Hypersign has a dedicated team and has been working hard on their product for over three years which is available on Google Play. The Founding brothers Vishwas and Vikram were initially inspired to build the Hypersign solution when their father sent them a Facebook friend request seven times from seven different IDs, within a span of three months. The brothers analyzed this situation and realized that the father had unfortunately forgotten his login password and couldn’t reset it. Hence he had to create a new account each time.
Vishwas explains "Though it might seem like a simple issue where you could store a password in the browser and login seamlessly; however, after few days of research, the team managed to identify the innumerable problems associated with password storage — right from data breaches to hacks and also the costs associated with the password reset. To add upon this there is also the user tracking being enforced by the usual suspects such as Google - Alphabet and Facebook."
Apart from these above-mentioned provisions, two major problems can be traced in the social login authentication flow. Most of the social logins providers such as Facebook, Google, and the likes still rely on password-based authentication which gives rise to the prolonged known issues or problems with passwords such as password resetting, password hacks, and forgotten passwords.
Along with this, the other issue is that the identity provider stores data of millions of users which can become a honeypot for hackers. The identity provider also has the ability to misuse the user data without users’ consent in many different ways starting from analytics or by selling them to a third party etc. An example of this is the case of Facebook and Cambridge Analytica was where millions of Facebook users’ data was acquired without the individuals’ consent by Cambridge Analytica, predominantly to be used for political advertising.
Hypersign endeavors to solve the issues faced by consumers in identity & access management. Most customer-facing applications rely on either third-party authentications like OTP-based authentication or social logins such as Facebook, Google, and the likes. Hypersign looks to overhaul this process giving the control of personal data back to the individual.
Twin Apex Capital has announced itself as the lead investor in Hypersign. As part of this strategic investment, Twin Apex, an esteemed VC in the blockchain space, will provide Hypersign with advice and a wide network of support and investors in the crypto industry. Aamod Dhople, Co-Founder of Twin Apex Capital, explains “The impact of Hypersign’s cross-chain identity protocol will be far-reaching, beyond the blockchain space. Hypersign has a real opportunity to replace legacy outdated methods of storing and sharing personal data to one that is more aligned with the digital age, whilst ensuring that personal data is kept secure and maintaining the rights of individuals.’’
Disclaimer: This article is educational and does not represent financial advice. Please consult your financial advisor before purchasing any digital assets.