What is Hyve?

Hyve is a DeFi-focused ecosystem that solves common problems in traditional freelance platforms like high fees, lack of transparency, limited reach, payment delays, and inflexible payment options through blockchain technology. Its decentralized structure allows for quick and convenient exchanges of goods and services between freelancers and companies around the world. By utilizing blockchain, Hyve brings the freelance market into the Web3 era, expanding possibilities significantly.

Launched in 2020, the Hyve team aims to revolutionize the freelance industry with blockchain technology. They also use artificial intelligence to provide AI assistant features for job seekers and clients, making job searches and task completion more efficient. In 2023, Hyve completed its V2.5 upgrade and rebranding, marking a milestone that introduced more convenient features and a smoother user experience for users. Hyve is a powerful and user-friendly decentralized freelance marketplace that has already connected over 50,000 freelance job seekers.

Hyve is intuitive and easy to use, with features similar to typical Web2 job platforms. Users can register accounts, create profiles, browse tasks, submit applications, complete tasks, and receive payments. The platform supports registration through various third-party social media accounts and integrates with Web3 wallets like Metamask and Trust Wallet. It has completed integration with 12 major public blockchains and supports over 200 cryptocurrencies, including its native token $HYVE, as well as ETH, BTC, and USDT.

Team and Key Figures

Hyve (HYVE) was founded by Tudor Stomff and Dominic Burghelea in 2018.

Tudor Stomff graduated from the Politehnica University of Bucharest. He entered the blockchain field in 2013 and co-founded the blockchain and microtask platform Bountyhive with Dominic Burghelea in 2017. He has extensive experience in blockchain and entrepreneurship.

Dominic Burghelea, Hyve’s co-founder and CTO, met Tudor Stomff in the ninth grade. They co-created Bountyhive in 2017 and started Hyve together in 2018, overseeing the planning and building of Hyve’s architecture.

Other key team members include Chief Financial Officer (CFO) Adrian Asevoaia, Chief Marketing Officer (CMO) Anca Udangiu, and Creative Director Hrant Jaghinyan, who collectively lead Hyve in the dynamic blockchain market.

Notably, Hyve’s team includes prominent advisors in the blockchain field, such as Pundi X CEO Zac Cheah and Tony (@JRNYcrypto). Their contributions have been instrumental in supporting and advancing the project’s vision and mission.

Hyve has leveraged the powerful decentralized features of its Web3 network to continuously add value to the labor market during the pandemic. The platform has not only matched employers with job seekers but also significantly increased the number of collaborative remote work opportunities. Reports indicate that during the pandemic, the number of freelancers in the United States alone surged by 36%. Even in the post-pandemic era, companies and individuals are increasingly adopting remote or hybrid work models. As Hyve founder Tudor noted, COVID-19 has further accelerated the shift towards a freelance economy.

Features and Functions of Hyve Platform

Hyve is a decentralized autonomous ecosystem designed to enhance collaboration and address common issues in traditional freelance platforms like high fees, lack of transparency, limited reach, payment delays, and inflexible payment options.

On Hyve, employers and freelancers can work together securely and smoothly. Using blockchain technology, Hyve creates a secure marketplace where employers can browse freelancer profiles and hire them. Once the task or job is completed, payments are escrowed and transferred instantly.

Service providers can also use Hyve to offer their skills and services, making it easy and safe to find new clients. As a decentralized platform, Hyve eliminates intermediaries, reduces fees, and provides more ways for collaboration. It includes a decentralized dispute resolution system and management tools, making interactions between employers and freelancers straightforward and efficient.

Freelancers can collaborate and form teams called Hyves to offer services. Hyves function as DAOs, allowing people to work together towards common goals. This unique feature of Hyve empowers true decentralized teamwork.

Hyve also serves as an open infrastructure for businesses wanting to prioritize blockchain technology. It offers services like contract confidentiality, instant settlement, P2P protocols, universal collaboration modules, and self-verifying tasks supported by the Hyve protocol.

By leveraging blockchain technology, Hyve offers the following key features:

• Low Cost: Transactions between job seekers and project owners are conducted on the blockchain, making it cheaper for project owners to broadcast job listings compared to traditional job matching platforms. Thanks to advancements in technologies like Ethereum’s Casper FFG and sharding, user fees are even lower.
• No Intermediaries: Blockchain’s core principle is eliminating the need for any centralized entity. This means there are no middlemen and none of the high fees typically associated with existing freelance or job platforms.
• Transparency: Hyve runs on a public blockchain where all code, data, and historical records are open for anyone to inspect, enhancing the platform’s trustworthiness.
• Immutability: Information on the blockchain cannot be altered. This ensures the integrity of the platform’s data, such as reviews that cannot be changed. As a fully autonomous and decentralized organization, no one can interfere with the Hyve ecosystem.
• Inclusivity: Hyve opens up new markets, allowing anyone with internet access to join the global workforce, regardless of race, background, financial status, or gender. People can freely join and grow based on their skills and experience.

Hyve Ecosystem and Protocol Operations

The Hyve ecosystem consists of three main components that enable all its features and functionalities.

