HyperCycle Unveils RingOfRings Project to Enhance Industry-Wide Crypto Security
Toronto, Canada, August 14th, 2024, Chainwire
Artificial intelligence startup HyperCycle has unveiled RingOfRings, a collaboration designed to enhance digital asset management. The initiative aims to bolster trust and credibility for emerging crypto projects by demonstrating their commitment to implementing robust security standards.
Announced at Blockchain Futurist Conference on August 14, RingOfRings will form a comprehensive and collaborative ecosystem that enhances trust while reducing third-party dependencies. The initiative combines advanced hardware technology with a pioneering crypto-economic token model to advance security, utility, and legitimacy.
The project leverages HyperRing technology and leverages strategic partnerships with key industry players to provide a secure and versatile solution for managing digital assets across multiple platforms, HD wallets, exchanges, and blockchains.
RingOfRings uses a wearable smart ring developed by HyperCycle to provide hardware authentication. Known as RingOfRings, the device serves as a hardware token for multi-factor authentication in blockchain transactions. Users can authorise transactions through physical gestures such as tapping. The ring’s energy-efficient design requires no recharging or maintenance and the device is virtually tamper-proof to maximise security.
The RingOfRings project also incorporates a novel solution for reliable token vesting. A dual-layer system sees tokens secured through traditional cryptographic means, while a second layer requires active participation from the token holder involving physical verification through the RingOfRings device to unlock tokens.
By incentivizing genuine user interaction and providing partners with control over token distribution, RingOfRings aims to facilitate authentic and measurable mainstream adoption. The project addresses critical security threats such as thefts, hacks, and fraud, restoring trust in the cryptocurrency ecosystem and driving widespread adoption of blockchain technology.
The RingOfRings project also incorporates a native token, 0kpR, which has a 34B supply. 30 billion tokens are allocated to 30 major partners including exchanges, wallets, and blockchains with the remainder reserved for fundraising, founders, team, and investors. Partners have autonomy over the distribution of their allocation and users are incentivized to use the RingOfRings to unlock the second stage of vesting, promoting real user adoption.
As a decentralised project governed by the 30 participating projects, RingOfRings ensures that all stakeholders have a say in ecosystem development and governance. RingOfRings represents a significant advancement in the cryptocurrency space, addressing crucial security concerns and fostering legitimate user adoption. By integrating innovative technology and strategic partnerships, RingOfRings aims to forge a trustworthy and user-centric crypto ecosystem with security at its core.
About RingOfRings
RingOfRings is a community of communities. It features a wearable ring that community members can use to secure their assets and aims to form a circle of trust to strengthen the crypto industry. RingOfRings provides unique social and security benefits that are enhanced by an additional level of trust that empowers members to preserve their self sovereignty.
Learn more: https://www.0kpr.com/
About HyperCycle
HyperCycle is a decentralised AI initiative looking to address the shortcomings of existing compute solutions. It uses cryptographic proofs to enable scalable AI-to-AI communication on a peer-to-peer basis to increase the efficiency of learning algorithms with faster access to compute. The project has signed up nearly 397,000 nodes to its network, each of which can support 150 AI agents that can communicate and interact with the rest of the network with 300 millisecond transaction finality.
Learn more: https://www.hypercycle.ai/