Most of the implementation that Hyperledger/IBM do will be private blockchains (i.e. chains in which ownership of nodes  is centralized). This was a key point of consideration for us when building Hydro - we firmly believe that the concept of a "private blockchain" is self-defeating in many ways, and offers little benefit beyond traditional databases and other off-chain protocols. The hybrid private-public paradigm we are putting forth attempts to create a win-win, where enterprises maintain control over their private systems while being able to access the key benefits offered by a public ledger (such as transparency, security, and decentralization).

The functionality of Hydro is very different from Ripple and Stellar. We are building a more diverse set of products rather than building our own protocol or focusing on the actual mechanisms of token transfer.

In terms of general design, the main differentiator is the hybrid private-public model Hydro promotes. It adds blockchain as a separate layer to off-chain systems and integrates the two, so companies don't need to rebuild their systems from the ground up with blockchain (and waste tons of money and time). This is how we think blockchain will get adopted in the real world more readily.

The pitch seems similar to other finance-focused projects like ripple/stellar. What's going to separate it from those