We are proud to announce our investment in Hypersign, a decentralized identity & security solution that is simple to use, fast to deploy, and stores user data in a manner that is ONLY accessible by the owner and its intended recipients.
Based on public key cryptography, Hypersign’s cutting-edge Access Management Infrastructure enables users to securely access applications (web apps and DApps) without providing their access credentials [usernames and passwords].
Problems facing Employee and Consumer Identity & Access Management (IAM) models in 2021
In the globalized world we live in today, one that is connected by the infrastructure of the internet, it goes without saying that security is critical, and data breaches are a significant problem that many individuals and organizations face daily.
Data breaches can be detrimental, where hackers can outright steal data or impersonate individuals, employees or clients after getting direct login access to a system. Moreover, current security protocols commonly in place seem secure to inexperienced individuals but are made up of several practices that can be easily compromised, making them prone to hacks and attacks.
Since the COVID-19 pandemic, where working from home has become the new normal, security threats have reached an all-time high, leading to the global need for more robust and reliable authentication systems to be developed. The simple use of passwords alongside other 2-factor authentication methods, including OTP (One Time Passwords) that are based on “proof of possession” and social logins such as those from Google and Facebook, are highly centralized solutions and a honeypot for identity theft and data compromises. Moreover, in addition to their security inefficiencies, these exact solutions can also be very expensive and do not represent cost-effective methods that secure individual and company data interests.
Leveraging PKI and Blockchain to provide more robust Security Solutions
Hypersign is a decentralized identity and access management infrastructure that leverages public key infrastructure (PKI) and blockchain to provide passwordless authentication alongside authorization and verification services that can integrate with existing IAM systems at an affordable price-point.
Hypersigns security and identification protocol embeds a blockchain algorithm on an application stored on a user’s mobile that will enable them to authenticate without the need for login credentials. Each application on a user’s phone will have a private and public key that is not visible on the application server but stored in cold storage on their mobile device. Through the Hypersign protocol, users no longer need to manually enter credentials like usernames and passwords when they want to login. Instead, they can just scan a QR code and gain access by the click of a button. Moreover, user onboarding becomes much easier as there is no need to fill out registration forms allowing a system that users can be onboarded more efficiently by providing them with verifiable blockchain-based credentials.
As a truly decentralized solution, Hypersign doesn’t just create a more robust security system for individuals and businesses alike. It will also be far cheaper than existing IAM models and will be perfectly suited in this sense for use by small and medium-sized businesses.
In addition to creating a more robust security protocol, Hypersign will also streamline its own native utility token, the HID Coin, which can be utilized as a basic payment infrastructure for any party or service provider.
Through the adoption of HID, there is no need for service providers to integrate third-party payment providers or maintain billing, manage accounts, keep records, develop payment user interfaces, etc. All these tools are built-in to the Hypersign ecosystem that allow actors to pay for actions including the issuing of credentials on demand. Moreover, another key feature of HID is to incentivize identity and service providers to earn revenue through verifying transactions. This will maintain the network and prevent them from selling user data to 3rd parties for advertising purposes which is a common practice today.
Why We Invested?
The global cybersecurity market is projected to grow from USD 165.78 billion in 2021 to USD 366.10 billion in 2028, making it a huge area for potential profit and disruption envisioned by developing new security models that offer better solutions to what is currently available.
At Master Ventures, we believe that this market is definitely one to focus on and understand the need for enhanced security protocols in 2021, ones that go the extra mile to protect the interests of individuals, employees, and consumers simultaneously.
Currently, security and authentication methods such as those that rely on usernames and passwords alongside OTP and Social Login models have reached their limits with regards to being sufficient protection systems against hacks and attacks. This has led many developers worldwide to rethink security as a concept and to try and create newer and more robust models that add higher levels of protection for users.
By leveraging the power of decentralization and blockchain, Hypersign represents a proactive solution that no longer relies on a user inputting credentials but grants them access through public and private key verification enacted through the scanning of a QR code. In the Hypersign ecosystem, a user gets full control of his/her identity credentials directly making them the sole guardians of their own login keys. Above all, the system is designed to keep the interests of the individual guarded and offline only to be used when required.
Hypersign — a simple-to-use authentication solution that secures user data by combining Digital Identity with Blockchain. It offers Password-less Authentication, Verification & Authorization Services while integrating within minutes into any ecosystem.
About Master Ventures
Master Ventures is a blockchain-focused venture studio helping to build the next generation of blockchain-based Web 3.0 system innovations within the crypto industry. Launched in 2018 by Founder and CEO Kyle Chassé, the company’s ethos can best be summarized in the acronym #BeBOLD: Benevolent, Open, Love, Decentralized.
Master Ventures co-creates with entrepreneurs and businesses worldwide to turn the best ideas into innovative and disruptive products. They do this by investing as strategic partners through offering advisory services to the projects they believe in. To date, Master Ventures has invested in over 40 crypto projects, including the likes of Kraken, Coinbase, Bitfinex, Reef, DAO Maker, Mantra DAO, Thorchain, and Elrond.
For any questions, please feel free to reach out to us on: