The Hydrogen cryptocurrency is meant to enhance security through the use of unique public authentication modules. It achieves this through the use of a technology called Raindrop. This technology facilitates transactions via smart contracts and also validates private system access publicly. The Ethereum-based crypto uses private authentication protocols such as OAuth 2.0 to provide quality usability and robustness. The Hydrogen altcoin whose ticker symbol is HYDRO has a platform that incorporates blockchain mechanics as a component of its authentication procedure. This procedure adds an additional layer of security and reduces the risk of a system breach and data compromises.
How does Hydrogen cryptocurrency work?
If you visit Deep Web, you can buy stolen line items of Personally Identifiable Information (PII) for as low as $1. The information that is up for sale here includes sensitive materials such as passport scans, bank login credentials, and credit card credentials. The Hydro crypto uses blockchain technology which enables the existing and new private systems to integrate seamlessly. It also allows for the use of the immutable and transparent dynamics of blockchain so as to improve functional aspects of the systems.
The Hydro platform has an authentication process which involves 4 primary components namely;
- Accessor – The agent that attempts to access a system or dApp by making use of Hydrogen APIs.
- System – this is the gateway which is used by the Accessor to utilize the native Hydro API
- Hydro – This is the central module that is used by the System to communicate and also interface with the blockchain
- Blockchain – This is the distributed public ledger that processes all internal HYDRO transactions. The blockchain contains all the internal smart contracts.
At first, initialization is required where the user is required to register and obtain pertinent credentials which will enable the system to communicate with the blockchain using platform’s protocol. The system brings on board an Accessor who then registers a public address and then transmits the registered address on to Hydro. A user only needs to register once.
How has the Hydro token been performing?
The HYDRO token is one of the newest in the market having been listed on coinmarketcap in May 2018. The crypto started on a low price of $0.001070 before it climbed to reach $0.0035 the following day, May 4th. Even while the crypto market and Bitcoin market cap keep on dropping, from a high of $470 billion on May 6th to $380 billion on May 17th, the Hydro token has climbed to reach $18 million. It had a market cap of $5 million on May 8th. The price of the token has surged from a low of $0.0028 to trade at an all-time high of $0.014 in just one week.
Hydrogen cryptocurrency has in the early weeks of May garnered momentum in both its price and its 24-hour volumes. In the past 24 hours, the price of HYDRO token has climbed more than 53%. The volume, on the other hand, has surged from $670,000 on May 15th to reach $3.17 million on Wednesday even though this had dropped to $2.9 million in the morning hours of Thursday. In just a matter of weeks, the HYDRO crypto which was ranked at number 953 has climbed to be number 273 on May 17th, according to coinmarketcap rankings.
Is Hydro a safe investment?
Hydrogen crypto is new to the market and seems to be enjoying a fresh head-start based on its concept. However, it has not experienced any market correction like Bitcoin or Dogecoin . This might mean that the crypto might shed or gain a lot before it finally settles to its true price. After all, cryptos are incredibly volatile. If the bios of the Hydro team are anything to go by, then there is a likelihood that the crypto’s market cap and its price will go higher based on their vision and the company’s white paper. In the team, there is Michael Kane, Mathew Kane and Andy Chorlian who are said to be well versed with blockchain technology and fintech.