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Project Overview: HYVE ($HYVE)

In such a turbulent, worldwide macroeconomic setting and throughout the actual COVID-19 pandemic, we’ve seen how so many pillars in our societies have been shaken from the very core, due to emergency restrictions, laws, and mandatory changes that have been imposed upon individuals to allow for the necessary continuation of our social and work lives.

Despite the havoc we’ve all been witnessing, work — in particular — has been and still firmly remains the backbone and beacon that guides our families, societies, countries, and economies even through opaque (many would say ‘dark’) times like these. It is indeed through work — either physical or intellectual — that mankind has been able to accomplish the kind of progress and development that we’re able to enjoy today in terms of science and civilization, empowering men and women, collaboratively, to go beyond the constraints primordially imposed by the physical world, allowing us to shape & mold reality as we know it. And that’s by bearing this key realization in mind that the HYVE team is stepping in, proposing to leverage the potential of blockchain technology to make collective work and collaboration open and decentralized for all.

This is a huge claim with incredible implications — and if you can’t see why yet, don’t fret. We’ll be doing our best in this article to explain why that is and also why — according to HYVE project founder Tudor Stomff and its core team — this process of “workforce decentralization” will become inevitable and desirable in the not-so-distant future.

  1. Why the Actual Labour Market is Broken

There are many issues that clearly uphold the claim above. Here are some:

  • Uniformity & Stability

In the current global labor market, information asymmetry is, unfortunately, rooted and actually taking over. Statistics show that, for example, the median salary range for a software developer in Berlin is $54,500 / year, whereas in Bucharest the same job yields about $27,000 / year and in Los Angeles around $100,000 / year.

Same job, same experience, same responsibilities, different locations. And these numbers amount to neither the lowest nor highest averages around the world — the difference between extremes can be appalling ….and differences in salaries can coexist even within the same company.

  • Hiring Biases

Scientific research and progress in Sociology and Social Psychology have demonstrated that the environment where an individual grows up shapes his/her personality, producing specific traits but also casting and favoring stereotypes and biases.

Some examples of widespread, popular (and populist?) stereotypes might be:

“Canadians love hockey and they’re nice to people.”

“Foreigners are stealing our jobs.”

There are numerous kinds of biases, some innocuous, some instrumental to some political parties, some indecent in every aspect — but what research tells us is that biases give way to subjective information, based on sex, age, color, or political belonging. In the case of a work candidate applying for a job, it is pretty clear how these stereotypes that aren’t based on meritocracy can be harmful and dangerous, as well as not representative of an individual’s skills, competence, professionalism, and potential future performance.

  • Lower Unemployment Rates

One prevailing issue in the labor market that’s becoming all too common is related to the difficulty of intersecting supply and demand. Most companies are (still nowadays) almost always on the lookout for talents to hire, while job applicants who focus on a particular job sphere and unique skillsets still have issues finding a workplace where they can put their talents to great use. This process is exacerbated also by variables like geographical location (as hinted previously) and — above all — by the hiring process itself, which most of the time represents what any entrepreneur would consider a ‘relevant cost center’ that the company has to take into account, due to the presence of onerous middlemen (e.g. employment/staffing agencies).

  • Impartial Disputes

Newer, less canonical, Web 2.0-based freelancing platforms (like Upwork) have had issues taking off due to the appearance of frequent disputes that couldn’t be solved in an efficient and both objectively & perceivably fair manner. A first attempt to create a fair/democratic mechanism to solve such disputes was launched by eBay in the 90s … yet this model is still quite far from proposing the desirable solutions that, instead, the actual blockchain tech can offer.

These are some among the most prominent controversies that have been endemically present for decades and haven’t yet been truly addressed, despite the apparent issues in our modern societies … but blockchain technology and — as we’ll read below — the HYVE project can definitely come to the rescue.

  1. Blockchain can be the Cure (to the Labour Market Sickness)?

All of the issues outlined above seem to find a natural treatment in what the blockchain paradigm is already suited to offer thanks to its intrinsic characteristics.
The core blockchain tech and ledger allow for global access to the pool of individuals and the talents they can offer, enhancing the options that both sides can bring to the table when it comes to making supply and demand meet. Utilizing the blockchain can yield higher competition which in turn and the long run can bring to uniform salaries, giving way to economic stability and less objectionable gaps among workers as a result of their location, finally bringing about the basis for a truly global economy — this accounts for the disparity issue among workers’’ salaries.

