Hydra Public Ledger & Token

The Hydra Blockchain and Token provide a decentralized source of trust for the IOP Stack, rewarding users who maintain the network while keeping cost and fees low.

What we actually store on the Hydra ledger!

We only store facts that require ordering or timestamping in a decentralized manner such as changes in authentication and authorization, or hashes of signed documents. These facts do not contain any sensitive or personal data, hence storing them is more than GDPR compliant.

For example when we want to validate a legal document that was signed by a CEO with a key, we also want to know whether that key was in use by the person signing the document at the moment, and whether they had the CEO role at the moment of signing. That is why you can register and revoke rights of keys to an identity and timestamping document hashes on the ledger. 

How you can manage DID documents!

You can create an infinite amount of DIDs for FREE in your wallet. You only need to interact with the Hydra ledger if you would like to change its authentication or authorization methods. Doing that you will have a decentralized IAM solution, which we call IOP DAC (Decentralized Access Control framework). Read more about the IOP DAC.

DAC Transactions Fees
DID Write ~0.011Ħ
Add key to a DID (authentication) ~0.011Ħ
Revoke key to a DID (authentication) ~0.011Ħ
Add right to a DID (authorization) ~0.011Ħ
Revoke right from a DID (authorization) ~0.011Ħ
Tombstone a DID ~0.011Ħ
Publish Claim/Credential Proof ~0.003Ħ
Before Proof Registration ~0.003Ħ
Schema Write (coming in Q3 2020)
Customizable Rights Registry (coming in Q3 2020)
DAC Operations
DID Creation Free
Claim/Credential Definition Free
Claim/Credential Verification Free
Schema Creation Free

What is on the Hydra public ledger?

You might think that we market ourselves that we store everything decentralized on the ledger, but the opposite is true.

In most cases it’s enough to store minimal data on chain that’s publicly available for anyone to achieve the same goal. Hence, we don’t store any private and/or sensitive data publicly available.

To read more about the architecture of the Hydra network, please visit our Developer Portal.

 

No Gatekeepers

Instead of relying on a trusted committee of gatekeepers (for instance designated certificate authorities), the Hydra blockchain relies on a decentralized consensus mechanism to protect and maintain your identity.

Instead of trusting a corporation, users only need to trust the code. The Hydra Token incentivizes everyone to act honestly when maintaining the chain.

Mining

Hydra currently uses a consensus mechanism called delegated Proof-of-Stake (DPoS). Hydra token holders use their staked tokens to elect 53 delegates who forge new blocks and create new tokens. These delegates share a large percentage of the block rewards with their voters. Delegates also earn voter share by contributing to the project or by helping new users. Delegates need to be online and run a reliable node to forge new blocks. 

Get in touch!

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