Ahead of Hypersign’s IDO in the second week of June, and the opening of our Mooncaster pre-IDO allocation event soon, we wanted to provide an overview of the project to fully convey to our Totem Warriors the scale of innovation behind their project, and how significant the launch of their $HID token is.
What is Hypersign?
Hypersign is an omni-chain decentralised Identity & Security solution that is simple to use and stores user data in a manner that is ONLY accessible by the owner and its intended recipients. It is designed to provide ‘self-sovereign identity’ for earth’s seven billion humans and their devices.
When ready, it will be a fully functional blockchain network enabled with a hybrid consensus layer. Hypersign will also offer other features such as SmartContracts, StateChannels, Oracles and Chain-names inbuilt.
The Hypersign network will be a Global Identity Infrastructure, allowing companies, governments, humans, and devices to connect to and use it for a plethora of services from authentication, authorization, verification, and even management of digital certificates. The network will ensure that all the personal data is only accessible by the owner and only by permission can a 3rd party access this data.
Current Industry Problems
Identity and access management, whilst being very achievable from a technological point of view, is difficult to deliver with cost effectiveness. Large multinational corporations such as Google provide Authentication and Authorization services for free, however their business model necessitates monetising their users’ data and selling this on to companies to perform targeted ad campaigns. This opens them up to violations of user data privacy, and there have been a number of scandals in the “big data” industry which very publicly demonstrated the detriments of this method of operating.
In the DeFi space, there are other projects who have attempted to decentralise this service, however to little success. Their problem lies in their ineffective token economies; many of these projects depend on “Stewards”, which are organizations and businesses that voluntarily operate the validator nodes running the network after complying with rigorous vetting and agreeing to governance requirements that keep the network independent.
The problem with this is that it provides no incentive to run a node other than the goodwill of Stewards and their requirement for a functioning network to exist. The by-product of good token economics would reduce the cost of credential management which in turn will reduce the cost of the IAM solutions.
Currently, with the existing model every merchant needs to pay IAM providers by setting up payment gateways, there are 3 major problems with this: i) It restricts the market to only the highest-value credentials. ii) It favors the largest providers who are the biggest targets for data breaches iii) It prevents the use of powerful new privacy preservation technologies like selective disclosure that could further protect personal data.
The $HID Solution
The $HID token would address these issues, and lowers the cost of credential creation/management to a fraction of cents. Additionally, credential issuers of all types and sizes can enter the marketplace. As such, this new marketplace can support GDPR compliant privacy preservation.
In regards to privacy, Hypersign’s zero-knowledge payment protocol doesn’t facilitate issuers gaining knowledge of either who is using a credential nor where it is being used — only that the issuer is being paid the asking price in HID tokens. The verifier can pay for credentials directly from the owner and the owner can do the same with the verifier. This results in a marketplace of trust where the source of truth can be traded effortlessly without giving away privacy.
Token ticker: HID
Total supply: 50,000,000 HID
Initial network: Ethereum (more will be launched after the listing)
Marketing: 5,5% — 2 750 000 HID
Reserve fund: 7,5% — 3 750 000 HID
Fundraising: 22% — 11 000 000 HID
BD & Partnerships: 10% — 5 000 000 HID
Team & Advisors: 15% — 7 500 000 HID
Net Ops — Mining: 32% — 16 000 000 HID
Liquidity provision: 8% — 4 000 000 HID
Fundraising & Vesting:
Token amount: 4 000 000 HID
Price: 0,1$ per HID
Amount raised: 400,000$
Vesting schedule: 10% unlocked at TGE, cliff for 1 month, then 10% for 10 months.
Token amount: 6,000,000 HID
Price: 0,18$ per HID
Amount raised: 1,080,000$
Vesting schedule: 15% unlocked at TGE, cliff for 1 month, then 10% for 8 months, last month is 5%.
Token amount: 800,000 HID
Price: 0,25$ per HID
To be raised: 200,000$
Initial market cap: $575,000
Vesting schedule: Fully unlocked
Hypersign’s IDO will be taking place in the second week of June, followed shortly by a Uniswap listing. The Totem Oracles who come closest to predicting what price $HID will close at 24 hours after it lists will receive an allocation at one of the project’s presale prices!
We’ll be releasing further info around allocation pool sizes and how to enter our Mooncaster event over the coming days — stay tuned!