HOPR

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Discover HOPR's fundamentals and latest news.

This content was generated by Whalee (BETA), an AI crypto assitant that analyses cryptocurrencies. Informations can be incomplete and/or erroneous. Please always double check and DYOR.

What is HOPR?

HOPR (HOPR) is a privacy-preserving messaging protocol and decentralized network that incentivizes users to protect privacy through a mixnet, rewarding them with HOPR tokens. It allows for the transmission of data without revealing metadata, ensuring true privacy in web3 applications.

How is HOPR used?

The HOPR (HOPR) token is a utility token on the Ethereum network, primarily used within the HOPR decentralized platform. This platform focuses on providing private and secure online communication and data exchange by employing advanced encryption and a peer-to-peer mixnet. Here are the main ways HOPR tokens are utilized:

  1. Data Transmission: Users pay with HOPR tokens to send data through the HOPR network privately and securely.

  2. Node Operations: Node operators stake HOPR tokens to earn rewards for relaying data. The more tokens staked, the more data can be relayed, and the more rewards can be earned.

  3. Governance: HOPR tokens grant users voting power within the HOPR Association DAO, which governs the network and ensures decentralized decision-making.

These uses highlight the token's role in facilitating secure data transmission, incentivizing node participation, and enabling community governance within the HOPR ecosystem.

How do I store HOPR?

To store HOPR (HOPR) tokens, you can use the MEXC Account Wallet. Once you have purchased HOPR tokens, you can hold them in your MEXC Account Wallet or send them to another wallet via blockchain transfer.

How to buy HOPR?

To buy HOPR tokens, you can follow these steps:

  1. Choose a Centralized Exchange: Select a reliable centralized exchange like Binance, MEXC, or Coinbase, which supports HOPR tokens.

  2. Create an Account: Open an account on the chosen exchange and complete the Know-Your-Customer (KYC) verification process.

  3. Deposit Fiat or Other Cryptocurrencies: Deposit fiat currencies or other cryptocurrencies like USDT, BTC, ETH, or BNB into your exchange account. This will be used to purchase HOPR tokens.

  1. Buy HOPR Tokens: Use the deposited funds to buy HOPR tokens directly or through a stablecoin like USDT. You can also use peer-to-peer services or spot trading on the exchange.

  2. Store or Trade: Once you have purchased HOPR tokens, you can store them in your exchange wallet or trade them for other cryptocurrencies.

Additionally, you can also earn HOPR tokens by participating in community events or working on Gitcoin bounties.

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History of HOPR

HOPR is a decentralized privacy-preserving messaging protocol and network built on blockchain technology. The project was founded by Robert Kiel, Sebastian Bürgel, and Rik Krieger, who first met the Binance team during the Ethereum Community Conference (EthCC) in February 2019 in Paris. They were later chosen for the Binance-X Fellowship, which supports open-source projects.

In July 2020, Binance Labs led a $1 million seed round in HOPR, with additional funding from Focus Labs, Spark Digital Capital, Caballeros Capital, and Synaitken. This investment helped the project move forward with its development.

In the same year, HOPR released an Ethereum hardware node called the HOPR Node PC, which allowed individuals to run nodes without relying on centralized cloud servers. This product was initially priced at $440 USD and had an 8GB RAM and 1TB SSD storage, enabling users to run multiple nodes, including Ethereum, IPFS, Filecoin, and ETH2.

HOPR also launched its incentivized testnet, called Säntis, on xDai, an Ethereum sidechain. This testnet provided fast transactions secured by Proof-of-Stake and eliminated high Ethereum transaction fees. Participants in the program earned ERC-20 HOPR tokens for running a node, which would be distributed when the HOPR mainnet launched in late 2020.

The Säntis testnet was successful, with over 500 people installing a HOPR node, adding to the initial 100 HOPR Hardware Nodes purchased in 32 countries. This helped strengthen end-to-end, decentralized data privacy through the HOPR network.

Overall, HOPR's history is marked by significant milestones, including its founding, seed funding, hardware node release, and successful testnet launch, all of which have contributed to its growth as a decentralized privacy-preserving platform.

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How HOPR works

HOPR is a decentralized, incentivized peer-to-peer network that focuses on providing network-level privacy. It achieves this through a unique messaging protocol that obscures metadata, ensuring individual data packets do not reveal trackable information. The network is managed by its users, eliminating the risk of a controlling entity abusing its power.

Proof of Relay Mechanism

HOPR's core innovation is its proof-of-relay mechanism. This cryptographic system rewards node runners only after they have successfully relayed data while preserving their privacy. When data is sent through the network, a payment is generated for each node in the chain. This payment is locked with a cryptographic key. If a node has the whole key, it can claim its payment, but if any part of the key is missing, the payment is worthless.

