Hypernet Labs November 2021 Update
We have some exciting announcements for our Hypernet Protocol and our Galileo app.
These benchmarks serve to reach our ultimate goal of increasing accessibility to Web 3.0 for the general public and creating a transparent, scalable, and secure ecosystem for users of the Hypernet Protocol.
Our team has been using the Ceramic Protocol to be able to transfer authorization for payments. The Ceramic Protocol is a decentralized network for managing and processing mutable information on the open web. In the context of our Protocol, this will allow us to create Decentralized identifiers (DIDS) to create a verifiable, decentralized identity. We all have identities controlled by centralized systems: passport, driver’s license, health insurance, etc. Your digital identity also has its own identity, as does every item on the internet, using a URI (Uniform Resource Identifier). The key difference with a decentralized identifier is that you have control. This separates your digital identity from a third party you must rely on to prove that you exist. If anything happens to that central authority: they are hacked, shut down, or accidentally erase your identity, you are helpless. Like Tom Hanks in the Terminal, you are stuck in a digital airport with no available recourse. Using Ceramic, the Hypernet Protocol will allow you to authorize payments using a unique identity that you control that can move through different digital systems and determine when and how you give it out.
This is a free and easy way at the grassroots level to create a seamless system. Users can have their identity securely protected, have evolved digital trust that avoids bad-faith actors, and used across the decentralized web, including different blockchains. The benefit to developers will be using the Hypernet Protocol’s payment feature in building fully-featured decentralized applications.
NFT Identity for Hypernet Protocol
One of the problems facing Web 3.0 is tracking and creating human and machine identities. The Hypernet team wanted an innovative solution to existing and emerging problems with how users can control their identity and access a byzantine system of different platforms, blockchains, and applications. Using the data structure ERC-721 as a token standard for digital identity backed by blockchain became the natural solution.
ERC 721 as a token standard represents some of the best practices in Web 3.0. It allows transfer ownership of tokens, storage of meta-wallets and has been used for several years, creating predictable behavior in code. ERC 721 creates a Non-Fungible Token that will be tied to a machine or individual. Users can use this token to verify their unique identity across Web 3.0 applications without additional smart contracts or multi-signatures for asset control.
Having an identifier token has several distinct advantages. Unlike a multi-signature, it is more user-friendly and will lower gas costs. This will allow owners to have unique identifiers to control and transfer their assets. Like a set of digital fingerprints, this ID will follow a user throughout their use of apps that use the Hypernet Protocol. The second benefit is account recovery. If you lose your wallet or lose access to a controlling contract, you are in danger of losing your funds. Having an NFT tied to your access rights means losing access to your wallet does not mean you lose your money. When you lose your bank card, you don’t lose access to your accounts. You need to provide the bank with a verified ID, and you get a new card. By having an NFT as your identifier rather than your wallet account, the transfer becomes frictionless. You can transfer your token from your wallet connected to the internet (“hot wallet”) to a wallet you have that is not transferred to the internet (“cold wallet”), and you can continue using your tokens on the Hypernet Protocol. The result is a high level of flexibility in access control management that future proofs your wallet. Unlike a bank card, the NFT will have more security and protection of your identity, making identity theft obsolete.
These two factors continue to reflect how we are making Galileo a seamless, user-friendly experience. NFT registry will mean Galileo users will need less technical understanding of crypto wallets to use our high-performance computing cloud service.
For some of our users, Galileo is their first foray into the decentralized digital world. With our latest developments, they will now have a growing set of tools to unlock access to other Web 3.0 projects. We have always believed that Galileo would be a starting point for some users into the digital frontier of decentralized web applications. Ceramic integration and NFT registries are one touchpoint to create that practical bridge.
These features are additional layers to Hypernet Labs and Galileo’s foundation. Integration of the Ceramic Protocol and NFT registry for identity will empower our users to control their identity, increase interoperability across Web 3.0 applications, enhance security, and create an easy system for access control management.