Earlier this year while surfing through the cyber space I discovered a Fintech company called HYDROGEN, went through their posts on medium and tried to digest the breath taking innovation they .
The blockchain today has brought in, lots of change most especially in the financial industry, because it is decentralized, it's records transaction cannot be altered because of it's public digital ledger has been spread across many computers hereby enabling the spread of resources and transactions laterally in a flat, peer to peer manner.
Looking back into the financial ecosystem, even with the advent of tech, there are so many loopholes involved. Mostly loopholes discovered in the trend of handling financial transaction. The world is going fully digital and so are it's ways.
Let's dive into HYDRO
What is HYDRO?
Hydro is a public and decentralized blockchain in financial services. It enables private financial systems to seamlessly leverage the public blockchain. Cloud applications throughout the financial services ecosystem can now benefit from the power of smart contracts, creating more secure, transparent, and low cost financial products globally.
But what makes HYDRO a spectacular project?
Hydro enables new and existing private systems to easily integrate and leverage the immutable & transparent dynamics of a public blockchain to enhance application and document security, identity management, transactions, and artificial intelligence.
What about those who would love to connect their existing apps on the blockchain with HYDRO?
Hydro permits developers to smoothly install blockchain in their existing applications, without the need to generate expensive infrastructure.
So, Developers do not worry, Hydro was built for you.
In what way will HYDRO be able to achieve this?
First, is the introduction of a proposed technology called "Raindrops", it involves transaction carried out through a smart contract that validates private system access publicly and can enhance authentic private authentication methods. This technology is aimed to provide additional security for sensitive financial data that is increasingly at risk from hacking and breaches.
The Initial execution of the Hydro Raindrop is performed on the Hydrogen API Platform. This type of APIs is available to enterprises and developers globally to prototype, build, test, and deploy sophisticated financial technology platforms and products.
The Hydro Raindrop will be made accessible to the world developer community as open source software and allow them to consolidate the Hydro Raindrop with any REST API.
Hydro all the way!, O ye developers! this has been your calling.
Secondly, Hydrogen’s API Platform can be seen as a system that powers financial service platforms, websites and applications, it can often be referred to as a medium of data flow - it can send, retrieve, store, update and process data, for any entities they interface with. And then, because of the nature of this data and of financial services, these systems encapsulate very complex operations in a private and centralized manner.
Thirdly, It aims to tap into the gains by allowing Hydrogen users to interface with a blockchain, in ways that are seamlessly integrated into the fundamental private Hydrogen ecosystem. It is diagrammatically represented below
Hydro can be seen from a different angle compared to other existing blockchain initiatives, because it can stand on it's own and it can be easily integrated with new or existing systems, even without requiring a systematic change. Hydro aims to create a bigger possibility by improving the financial ecosystem with the blockchain. Every platforms and institution that has access to the Hydrogen APIs can automatically access the blockchain.
Every Hydro transaction authentication is unique and virtually impossible to occur by chance - that is why we call them Raindrops. Raindrop-based verification with Hydro is analogous which literally means that they define a transaction and the user must execute it from a known wallet. With the use of Raindrops, both the system and the accessor can monitor authorization attempts on an immutable public ledger public blockchain-based operations can occur before, during, or after private operations.
As for me and my team we are migrating to hydro.
Reference links and to know more about this awesome project called HYDRO.
website: https://www.hydrogenplatform.com/hydro
whitepaper: https://www.hydrogenplatform.com/white-papers/Hydro_Raindrop_White_Paper_English.pdf
Telegram: https://t.me/projecthydro
Facebook: https://www.facebook.com/hydrogenplatform
Twitter: https://www.twitter.com/hydrogenapi
Instagram: https://www.instagram.com/hydrogenplatform
You can please Upvote Hydro's 2FA application on product hunt