Introducing Hydro The FinTech Blockchain

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Sneak Peak: Hydro 2FA App — Auth on the Public Blockchain!

  This is a world first sneak peak at the magic that has been happening in the Hydrogen dojo.While others are hyping ICOs and roadmaps, our team has been hard at work building real technology that could change the way we think about the entire blockchain space.Raindrop has been a huge success. It allows anyone running a private API to secure access using a public blockchain. We released a video and whitepaper explaining how this works for the enterprise. 

 Now, what if we could make a version of Raindrop that any client of these applications could use, potentially impacting billions of banking, brokerage, and e-commerce customers worldwide? This is the inspiration behind the Hydro 2FA client app. It uses cutting edge cryptography and Hydro smart contracts to provide an immutable and instant verification for any user anywhere in the world. And it is 100% FREE! 

 In this first sneak peak, we will go through the basic mechanics of the Hydro 2FA app. If you have ever used any banking app, paid off a credit card, or traded cryptocurrency, you are well aware of how a traditional 2FA works. You first must login with your username and password.

 

 Either the platform sends a text message/email to your phone with a verification code, or they use a third-party app such as Authy or Google Auth that has a verification code.

 

 

The Hydro 2FA has the same dynamics as the third-party apps, but with infinitely better security. A partner site simply needs to hook-in one API call on the Hydrogen API library to get setup. Then they link to the app store to have their users download the Hydro app. It is free to offer, free to download, and free to use.

 We have devised a cryptography technique that uses the public Hydro blockchain built on Ethereum to create a unique identity for the user. This acts as a decentralized security mechanism that is not dependent on a single entity such as Google or Authy (if their servers are compromised so is your 2FA). With Hydro, the public ledger is used seamlessly to secure the access. In a world first, the user is leveraging the power of the blockchain without even knowing they are using the blockchain. This is the FUTURE of dApps.

This process also creates immensely more security than a text message/SMS verification that is used by most banks and credit card companies. Phone numbers can easily be ported over to a hackers phone. Again, as in the Google/Authy example, the wireless provider becomes a single point of failure.

This is just a brief sneak peak of how the Hydro 2FA works and looks. In upcoming posts we will further examine the Hydro 2FA onboarding process, the technology that powers each step, use cases where Hydro 2FA prevents breaches, and ways we plan to overtake Google Auth in market share over the next year.

Website

Whitepaper

Source: https://medium.com/hydrogen-api