tim): The store is in testnet right now but is also currently getting a complete makeover to make things extremely user-friendly and natural for the user. Kind of like how email was super hard to use back in the day, you even had to open up terminal! Now for email, there is a big compose button and large text area, it just makes sense. We are trying to get rid of the pain points of these new things with the Snowflake dApp store

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Question: How are the new DAs nominated? Is it voted by the other DAs or chosen by one person? Should there be more transparency to this and let the community vote?

Answer (Mark): The DAs were all voted in initially by the community.

All the DAs vote on the potential DAs after reviewing their applications. If they get through the first stage of things, then they move on to an interview. If the DAs weren't convinced, then they can either challenge them with a task, or reject them. If the application and interview go well, then, we have a new DA on board!

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Question: how many developers, except for the Hydrogen company, are currently working (at least semi-regularly) on Hydro?

Answer (Mark): Right now, we have about 30 or so dev teams who are currently doing work on the project.

I believe there are more than that, but I don't have a specific number. Tim would probably know better

I remember seeing someone say 34 dev teams in our team chat earlier today, but I could very well be wrong haha

Tim (added): Since it is a decentralized project, there could be more developers than we are even aware at this point, kinda neat though because when you are sleeping code is being written and made better. Cool right? I can get back to you with the number, but I would need to check. With regards to DA developers, we are a hand full of passionate developers.

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Question: uumm, how do you handle eth commissions for tasks like logging on to a platform and why do you use eth instead of another blockchain?

Answer (Jonah): Right now Eth has been battle tested for the longest amount of time and we have no need to scale at this time in regards to speed etc. We are looking into scaling solutions with OMG and others for the payments protocol Tide. That being said, we are technically blockchain agnostic as we are a second layer and we can move to any chain if the need arises in the future. Can you elaborate on the commission question a bit more? Thanks

Question: In which cases do you have to register the transactions in the Ethereum blockchain?

Answer (Jonah): I do know of 2 cases currently. The first being when your Hydro ID is created for 2FA on the mobile app. And also when you create your EIN for the snowflake dashboard.

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Question: Because of the decentralization process, many became skeptical about Project Hydro being handed over to the community of DAs, how do you guys respond? Open to any1

Answer (Tim): That is a great question, we have put many hundreds of hours into trying to figure things like that out. We have had great momentum in creating structure, governance, voting, rules for posting HCDP tasks, process, who does what, when, how etc. - essentially spinning up a self-sustaining organization from day one - learned a ton so far for sure!

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Question: Do you feel like the number of developers on Hydro is growing, even in this bear market?

Answer (Mark): Believe it or not, yeah.  Developers have been getting pretty interested in getting involved especially since they can get paid out for completing HCDP tasks (Hydro Community Development Program).

We have a bunch available right now to check out: https://github.com/HydroBlockchain/hcdp/issues

Added Answer (Tim): I do - at the end of the day it is code. Developers love to code and really cool code at that. The phases on our roadmap are super fun. I thought Raindrop was my favorite part code-wise, but now that we have crossed that off the list and moved into Snowflake as a developer, it is my new favorite. We have tons to do and that is a beautiful thing. Such a variety of things to build. We also have bumped up some $hydro bounty totals so that has helped also, but actual development work has not seen a slowdown, but an increase

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Question: Hey could we maybe get detailed descriptions of how each phase like Snowflake ice tide etc. Would utilize the HYDRO token and how the token works in the ecosystem?

Answer (Mark): The first phase (Raindrop) this deals with authentication.

Right now, there is an application that deals with 2FA that is blockchain based that's already live.  That's essentially a competitor to Google Authenticator or Authy. However, it's far more secure and can protect the end user from being phished. That API and authentication are 100% free to integrate for both the website/project as well as the end user. This specific app, however, does not utilize the token. Other forms of dApps that are built using Raindrop can utilize it though, but it's a stepping stone for the rest of the phases.

