We have decided to compile some of the most important topics and questions from our latest AMA session with Tudor and Spicy Gems regarding the HYVE ecosystem, the HYVE token, the integration of other additional blockchains, and other exciting future plans and surprises. 🔥
Here are the essential points of our latest AMA session:
Q: I'm looking forward to the platform launch but before we talk about the HYVE Launch, I have a simple question for everyone who hasn't heard of HYVE yet. Could you please describe what exactly is HYVE?
A: HYVE is an Ecosystem, so it contains several different products. On one hand, HYVE is the first global collaboration aggregator. HYVE puts tasks, contests, competitions, and offers in one place. And to give some sneak-peeks of what's to come as a first in your group, we already have plans to add bounties, scholarships, grants, and even a sponsorship category, such as with sportsmen. HYVE intermediates any sort of service or goods exchange. And not only is HYVE cross-chain from the get-go with plans to integrate all the large blockchains by the end of 2022, but we are also actually making all of our infrastructure public and available for anyone to use in order to build their own products on top; products such as a decentralized Uber or a decentralized AirBnB.
In one sentence, HYVE is a cross-chain open protocol that aggregates services and goods in one easy-to-use directory while being a foundational building block for other platforms.
Q: The ecosystem is impressive, lots of functions and opportunities, what is the utility of the HYVE token within this ecosystem?
A: Actually, that's the cool thing, as opposed to most systems, HYVE would not be able to function properly without the token itself. Since the entire ecosystem is based upon game theory and revolves around a well-thought equilibrium of incentives and disincentives, the token becomes not only an integral part of the ecosystem but also the perfect means in order to take full advantages of the protocol itself. Now that means that it's used for governance, fees, staking, subscriptions, advertisements, exclusivity, curation, dispute resolution etc.
Now that's just the beginning though. Every HYVE holder and user is a part of the ecosystem himself, and all of the various revenue streams flow back into the ecosystem itself. Let me give some examples; if the task is paid in $HYVE -> 0 fee, if the fee is paid in HYVE -> 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. The entire protocol revolves around the token, and the token is the foundation of the protocol. One cannot exist without the other but together they constitute a sound system that can self-sustain over time while taking care of all the different parties which are a part of the HYVE ecosystem.
Q: Could you please tell us more about your role within the team?
A: My role within the team is to coordinate the general activities of the company while working on expanding the ecosystem through partnerships, new companies to use HYVE, and generally making sure the company is well taken care of. My two co-founders, Dominic, the CTO and Brad our Strategy Officer are not with us here today because they're working hard on our upcoming platform launch.
Q: Could you tell us more about the components of the HYVE ecosystem and elaborate the role of the so-called ''agents'' and hyves within the ecosystem?
The three components were just a way for people to understand the layers of one of the platforms, which is what we now refer to as the HYVE Client; or in simple terms, what we've been talking about up until this point.
The HYVE Ecosystem itself is composed of a few different products:
- HYVE Launch; a launchpad and an infrastructure tool, allowing projects to create their own cross-chain tokens, run their fundraisers and take care of vesting, create staking vaults & liquidity mining vaults, and finally, it allows projects to run their own governance with their own custom tokens through the platform. And this is the current list of features and not an exhaustive list even for the foreseeable future.
- HYVE Client; a cross-chain open protocol that aggregates services and goods in one easy-to-use directory. This encompasses any sort of interaction between users who want to work together, it enables Hyves to exist while also allowing support categories like agents, curators, jurors, and many others to make a living as well.
- HYVE Login; a cross-chain unified login system allowing people to make use of blockchain without all of its intricacies, use your email, Google, or Apple account to log in to any Dapp and use it as if you had a metamask. Port it from web to phone just as you would with a Facebook account.
- HYVE Vault; this is the component of the ecosystem that takes care of collecting the various fees of the ecosystem and then re-distributing them back into the ecosystem through various mechanisms. I can say as a small surprise that this component, will in the future handle a service that allows users to pay a fee of their earnings in return for health coverage and even constitute some sort of a Universal Basic Income through some different methods. This is something we'll talk about more in the future.
- HYVE Marketplace; this is where users who want to build add-ons and widgets for HYVE can go to and either ask for fixed payments or subscription models for the services that they offer to users who make use of these. HYVE users or to be more specific, HYVE stakers will be able to pay a subscription that gives access to all apps, and the subscriptions will flow back into the ecosystem to the developers creating a truly open and borderless community.
- HYVE SDK; this will help developers who want to either build an app in the marketplace or those who want to build a brand-new platform on top of HYVE. It doesn't even have to be a decentralized Uber or Airbnb. Maybe someone simply wants to make use of our Ad serving module within their Dapp.
- HYVE Tools; this is something we'll be releasing pretty soon, i.e. before EOY and I think people will be very excited to find out what it is exactly.
To be completely honest, there are a few others too, but a magician should always keep some cards in his sleeve and not reveal everything at once.
Q: I'm listening to the AMA and you're saying you have plans to add prizes, scholarships, grants, and even sponsorship categories, such as with sportsmen. My question is, who is HYVE's target audience? (scholarship and grant recipient)? For example, is it children or ex-athletes? What are your goals by providing them with this scholarship and grant program?
A: HYVE allows any sort of interaction between two people and/or two parties/organizations to take place. Now a full-time job, or a freelance task, or a competition can be one of those interactions. But the list of interactions doesn't stop there and nor does HYVE`s utility. We don't want to limit people, however, because HYVE`s aim is to be generalistic. Universities can give grants and scholarships to students, or maybe governments can offer grants to research institutions and charities, or maybe individuals want to sponsor an athlete or a musician in return for a percentage of their HYVE Organization, etc.
Q: Hyve is currently sitting on a 20 million market cap, extremely undervalued if you consider all the functions of the ecosystems. What plans are scheduled for the future? Could you take us through the future plans? And what can you tell us about the integration of other additional blockchains?
A: Sure, but as with every great product I believe the real value of HYVE will eventually be reflected properly, especially if we keep delivering and working towards achieving this vision.
We have quite a few different things planned out for the future, even if we're just talking about the immediate future, i.e., until the end of this year. On one hand, we have upcoming partnerships and advisors we haven't announced and now that the mainnet is going to be live we will begin our marketing in full effect. On the other hand, we also have some more upcoming listings and I think people will be excited about both points I've mentioned when we finally announce them. Now as for the integration of other blockchains, until the end of this year we will be integrated with at least 5 blockchains: Ethereum, Polygon, Binance Smart Chain and 2 of them are a surprise. We might go for more than 5, but we'll see.
We are looking forward to the next AMA session with our community.
🐝 Want to learn more about HYVE?
🐦 Follow us on Twitter.
🗨️ Join our Telegram Group.
📢 Join our Announcement Channel.
💡 Join our Discord.
💡 Visit our Website.