HYVE x Satoshi Club AMA Recap from 22nd of October
Hello, Satoshi clubbers! Another AMA took place in Satoshi Club and we would like to introduce to you the AMA session with our friends from HYVE and our guest was @tstomff. The AMA took place on 22 October.
The AMA session was divided into 3 parts with a total crypto reward pool of 500$
In this AMA Recap, we will try to summarise the most interesting points for you.
Part 1 — introduction and questions from the Telegram community
Gold Rocket | Satoshi Club: We are greetings you again, our dear Satoshi Clubbers! We are pleased to announce AMA with HYVE.
Today our guest is @tstomff
| Satoshi Club: Hello @tstomff welcome to Satoshi Club
Tudor Stomff: Hey guys, it’s a pleasure to be here, I’ve heard from several friends that their Satoshi CLUB AMA was the best they’ve had so I’m excited for today
| Satoshi Club: We are super Excited and Glad to have you here
Gold Rocket | Satoshi Club: Nice to e-meet you
Thanks for your kind words
We really appreciate it
Thanks for joining!
Let’s start! Introduce yourself please. How did you get to be involved in crypto & HYVE
Tell us please about your position in HYVE
Tudor Stomff: Hi guys my apologies for the delay, I have some connection problems and the message I wrote didn’t get sent let me rewrite it please
Gold Rocket | Satoshi Club: Take your time please
Tudor Stomff: So I have been in the industry since 2013, having been introduced to Bitcoin and everything by one of my good friends, Dragos; who was actually here a few days ago from what I remember. In addition to that, I have been a tech entrepreneur for most of my life and at some point around 2017 these two areas of my life started intersecting each other and eventually merged as I started focusing my time and energy on building blockchain startups.
Our first startup in the industry was Bountyhive, which eventually became one of the largest marketing agencies in the industry with a portfolio that comprised over 200 clients, including names such as Waves and Pundi X just to name a few. Bountyhive also had its own platform, where users could solve micro-tasks, i.e. twitter shares, writing an article, doing a translation etc and in return get rewarded with some tokens, basically bounties. The platform grew to over 200,000 users within a year and a half and so that’s where the idea of HYVE originates from.
HYVE is a lot more than that, but we’ll touch on that later. To answer the second question, I am a co-founder, along with Dominic, our CTO, who has been my co-founder in Bountyhive and all the other things we’ve worked on in the last 10 years and Brad, our CSO who has been with us for 4 years now. Brad is also a successful entrepreneur with several exits, having been a VC as well for a while. Brad still runs a company now as well.
As for my role, it’s that of CEO, meaning I make sure that things are delivered on time and with good quality and have the overall outlook of the different departments in our company and make sure they work well together.
Gold Rocket | Satoshi Club: Wow! great background! you are an early bird
Give us a brief introduction to the project. What is the essence of HYVE.
Tudor Stomff: Haha, I have Dragos to thank for that, but yeah it’s been quite an amazing journey since first joining
Gold Rocket | Satoshi Club: All of us, like Alice, dive down the crypto rabbit hole and live in this amazing adventure
Tudor Stomff: In one phrase; HYVE is a cross-chain protocol that aggregates every kind of service or goods in one single directory. Simultaneously, HYVE is open infrastructure for anyone who wants to build a new service platform, a new marketplace or generally speaking a new blockchain platform.
In one sentence; HYVE’s first application, is the Amazon of work. As for the HYVE Ecosystem, it’s shopify for blockchain platforms.
I’m making a difference because HYVE is an ecosystem, on which you can build things. To showcase some of the things you can build on HYVE, we’ve build a cross-chain collaboration protocol and aggregator.
This means that the collaboration app can handle anything from tasks, contests, competitions, offers, bounties, scholarships, grants and sponsorships in one place. The app is actually live but we’ve only had our first deploy from a longer series, but everything I’m talking about is planned to be deployed before EOY or in Q1 latest.
As an example of companies you can build on top of HYVEs infrastructure, think about things like Uber, Airbnb or Foodpanda.
Gold Rocket | Satoshi Club: You have really ambitious revolutionary ideas!
