HyperPay AMA Recap

HyperPay AMA Recap

CryptoDiffer team

Hello, everyone!

We are glad to meet here 

COO at HyperPay, Eric

COO at HyperPay, Eric

Hi, everybody!

Thank you! It is a great honor to be here!

I’m very glad I can share something about the asset security with you.

My name is Eric and I am the chief operating officer of hyperpay wallet.

First, let me briefly introduce HyperPay wallet for you.

HyperPay is the world’s leading multi-ecological cryptocurrency wallet. It has been operating stably for 3 years, never ever occurring any security incidents.

Its ecosystem includes off-chain wallet, on-chain wallet, shared wallet and hardware wallet; HyperPay is the first in the industry that combine TSS (threshold signature scheme) and HSM (hardware security module) to create the products with the highest level of security; to date, HyperPay has served more than 1 million users, stored assets over one billion US dollars, and completed transfers more than 310 million times.

HyperMate is a product of Hyperpay, a cryptocurrency hardware wallet. HyperMate has passed the double audit of KNOWNSEC and SlowMist.

We will also cooperate with more security audit companies around the world.

Recently, the industry has been blew hard by the constant incident storms, and the worry of assets depositing in centralized institutions being not safe is growing.

We know that the private key is the entrance to the digital wallet. Only the private key which no one else knows except you can prove that you are the owner of the assets in the wallet; this is the biggest difference between encrypted digital currency and bank accounts.

Your digital assets are under your control, without a centralized institution intervening.

Therefore, in the case of frequent problems with centralized institutions, it is recommended that you have a certain understanding of decentralization and hardware wallets.

Today I will mainly talk about how to keep your personal crypto assets safer.

CryptoDiffer team

Q1: Speaking of private keys, maybe it is still quite a vague concept to people, so could you please briefly introduce the concept of private keys? 

COO at HyperPay, Eric

The private key is a 32-byte random number generated by an encryption algorithm, composed of 64 hexadecimal characters. A wallet has only one private key, and it cannot be modified.

Normally, users’ assets are stored in wallets. There are kinds of cryptocurrency wallets on the market, and they are divided into hot wallet and cold wallet in essence.

A hot wallet can be connected to the Internet while the cold wallet is not. In cold wallet, although receiving funds is available at any time, transfer can only be performed through private key verification.

Hot wallets include all online cloud wallets, most mobile wallets, software wallets and exchanges. Cold wallets can be hardware wallets, paper wallets stored offline, USB and similar data storage devices, or even physical items.

We think it is the best that cryptocurrency holders use cold wallets and hot wallets together, hot wallets for frequently traded assets, cold wallets for long-term held cryptocurrency assets.

CryptoDiffer team

Q2: How are the wallets classified? And can you tell us what are the advantages and disadvantages of them?

COO at HyperPay, Eric

There are many classification methods for digital currency wallets. The commonly used ones are as follows:

According to whether the wallet is connected to the Internet, it is divided into cold wallet and hot wallet.

A hot wallet is connected to the Internet, and a cold wallet is not. We usually use hot wallets, such as desktop wallets, mobile wallets, and web wallets. Hot wallets are also divided into centralized hot wallets and decentralized hot wallets.

Cold wallets can be divided into paper wallets, brain wallets and hardware wallets, which are usually not connected or unable to connect to the Internet.

According to the ownership of the private key, it is divided into a centralized wallet and a decentralized wallet. A centralized wallet has the private key controlled by the service provider, and a decentralized wallet has it controlled by the user self.

Single-chain wallets and multi-chain wallets. As the name implies, single-chain wallets only support one main chain, and multi-chain wallets support multiple main chains and main chain tokens.

According to the completeness of data storage, it is divided into full node wallet and light node wallet.

The full-node wallet saves all the blockchain data, so it occupies a large space. All block data needs to be synchronized before each use, and it does not support multiple digital assets, which is not convenient for ordinary users.

Light nodes do not store all the data of the network, so they are small in size. It is currently the most widely used wallet.

