AMA Recap 404 Daily Crypto with Hypersign
Hello 404 Daily Crypto Community
On 19th May 2021, Hypersign conducted an AMA in the 404 Daily Crypto. Our guest is Hypersign team.
Lots of questions as usual from the Community about Hypersign progress. The Hypersign team took part in a very interesting AMA session which included Project introduction, Questions from Twitter and a live AMA session with the 404 Daily Crypto community. If you missed the AMA in person, read this recap for a deeper insight into Hypersign.
Let’s take a look at the most interesting points of our conversation.
📍Session 1 » Project Introduction
Before we go any further, please introduce yourself, your background and your roles within Hypersign?
Vishwas Anand: Hi I am Vishwas, co-founder of Hypermine. I take care of R&D @ Hypermine. I come from a research background which revolves around cryptography, blockchain and security. I got into blockchain post demonetization in India somewhere around 2016–2017. The demonetization really affected me and made me think that “Why the cash that I hold in my hand is not really mine?” And that’s when I came to know about Bitcoin and the concept of decentralization which literally blew my mind. Really glad to be here and looking forward for great conversation. :)
Irfan ッ Khan: Hi, I am Irfan, have more a decade’s experience in working with governments across the globe and Telecom Regulatory Authorities across the globe to build security and data exchange infrastructures. From Network Security to Smart Passports,i have been in the semiconductor business for a while.
I have been working in the security since 2010. In 2016 I quit his corporate life to follow his passions. With an educational background in Business, Chemistry and Behaviorism. In the day he is heading Hypermine, and a part time electronic musician by night.
Can you give us an overview about HyperSign project.
Irfan ッ Khan: Hypersign is a decentralised Identity & Access Management Security solution that is simple to use and stores user data in a manner that is ONLY accessible by the owner and its intended recipients.
In short Hypersign is an Identity management protocol which lets users not only login to websites/mobile apps without using passwords but also give users the opportunity to control their data as they want. We literally want to empower users to control their own data and end data silos where large amounts of user data is collected and eventually gets hacked.
please do visit our website for more information www.hypersign.id
what are hypersign projects trying to solve and how you solve those problems?
Vishwas Anand: In short, so the concept of Hypersign has two folds: 1. Eliminate passwords from eco system. 2. Empower people to give control of their own data.
Could you bring us through some of the main tools available (Hypersign Identity wallet, Studio, SDK & Adapters)?
Irfan ッ Khan: Well, some tools like wallet and SDK are already live and working. WE currently have an android app and are working to deploy ios app as we speak. We also working on adapters which will help to bridge the gap between centralised solutions such as Keycloak, Okta or even Wordpress.
The keycloak adapter work has started but we are almost in the process to release our Authentication plugin for wordpress. Other adapters will take time. And yes, right now all these tools work on centralised servers or db which we will replace as soon as possible.
can you give us an overview of $HID Token tokenomics? and Can you fill us in on the key utilities of the $HID token?
Vikram Bhushan: You can see the details in the medium blog it has really detailed answer
In short it is a Super Low cap long term HODL GEM 😉
Can you tell us the motivation and benefits for investors to long term?
Irfan ッ Khan: Since we are a utility token and we are building a security product, we definitely have a long term focus. Our main objective is to bring security to all kinds of companies, small and large, and holders of $HID will be able to use the token to get services from us Hypersign.
If the Holders dump on first day, them they will not be able to use the services and will have to buy again from thr market for a higher price. it is better they they hold and avail the services that Hypersign can offer. PLus we are also offering stkaing options for holders to hold long term and also earn some interest in the process.
I see that you’ve got some partnership for the HyperSign project, what is it all about, and what are the benefits for the user on of platform?
Irfan ッ Khan: Please take some time out and go through our medium blog https://medium.com/hypersign, we have published multiple deep-dive posts about how Hypersign will be adding value to our partners namely Elrond, Ontology, Aeternity, Unido, SpiderDao and more.
We are currently building aDID infrastructure on some of the L1s like Harmony, Aeternity and Elrond and for other DAPPS partners we are offering them enterprise grade decentralized security services, like Authentication, verification, and authorization at a very reasonable cost, we are basically securing their users data and simplifying access to applications
Vikram Bhushan: Simple things like user name and password are causing many hacks in Blockchain Industry. Recently one of projects medium got hacked, the hacker changed the public address and stole investor money.