The second phase, Snowflake, is the digital identity aggregator, which deals with onboarding users, KYC/AML, and reputation systems. Some examples of possible partnerships and use cases for this could be here:

  • So, one of the big benefactors for Snowflake right away because of how it's set up can be for exchanges. You may have seen this headline pop up a couple days ago with the KYC leaks https://www.ccn.com/dark-web-hacker-proves-leak-of-customer-data-from-worlds-leading-cryptocurrency-exchanges/. Snowflake would enable you, as the end user, to control that information, similar to a Bitcoin or Ethereum wallet. This means your information is more secure as they don't log and store it since it's being verified by other companies. Would make the exchanges less liable in these situations.
  • You can also create lending dApps, like the one which was recently built by one of our community members because you can tie in 3rd party credit scores so people become good actors within the system. If they screw up on the loan/collateral, well... it could negatively affect their credit for lending money they can't pay back
  • For example, I've been starting to chat with the ELA team and looking to reach out to the BAT team about building a tipping dApp for content creators and website designers. Another is one for a ride-sharing platform which would enable you to build a reputation system behind it (also enables tipping) so everyone is a good actor within the system
  • There are a few we're working on right now actually. Most specifically for Snowflake. You're able to do a ton of different things with that protocol as it's not really just focused in on KYC/AML and onboarding users

The Hydro token is directly utilized in Snowflake, which is where we will most likely see far more demand for the token once that is live.

We've seen exchanges show interest in utilizing Snowflake because they can actually bring more utility to their native token because of how open architecture it is. I.e. staking or paying BNB tokens for an expedited KYC process on Binance- stuff like that

The third phase, Ice, deals with document management and document signing.

You'll be able to stamp documents on the blockchain so you know that they're immutable and no one can tamper with them ever again. Very important for financial documents or agreements.  By using the Raindrop protocol (authentication) you're also able to prove through a digital signature, that they're the ones actually signing it and not some random human being on the other side of a computer.

The fourth phase, Tide, deals with payment protocols.  You'll be able to build basically any type of dApp around payments whether it's for a tv subscription, online payment, or paying monthly bills or even for Netflix.  These are remitting payments using smart contracts

The fifth phase, Mist, deals with AI. This allows anyone to build and deploy an AI dApp for their platform. Not too many details have been released about this as of yet

The last phase, Hail, is a security tokenization platform. This will allow anyone to create security tokens in a fully compliant manner. This ties in the Snowflake protocol, which deals with the digital identity.  This platform isn't just a place where you'll be able to create securities, but you'll also be able to buy, sell, and trade them on a 100% compliant exchange.

That's my super long-winded explanation about what hydro is and how the token can be utilized lol. Probably missed some stuff but oh well

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Useful Links

Hosted by: DBCRYPTO - dbcrypto.io

Twitter: twitter.com/dalb0013

Telegram - https://t.me/dbcryptochat

Youtube - https://www.youtube.com/c/dbcrypto

Hydro links:

Hydrogen Website: https://www.hydrogenplatform.com/

Project Hydro: https://projecthydro.org/

Documentation:

Raindrop Whitepaper https://github.com/hydrogen-dev/hydro-docs/blob/master/Raindrop/Raindrop.md

Implementation Guide: https://medium.com/hydrogen-api/client-side-raindrop-an-implementation-guide-4e61c84e9dda

Hydrogen Documentation: https://www.hydrogenplatform.com/docs/hydro/v1/

Snowflake Whitepaper: https://github.com/hydrogen-dev/hydro-docs/blob/master/Snowflake/Snowflake_DRAFT.md

Ice Whitepaper (draft): https://github.com/hydrogen-dev/hydro-docs/blob/master/Ice/Ice_DRAFT.md

The Tide, Mist, and Hail whitepapers are still yet to be drafted, but information about them can be found on the Hydrogen Documentation link (excluding Hail- hasn’t gotten updated with that yet) or on this Medium post: https://medium.com/hydrogen-api/project-hydro-features-in-depth-look-39faa29f0d61

Social Media:

Telegram: https://t.me/projecthydro

Facebook: https://www.facebook.com/hydrogenplatform

Twitter: https://www.twitter.com/hydrogenapi

Instagram: https://www.instagram.com/hydrogenplatform

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