There are single-signature wallets and multi-signature wallets. In single-signature wallets, sending transactions is controlled by one person. In multi-signature wallets, it needs to be authorized and signed by multiple people to send transactions.

There are also some other wallets, such as information wallet, web wallet, browser plug-in wallet.

Information wallet is connected to the Internet, and you can use it to view the changes in assets in the cold wallet address.

Web wallet refers to the wallet created and used on web pages, which can be used across platforms and have a relatively low threshold for use.

The most commonly used browser plug-in wallet is the Metamask wallet. Basically, current mainstream public chains all have plug-in wallets developed by community developers.

Plug-in wallets can directly use Dapp in the browser, and the threshold for use is also very low.

However, the security level of web wallets and plug-in wallets is not very high.

CryptoDiffer team

Q3: Recently, black swan incidents have popped up in the industry. We think there’s a big problem with centralized storage, and why’s that?

COO at HyperPay, Eric

As I mentioned earlier, users storing assets in a centralized organization is to hand over their private keys to a third party for management, and thus they lose the control of the assets.

Whether it is okex or Huobi, as long as the private key controller is unable to sign, user’s funds in there can’t be withdrawn.

It exposes the bully side of the platform. They can make users bear the risk of principal loss to keep their own interests.

Therefore, keeping the private key in your own hands is the best way to avoid industrial black swag, and decentralized wallets and hardware wallets are great choices.

CryptoDiffer team

Q4: Can you give us the reasons for choosing hardware wallets?

COO at HyperPay, Eric

I’ve heard many people say that they don’t have much assets in the hands, and putting them in the exchange is relatively safe because even if something goes wrong, the exchange will take the responsibility.

The fact is just the opposite.

The behavior of the industry’s leading exchanges has sounded the alarm for us. Centralized institutions may shut down for many reasons.

With the rise of DEX, decentralized exchanges are gradually being accepted by people, and the trading volume of Uniswap, the representative project, has revealed its unpredictable possibility.

As DEXs like Uniswap gradually squeeze CEX market share, users can totally withdraw their assets from CEX and experience similar services in DEX.

Users can fully connect with DEX through wallets, and the assets are kept in their own hardware wallets or other media.

The hardware wallet stores your private key securely in the device, and no hacker can disclose it.

Hardware wallets are not affected by computer viruses, which means you don’t need to worry about infected computers used with hardware wallets.

Before sending funds from the device, users need to make physical access on the hardware wallet device for confirmation. These all ensure that the hardware wallet can guarantee the safety of user funds to the greatest extent.

Protecting the safety of users’ funds is our eternal mission.

This is why we are deeply involved in the wallet field and gradually iterate our hardware wallet products.

CryptoDiffer team

Q5: Compared with other hardware wallets, what are the advantages of HyperMate?

COO at HyperPay, Eric

Some hardware wallets currently use webs or desktops to work with the hardware wallet, such as Ledger Live or Trezor, but compared to the mobile app, web or desktop essentially carry a greater risk exposure.

Mobile apps run in a sandbox environment. Data is not allowed to be read between apps. Products on the mobile side turn on system global area encryption by default, which is often not the case on the web or desktop. User permissions on the mobile are strongly restricted, unlike on the computer, where users can even bypass some security settings through the command tools.

Also, ordinary users are not good at discerning phishing links. When downloading a desktop, users are likely to download to the wrong companion software, resulting in a coin loss.

At present, there are two types of hardware wallets on the market. One is chip-based hardware wallets, which store private keys, PIN codes and other private information in the security chip, such as Trezor, Ledger, HyperMate, etc.; the other is a mobile wallet based on the Android system, like Kushen Wallet.

This kind of wallet puts the keystore in the memory, and there is no security protection in the memory, so it leaves an opportunity for hackers. If such wallets are lost, they will be physically cracked.