Tudor Stomff: Most importantly, everything that HYVE as an ecosystem does, revolves around the $HYVE token, adding not only tremendous use-case with built-in game theoretical incentives but also ensuring that a proper token economy is established within the ecosystem which in turn generates value for the protocol and ecosystem as a whole.
| Satoshi Club: This is impressive
Gold Rocket | Satoshi Club: We would also like to hear from you about the team. Who is at the core of the team and helps bring your ideas to life.
Tudor Stomff: Sure. We have quite an extensive team at this point, let me try to do a short breakdown:
Executives: 5 people; Dominic, our CTO who takes care of tech, Brad our CSO who helps us with advice and strategizing things, Anca our CMO who handles the marketing department, Adrian our CFO who takes care of finances and then myself.
Design Department; 3 people; Hrant is the creative director who takes care of one UI/UX designer and one jr. designer.
Marketing Department; 14 people without the CMO; Anca leads the team which is composed of 1 copywriter, 1 Advertisement Specialist, 1 SEO specialist, 5 team-members, and 6 community managers
Operational Department; 6 people; Alexandra leads the department, they take care of everything from office supplies, getting new laptops, invoices etc. The department has our Office Manager, Petronela and 4 other members.
Development Department; 25 people; We have 7 blockchain developers, 5 back-end developers, 4 front-end developers, 2 web3 specialists, 4 mobile developers and 3 project leaders
We also have 4 advisors; Zac Cheah, the CEO of Pundi X, David Orban, Tony or JRNY Crypto and a hidden advisor we haven’t announced yet but that I’m sure everyone will love.
Gold Rocket | Satoshi Club: Wow! Real dream team
Is your team anonymous?
Tudor Stomff: Not at all, we’re all public and have been public for quite a while.
Finding most of us is one google search away actually
Gold Rocket | Satoshi Club: Thanks for great introduction, we have several questions which were selected for the 1st part. Ready to start?
Tudor Stomff: Sure, let’s do this
Q1 from Telegram User @Pavel_Jarosh
Let’s talk about Hyve Protocol Verified Tasks — you state that due to their nature, tasks using the HYVE Protocol are selfverifying entities. The task issuer creates the task, ties an identifier to it and then implements the HYVE Protocol Framework in his environment. As soon as any of the task fulfillers completes the task conditions,
the smart contract is notified, validating the entry. Here appeares the first question: how long does it take for the creator to complete its manipulations? Depending on the task complexity it might be even more difficult to create them than to check personally? Is it also possible to create the verification list (as draft) for the same tasks in future? Thank you!
Tudor Stomff: Adding the HYVE Framework to your app or protocol is a straight forward process that can be completed by any developer regardless of seniority. The process of implementing it is similar to analytics or debuging modules like sentry.
After each event that is relevant to the job you posted (onboarding finished, driver arrived at location, any event which can be measured objectively) you add the line of code that notifies the HYVE Framework, which does the rest of the work.
Connecting your app to the protocol is the only step needed for your job to function. And as for reusing, there is no need, implementing the protocol for a new task / new verification is just a few lines away.
Gold Rocket | Satoshi Club: it looks simple and elegant enough. do you have any beginner guides?
Tudor Stomff: We will be posting a full documentation for the use of the HYVE Framework when the APIs and everything will become public, which still hasn’t happened but will happen soon enough. We’re just taking things one deploy at a time.
Gold Rocket | Satoshi Club: Step by step. This is a very correct rule of life.
And now it’s time for the second question! And many thanks for the detailed answers.
Q2 from Telegram User @Emnking
During a recent AMA you conducted with Kucoin, you stated that in the third and fourth quarter of 2021, Hyve’s main focus will be the onboarding of companies that want to build on HYVE and/or use HYVE directly. You also mentioned that you will also be offering some Grants for great projects that build on top. How far has this process been? So far, what are the companies that have invested in Hyve and are using Hyve directly? As regards the Grants, what will be the criteria a project or company ought to possess before getting this grants? How do you plan on distributing this grants to eligible companies and projects?
Tudor Stomff: Yes we will be offering grants through a Hackathon. We will be releasing more information about our first Hackathon within this quarter. As for the criteria, you will need to build something useful on top of the HYVE Ecosystem and have a team capable of bringing that idea to fruition.
We already have a partner for organizing our hackathons which is well-known and trusted by people all over the world, though we haven’t released that information yet so please wait a bit to find out all the details. But yes we will be holding them and everyone with a cool idea who is able to build it will be able to participate.
