we hosted an amazing AMA with HyperBC & HyperPay & HyperLab on the 20th of September
And here we will put some of the best questions:
Q1. What is the simplest thing a person can do to protect themselves from cyber-crime?
Imran:
We get this question all the time, and are very glad. The fact that people are actively researching and engaging in personal OpSec means that they’re taking the biggest and best step towards securing their data and digital assets.
There are a handful of simple things you can do to vastly improve your level of digital security.
- Keep Your Device Updated – Hackers Use Vulnerabilities in Unpatched Older Operating Systems
- Enable multi-factor authentication – this simple addition creates a redundancy against password theft and effectively doubles your level of security
- Use a phishing phrase – this protects you against the simplest and most common social engineering method used in cyber crime
- Use a password manager – this reduces the likelihood of weak or reused passwords and vastly improves your security posture
And, of course, use HyperBC – with over $1B in custody for over 100 institutional clients , millions of HyperPay users, and guaranteed security for all.
If anybody has a follow up question to this in the participation round, please reference Q1 and we’d be happy to offer further insights.
Q2. What is encryption? What is hashing? How does this improve security ?
Imran:
I’d like to introduce Shankar, from HyperLabs
He’s our resident cybersecurity and blockchain expert
Shankar:
Hi All. Thanks for the intro, Imran.
Good question, Mohamed. Kindly allow me a moment to answer.
Encryption and hashing are similar functions and people do misinterpret, but they are far different.
They both involve passing data through a function to improve privacy, but encryption is a two way function, meaning it can be reversed and the original data can be retrieved.
Hashing, on the other hand, is a one way function, which means the data is permanently disfigured and the output of the function is a reproducible “hash”, a representation of the original data.
We use encryption every day. In our laptop passwords, in our messaging apps, banking – everywhere.
Any time you send a message on WhatsApp or Telegram, it is encrypted (two way function), meaning the person you sent a message to can read what you actually wrote, and not an illegible hash.
Any time you enter a password, it is likely hashed (one way function) before it reaches any other server, meaning nobody, not even the platform you’re using, will know it.
Both serve a purpose in cryptocurrency. The clue is in the name, after all. To learn more, visit our website at HyperBC.com, or look us up on Medium, where HyperBC and HyperLabs post about blockchain, cybersecurity, and cryptocurrency at large.
Q3. What is the difference between exchange, hot, and cold wallets?
Imran:
Love when people ask this question.
Shankar:
Thank you for question, Mohamed. If people do have any doubts on Q2, they can very well ask.
To answer Q3, I will split the answer in three parts.
Exchange wallets are, by and large, custodial. You access your funds with a password, but the platform retains your private key and seed phrase and protects them for you. This is a double edged sword, as you’re trusting that the platform can secure them better than you. It’s worth doing your own research and due diligence before opening an account of this kind, and to stick to reputable and compliant exchanges such as CoinW.
Hot wallet is a wallet that is always connected to the internet; they allow you to store, send, and receive tokens. Because hot wallets are connected to the internet, they tend to be somewhat more vulnerable to hacks and theft than cold storage methods.
For Hot Wallet, HyperPay is a great example of this, as the app offers features to assist users in protecting their data and accounts.
Cold wallets are the type of wallets that require users to protect their own credentials, but offer the best protection in that they never (or infrequently, or with additional measures) connect to the internet, removing that large attack vector altogether for supreme security. These are sometimes called offline, or hardware wallets – of which HyperMate is a great example.
And here we will put best questions from our members and HyperBC & HyperPay & HyperLab fans:
Q1. Do you have a AUDIT certificates?
or
are you working to AUDIT your project, so that the security of the project becomes more secure and reliable?
Shankar:
Yes we do have audit certificates on our website done by SlowMist.
We also peform regular pentest assessments and vulnerability assessments by our in house security team in Dubai and HyperLab team that is in Australia.
We also participate in bug-bounty programs to uncover much security issues as possible and be secure.
Q2. Is your project is only for elite investors, how about others with small funds, is it open to everyone?
Shankar:
Dear, This AMA session is more focused towards OpSec as in Operation Security. Please feel to ask questions regarding Security.
Q3. Are you afraid some day there will be another project with more innovative technology can replace your project??
Imran:
HyperLabs, our cybersecurity and blockchain research and development division, was founded because of this very issue.
As technology matures, both our competitors and bad actors’ methods of defense and attack respectively will get more sophisticated. However, we’re 100% confident in our team, stack, and protocols.