There are also differences between chip wallets. For example, Trezor uses ordinary chips. If hackers conduct electronic attacks, ordinary chip is helpless. In 2017, at the World Hacker Conference held in Las Vegas, USA, a foreign security team demonstrated on the spot how to hack Trezor wallet. It only takes 15 seconds to transfer Bitcoin by loopholes after removing the wallet shell.

Ledger uses the security chip with the security level of CC EAL5+. The International Organization for Standardization divides the CC evaluation level into EAL 1-7 from low to high.

Generally speaking, the safety requirements of commercial products are within CC EAL 5. The bank chip debit card used requires CC EAL5+ security certification, and higher encryption levels such as CC EAL6 and CC EAL7 belong to the military level.

Ledger uses two chips, one is secure and the other is non-secure, so it exists security risks in the process of transmitting information between these two chips.

Ledger has also exposed security vulnerabilities. Hackers can obtain the PIN code of the wallet step by step without removing the outer shell by forcibly upgrading the non-secure chip. The PIN code is equivalent to the password of the wallet. With it, you can open the wallet and transfer money away.

HyperMate is a hardware wallet of HyperPay. HyperMate G, for HyperMate Genesis is the first generation product.

HyperMate G is an ultra-thin, easy-to-operate, and extremely secure cryptocurrency hardware wallet. It has been authorized by the US FCC and has been audited by a world-renowned security company. It has a built-in CC EAL6+ security chip and supports BTC, ETH, BCH, EOS, and tens of thousands of digital currencies. It supports BTC, HC, ETH, BCH, LTC and ERC20 multi-signature functions, and supports firmware upgrades. Conneting to HyperPay wallet via Bluetooth, it can ensure the security of users’ digital assets anytime and anywhere.

Compared with other hardware wallets on the market, HyperMate has obvious competitive advantages in four aspects.

For hardware wallets, 100% protection against physical attacks is impossible. The only thing hardware wallets can do is to be “cold” enough to freeze all the network doors that hackers can sneak in and stole away your coins.

The secure microcontroller chip used by HyperMate is produced by Infineon, the world’s leading semiconductor company. It is an advanced security encryption controller with features as follows:

a. Dual-core CPU, one for execution, and one for security detection

b. All CPU registers have mask protection

c. All NVM, RAM are encrypted and specially protected by integrity verification

d. Sensor with temperature, voltage, frequency, light and special protection network

e. DES, AES and coprocessors for PKI operations

f. True random number generator

g. CC EAL6 + certification

Therefore, HyperMate is able to resistant fault injection attacks on program execution and various types of memory, and physical attacks on chips heated, frozen, filtered, etc.

CC EAL6+ does not only mean that HyperMate security chip reaches the standard for military use, but also it has passed the necessary tests and evaluations of CC security certification.

Unlike Ledger, HyperMate adopts the single-chip design, without adding any chips for auxiliary calculation or information storage in the design circuit.

All the components such as buttons, screens and Bluetooth are directly connected to the security chip to avoid data transmission between multiple chips, completely eliminating any possibility of tampering with data.

HyperMate adopts the randomly arranged keyboard for PIN code input, each at different position, and no real PIN number displayed, minimizing the probability of passers-by peeking at the PIN codes and stealing private keys.

When the PIN code is entered incorrectly 10 times in a row, HyperMate will automatically destroy the stored data, which can effectively prevent the hardware wallet from being violently cracked by hackers.

At the same time, all transactions require a second checking and confirmation.

The trading information can be fully displayed on the HyperMate’s display screen, and once the APP may suffer tampering, the information displayed on the screen not the same, the user can reject the transaction directly.

Moreover, the information on the screen is produced by the chip internally through calculation and encryption.

The wallet private keys and mnemonics of HyperMate are generated purely by hardware, never leaving the security components, and never connecting to the network.

In addition to the US FCC authorization certification, we have also obtained the European CE safety certification.

Our hardware wallet is very popular in overseas markets. We have a large number of orders from the American and Italian markets.

HyperMate meets the BIP32/BIP39/BIP44/BIP45 standard.