Secondly, blockchain tech can serve as “the one, veritable arbiter” when it comes to dispelling the effect of biases and subjective information overload. This can be accomplished via the supply and display of (only) meaningful information to the actors involved in any potential labor market interaction:

  • on the blockchain, companies can see a candidate’s work history/experience, reviews, and job-related KPIs
  • while also keeping some other misleading and non-relevant info undisclosed, such as age, race, sex, etc…

therefore resulting in a naturally unbiased and meritocratically-based hiring process.

Thirdly, blockchain allows for the removal of expensive middlemen (think of companies like Randstad or Adecco for example), thus empowering both the company and the potential candidate’s negotiating power and employment options — the company can promise a substantial boost to an employee’s salary/benefits because the associated cost of middlemen has been erased, thus likely increasing the amount of the company’s hiring budget that can be offered to the worker.

Finally, by employing blockchain technology, disputes can be solved in an efficient, transparent manner, thanks to highly fair, decentralized DRL (dispute resolution layers). The HYVE blog provides a fitting example:

“User A escalates a dispute with user B to court and he provides the accompanying evidence. A team of appropriately prepared jurors is then assigned to the dispute, depending on the particular domain. The jurors look at the evidence and cast their votes. In the case of an unfavorable ruling, user A still has the option of paying a premium and escalating the dispute further down the line, and since jurors are incentivized to make the correct decision it ensures that the system cannot be gamed nor influenced by biases and subjectivity.”

…and that’s exactly what the HYVE team is building. So the time is ripe to get to know more about the HYVE project and to flesh out the juiciest details, starting from the professionals that are working to make all of the above an amazing reality.

  1. The Team Behind HYVE

According to HYVE’s CEO, Co-Founder, and Industry veteran Tudor Stomff, HYVE is a project that has been in the pipeline for several years (2017) and that’s just recently become operational with an acclaimed, October mainnet launch. Over the years the team has grown quite extensively (with over 50+ among employees, managers, and executives), featuring now renowned, “industry-clad” professionals and specialists that represent the hallmark of HYVE’s quality proposition.

The organizational structure can be broken down into its unit departments:

  • The Executive “Suite”: 5 executives including Mr. Stomff himself as HYVE’s CEO, the CTO, and Co-Founder Dominic Burghelea, Chief Strategy Officer and Co-Founder Brad Yasar, CMO Anca Udangiu, and Adrian Asevoaia as CFO.
  • The Design Department, currently composed of 3 professionals and led by experienced Creative Director Hrant Jaghinyan.
  • The Marketing Department, with over 14 specialists and led by the CMO Anca Udangiu — the Marketing team is a full-fledged where Copywriters, SEO, Advertisement and Community Managers interact and cooperate in a collective and daily endeavor to make sure that HYVE’s value offering is truly communicated and appreciated.
  • The Operations Department, consisting of 6 people and led by seasoned project manager Alexandra Voiculescu, makes sure the company’s operations run smoothly on a day-to-day basis.
  • The Development Department, where over 25 people are working non-stop to make HYVE a reality. Among the Development Team’s specialists, there are 7 blockchain developers, 4 front-end developers, 2 web3 specialists, 4 mobile developers, and 3 project leaders.
  • Last but not least the HYVE team can count on the help and advice of 3 Counselors/Advisors whose contribution has proven to be influential and successful to support the project’s vision & mission — Zac Cheah, the CEO of Pundi X, David Orban, Tony or JRNY Crypto.

And, above all, the HYVE team’s pedigree is publicly available — literally just one Google/Linkedin search away. That’s another welcome sign of the professionalism and integrity that would potentially make most of the project stakeholders sleep tight at night, knowing that what’s yet to come is in good, competent hands.

  1. The HYVE Protocol

We’ve outlined some of the actual labor market issues that an “applied blockchain approach” could solve in a general, abstract way. What the HVYE team is building will allow for the conversion of the abstract and conceptual principles into a product with many services that will represent a sought-after reality.

How so? By shifting the current paradigm of the workforce through decentralization — or better by defining a so-called “Decentralized, Autonomous-Task Marketplace”, which will give way to a new model of collaboration, rooted in meritocracy and where individuals can work and even collaborate in a P2P (peer-to-peer) fashion from all corners of the world.

Inside the HYVE ecosystem, there are “tasks” that can be differentiated by the use of different factors or criteria. One of such distinctive factors is based on how the aforementioned “tasks” can be verified thanks to the HYVE platform-specific implementation. Basically, tasks can be ascribed to one among two categories — either HVT (or Human Verified Tasks) or PVT (or Protocol Verified Tasks). So while automation will play a key and most prominent role inside the HYVE ecosystem, there will still be the possibility and option of executing a task verification via “human intercession”, if need be.

You might say now: “ok, but I still don’t get what you mean with the word ‘task’, could you please be more specific?