Gold Rocket | Satoshi Club: you intrigued us very much. and we will really wait for this news from HYVE
Tudor Stomff: Thank you, I’m glad to hear a community of this level values our project
| Satoshi Club: How will you verify the team and projects
Tudor Stomff: The team and projects will be verified by a board of people in collaboration with the hackathon organizer
| Satoshi Club: Great
Gold Rocket | Satoshi Club: thanks a lot for the answers
Аre you ready for the next question?
Tudor Stomff: Sure
Q3 from Telegram User @yellowchamp
One of the upcoming plans of Hyve is providing a grants, scholarships, and a sponsorship categories that includes sportsmen. So,with this upcoming plans of yours,how can anyone be eligible to apply scholarship in your platform? As you provide grants, scholarship and sponsorship,do you have any collaboration like schools or company that will help you realize your upcoming plans? Would you give some overview what kind of scholarship and grant you are offering and who will be the person that you are aiming to avail this scholarship and grant? Thank you
Tudor Stomff: Sure, I think this has been a bit misunderstood. There are 2 cateogories:
1. HYVE will be offering some grants to developers for building on top of the ecosystem. This will be done through our partner which is soon to be announced.
2. HYVE will offer collaboration methods which include grants, scholarships and sportsmen.
What this means is that:
a) Universities will be able to find great students to offer scholarships through HYVE. Companies, Research Institutions and Individuals can choose to do the same if they want to.
b) People will be able to offer sponsorships to atheletes, singers, youtubers etc in return for them wearing the brand or something similar.
c) The same as above but with grants. For example Avalanche could reward some of their grants directly through HYVE and make the whole process easier.
Tudor Stomff: People will be able to use HYVE to interact with each other in almost every possible way. Making collaboration between people truly borderless and easy in all possible regards.
That’s why we are focusing on adding additional collaboration methods. Grants, Sponsorships and Scholarships are just some of the collaboration methods we’ll be adding in the very near future. There will be more over time.
Gold Rocket | Satoshi Club: Thank you very much for sharing. and for a detailed answer! are you ready for the next question?
Tudor Stomff: Of course
Q4 from Telegram User @Jmagsss
What I like on your platform is your feedback mechanism and its underlying features. Hyve allows users to rate and send feedback to one another after an exchange/transaction. Furthermore, any disputes and concerns about the feedback shall be tackled on Hyve’s courtroom or “sub-courts”. How does Hyve process each disputes? Is there a third-party entity within this courtroom to promote fairness?
Tudor Stomff: Yes. For now, we will be handling all disputes through Kleros, which is specialized in arbitration and we like their product a lot. Over time, we will have our own in-house solution for this.
| Satoshi Club: How does kleros help you handle this?
Gold Rocket | Satoshi Club: By the way, please share your roadmap with Satoshi Clubbers.
Tudor Stomff: Well they have built an entire ecosystem around it which is based upon game theoretical principles and schelling points. Here is a short article by Naval which goes over schelling points. This should make it easier for everyone to understand how Kleros works: https://nav.al/schelling-point
That’s one of the basic principles behind the Kleros arbitration.
Gold Rocket | Satoshi Club: Oh… Thanks for sharing
Tudor Stomff: Sure. Until the end of this year we have quite a few things prepared
– anounce a new advisor
– announce two new listings
– release the API and its documentation
– finish the full deployment of the HYVE App and have it live on at least 3 different blockchains, probably more
– continue adding functionalities to both our launchpad and the app; including being able to use the launchpad to raise money in return for selling a portion of your “Hyve” and I mean the feature not the coin. In simple terms, similar to normal startup funding, but it can be for anything from a sports team to a marketing agency or a tech startup that has chosen to organize as a DAO by creating a Hyve which they govern between themselves and whoever else will be joining the Hyve in the future, such as people who buy shares in the Hyve.