The creation and recovery of the wallet are completely offline. Once the private key is generated, it is stored in the encrypted security chip, even the hardware wallet itself is unable to read it.

Second, Function.

HyperMate supports both single-signature and multi-signature wallets.

Single-signature wallet supports BTC ETH HC EOS LTC BCH QTUM and related Erc20\Qrc20\EOS tokens, and will soon support TRX, DOT, FIL.

Multi-signature wallet supports multi-signature of BTC/ETH (including ERC20) /HC/LTC/BCH.

It also supports firmware upgrade via Bluetooth.

Users only need to perform the corresponding firmware upgrade operations in the HyperPay App via Bluetooth linking, and then you can enjoy more currencies and experience new features without the need to buy a new device.

Third, Experience.

By connecting HyperMate to HyperPay app via Bluetooth, it becomes possible to manage your assets anytime and anywhere safely.

Moreover, HyperMate device is ultra light and thin, with a thickness of only 2.3mm, which is easy to carry.

Fourth, Price.

HyperMate is also very cost-effective. The price is only 129 usd, but its performance is comparable to products sold 600 usd.

HyperMate is targeted at all digital currency players and corporate users, and we provide customized hardware wallet solutions for major currency holders, project parties, and exchanges.

We are currently out of stock for our first-generation products. Some news about Huobi a few days ago have brought our sales to a higher level.

It shows that people are still very concerned about the issue of safe storage of assets.

The most important thing is still the security of assets.

To meet the demand of the market, we are already stepping up stocking and we expect to ship normally this week.

You can view more information on the official website: 

https://hyperpay.tech/hardware

Purchase page:https://shop.hyperpay.tech/

For the second-generation product, we have made a lot of upgrades.

We added the fingerprint recognition function, which is more user-friendly and convenient to use.

The biggest change is that the appearance has been completely redesigned, and the electronic screen has also increased in size.

The specific parameters will be seen as it officially launches.

If you are interested in that, you can follow our official news.

CryptoDiffer team

Awesome, a lot of updates to come out!

Thank you for great answers!

I think it is time to start community questions round!

Cryptodiffer Community

On moving forward through your roadmap, what are your most important next priorities/Milestone? Does the team have enough fundamental (Funds, Community, ect) to achieve those milestones?

What is main potential Threat do you see in the Blockchain Technology Currently?

What is the real life problem this project aiming to solve with Blockchain?

COO at HyperPay, Eric

As we move forward on the roadmap, the most important thing for us is to still maintain sufficient security and use fluency. We will support more cryptocurrencies and provide more friendly financial products. We have a very professional team. The core members of hyperpay possesses robust experience on world’s top enterprises such as JPMorgen, PWC, Goldman Sachs, Citi, Oracle, Alibaba, Tencent and Baidu. The Blockchain underlying R&D, security, password algorithm, AI big data risk control, etc. are all supported by expert teams with core technology and rich industry experience.

In the spirit of“Security, Our Fist Concern. Enhancement, the Firm Destination”, HYPERPAY is committed to integrating the personal finance field and the mainstream third-party platform payment field, and building a convenient and secure one-stop service platform for digital assets through continuous technological innovations,  providing digital currency users and enterprises with financial services such as asset custody, wealth management, and consumer payment. It uses a digital wallet to solve all the problems related to digital cryptocurrency.

Cryptodiffer Community

-Is there any difference between PoS Mining and Cloud Mining. Which one is more profitable? Do you have any mining guidelines to get started?

– How robust is HyperPay Staking Network? What do you do differently from other PoS Staking projects?

COO at HyperPay, Eric

Staking is derived from a model that shifts from PoW (Proof of Work) to PoS (Proof of Stake) and is a new business model based on blockchain technology that allows assets holders to obtain inflation returns through pledge, vote, commission, lock, and other Staking behaviors.

HyperPay Cloud Mining is a professional cloud mining aggregation platform, which provides cloud mining contracts and wallet service. We work with the world’s top cloud mining platforms (OXBTC, AntPool etc.) to provide highly competitive price in the cloud mining market. Once you invest in cloud mining, Bitcoin or other selected coins will start to be generated and accumulated.