Here’s an example that we’ve graciously borrowed from HYVE’s blog:

[…] Suppose a mobile gaming company wants to reward the first x users who download the game and play its first 3 levels. The company implements the HYVE Library and sets it up, then they’re good to go. They can change the scope of the task too, or even make it incredibly specific, such as getting a reward whenever you discover one of the game’s Easter eggs […]

And as you can imagine, this goes far beyond games, potentially touching across many industry sectors, markets, and fields of application: anytime a task participant manages to complete a predefined action, the corresponding proof is *automatically* broadcasted to the blockchain, capturing every event as immutable, and transparently verifiable, thus allowing both parties (the company & the participant) to check-proof the user’s task completion.

  1. Protocol’s Tasks & HYVE’s API

So, generally speaking, the HYVE Protocol allows users to create digital tasks without any bounds or restrictions in terms of mechanics. Among the tasks that can be set up, there are more common examples like different sign-up forms, gamified tasks, as well as questionnaires and surveys.

  • Global Surveys

An example of a potentially interesting application could be a government survey, where a small incentive or reward can be offered for the survey’s completion. The reward is a great way to incentivize users to give honest/correct answers while maintaining full anonymity, thus also allowing them to apply the statistical methodology on an unbiased sample and produce correct/relevant results on studied phenomena and their effects, without the typical distortions of canonical methods.

  • Artificial Intelligence

That’s another potential application that the protocol can bring about …and a truly unexpected one as well. Once again, we’re drawing fully from Hyve’s official blog to explain the concept and use case:

“[…] let’s take a look at the way AIs work and learn. The most common method to train artificial intelligence is by teaching them how something works through consecutive iterations of that exact same thing. Such as showing an AI 1000 photos that include a crosswalk where the crosswalk is colored, eventually making it possible for the AI to recognize a crosswalk in photos, without the crosswalk being colored.Leaving aside that all of these tasks have become self-verifiable which already speeds up the process immensely, what’s even more interesting is that the AI itself can conceptualize and create tasks on the HYVE platform. Since there’s no need for verification then the AI can go through the whole process on its own […]”

This opens the door to a lot of unexplored avenues, particularly in how we understand AI. It even allows for comparisons:

“Let’s, for example, take two instances of the same AI and assume that both AIs receive a task: that is learning how to differentiate various types of birds. Both AIs will get trained through HYVE and they are both allocated a specific budget for spending which for simplicity we’ll say is 100 HYVE. The first AI, we’ll call him Joe, creates his own tasks based on the objective he needs to complete. The second AI, we’ll call her Amy, is helped by humans. The tasks are created with the same premise, however, in this case, Amy only learns from the result of the tasks and doesn’t have the option to choose those tasks which would best suit her.”

Doing this several times can lead us to understand a lot more about how AI really works, and what the best approach to train an AI is. Considering how important automation has become in the 21st century, this can be the first step in automating menial tasks to truly focus the attention on innovation.

  • HYVE API Library

The HYVE API Library represents the interface that is used to communicate with the protocol. It is designed to make it easier for developers to implement and integrate the Protocol functionalities with the apps they build. More experienced users who already have a blockchain infrastructure implemented in their environment and want to communicate with the HYVE smart contract directly can do that as well. You can think of the library as the Ethereum blockchain and the API Library as the web3JS library.

The library’s compatibility encompasses several coding languages such as PHP, Javascript, Swift, Python, Java, Ruby, and C++, thus making it highly integrated, modular, and ready to be employed. And this implementation follows the key principle of user-friendliness and ease of integration, to make the API and protocol as easy to use as possible. And this, of course, is a non-exhaustive list of HYVE’s potential use cases. As Mainnet has very recently launched, more features are going to be unrolled, as the team starts moving from the testing to the production phase — more on that in the Roadmap section below!

  1. Token ($HYVE) and Tokenomics

Everything that $HYVE does as an ecosystem revolves around its flagship $HYVE token. $HYVE not only adds tremendous use-cases with built-in game rewards and incentives but also ensures that a solid and proper token economy is established within the HYVE ecosystem, thus holistically generating value for both the protocol and the ecosystem. The whole $HYVE ecosystem design follows game-theoretic principles, being built on a carefully thought checks and balances system of incentives and disincentives. That’s how the $HYVE token perfectly integrates inside the ecosystem as the privileged means to tap into the full advantages of the HYVE protocol itself.

What are the advantages brought forth by the $HYVE token?