– announce several partnerships
– on-board new companies, universities etc to use HYVE
– expand the team by another ~5–10 people
+ all of the normal daily activities, marketing, operations, continuing to develop, updating website, pitch deck, whitepaper etc
As for roadmap over 2 years, if that’s what you meant, that is quite packed to be perfectly honest, I think we’ll make a separate document for it or something
And yes I’m ready for the next question
Q5 from Telegram User @victorogb
Reading the HYVE whitepaper, I noticed an interesting mention of a special group of persons within the ecosystem, generally referred to as “Hyves”. From information gotten, Hyves will almost certainly function as a DAO within your platform. As this will be an important group on the HYVE platform, can you carefully elaborate on the duties, privileges, functions and rights of the Hyves? How can your users and community members become HYves, are there specific requirements to met? Finally, since Hyves exercise a lot of influence on platform operations, are these privileges and powers conferred on them based on a tiered or rank structure?
Tudor Stomff: Yeah that’s exactly what I was talking about in my previous message. And sure, I would love to elaborate.
Any two or more users can choose to form a Hyve. A Hyve can be formed of users, or of other Hyves, or of a mix between the two. A user can even create a Hyve of which he owns 100%; because maybe he will give shares of his Hyve to other people, but just not yet.
Hyves are essentially a self-contained DAO within a larger DAO (The HYVE Ecosystem). These DAOs can function in whatever form they wish to. What that means is they can choose to solve tasks, jobs or maybe they instead want to hire people to solve tasks for them, since Hyves can have their own employees, without requiring that an individual working with the Hyve needs to have shares. The people owning a Hyve, can sell some of their shares, either through an offering on HYVE Launch or simply on a secondary market which we will build that is exclusive to Hyves that want to become listed.
A Hyve is in essence a decentralized startup. You can do with it as you wish. As long as the Hyve casts a vote, and the shareholders of the Hyve agree, the Hyve can do as they see fit. Naturally they have to respect the normal order of things and be lawful, but Hyves are completely self-governed, we only offer the necessary tools, what everyone does next is their own choice. As the old adage goes, you can lead a horse to water but you can’t make him drink.
Tudor Stomff: Hyves are not limited to the HYVE Ecosystem either. You can open a Hyve to handle the internal governance and have your activity take place somewhere else. Though that is unlikely, since you could take care of pretty much any activity you might need through HYVE directly.
HYVE is a global directory and a place where people get together and build cool stuff.
Gold Rocket | Satoshi Club: Thanks for clarifying!
Please tell us how secure is your platform? did you have any audits or plans for the future?
Tudor Stomff: Yeah, we’ve been audited by Certik and CyberUnit
As for security, we are an experimental piece of software, half of what we do has never been done before after all. Recently to make something in our architecture work we’ve actually had to come up with a new standard of doing things which we actually plan to implement and propose as a proper ERC standard which can be used by other people. Despite that, I believe we are as secure as a Dapp could be. We will also try to evolve with the times and keep improving this.
Gold Rocket | Satoshi Club: thanks for serious attitude to the issue of safety.
Thanks for detailed and honest answers
Ready for the last question of this part?
Tudor Stomff: Well you’ve been asking me all this time but I don’t feel like we’re at the point of having a break yet
Let’s go for it haha
Q6 from Telegram User @Highpee
Congratulations for your MainNet that was released yesterday. Can you share with us updates from the MainNet launch and how the reception has been so far? I discovered that some areas are still greyed out which means not all of your features are available. So, I will like to ask which functions have been released and which of them are unavailable this launch? How long will it take for you to fully release all your features securely for public interaction? I also saw that your first cross-chain interaction is going to be with polygon. Why will you bridge with polygon first? When will your cross bridge be ready and when will users be able to interact with your project across many chains?
Tudor Stomff: We have chosen to deploy features individually because that ensures a smooth process. All the greyed out features will be available by the end of the year with some extra features as well. We have chosen Polygon first because of the low-fees and large number of users. We will be bridging the platform to Polygon and BSC in November, most likely in the first half.
Gold Rocket | Satoshi Club: it’s very soon!
By the way, what marketing strategies do you use for your promotion?
Tudor Stomff: We wrote about some of the marketing activities that will follow in the upcoming period in this article: https://latest.hyve.works/hyve-mainnet-v1-0/ in the marketing section
Gold Rocket | Satoshi Club: Thank you very much for sharing. Now get ready for the most emotional part of our AMA — live questions!!!
