Introduction to the HUMAN Token (HMT)
Hello, HUMANS!
You may already know about the HUMAN Protocol, a new way to quantize, organize and compensate human labor.
The transaction and settlement layer of the HUMAN protocol uses blockchain technology, and has been running on an Ethereum sidechain for some time. We are excited to share that it has now gone through external security audits and will be available on the Ethereum mainnet soon!
With this news, we wanted to give a quick refresh on the HUMAN Protocol, as well as introduce the world to the HUMAN Token, HMT.
Here’s what you need to know:
- The HUMAN Protocol provides a hybrid framework for organizing, evaluating and compensating human labor;
- Through the HUMAN Protocol, decentralized labor markets and exchanges can be built;
- The protocol serves as a scalable framework for humans to contribute their intuition to help refine AI and ML models;
- hCaptcha, the first user of the HUMAN Protocol, is already being used to block bots for sites that account for more than 14% of global web traffic;
- Decentralized labor markets and exchanges, like hCaptcha, that are powered by the HUMAN Protocol, will now have the technical ability to use the Ethereum blockchain for settlement, management, and compensation;
- Once transition onto the Ethereum mainnet is complete, the HUMAN Token (HMT) ERC-20 contract will be available in order to launch and settle actions across the HUMAN Network; and
- HUMAN Tokens (HMT) are designed to be the medium of exchange for HUMAN-powered labor markets.
Now — onto the good stuff →
What is the HUMAN Token (HMT)?
HMT is the medium of exchange between the network actors within the decentralized markets of HUMAN Protocol. For more on these actors and how they operate, click here.
How does it work?
HMT is stored, generated, and transferred across the network actors as follows:
The Requester (of work) spends HMT as they create a Smart Bounty for a job. The Requester prefunds the bounty, which is stored in escrow by smart contracts.
Labor Pools or Workers earn HMT by completing work. They bid for work in HMT and are compensated for their work in HMT. The Reputation Oracle determines if the finished work matches the criteria set by the Requester. If the job is complete, then the Reputation Oracle releases the prefunded bounty to the Labor Pool. If the work does not fulfil the requirements, the job is aborted, and funds are returned to the Requester. For more on the Reputation Oracle, see our introduction to the HUMAN Protocol system here.
The Recording Oracle and the Reputation Oracle receive HMT for their validation work.
The Exchanges earn HMT for matching requested work with Workers or Labor Pools. The Exchanges prioritise distribution of tasks based on the reputation, which is determined both by the quantity of HMT a Worker or Labor Pool holds or has previously earned (Proof of Balance), taking into account both the total value of their past transactions as well as their balance.
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