TL;DR, February saw notable advancements in Hypersign’s journey, with significant progress in Interchain Web3 Identity Reputation, including developing CosmWasm Smart Contracts for various on-chain activities. We've successfully conducted stress tests on the Jagrat testnet, showing robust performance and stability. Key highlights include Hypersign’s selection for the Web3 accelerator Symbiote’s startup cohort and our active participation in the Privacy Engineering Summit and educational initiatives. Exciting partnerships have been announced with Sensay and Web3 Dubai to enhance digital identity solutions and broaden community engagement. Case studies highlight our response to the FreshMenu data breach and the RBI’s shift from OTP to more secure authentication methods. Hypersign continues to pave the way for a privacy-focused digital future underpinned by our commitment to innovation and excellence in the Web3 space.
Welcome to the February edition of the Hypersign Monthly Update. In this issue, we delve into our latest technical advancements, highlight significant partnerships, showcase our presence at pivotal industry events, and explore recent case studies demonstrating the impact of our technology.
Technical Updates
Our journey toward enhancing Web3 Identity continues with substantial progress made in February. Following the initiatives outlined in our January Edition Update, we have made significant strides in developing Interchain Web3 Reputation. This innovative concept aims to score a DID Document ID, which incorporates wallet addresses from various blockchains, based on the successful completion of specific on-chain activities.
This month, we focused on crafting CosmWasm Smart Contracts centered around the following on-chain activities:
- Proving a minimum $HID/token balance
- Demonstrating User Position in an Osmosis Liquidity Pool
- Establishing Ownership of NFTs on Stargaze and Omnifiix platforms
Further information and updates can be found on our GitHub repository: Hypersign Protocol Interchain Web3 Reputation.
Moreover, the Technical team has been conducting stress testing on the Jagrat testnet and making amends. The stats on February 21st were as follows :
- Active Validators: 65
- Proposals Raised: 2
- Decentralized IDs Generated: 259
- Credentials Issued: 196,587
- Schemas Issued: 79
Highlights
- Web3 Acceleration: Hypersign was selected for the Web3 accelerator Symbiote’s inaugural startup cohort, spearheaded by industry veterans Nilotpal Mukherjee (Partner at M6, ex-Marlin Protocol) and Garlam Won (partner at M6, ex-Harmony Network). This inclusion marks a significant milestone in our journey towards innovation and growth.
- Privacy Engineering Summit: Co-founder Irfan Khan represented Hypersign at the prestigious event in Mumbai, highlighting our commitment to privacy and security in the digital age.
- Farcaster Presence: We've expanded our social media footprint to Farcaster! Follow us at Hypersign on Farcaster to stay updated with our latest developments.
- Educational Initiatives: Our DevRel, Raj Patil, conducted an enlightening developer workshop on Self Sovereign Identity at Walchand Institute of Technology, furthering our commitment to education and community engagement.
- Insightful Interview: Tune into our recent interview with Siddharth Sharma from DigiYatra to discover how SSI and blockchain technology are revolutionizing airport check-in processes in India.
Partnerships
This month, we are excited to announce two groundbreaking partnerships:
- Hypersign and Sensay: This collaboration aims to redefine digital identity and authorization for AI digital replicas. By integrating Hypersign's zkID technology and SSI principles with Sensay's innovative AI replicas, we're setting new standards for privacy, security, and authenticity in digital representation.
- Collaboration with Web3 Dubai: Partnering with one of the leading networking communities in the Web3 space, Hypersign is set to broaden its horizons, engage with new communities, and enhance its visibility in the digital world.
Case Studies
- Enhanced Data Security Post-FreshMenu Data Breach: In the wake of the FreshMenu data breach on January 26th, which compromised the personal data of over 3.5 million users, our case study delves into the deployment of Hypersign's Encrypted Data Vault (EDV). This robust solution leverages advanced encryption and blockchain technology to secure data storage, enable selective data disclosure, and maintain data integrity. By rendering sensitive information inaccessible and unreadable to unauthorized parties, EDV provides a scalable and interoperable framework for data privacy. Companies seeking enhanced security measures to protect user data can look towards Hypersign's state-of-the-art solutions to fortify their digital ecosystems against similar vulnerabilities.
- RBI's Shift from OTP-Based Authentication: The Reserve Bank of India (RBI) is navigating away from traditional OTP-based authentication systems in light of over 95,000 reported cases of UPI fraud in the fiscal year 2022-23. This shift aims to address the inherent vulnerabilities of OTP systems, such as their susceptibility to social engineering and phishing attacks. Our case study explores the potential of Verifiable Credentials as a robust alternative, providing secure and efficient user authentication for digital transactions. RBI Governor Shaktikanta Das has emphasized the importance of embracing technological innovations to enhance digital security. The forthcoming "Framework for authentication of digital payment transactions" signifies a significant move towards adopting alternative authentication mechanisms, showcasing a proactive approach in combating digital fraud and enhancing transaction security.
February was a month of significant achievements and progress for Hypersign. Our technical advancements, coupled with strategic partnerships and community engagement, continue to pave the way for a more secure and privacy-focused digital future. Stay tuned for more updates in our journey toward innovation and excellence in the Web3 space.
About Hypersign
Hypersign is a cutting-edge, permissionless protocol designed to revolutionize digital identity and access rights management. By embracing the principles of Self-Sovereign Identity (SSI), Hypersign aims to empower individuals by allowing them to have full control over their own data and access on the internet. This platform offers a scalable, interoperable, and secure Verifiable Data Registry (VDR), which facilitates various applications rooted in SSI principles. Developed on the Cosmos-SDK, the Hypersign Identity Network has gained recognition from the World Wide Web Consortium (W3C), ensuring a robust, seamless, and secure management of Verifiable Credentials and Decentralized Identifiers. By providing solutions such as on-chain Know Your Customer (KYC) and Proof-of-Personhood, Hypersign stands at the forefront of digital identity, offering a more privacy-centric and user-controlled approach.
Get in touch with us today to understand the nuances of the decentralized identifier and on-chain KYC at meet.hypersign@gmail.com