Tudor Stomff: Let’s start, I’m looking forward to it
Part 2 — live questions from the Telegram community
Q.1 from telegram username @highpee
One of your product is HYVE LAUNCH — A LAUNCHPAD. This launchpad will not just be for fundraising, but you said users can create their own tokens and staking vaults using this function. What type of tokens can a user create and will it be limited to a particular blockchain? How will project or use this launchpad?
Tudor Stomff: You will be able to create tokens on all the chains we support. For starters it will be Ethereum so ERC20 and then we will implement Polygon, BSC and 2 other surprise blockchains.
And yes projects can create staking vaults, liquidity mining vaults, create tokens, and even run their own governance. Hyves can also do the same if they want to.
Q.2 from telegram username@Sambalkacang
Hello sir, @tstomff
Do you have ambassador program in your project?
Tudor Stomff: It hasn’t started but we are planning to start one soon yes.
Q.3 from telegram username@JoanaZ
️ I read that you were associated with the PUNDI team, but what is the objective of this association? What do you want to receive from them and what are you going to give them back? And what will you create together?
Tudor Stomff: Zac is my good friend and an advisor to HYVE. Additionally, HYVE has ordered an initial batch of 20,000 co-branded HYVE XPass cards which our users will be able to use to pay with crypto at any XPOS in the world. In the future I’m sure there will be more ways for us to work together as well.
Q.4 from telegram username@Pratze
cant deny that NFT become hype and popular this year, so do you have plan to make development about NFT for HYVE platform ? if yes what kind of NFT ?
Tudor Stomff: We are considering doing a partnership with a company in the NFT space that has worked with some other big names to do cool one-off events involving NFTs for larger companies.
But there’s no need for that since you could just find a team through HYVE and create your own NFT project along with them
Q.5 from telegram username@huormi
Do you have any control over the content that will be posted on the platform ? Can you remove something if it’s not appropriate ? If you do, who will manage this process ?
Tudor Stomff: At first yes, it’s managed by the team. But at some point this will be handled by curators from the platform exclusively.
Q.6 from telegram username@Pavel_Jarosh
Hyve pays more attention to payments considering them crucial in all the relations chain between users. There will even be a possibility to set a scheduled system that disburses the payment at a certain period. Please provide more details on this delay. When exactly is the payment unlocked? Should the party B meet certain criteria set by party A to get it unclocked?
Tudor Stomff: That is correct, that’s exactly how it works. The two parties agree on a set of objectives and deadline and then this is stored on chain and has to be respected by both parties.
Q7. from telegram username@victorogb
I noticed that the project had an inception as far back as Q1 2018. However, most of HYVE’s development and product integrations didn’t start until Q2 2021 to current date. May we know what might have caused this delay with project development?
Tudor Stomff: Well, first of all you have to understand that’s when we started working on the idea. We have had to figure out a lot of issues before being able to actually start working on implementing the ecosystem, because HYVE is founded sound economic principles which are applied in an ingenious manner with the purpose of building a completely self-sustainable autonomous organization that is governed by the members of the community. This is not something you can launch in a night like a new DeFi farm for example. So it wasn’t really a delay of any kind, but rather just time for ideation, setting up the team, and then delivering step-by-step.
Q8. from telegram username@Einsteinyl
HYVE project is great. can i get information regarding how to become whitelist of HYVE token Private Sale? Also How about IDO, where will be listed?
Tudor Stomff: HYVE is already listed on several exchanges, you can find them here: coingecko.com/en/coins/hyve
Q.9 from telegram username@vector_190
Hyve has Built in burn mechanisms, Can You tell more about it?
Tudor Stomff: Sure. The main burning mechanism is when paying for a fee in HYVE. That HYVE is burned irreversibly. We have a few other burn features within the ecosystem but they are a bit more complex and so we will publish an article or a paper describing the exact mechanisms of those.
Q.10 from telegram username@Erik658
I see $HYVE your project is very interesting and very good. Will there be a collaboration with several influencers to improve the technology that is already there, sir?
Tudor Stomff: Yes, we already work with several influencers, including large names like Jrny and MoneyKing and we will continue to expand this list in the next few months quite a lot.
Q.11 from telegram username@cindy0666
Interest in crypto platforms is intense. It is very popular in every country. However, many are ignorant and afraid of getting involved. How can you attract these non-crypto users and investors to the HYVE Platform?