The $HYVE token is an ERC777 asset that is backward compatible with the ERC20 standard, that’s equipped with governance, fees & staking functionalities and that’s also used for subscriptions, advertisements, exclusivity, curation, and dispute resolution features. It is thanks to these functionalities that every $HYVE holder/user becomes part of the ecosystem. Moreover, more peculiar aspects regarding the $HYVE tokenomics design are tied to its meticulously crafted “revenue streams architecture”: as recently stated by HYVE’s CEO Tudor Stomff:

“[…] all the revenue streams that are generated tend to flow back to the ecosystem itself. Let me give some examples;

  • if the task is paid in $HYVE, then the fees amount to 0
  • if the fee is paid in $HYVE, then it is burned; i.e. HYVE is deflationary
  • if the fee is paid in ETH/USDT -> 75% of that goes to stakers.
  • let’s take another example, Ads. Again, 75% of revenue will go to LP providers in this case.
  • we can do a third example too; in the case of marketplace fees and/or subscriptions, 75% of fees will then go to the developers building apps for the marketplace.

I could go on with this for a while, but the idea is simple […]”

And the pervasive idea is that the entire protocol is built around the token which, in turn, represents the protocol’s roots and foundation, therefore implying that one can’t exist without the other, integrating seamlessly into a system that’s meant to be self-sustained as well as capable of taking care of all the different parties that are a part of the HYVE ecosystem.

Now, this wouldn’t be a true tokenomics section without getting to the hard numbers.

So here they are:

  • the Maximum Supply of $HYVE is 100,000,000.
  • the Current Circulating Supply is 34,250,000.

Of the remaining 65,750,000 $HYVE tokens that have not been released in circulation, the split-up is as follows:

  • 2,000,000 were initially reserved for Advisors and have now entered the HYVE growth reserve pool.
  • 15,000,000 were allocated for the Team with a 2-year linear-vesting period of exactly 1 year that started after $HYVE’s TGE (which occurred in October). The linear vesting implies that 625K HYVE / month will enter circulation.
  • 3,000,000 $HYVE tokens were reserved as Bug Bounty allocation and will be released throughout 2021–2022.
  • 45,750,000 were allocated for the Growth Reserve. The Growth Reserve distribution is set to enter circulation throughout ~5 years at the minimum and ~10 years at the maximum and utilized to launch incentives and also reward new users that sign-up with HYVE.

Currently, the $HYVE token is listed on Centralized Exchanges such as Kucoin, Bithumb, Gate.io, Bittrex, and ABCC as well as on Uniswap and PancakeSwap.

  1. Roadmap

The team has announced that several key milestones are lined up and prepared to be launched for Q4 2021. These include:

  • The announcement of a new advisor
  • Two new listings
  • The release of HYVE’s API and its documentation
  • The final & full deployment of the HYVE App, ready to go live on 3+ different blockchains
  • New launchpad functionalities — yes, the HYVE ecosystem has its very own launchpad! (We didn’t delve deeper into it as it would force us to omit many other fundamental aspects of the protocol and ecosystem but we highly encourage you to read more about its peculiar and unique features here)
  • New partnerships announcements (new companies as well as academic institutions and organizations that will allegedly be onboarded into the HYVE ecosystem)
  • Further team growth with new talents being hired.

A more specific, technically detailed & date-referenced roadmap can be found at the following link — once again, it’s a “do not miss out on reading it” advice to click on the link and learn more on all the goodies (and there are a lot!) that are coming very soon on HYVE… and that are being tested and implemented just as we speak!

  1. Conclusion

HYVE represents a “promise” — or better “the” promise to be the community-centric ecosystem that can act as the catalyst to shift the currently inefficient market labor paradigms towards more desirable decentralized blockchain technology and economies that would have the potential to fix the endemic issues plaguing our labor markets and societies.

The scope is huge: connecting supply and demand (employers and workers) and tying all in with a blockchain technology that’s useful, user-friendly and user(s)-centric is no menial task but is also the necessary first step that can bring the industry to be recognized as the revolutionary change that, day by day, seems to take all the more the “self-fulfilling prophecy shape” thanks to new, unprecedented and amazing ideas, like the one that HYVE is developing and bringing to fruition.

And that is why we can only be HYVE’s biggest fans, as we wish the team to see this article to be like the precocious and, hopefully, foretelling pièce of a successful script as we’ll look in retrospect to HYVE in the weeks, months, and years to come.

  1. Community and Social Channels (as of November 8th, 2021)

HYVE’s Website

For everything you need to know about HYVE, visit the official HYVE Website.

HYVE’s Telegram

Join the conversation on Telegram to stay in the know about HYVE.

HYVE’s Medium

To keep up with the latest updates from HYVE, follow them on their Blog.

HYVE’s Twitter

Get in touch and social with other members of HYVE’s community. Join the community on Twitter.

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