HyperCycle, an artificial intelligence (AI) startup, has launched RingOfRings, a new project set to enhance security in the crypto industry, as detailed in the recent update to Finbold on August 14.
Revealed at the Blockchain Futurist Conference, the initiative seeks to build trust and credibility in emerging crypto projects by setting new security standards.
The RingOfRings project
RingOfRings creates a collaborative ecosystem to help reduce reliance on third parties.
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With advanced hardware and an innovative crypto-economic token model, the project aims to boost the security and legitimacy of crypto.
The project leverages HyperRing technology and is supported by strategic industry partnerships to offer a secure, multi-platform solution for managing digital assets, including HD wallets, exchanges, and blockchains.
HyperCycle’s smart ring
A key feature of the RingOfRings project is a wearable smart ring developed by HyperCycle.
The ring is a multi-factor authentication token in blockchain transactions, allowing users to authorize transactions with a simple tap.
The ring requires no recharging or maintenance and is virtually tamper-proof, providing an extra layer of security.
New token vesting approach
The RingOfRings project also introduces a new token vesting approach.
Based on a dual-layer system, the vesting model ensures tokens are protected through cryptographic methods while requiring physical verification using the ring device to unlock tokens.
This encourages user interaction and gives partners control over token distribution.
To mitigate critical security issues, RingOfRings aims to restore trust in the cryptocurrency ecosystem, making the technology more accessible and reliable.
The 0kpR token
The project includes a native token, 0kpR, with a total supply of 34 billion tokens, 30 billion of which are allocated to major partners, including exchanges, wallets, and blockchains, the rest being set aside for fundraising.
Users are incentivized to use the ring device to unlock the second stage of vesting, further promoting user adoption.
The project is governed by the 30 partners, and all stakeholders will have a voice in its development and governance.