Cryptodiffer Community

There is many payment system with many network these days using cross-chain system,

Does HyperPay support cross-chain transaction system?

Also How does HyperPay ensure the scalability of every transaction in the HyperPay!?

COO at HyperPay, Eric

The private key is stored locally, and no one can steal the private key. Even if the mobile phone and hardware wallet are lost, the encrypted assets will not be lost. You can regain control of your assets by restoring the mnemonic phrase. The premise is that you have to back up the mnemonic phrase. Don’t let others steal the mnemonic phrase and private key.

Cryptodiffer Community

Currently, in addition to the usual main task of digital wallets, does HyperPay have any additional products to diversify its crypto wallet platform service?

COO at HyperPay, Eric

HyperCard is a comprehensive consumer card that integrates cross-border payment, consumption, asset storage, and fast exchange. It can be used in more than 176 countries, over 50 million merchants in the world by connecting crypto currency with fiat currency. HyperCard provides you with perfect and smooth payment experience for shopping, entertainment, travel and other consumption around the world. HyperCard is easy to apply for, and can get rid of card frozen. Crypto currency can be converted to fiat currency in real time after being deposited to HyperCard, eliminating cumbersome processes and the inconvenience of paying cash.The safety of payment is guaranteed, and consumer privacy is protected by law. HyperCard creates a new scenario of financial payment that is easy to use, convenient, flexible, and highly secure.

Cryptodiffer Community

What is your strategy for building a strong community? Do you agree that the power of the community will lead your project to develop globally? What services do you provide to the community?

COO at HyperPay, Eric

We do not rule out the opportunity to cooperate with any community. Whenever a community wants to cooperate with us, we are always very happy. We hope that more communities will contact us to spread the magical world of cryptocurrency around the world, and let more users feel the charm of crypto assets. If you can help us expand global users, I hope you contact us. We very much hope to reach cooperation. Can contact my colleague.@hyperpay_maya

Cryptodiffer Community

The hot new term in crypto is “YIELD FARMING”. Why did this get so hot right now? Do you have a plan to develop the Yeild Farming system?

COO at HyperPay, Eric

Because this is a decentralized financial model, the assets are completely controlled by the users themselves. By participating in financial activities in the form of smart contracts, users can obtain higher financial returns than traditional finance, which is very attractive. I believe that defi will develop better and better.

We are already cooperating with HyperBC to launch HyperBC Farm. https://hyperbc.com/#/farms

Cryptodiffer Community

I want to have a LONG TERM INVESTMENT with this PROJECT, but I’m in doubts right now, how can you convince and assure me this project is SAFE and PROFITABLE?

COO at HyperPay, Eric

We have a history of 3 years. Our business line is very rich, covering almost all the functional characteristics of the wallets on the market. The core functions that have been launched include: asset deposit management, wealth management, legal currency transaction (OTC), currency transaction, lightning Exchange, mortgage lending, market tracking, multi-signature co-management, dapp, defi, and more functions will be launched one after another.

Cryptodiffer Community

What will you do so that your project will be visible in crypto field and people come to explore your project? How will the Tech in Asia partnership help marketing of Hyper Pay ? What is the marketing strategy of Hyper Pay going forward?

COO at HyperPay, Eric

As a digital currency wallet, we have a wide range of partners in all dimensions of the blockchain field, which can be summarized into four categories. The first category is security team partners, such as SlowMist Technology, Know Chuangyu, Chengdu Lianan, Armors, etc. They provide us with security audits. The second category is public chain projects, such as NEO, NEM, BTM, CMT, Hcash, IOST, NULS, ONT, QTUM, CKB, etc. We have reached depth in PoS node construction, ecological construction, and DApp with many public chain projects. Through strategic cooperation, we have also become the official recommended wallet for many public chain project parties. The third category is media partners, such as Coin World, Hummingbird Finance, Golden Finance and so on. The last category is business partners, including exchanges, digital currency financial service companies, mining machine companies, mining pools, digital currency lending platforms, etc. We will announce the latest partner information on the official website.