Node Operations and Staking

Node runners can stake HOPR tokens in their nodes to be rewarded for relaying data. They receive fees in HOPR for the data they help pass on, including a large number of tokens distributed in the form of cover traffic. The more tokens a node runner stakes, the more data they can relay and the more they earn.

Payment Layer

The HOPR payment layer solves the problem of rewarding node operators for forwarding data packets without revealing metadata about those packets. It does this by using a proof-of-relay scheme where every time a node operator forwards a packet, they earn the right to receive a payment. However, they only receive half the information needed to claim the reward when they receive the packet. They are given the other half when they successfully forward the packet to the next node on the journey.

Relay Nodes and Data Protection

HOPR provides privacy by relaying messages through several "hops" via unique relay nodes connected to the network. These nodes are incentivized to participate through the staking program, ensuring the network remains decentralized and secure. The network uses a patented protocol called Synchronous Ephemeral Encryption (SEE), which self-synchronizes connections between endpoints without a key exchange. This ensures comprehensive end-to-end encrypted connections over the entire route between trusted workloads.

Quantum Resistance and Security

HOPR Connect uses symmetric encryption, which is expected to be quantum safe for about a decade after quantum computing breaks asymmetric encryption. It also employs a FIPS 140-2 and -3 cryptographic library, ensuring AES256 encryption and quantum resistance. The short lifetime of SEE keys adds an additional degree of quantum resistance.

Overhead and Performance

The overhead added by HOPR Connect occurs only when connections begin. It adds two messages to the overall message count for each workload. This results in a minimal additional overhead of 4% for a session of 100 API calls and responses.

Overall, HOPR's decentralized and incentivized network, combined with its innovative proof-of-relay mechanism and advanced encryption protocols, provides a robust and secure solution for network-level privacy and data protection.

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HOPR's strengths

The token HOPR (HOPR) has several strengths that contribute to its value and potential in the cryptocurrency market:

  1. Decentralized and Incentivized Network: HOPR is a decentralized peer-to-peer network that incentivizes users to encrypt data and protect privacy through a mixnet. This decentralized structure ensures that there is no central authority controlling the network, making it more resilient and difficult to shut down.

  2. Privacy-Preserving Messaging Protocol: HOPR provides a privacy-preserving messaging protocol that ensures complete data and metadata privacy. This is achieved by sending data packets through multiple nodes, known as "hops," which makes it difficult to trace the origin and destination of the data.

  3. Economic Incentives: HOPR's innovation lies in its economic incentives. Node runners can stake HOPR tokens to relay data and earn fees in HOPR. This incentivizes users to participate in the network, ensuring its growth and stability.

  1. Governance and Community Participation: HOPR has a decentralized governance model that allows the community to participate in decision-making processes. This ensures that the network is managed in a fair and transparent manner, aligning with the interests of its users.

  2. Integration and Partnerships: HOPR has been integrated with other cutting-edge privacy-preserving technologies and has partnerships with prominent organizations, such as Binance and Multiversx. These partnerships enhance its credibility and potential for adoption.

  3. Tokenomics: The HOPR token has a well-structured release plan, with a total supply of 130 million tokens. A significant portion of these tokens is reserved for stakers as rewards for relaying cover traffic, which helps maintain the network's health and incentivizes participation.

These strengths collectively contribute to HOPR's value proposition as a privacy-focused cryptocurrency project.

HOPR's risks

HOPR (HOPR) carries several financial risks. According to InvestorsObserver, HOPR receives a high risk rating due to its proprietary scoring system, which analyzes the amount of money required to move the price over a 24-hour period. This metric assesses recent changes in volume and market capitalization to evaluate how easily the token can be manipulated by limited trading. This high risk rating indicates that HOPR is more susceptible to price manipulation and volatility, making it a riskier investment.

Additionally, HOPR's use of smart contract wallets, such as Safe, to store node runner funds highlights the importance of security in the platform. While this approach provides a high level of security and customizability, it also introduces the risk of smart contract vulnerabilities and potential losses if the wallet is compromised.

Overall, investors should be aware of these financial risks when considering investing in HOPR.

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Did HOPR raise funds?

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HOPR’s team

  • Dr. Sebastian Bürgel: President and Co-Founder of HOPR, leading the decentralized team focused on universal data privacy.
  • Robert Kiel: Co-Founder of HOPR, involved in the project's early stages and development.
  • Rik Krieger: Co-Founder of HOPR, part of the founding team that introduced the first-ever open incentivized mixnet.
  • Sandro Cilurzo: Co-Founder & CEO of Sedimentum AG, supporting HOPR's development and integration.
  • Steven Noni: Co-Founder and CTO of Validity Labs, contributing to HOPR's technical expertise.
  • Dr. Catrina Luchsinger: Board Member of HOPR, involved in the project's governance and decision-making.
  • Ronald Kogens: Board Member of HOPR, supporting the project's strategic direction.

Whalee AI

The fundamental analysis assistant for crypto value investors.

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