What Is Hydra
What is Credit Hydra Building ?
Why launch a Credit Bureau ?
I am planning to launch a Credit bureau how do I get Started ?
To get started please reach out to us by clicking the Early Partner network link in the navigation bar. We will provide detail instructions once we have established a connection with you.
Why Decentralized ?
Building a centralized credit bureau is hard, expensive and time consuming, and is not secure. In USA it has taken more than 30 years to build out the current credit infrastructure and it is prone to frequent data hacks.
A decentralized credit bureau is secure due to is decentralized nature and is as effective if launched for 1 person as it is for the entire population. This allows launching credit tracking fast and cheap.
Why Decentralized ?
A decentralized credit bureau is as effective if launched for 1 person as it is for the entire population. This allows launching credit tracking fast and cheap.
Also since the data is owned by the consumer and is encrypted, hacking single location to get access to hundreds and millions of records will no longer be possible,
What can I create a valid identity on Hydra ?
- Integrating with existing Blockchain Identity Solutions: We will support accredited credit identity providers on blochchain (uport, Civic). If you have established a valid ID with them you can import that identity to the wallet and get started.
- National Id: As we roll Hydra out to each country we will integrate identification with the national id, so for you it would be a seamless and simple process.
- Biometrics: If you have a cellphone that provides face recognition and fingerprint reading, you can use any valid Government issued Id + Face + fingerprint to establish your unique identity.
How is my identity stored on Hydra ?
The identity on the blockchain is encrypted with your public key and can only be unlocked with your unique private key so you do not have to worry about any network hacks or data theft.
How can I share my Identity that I have stored on Hydra ?
If you cannot do that you can always decrypt your data with your key and share it by providing an address for your documents to be sent (not recommended)
How do I get started with my initial data import?
For territories where there are preexisting credit tracking you can one time import your information from a credit bureau to establish yourself.
Where is my data stored ?
When you upload any data a hash of the summary data is created and stored on the blockchain (on a weekly basis). This hash is used to establish the validity of the data.
The actual data is encrypted with your key and then stored on your devide (usually on some kind of network drive like dropbox) as well as a storage node (IPFS or Swarm). There are a maximum of 5 copies stored on the network to provide backup in case of loss of data.
How is my data validated ?
For, data that is available through a trusted source (without any consumer inputs), it is considered as valid and correct at the time of import and there is no attestation required.
How does my data get updated on an ongoing basis ?
In the long run once you start using Hydra Wallet for all your day to day needs the transactions done through wallet will also be automatically stored.