Tudor Stomff: Well HYVE is built for non-crypto people as well. Anyone can benefit from being able to find a job during these trying times that we are all facing as a species due to Covid. Also, we will be implementing HYVE Login which will allow users to access HYVE with a google or apple account for example
Q.12 from telegram username@hansoyeon
One detail that caught my attention in HYVE is that HYVE wants decentralization but it has an existing CEO, don’t you think this is counter logic? Does the CEO have an influence or role in governance? How does HYVE plan to achieve decentralization?
Tudor Stomff: It is normal for HYVE to have a CEO because someone has to spearhead the operations and continue the development of HYVE. For now, that CEO happens to be me, but that doesn’t necessarily have to be the case forever. Once the governance is fully implemented, if people really wish to, they can vote to remove me and instate a better suited CEO. And even leaving governance aside, if the team or the community actually thought that I am doing a bad job, there wouldn’t be a need for a vote as I would resign myself. My objective is for HYVE to work and to work to the best of its capabilities because this platform and ecosystem can really enact change in the world in a positive manner. If there’s a more suited individual who can take on that role and lead the organization forward I would be more than happy to have them do so. After all, the way that HYVE is built is specifically so that in the end everyone wins. This is not a zero-sum game and so egos don’t really play a role in such an organization as their necessity is already obsolete.
Q.13 from telegram username@Kathdm
I read that HYVE is launching a Launchpad called HYVE LAUNCH. How did this idea of launching your own Launchpad come about? What kind of projects will HYVE LAUNCH support? How can we (HYVE holders) participate in those Launchpads? How many HYVE tokens do we need to be able to have a ticket in the launchpads? Will you give priority to the holders who have more HYVE tokens?
Tudor Stomff: Well, first of all our launchpad is a bit different from traditional platforms. First, it offers infrastructure for project owners by allowing them to create their tokens, staking vaults, liquidity mining vaults and run their governance. And since people can build projects on top of the HYVE ecosystem we figured why not give them a helping hand and jumpstart the ecosystem. Second, HYVE Launch is not simply for projects or IDOs but rather it is also built so that people who establish a Hyve will be able to fundraise for their own Hyve through the Launch component.
Anyone can participate by staking HYVE tokens and yes there are different tiers with different benefits.
Q14. from telegram username@sweetdoge
People really loved NFT’s and NFT market is still growing in the world and the hype isn’t over so I am wondering are there any plans you to create a marketplace for NFT’s?
Tudor Stomff: HYVE is a global directory of services and goods. While we have started with services, in this case collaboration, we will also add all type of goods. Now NFTs are a type of good so there will naturally be a category for them but we will not build a platform whose sole purpose is being an NFT marketplace. What we will have is a global directory of goods and items, which can include anything from clothes to NFTS or even motherboards. It doesn’t matter.
Q.15 from telegram username@slla1112
What are the income sources of the HYVE platform? In the current market conditions, both the blockchains and the gasoline prices of the projects tire users. Could you talk about HYVE’s gasoline fees?
Tudor Stomff: HYVE has several different revenue streams:
1. Platform fees when posting a task, job etc
2. Platform fees when posting an item / good
3. Subscriptions for those that want to use the HYVE App Marketplace extensively
4. Ad Revenue for those that want to promote their services
5. Protocol fees from all the projects building on top of HYVE
6. Marketplace fees from app developers
7. HYVE Launch fees for fundraising
8. HYVE Launch fees for staking vaults
9. HYVE Launch fees for liquidity mining vaults
10. HYVE Launch fees for governance as a service
These are just some of the revenue streams we’ve envisioned for HYVE but it is not the full list by far. And yes, all these revenue streams flow back into the ecosystem creating value for the protocol
Part 3 — Quiz Results
As usual, for the third part, Satoshi Club Team asked the chat 4 questions about the crypto project. A link to a Quiz form was sent into the chat.
For more information and future AMAs, join our Social Media channels:
English Telegram group: https://t.me/Satoshi_club/
Russian Telegram group: https://t.me/satoshi_club_ru/
Spanish Telegram group: https://t.me/satoshi_club_spanish/
Chinese Telegram group: https://t.me/satoshi_club_cn/
Indonesian Telegram group: https://t.me/satoshi_club_indonesia/
Telegram Channel: https://t.me/satoshi_club_channel/