We are frist trying to stop this 100% by providing login without passwords. once we have these users on our wallet via our partner companies. We willl give themm features like how they can have control of more of there personal data. that will be future goal
Can you give us an overview of the IDO, what date will it take place, on which platform, total raise & how funds will be used?
Vikram Bhushan: The IDO is planned on 3rd of June. We will announce the platform today/tomorrow please! join our channel. The total raise was 1.5M USD in private and 200k USD is allocated for IDO round.
the funds usage you cann read on this blog post: https://medium.com/hypersign/hid-tokenomics-fd5e4047c845
Vishwas Anand: t.me/hypersignchain
📍Session 2 » Question from Twitter
— Question from Twitter @FebriPr59331123
We all know that there are many problems with the Ethereum network: scalability issues, high gas costs, slow speeds, etc. So, why did you choose to build a token on the ERC-20 blockchain ecosystem? Why not build it on some scalable blockchain?
Vikram Bhushan: ETH is only because we feel it’s the most decentrlaized network after Bitcoin. There are good scalable blockchain no doubt we are looking at it as well.
Soon we will announce on which networks we will bridge our token. But our primary would be always on ETH. You can see some of our partners as well like Harmony , ELrond.
they are really scalable, But we are taking internal decision on where to port our tokens, after ETH.
— Question from Twitter @andiadi35991654
Many of investor just focus on the price of token in short term instead of real value of project. Can you tell us the motivation and benefits for investors to long term?
Irfan ッ Khan: Since we are a utility token and we are building a security product, we definitely have a long term focus. Our main objective is to bring security to all kinds of companies, small and large, and holders of $HID will be able to use the token to get services from us Hypersign. if the Holders dump on first day, them they will not be able to use the services and will have to buy again from thr market for a higher price. it is better they they hold and avail the services that Hypersign can offer. PLus we are also offering stkaing options for holders to hold long term and also earn some interest in the process.
Vikram Bhushan: Guys one reason for all of us to support Hypersign. Security is not just for the Enterprise who try to control our data in return of securing our data. Good Security is basic human right on web, We are trying to get Enterprise grade security to common people.
So that on long run we do not have to store our data to larger enterprise.
if you agree with phiosophy please HODL our coin, other wise there are many DEFi project out there.
Vishwas Anand: And we have defined many strategy for that. For example giving passworless authentication to wordpress and Shopify users, would itself cover 20–30% of internet.
— Question from Twitter @aprindo_ariz
Collaboration and partnerships are one of the cornerstones to making project more widespread. Can you name the partners who have joined and what is the advantage for them?
Vikram Bhushan: https://medium.com/hypersign/spiderdao-and-hypersign-partner-to-provide-secure-access-and-user-control-for-decentralized-vpn-920f25627b0c
Harmony and Hypermine will work together to bring decentralised Security and DID technology to the…
What is Hypermine?
Each of our partnerships are really detailed so it would better to go through the medium blogs.
SpiderDAO and Hypersign will work together to bring decentralized Identity and Password-Free Access management to their VPN Network.
How do you keep the Identity of users safe?
Irfan ッ Khan: Hypersign does not store user data, the user data always remains with the user. SO there is no more data solios with user data, whch usually gets hacked, so if there is no data solios, there is no MASS hacking is possible. Since, we encrypt personal data with provate keys and keys One single users may get hacked if they are careless with their keys.
— Question from Twitter @adikamandanuu
I am interested in Staking & Earning at Hypersignchain. What are the requirements to join the hypersignchain token staking program? What are the long-term benefits for Hypersignchain token holders?
Vikram Bhushan: So, Post to our token launch on Uniswap. We will be having multiple stakinng options. I cannot take the names right now because we are still in evaluation phase.
But i can suerly say , There will be huge APY for the LP staking. And this will also happen very soon after our launch so fill your bags 😉
The requirement would to provide Liquidity on Uniswap, and with the LP tokens you can recieve $HID.
— Question from Twitter @andresukma
Vast majority of Crypto projects are built just for the sole purpose of amassing wealth for themselves. So, I want to know the value you aim to add to crypto industry that will bring greater abundance to the industry?
Vikram Bhushan: First thing is, If you have done research we Bootstraped the project 3 years back. meaning we put all our savings and kept our research when Indian goverment has infact banned the crypto. Now we have only raised enough to finish the production version of this. apart from this you will see we will have real customers using the product. so there will be lot of support for the coin.
