HYDRO: A PROJECT THAT MAKES ONLINE SECURITY BETTER THROUGH 2FA DECENTRALISATION...

delilonia (45)in #blog • 6 years ago (edited)

Hello guys, here I am today trying to present to you yet another great and mighty project the world of cryptocurrency has ever experienced. With the rise of new coins in the shape of icos, many fake projects are rising placing the serious and positive minded creators and innovators of beautiful and promising projects on the hard-to-get side. First of all, I would like to appraise the daring cryptonaires and believers of cryptocurrency for holding firm to their beliefs and giving everything all it takes. We are all happy we are presently experiency the good side of waiting patiently during down times as the market recovers.
Most times, end-users needs are misunderstood due largely to lack of information or fake data which inevitably leads to weak or no results aimed to achieve by companies or agencies who have needs for these consumer data. Therefore, in response to this i bring to you one of the rare information you really need security-wise in the crypto world with great decentralization. Yes, here I am here again introducing one of the projects that one should not underestimate its survival and potential of bringing great reward to the ranks and files of the crypto world with no bias. This project -HYDRO- has a lot of creatures in its rich ocean that i would want us to explore together.

HYDRO PROJECT DEFINED:

In today’s world of increasing digital crime and internet fraud many people will be highly familiar with the importance of online security, logins, usernames and passwords, However, despite all this Online security still pose a big challenge for a long time now, and while companies are trying to find new ways to protect their data, this doesn’t seem to stop hackers from breaching their systems. With standard security procedures (especially online) only requiring a simple username and password it has become increasingly easy for criminals (either in organised gangs or working alone) to gain access to a user’s private data such as personal and financial details and then use that information to commit fraudulent acts, generally of a financial nature.
Having mentioned this, one recent and near-perfect solution now came in the shape of 'two factor authentication' (2F-authentication). According to proponents, multi-factor authentication could drastically reduce the incidence of online identity theft and other online fraud, because the victim’s password would no longer be enough to give a thief permanent access to their information. That’s where 2FA Apps are usefull. HYDRO project has therefore brought 2F authentication to another height by providing solutions to the deficiencies the exisiting ones are having and providing better security services to all online transactions through decentralisation.

** WHAT IS 2FA?
Two Factor Authentication, also known as 2FA, two step verification or TFA (as an acronym), is an extra layer of security that is known as “multi factor authentication” that requires not only a password and username but also something that only, and only, that user has on them, i.e. a piece of information only they should know or have immediately to hand — such as a physical token.
There are currently two 2FA products on the market presently, which are: Google Authenticator and Authy. Most people when they hear about 2FA Apps, they typically first come across Google Authenticator for protection, because Google permeates so much of the internet, anyway. In terms of security they both provide a service for extra security, although they both have disadvantages compared to the Hydro 2FA App which doesn’t make them entirely foolproof in giving you that total online security assurance. Some of which are:

Disadvantages of Google 2FA:
•Google Authenticator lacks multi-device support. If you are using Google 2FA, then you’ll tied to a single device, so if you want to register a new phone or tablet, Google Authenticator automatically unregisters your current device.

•Google Authenticator is centralized. This means that once the 2FA app server is down, your Authenticator will be down as well.

•Google 2FA lacks in the area of encrypted recovery backups. That is, with Google Authenticator, if you lose your phone you lose your access.

•While Google Authenticator is available for Android, BlackBerry, and iOS, there’s no desktop app. When connecting from a laptop or desktop to a service for which Google Authenticator is providing 2FA protection, you must have a mobile device on hand to generate your access codes.

**Disadvantages of Authy:
•Authy ties your 2FA to your mobile number. This means that if someone were to be able to hack into your phone number’s service provider and port your number, then they have access to your 2FA.

•Much like Google Authenticator, Authy service is centralized. This means that if Authy server gets compromised, your Authenticator will be at risk.

HYDROGEN 2FA AND ITS BETTER GOAL — RAINDROP

From The White Paper: Hydrogen aims to revolutionize the financial system by leveraging the power of Blockchain. Hydro enables new and existing private systems to seamlessly integrate and leverage the immutable & transparent dynamics of a public blockchain to enhance application and document security, identity management, transactions, and artificial intelligence. Hydrogen is the building block for financial life. Hydrogen can be seen as securing your financial assets.

**Raindrop

The first Hydro release focuses on something that is core to all private systems — authentication and security. It was conceived to provide additional protection for sensitive data that is increasingly at risk of breach. 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.
According to the co-founder and ceo of Hydrogen Platform, Mike Kane, “Hydrogen RAINDROP exists to fix a lot of the issues with current authentication frameworks, including poor security, centralization and recovery”.
And that’s what it does. Some of the issues Hydro 2FA App fixes are due to being decentralised. That means it will protect you from the client’s side and also from your financial institution. Also another problem it solves is that when a server is down, it doesn’t affect your Authentication App due to other servers working normally.
In terms of recovery, if you lose your phone, RAINDROP comes with a seed regeneration feature, so all you have to do is enter the seed words to recover your authenticator.
With that in mind, HYDRO 2FA is the future of authentication. It solves all the problems we currently have with our security based on Authenticators and has potencial for much more. They 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.