The digitization of everything has been improving nearly every aspect of our lives for the past few decades. Integrating disparate systems and automating their interoperability has added a lot of value on top of legacy use cases and unlocked new ones.
One of the biggest challenges in the new digital world remains in the area of identity and access management. Compromised passwords make up for the bulk of digital loss, while third-party identity providers or two-factor authentication solutions have been known to collect and track user data.
Blockchain technology can be applied to solve a lot of those problems, by acting as a trust layer for the internet. This is why we are excited to announce that we will be working with HyperSign to integrate their digital identity and passwordless login solutions with the Elrond mainnet!
“The vast majority of internet users still have weak security, or spend too much time on managing it, or both. Blockchain-based identity solutions increase convenience and raise security levels in an elegant manner, which will lead to increased safety and the proliferation of digital solutions beyond what we see today.” said Beniamin Mincu, Elrond CEO.
HyperSign offers a simple-to-use authentication solution that secures user data by combining digital identity with blockchain. By incorporating biometrics into the blockchain, Hypersign provides password-free authentication, authorization, and verification while being able to integrate in minutes with existing ecosystems due to its full compatibility with OAuth.
HyperSign is looking to migrate their DID registry to multiple Layer 1s for decentralization and multiple options for users. The collaboration will focus on deploying the HyperSign DID registry on the Elrond Network, which will loop the Elrond mainnet into the identity issuing and verification process.
In the long term, we will jointly research the opportunities of Elrond’s unique features, such as Smart Accounts, for further developing blockchain-powered Decentralized Identity solutions.
“High throughput, inexpensive transfers, and features like relayed transactions make the Elrond Network an ideal candidate for deploying our DID registry to it. Elrond has some unique properties that we look forward to further research and work with.” said Vikram Bhushan, Hypermine Co-Founder.
The collaboration is important for the Elrond ecosystem as our mainnet will be used to enable near-instant verifications, passwordless logins, and increased security for users at a global scale.
Elrond is the internet-scale blockchain, designed from scratch to bring a 1000-fold cumulative improvement in throughput and execution speed. To achieve this, Elrond introduces two key innovations: a novel Adaptive State Sharding mechanism, and a Secure Proof of Stake (PoS) algorithm, enabling linear scalability with a fast, efficient, and secure consensus mechanism. Thus, Elrond can process upwards of 15,000 transactions per second (TPS), with 6-second latency, and negligible cost, attempting to become the backbone of a permissionless, borderless, globally accessible internet economy.
Hypermine is the team behind the Hypersign Project - a simple-to-use authentication solution that secures user data by combining Digital Identity with Blockchain. It offers Password-free Authentication, Verification & Authorization Services while integrating within minutes into any ecosystem - Hypersign is fully compatible with OAuth.