The creation of blockchain and cryptocurrency technologies have created an opportunity known as the “Internet of Value” [2]—a protocol-based system that transmits more than just information but units of economic value. These technologies enable decentralized networks to maintain consensual truth while transacting tokens that incentivize users for adding value to the network. By securing the network from harm and encouraging contribution, blockchain technologies produce an economic network effect that results in their rapid expansion and global acceptance.
Hub aims to facilitate connections between users on the internet, making it easier for internet users to interact with each other over messengers, online communities, social networks, and peer-to-peer marketplaces while maintaining trust at all times.
Hub ecosystem revolves around the use of Hub tokens, which let users earn trust as a result of successful interactions. You “stake” Hub tokens before an online interaction. Then, if that interaction is successful, you earn Hub tokens. Your reputation increases over time with each successful interaction. Your reputation can be displayed across the internet, letting your good reputation on one platform carry over to another platform.
Features Of Hub Ecosystem
Architecture: The protocol will be operated by a decentralised networks of nodes that operates a public permissioned blockchain. The blockchain is public and it can be accessed by any individual or business entity.
Tasks: User interactions are encapsulated as “Task” entities, where the performance of Tasks affects the reputation of participants. Task is any interaction where your reputation can be tracked – like an online purchase, post liking, commewnting or asking a question. Users can create different “Tasks” that can be measured within the Hub ecosystem.
Reputation Profiles: Nodes on the Hub network share a registry of reputation profiles. Each reputation profile includes a history of all tasks in which the user was a participate. Because the reputation profile is a log of actual performance, it provides verifiable reputation information. Because it lives on the network,the Reputation Profile is portable in that it can be accessed by any Client used by the User.
Task Store: Hub will launch something called the Task Store in the near future. Like an app store, a Task Store maintains a library of task templates, making available a section of templates that users can use. The Task Store will incentivize developers in the community to create useful “tasks” that expand the overall value of the Hub protocol.
Tokenomics: The main purpose of the Hub token is to eliminate the possibility that Hub can be purchased. To do that, Hub will implement a staking system under “Trust Stake”. With the Trust Stake system, users stake tokens prior to each “Task”. Those tokens are at risk if the task does not go as planned – say, if the user doesn’t act in a trustworthy way.
Arbitrators, Oracles, and Dispute Resolutions: If a Task doesn’t go as planned, then participants may choose to enlist an arbitrator that serves as an oracle for a particular task. The oracle will be trusted to make a judgement on the outcome of the task.
Problems Hub Seek to Solve
The platform believes today’s social networks are larger than ever before with a lot of interactions taking place daily, it is estimated that by 2020, the number of daily online transactions will reach 450 billion, but with this growth there atre also more challenges than ever before. Some of the featured problems outlined by Hub include:
Dunbar Number and Trust at a Distance: Anthropologist Robin Dunbar theorized that the average person could maintain no more than 150 social connections. This is called the “Dunbar number”. Today’s social networks have increased the number of potentially accessible contracts to billions of people, but they’ve done little to secure trust among strangers. This leaves users to assume the entirety of risk when interacting with strangers online. Our modern economy requires us to go far beyond the Dunbar number – but we can’t effectively trust everyone we meet online. Hub wants to solve that problem.
Bad Information and Too Much Information: Many interactions on the internet begin with people sharing information with others. Decisions are made with the help of information, but bad content from bad sources can lead to faulty decisions.
Transactions at Risk: As the desire to perform transactions online increases, more systems – especially successful legacy systems – are at the most risk of inflicting damage to users who continue to rely on them.
Centralized Owners, Partial Data, and Lack of Portability: Reputation systems exist on many online services – including peer-to-peer marketplaces like eBay. However, reputation data is owned by the companies. There’s limited transparency over these ratings. Furthermore, these ratings are difficult to transfer off the platform.
The Hub token lets users earn trust as a result of successful interactions. Selecting from a growing library of smart contracts for user interactions to transactions, users “stake” their success with tokens and build their reputation as the basis for trust.
Hub Real LIfe Applications
Messengers and Online Communities: Online communities in messengers, group chats, and online forums work better when there’s trust. Hub aims to increase trust among these communities while letting experts and influencers stand out from the crowd.
P2P Marketplaces: Peer-to-peer marketplaces can benefit from a decentralized trust score. Transactions between sellers and buyers of products and services can be rated, reviewed, and tracked. The reputation history of a merchant conveys the trustworthiness of sellers and the reliability of buyers, leading to a more trustworthy marketplace among buyers and sellers.
Social Networks: Hub plans to encourage trustworthy content on social media networks by making it easy for users to check the trust score behind posts, sponsored updates, and marketing messages. The end result is a more trustworthy social network that encourages high-quality content sharing among its users.
Why Creating Tokens And How Will It Appreciates?
Hub token provides incentives for promoting trust betwen users and participating in the generation of reputation data in the protocol.
Usage by Users: Users can spend Hub tokens to stake different tasks. Users can also pay tokens to Task developers and nodes for usage and hosting of a particular Task.
Usage by Full Nodes: Node operators mine tokens in exchange for operating their nodes. As they accumulate more tokens, they can sell tokens on the market.
Usage by Task Developers: Developers who create task templates will mine tokens from Task participants who use them.
Stake Rewards: The primary purpose of the Hub token is to be used within the stake rewards system. The stake reward system incentivizes Users to interact in trustworthy ways to generate reputation data through community interactions.
In the long run the value of Hub token depends on how much adoption and usage the platform has.
Team
Hub is led by founder and CEO Eric Ly, best-known as the co-founder of LinkedIn. He also co-founded four other internet startup companies and is a graduate of Stanford and MIT.
Other listed members of the Hub team include Rich Miller (CTO) and Miko Matsumara (CMO). The company has partnered with DataCollective, UP2398, Legend Capital, and Sway Ventures.
Hub is based in Mountain View, California.
Conclusion
The Internet was designed to be an open, protocol-based planetary network for sharing information. Social and messaging systems have become some of the Internet’s most successful and enduring services. Unfortunately, as this network has grown, the inability for users to create trust-at-a-distance with strangers has led to a variety of serious limitations that hinder the future economic opportunity for users.
The concepts of an immutable ledger and a decentralized information architecture hold the promise to create a new high-integrity trust layer that can deliver radically greater economic value to users who interact with others across the Internet.
For more info on the project, visit any of this link.
Website: https://hubtoken.org/
Hub Airdrop: https://hubtoken.org/airdrop
Telegram Group: https://t.me/hubtoken