Cryptodiffer Community

Revenue is an important aspect for all projects in order to survive and keep the project / company up and running. What is Hyper Pay way of generating profit / revenue? What is the income model?

COO at HyperPay, Eric

HyperPay has established strategic partnership with multiple digital asset hedge foundation and well-known exchanges and provided risk control and value services to our partners. HyperPay offers users various Investment products, including but not limited to PoS, BitEarn, short-term Investment and Lockup Investment, each with different reward sources. Rewards of BitLoan is from the borrower’s interests. As for BitEarn, HyperFin, a professional company providing digital currency financial service, is responsible for asset management and operation. It gains rewards through quantitative trading and mortgage lending. PoS rewards is from the node rewards of different mainnets, including staking and voting rewards. For short-term Investment and Lockup Investment, HyperPay and the project parties provide rewards.

Cryptodiffer Community

Is Hyper Pay Wallet easy to use to people who is just getting into crypto? What are the most interesting feature of Hyper Pay Wallet that makes encourage everyone to  start using Hyper Pay Wallet?

What tools does Hyper Pay Wallet have to compete with famous wallets such as Trust Wallet or Atomic? Do you have an interest rate for savings?

COO at HyperPay, Eric

In addition to being very safe as mentioned earlier, HyperPay wallet has two core advantages compared with other competing products on the market.

1. Very functional.

HyperPay wallet has rich functions, covering almost all the functional features of wallets on the market. The core functions that are currently online include: asset deposit management, wealth management, legal currency transactions (OTC), currency transactions, lightning exchange, mortgage lending, and market tracking , Multi-signature co-management, more functions will be launched one after another. The custody wallet currently supports 47 public chains and more than 160 mainstream digital assets.

2. Rich wealth management products

The biggest feature of HyperPay wallet is its rich financial management functions. HyperPay provides a variety of asset management plans with stable income, and users are free to choose the most suitable financial plan.

Bi Zeng Bao is a digital currency value-added service jointly launched by HyperPay and Super Financial Services. The user only needs to transfer the digital currency to the Bizenbao of the trust management wallet to obtain income, no handling fee, no lock-up, deposit and withdrawal at any time.

Bidaibao provides users with digital currency mortgage lending functions. Users can mortgage the assets required for digital currency borrowing or lend money to obtain profits.

HyperPay provides the world’s leading professional staking service, helping users to participate in staking mining safer, easier, and more efficiently, and enjoy high returns.

HyperPay cloud computing power allows users to participate in mining with a lower barrier to participation and a good user experience.

Cryptodiffer Community

What are your goal for next 2 years and where you see HPY token by then?

COO at HyperPay, Eric

(1) Aggregate payment solution

Description: Use HyperPay for offline aggregation code payment, covering both legal currency and digital currency payment. Users can use HyperPay for legal currency and digital currency payments.

(2) Decentralized mall

Description: Serving the real economy and building a distributed shopping mall that is decentralized and de-credit costs.

(3) Social payment

Description: Provide social payment tools based on blockchain.

Cryptodiffer Community

There are 4 core issues prevalent in crypto and blockchain: Excessive Volatility, Security, Scalability and Interoperability. How do HyperPay plan to overcome these issues?

COO at HyperPay, Eric

The volatility of encrypted assets is inevitable and we cannot avoid it. We provide many stable currency wealth management products. At the same time, our sales business also accepts stable currency payments as much as possible. We will also develop decentralized stablecoin projects in the future.

Safety is our strength and we are very good at it.

Cryptodiffer TEAM

Thank you for your time! Great answers!

Thank you everyone who took part today!

Spread the love
  •  
  •  
  •  
  •  
  •  
  •  
  •  
  •  
  •  
  •  
CryptoDiffer Admin
query2212@gmail.com

Leave a Reply

Your email address will not be published.