Why HOPR Token Could Be The Next Big Thing Within Crypto

The HOPR protocol, a next-generation data privacy protection platform, is promising to be the next big thing in the cryptocurrency space. HOPR provides network level and metadata privacy for every type of data exchange. The project has introduced the first-ever open incentivized mixnet where users will earn tokens for running nodes.

Metadata privacy is the next level in the evolution towards total data privacy since it helps hide the data being sent, the sender, and whom the data is being sent to, three crucial factors that HOPR addresses with this new project.

HOPR isn’t just another on-chain privacy solution that supports blockchain transactions but a general network-layer protocol that allows users to exchange data privately, just like Tor or a virtual private network (VPN).

The Problem With Online Communication Today

When two computers are communicating, many third parties such as internet service providers (ISPs) and telcos can be privy to the data, not to mention a host of metadata. The HOPR protocol protects all this data and metadata with its incentivized private mixnet. Data transmitted using HOPR network “hops” from one relay node to the next, with each node mixing the message with other traffic before sending it on. As a result, no-one can determine the sender and receiver of the data and the full route it took through the network, not even the sender and receiver themselves.

HOPR’s revolutionary technology provides the last crucial element needed for DeFi platforms to support totally anonymous financial transactions. Given the rapid rise of DeFi over the past year, it’s clear why HOPR has attracted so much attention within a short span.

HOPR was conceived back in 2019 amid increasing concerns over online data privacy. But it was last year when it came to the cryptocurrency community’s attention following a $1 million investment in the project by Binance Labs. Now the project boasts an incredible list of partners and backers that keeps growing by the day.

How HOPR Works

The HOPR network is a decentralized incentivized mixnet that ensures complete data and metadata privacy for all who use it. The data is sent via multiple hops, so no one but the sender and the receiver knows the origin, destination, and what is contained in the data transfer. Rapid Project Growth Within A Short Span

Currently, HOPR boasts more than ten thousand members on various Telegram channels, with support in 11 languages, and the community keeps growing ahead of the token launch. So far, the community involvement and passion have been incredible and signify that the project will continue to grow in the long term.

HOPR is set to launch its token imminently. The HOPR token will offer users the ability to pay, stake, and vote on the network. One will be able to spend HOPR tokens to send data through the HOPR network with complete data and metadata privacy. Then there is staking, where one can lock HOPR tokens in their node to relay user data and cover traffic in exchange for HOPR token rewards.

The more you stake, the more data you will be able to relay, consequently leading to bigger earnings. The third role of the token on the network will be voting on various proposals that influence the project’s inner workings and external operations, everything from technical parameters to board members, which all promote community governance.

Growing concerns over user data mean metadata privacy is the next big thing within tech that’s why the solution by HOPR is quite revolutionary. It’s quite similar to how TOR operates, but without TOR’s flaw of relying on node runners donating their time and computing power.

Because thanks to the protocol’s proof of relay mechanism, every node runner is incentivized to relay the data correctly, and they are rewarded with HOPR tokens. By doing this, the participants contribute to online data privacy.

To ensure fully decentralized settlement without unnecessary blockchain fees, the HOPR’s custom layer-two scaling solution is based on probabilistic payment channels that guarantee the node runners’ metadata is protected.

The project has made it simple for anyone to run their own HOPR node by introducing a dedicated hardware node that allows participants to stake easily and quickly. If you choose not to purchase the hardware, you can also download their software and instal it manually on your PC. Anyone who runs a HOPR node will be eligible to earn HOPR tokens after the project’s upcoming ma.

Rapid Project Growth Within A Short Span

Currently, HOPR boasts more than ten thousand members on various Telegram channels, with support in 11 languages, and the community keeps growing ahead of the token launch. So far, the community involvement and passion have been incredible and signify that the project will continue to grow in the long term.

HOPR is set to launch its token imminently. The HOPR token will offer users the ability to pay, stake, and vote on the network. One will be able to spend HOPR tokens to send data through the HOPR network with complete data and metadata privacy. Then there is staking, where one can lock HOPR tokens in their node to relay user data and cover traffic in exchange for HOPR token rewards.

The more you stake, the more data you will be able to relay, consequently leading to bigger earnings. The third role of the token on the network will be voting on various proposals that influence the project’s inner workings and external operations, everything from technical parameters to board members, which all promote community governance.

Growing concerns over user data mean metadata privacy is the next big thing within tech that’s why the solution by HOPR is quite revolutionary. It’s quite similar to how TOR operates but with added incentives that encourage everyone to participate in the process.

The post Why HOPR Token Could Be The Next Big Thing Within Crypto appeared first on Coingape.