1- What kind of organization is Hydranet?
Hydranet is a Decentralized Autonomous Organization (also known as a DAO). Hydranet doesn’t have a single owner or partner, instead it is a community-based formation that derives its strength from its community. The value of Hydranet is reflected by its token (HDX) alone. The HDX token is found on the Arbitrum Network and can be bought via several exchanges. Anyone who values the organization and its products can become a part of the community simply by adding HDX to their portfolio. Holders can vote in the decision-making processes and submit proposals for voting. Important decisions are transmitted to the community and finalized by the voting system.
Identification of Team Members
The Hydranet team consists of project managers, software developers and experts in the field of design and marketing. It also has managers and moderators at various levels for community management.
Hydranet needs experts from many fields for the product it offers. With new needs emerging, new team members are required and it is the team´s responsibility to recruit new members for the areas of expertise needed. Each team member works in exchange for the vesting determined by consensus within the team and sometimes by the community. Team members receive their payment in HDX. Progress payments are defined in 5 month contracts and only the payment corresponding to the time put in to the project can be withdrawn by the member to their account. The team discloses these contracts to the community as part of transparency.
With transparency and decentralization as the very foundation of the organization, Hydranet has proven to be able to adapt with the ever-developing blockchain space, using the latest tech to reach the project goals.
Informing the community accurately and in a timely manner is one of the core responsibilities of the team. That is why weekly and monthly updates are shared. These updates include information about activities and short-term plans completed within the specified time frame. In addition, a road map is announced for at least 3 months forward.
The Hydranet community has participants from dozens of countries and every HDX owner is an investor in the Hydranet project and a member of the community. They can make suggestions and submit their proposal to a vote for community decision.
Each community member also has the opportunity to take part in various ranks. They can take the duties of community representatives (CR), moderators, administrators or join the team according to their field of expertise. The main requirement for taking on these tasks is to be an active member and to have an eagerness to help out!
Hydranet has several community representatives for good communication and organization. At least one representative should be designated for each country and language. From time to time, a ‘’Community Expectation Survey’’ is created to follow up on and to make sure that the expectations from the community are being met.
2- What is the Purpose of Hydranet?
Hydranet was born to resolve some of the most important problems of the blockchain industry today. Layer 1 blockchains, i.e., Bitcoin and Ethereum, have quickly gotten congested as the crypto userbase has been rising over the years. This congestion is made apparent through slow transaction confirmation times and high transaction fees, especially when swapping assets between different chains as this requires multiple transactions since more chains are involved. Lastly, interoperability between different blockchains is still in its infancy, mainly due to the problems mentioned thus far. This is where Hydranet comes in, with its Layer 3 Decentralized Exchange (DEX). The Hydranet DEX offers solutions to the most basic problems of the crypto money ecosystem. It uses Bitcoin´s Lightning Network and the Connext protocol to make this possible. The features offered in the Hydranet DEX are:
Trading with Real Assets
The Hydranet DEX offers cross-chain swaps. You can trade BTC for ETH without the need for a Layer 2 Bridge.
Low Transaction Fee
For Lightning Network transactions, the fee is close to zero. Only a DEX fee is deducted when making a trade.
With the use of off-chain technologies, transaction settlement times are typically around 1 second. This number is not affected by an increase in transaction demand.
Security and Privacy
Since the transactions are made cross-chain, there is no book that keeps track of the transaction history. No KYC is required to use the Hydranet DEX and therefore no personal information is stored. Your funds are stored on your own device and in your wallet only.
Hydranet offers frequent and deep liquidity through industry-leading projects, arbitrage, and market maker bots.
3- At What Stage Is Hydranet DEX?
The Hydranet DEX is a software that has been proven to work and can be tested right now by anyone. The last testnet version, a version called "ATLAS", will be released to the public during Q4 2022. This is the last testnet to be released before the Hydranet DEX will transition to the mainnet, a release which is called "PHEONIX". Before ATLAS is released to the community it will undergo testing from a dedicated Hydranet test team. The Hydranet DEX is systematically tested according to pre-defined test scenarios to find possible bugs and unpleasantries. The community can later on report any form of "everyday use"-bug that arises during usage.
4- What is Hydranet’s Vision for the Future?
The Hydranet DEX is the flagship of Hydranet and will continue to create solutions to the blockchain industry by making new developments in the future. Increasing the number of HUBs, strengthening of decentralization, improving the interface and increasing the user experience are among the most important development topics. In addition, integration into different operating systems and platforms is one of the topics actively researched. The solution to scalability, transaction time and interoperability between blockchains will be among the most important factors in the adoption of the blockchain industry.
Hydranet has a mechanism that continues to work independently of individuals and the seasonal conditions of the ecosystem. The most basic goals are to strengthen this autonomous structure, to expand the team, to ensure the widespread use of the project. Hydranet is based on community solidarity and sustainability.
Hydranet regularly reports on the status of the project, processes, goals, and completed transactions with its transparency policy. You can find all the updates about the project on hydranet.ai, on our Discord server, and on our social media accounts.