Irfan ッ Khan: Thats a very good point, actually there are many factors to take into consideration
Crypto Projects need money becasue no other Banks or VCs support crypto projects, so we need to raise money from community, so that wwe can build proper decentralization technology
Now it is a pity that some projects are greedy and only think abut money, but Hypersign is really Building security and identity for EVERYONE. You can try and test our product today and integrate it into your company or your network and see how easy and secure our product is.
Right now, it is VERY expensive to buy end point security and Public Key Encryption based security, but thanks to balokcchain now we can bring security to everyone at a VERY low caost and this will help save people getting hacked and paying BIG MONEY in ransomware.
Hypersign will hep you save data and your money
📍 Session 3 » Community Questions (Live AMA)
— Telegram User @winnergral
Do you have a Token Burning plan to increase Token value and attract Investors to invest?
Irfan ッ Khan: No We do not have burn plan at the moment. But we will observe the market closely and take decision later
— Telegram User @Feludac
NFTs is hot trending now, Do you have a play to have NFTs in your platform? If so, can you tell us yhe plans of your project in NFTs?
Irfan ッ Khan: Soon you will able to MINT NFTs from your personal data on the Hypersign network and sell your data based on your own paramters.
— Telegram User @Eminet001
WHEN WE we TALK OF COMPETITIVE ADVANTAGE
HOW IS HYPERSIGN different and unique among all other COMPITITORS
ABOUT SECURITY IS HYPERSIGN SAFE, HAVE YOU PASSED AN AUDIT. ?
Irfan ッ Khan: Litentry and KILT are building DID Infrastructure which is similar to us as we will also be building this infrastructure.
We come from an industry known as IAM [Identity and Access Management] . This is a 20+ year old industry that is worth 25B USD. It is very different from KYC, as we do not deal with legal documentation. We are mainly focused on security issues related to data exchange and endpoint point security such as user login, authentication, verification, authorization which is based on Public Key Encryption/Infrastructure. This is what makes us different.
What makes us similar to Litentry and KILT is that we are all building DID Infrastructure, but what makes is DIFFERENT is that we are hitting the core of Access Management with our solution.
— Telegram User @Lavllu
Projects that are not traded on major exchanges remain unnoticed. What does you think about listing the token on the leading exchanges?
Vikram Bhushan: Exchanges are Important for project but these days DEX’s have shownn really good TVL and Volumme
First we will be on some good DEX’s but we have plans for launching in good Exchange as well
so we do take exchange in consideration
— Telegram User @Edwards24
How does hyepersign compare to duo security and will there be integration with some of the largest sites for 2FA such as Office 365? Look forward to how this can integrate with my business to replace Duo.
Vikram Bhushan: good Question man
We definetly have plans to integrate in Enterprise products like office 365 via our OKTA or Auth0 authenticator
So Doa is 2FA . but Hypersign is different you don’t need password to login so it’s always the first factor
The integration woulld be Via the enterprise who use us. Like Office 360 will be routed to Enteperise SSO that uses Hypersign
Hope I was able to answer
— Telegram User @Edoirawa12
With Hypersign two-way authentication, how can we the users ensure/verify that a website is safe before sharing our data?? Also, can you explain in simple terms the function of the Hypersign Adapters?
Irfan ッ Khan: We provide Digitial Signatures for both the USER and the WEBSITE/APP and ensure that there is trust and 2 — WAY Authenticaiton happening before any data is shared.
— Telegram User @torelorai
Lately most projects on the Crytocurrency space are characterized by serious security issues. What steps have taken to ensure that security is not an issue here?
Irfan ッ Khan: We are a security company, we eliminate the need for personal data in any ecosystem by replacing data bases full of personal user data [to fo authenticaiton] with Public Key infra and also using digital signatures, so we are bringing security to everyone.
Thank you for answering questions from our Community. Before the end of the AMA, Would you like to give an opinion to our Community?
Irfan ッ Khan: Please protect your personal data and dont let anyone use or abuse your data. Stay safe everyone. thank you for a very nice AMA.
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📍 More information on Hypersign:
❇️ Website: https://hypersign.id/
❇️ Twitter: https://twitter.com/hypersignchain
❇️ Telegram: https://t.me/hypersignchain
❇️ Medium: https://medium.com/hypersign
❇️ Producthunt: https://www.producthunt.com/posts/hypersign-1