HyperLabs produces cutting edge research that informs the design of HyperBC, HyperMate and HyperPay products and services. They are the backbone of our security, and keep our tech and standards modern.
Q4. Can you explain, which one is your top priority? Security, Product, Partnership, or Token price?
Imran:
Security and product for us go hand in hand. Our absolute priority is protecting our users’ assets from cyber-crime. To date, we are 100% secure.
Q5. Do you allow suggestions and feedback from the community? Are we allowed in decision making, do you put community into consideration ?
Imran:
Absolutely. Sessions like this are for exactly that purpose. We interact often with our communities to keep our products running as securely, efficiently and delightfully as possible.
Q6. Do you have any tutorial channel or social media links about this project?
1.You tube channel
2.Twitter
3.Website
4.Telegram group
5.Medium
6.Discord
Please you can share with us Through which we will get the latest information about this project?
Imran:
You can find us on twitter at Hyper_BC
website at hyperbc.com
Q7. How many team members do you have? Do they have enough experience in the blockchain field? Do they have any experience on working in crypto and non-crypto project?
Shankar:
That is a good question, Aki. Yes we do have large team in Dubai, Honk Kong, Australia, etc. We are not like pioneers in the Block Chain industry but we are backed by experts and PhD Scholars who have done extensive research in the Block Chain technology. Yes they do have vast experience in Modular Arithmetics, Strong Algorithms and Mathematics ofcourse Information Security.
Q8. Do you have a AUDIT certificates?
or
are you working to AUDIT your project, so that the security of the project becomes more secure and reliable?Do you have a AUDIT certificates?
or
are you working to AUDIT your project, so that the security of the project becomes more secure and reliable?
Imran:
Yes, please visit HyperBC.com for more details about our compliance and regulation practises.
Q9. Are you a global project or local project? At present, which market are you focus on, or is it focused on building and growing to gain customers, users and partners?
Imran:
We believe all blockchain projects are technically global, owing to the decentralised nature of the technology.
Our licenses also support this, as we’re certified in Lithuania, the USA, Canada, Singapore and soon, the UAE
Q10. Since NFT is popular nowadays, is there a plan for NFT integration?
Imran:
Yes, NFTs work across all HyperBC products and services.
HyperMate was, in fact, the first hardware wallet to support NFTs
Q11. Partnership is always an important factor for every project. So who is your partner? What are the benefits you get from those relatiionship?
Imran:
We engage in strategic partnerships across the globe in order to improve accessibility to cryptocurrency. Currently, we’re expanding across SouthEast asia to disrupt payment solutions with our partner, SquidPay.
Q12. What’s your main focus right now, are you focused on the community or market/Exchange or the products?
I’m a crypto beginner
Can you tell me a little about security please? Have you done a platform audit? Are smart contracts error free? What are the test results?
Shankar:
Thank you for the question, Ariyan. Yes we are more inclined towards Information Security. We use Secure MPC technology imbued with code running in Intel SGX enclaves making us very secure. You can visit hyperbc.com for more information.
Q13. I am interested to invest in your project. When and where can I buy your tokens Is it already listed exchanges?
Imran:
HPY tokens can be purchased on HyperPay, as well as other cryptocurrency exchanges.
Q14. What’s your main focus right now, are you focused on the community or market/Exchange or the products?
Imran:
Currently, we’re engaging with the community 😉
Q15. So many projects just want to talk about “long term vision and mission” but what are your short-term goals? What are you focusing on right now?
Imran:
Our short term goals are to take an active role in cryptocurrency adoption by improving awareness and accessibility around our products and services
Q16. Most of the projects are vulnerable to bugs. Which leads to hacking and could cost investors a lot. So, have you done an Audit of your platform? Is our investment safe?
Shankar:
Again a very good question. We give high importance to Information Security. We regularly perform security audits, bug bounties, penetration tests, code reviews via our in-house team and overseas team at HyperLab Australia.
And this was the end of our AMA with HyperBC & HyperPay & HyperLab.
You can find us here:
HyperPay :https://www.hyperpay.tech
HyperLab :https://www.hyperlab.org
GitHub :https://github.com/hyperpayorg/hardwallet
Facebook :https://www.facebook.com/hyperpayofficial/
Instagram :https://www.instagram.com/hyperpay.official/
YouTube :https://www.youtube.com/channel/UCbrR8pl4XHDPOiFuM2l02zg/videos
HyperPay Wallet App :https://play.google.com/store/apps/details?id=com.legendwd.hyperpayW&hl