Hyve Core

The Hyve Core comprises a series of smart contracts and standards that form the platform’s foundation, providing channels for most of its functions. It works like the backend of a centralized application but is public, verifiable, freely buildable, and guarantees 100% uptime.

Hyve Core is tightly integrated with the protocol, communicating to store and verify all broadcasted operations. These operations are sent through the protocol and developer SDK. Besides storing almost all ecosystem functions and essential data, it also provides the processes and methods for the HYVE client to connect and interact with the ecosystem.

Hyve Protocol

The Hyve Protocol allows digital tasks to be self-verified using smart contracts. Tasks can be automatically completed and recorded on the blockchain without human intervention. For example, a company wanting to reward the first 100 users who download an app and pass the first three levels can create a task with Hyve Protocol to automatically verify users’ completion. Once the task is done, users automatically receive their rewards.

This automation saves companies time and costs, reduces fraud risk (since blockchain verification makes cheating difficult), and improves online labor market efficiency by making it easier for businesses to find and hire qualified workers.

Hyve Client

The client aims to provide users with an experience similar to traditional centralized platforms, making it more familiar and convenient. Features include a smart batch processing engine and backend transaction signing.

Users can access the web client from any browser, and a dedicated client will be released later. The client’s main goal is to build on the web version and enhance its functionalities further. For example, as a wallet, the Hyve client supports all tokens based on ERC20, ERC223, and ERC777 standards.

Source: Hyve White Paper

$HYVE Token Economy

The heart of the Hyve ecosystem is the $HYVE token, an ERC-777 asset compatible with all ERC-20 tokens and contracts. This token is fully upgradeable and supports future standards, allowing for seamless addition of new features.

$HYVE is the native token of the Hyve protocol, with a maximum supply of 100,000,000 tokens. As of May 1, 2024, 56,324,539 (56.3%) tokens are in circulation. The $HYVE token serves as a utility within the ecosystem and a governance tool to help steer the ecosystem’s development.

Utility of $HYVE Tokens

• Fee Reduction: Using $HYVE tokens can lower fees within the platform.
• Payments: Tokens can be used to pay for services.
• Staking: Token holders can stake their $HYVE tokens to help maintain the ecosystem and earn rewards from the protocol fees.

Fee Structure

• Task or Quote Posting Fees: 50% of these fees go into the staking contract, and 50% go into the community treasury. Users can earn rewards by staking their $HYVE tokens or by bidding on assets in the community treasury.

Staking and Rewards

• Staking: Token holders can lock their tokens for staking at the beginning of each month during the “locking period.” They can also choose to lock their tokens for multiple months in advance. During the “earning period,” the contract collects fees, which stakers can claim as rewards in the next “locking period.” Rewards can be claimed monthly, regardless of the staking period’s length.
• Bidding on Treasury Assets: When token holders successfully bid on treasury assets, half of the $HYVE tokens used are permanently burned. This reduces the total circulating supply, making the remaining tokens scarcer and potentially more valuable.

Governance

• Voting Rights: $HYVE tokens also grant governance rights within the ecosystem. Token holders can propose ideas and vote on them. To vote, users need to stake their tokens in the voting smart contract and can then freely vote on any proposal.

The goal of Hyve is to reward users and foster the growth of the entire ecosystem.

Current Status and Future Development

Since its launch in 2020, Hyve has grown into a powerful and user-friendly decentralized freelance marketplace, providing numerous benefits to freelancers and clients. The team made significant improvements in 2023 with the release of Hyve V2.5. This upgrade simplified the onboarding process by allowing users to log in using third-party social media accounts; optimized the user interface with a redesigned UX/UI, making the platform easier to use; introduced direct messaging to enhance collaboration and communication between freelancers and clients; and implemented profile verification and the Proof of Attendance Protocol (POAP), allowing freelancers to showcase their expertise, helping clients find the perfect match for their tasks.

Hyve’s development roadmap is highly ambitious, according to official announcements. The latest plan includes several new features and improvements. These include an updated token staking model, dispute arbitration and review mechanisms, a talent pool (allowing companies to quickly find suitable talent based on specific needs and skill sets), and user verification and personal stores that enable freelancers to showcase their expertise and build personal brands. By implementing these plans, Hyve aims to continue providing value to freelancers and companies and help shape the future of the Web3 working world.

Source: Hyve Official Blog

News About Hyve

HYVE Platform Completes Integration with Base

Base is an Ethereum Layer-2 scaling solution developed by Coinbase. It aims to speed up transactions and reduce gas fees by utilizing the security of the Ethereum mainnet. HYVE will integrate with Base to offer faster and cheaper transactions. With the integration of 12 major public blockchains already completed, this will make Hyve more appealing to a wider audience and support its growth.

Conclusion

Since its launch in 2020, Hyve has become a powerful and user-friendly decentralized freelance marketplace, offering numerous benefits to freelancers and task posters. The platform has integrated with several major public blockchains and supports payments using various cryptocurrencies. Hyve is dedicated to further enhancing the user experience, advancing the freelance market, and solidifying its leadership position in the industry with new features and improvements.