Thank you to the NanoNews Community for participating in Ask Me Anything (AMA) with Hyve.Works on August 14, 2020. This guest star Hyve.Works Tudor Stomff and Brad Yasar. If you were unable to join the live AMA, no worries, here comes our 41th AMA recap!
We are glad to meet here
Tudor Stomff, CEO Hyve.works
Brad Yasar, COO Hyve.Works
For taking your time out from busy schedule for the AMA!
Q1: Can you introduce yourself to the community? What is your background and how did you join Hyve?
Tudor: Sure. I’ve been in crypto since ~2013 but joined full time at the end of 2016. I co-founded Bountyhive and then started work on HYVE since 2018 and that’s what I’ve been doing since.
Brad: Suksma, I am Brad and I started working on HYVE with Tudor as a result of our relationship we grew threw working on other projects. I have been in crypto since 2009 starting with Bitcoin and started focusing mostly on blockchain related projects since 2016 as well. I am a serial entrepreneur with 2 exits and I am on my 14th business so you can say i like building stuff and launching new businesses.
Q2: Can you briefly describe what is Hyve? and what makes Hyve different from other competitors?
Brad: HYVE is our vision for future of freelance work and collaboration between multiple parties both human workforce and machines that are doing more and more of our chores these days. It is a platform that democratized access to work and solves the two biggest problems in gig economy that we identified: high platform fees and long pay out times.
HYVE is a fully decentralized autonomous organization that makes life easy for freelancers and for recruiters. We share the revenue with our users and we are a community-governed platform.
Q3: When will the token sale take place and how many phases are there?
Tudor: The private sale is ongoing and the public sale date will be announced by the end of private sale which is 1st of October. We only have these two phases.
Either by getting in touch with our team directly for investments over $5K or by joining one of the pools raising for us such as ExNetwork.
Q4: How is the Hyve to prevent early investors from selling their token and what benefit will Hyve give to them?
Tudor: First of all, we will be publishing the platform before listing thus creating a real product to back our token. Second of all, token holders have various methods to earn money on the platform to generate long-term value for themselves.
Brad: This is a great questions We have 2 systems in place to reduce the velocity of the top Ken at the beginning. First is time release for all founders and team members/partners. Second is of course our treasury/other platform mechanics that incentivized those with HYVE tokens.
We believe once people see the platform and how it works, they will see the value in long term ownership of HYVE assets.
Q5: What are the major milestones Hyve achieved so far & what are in future pipeline?
Tudor: We started this in 2018 so since then we’ve managed to develop the platform to a considerable degree and we’re now preparing to launch after the sale is over.
As for the future, we have quite a few things in store, including partnerships and further developments. In addition to the roadmap on the website we will start posting constant updates on our Medium about current development.
You must to read this guys: https://medium.com/@hyveworks/hyve-pundi-x-co-branded-cards-allowing-quick-easy-cash-outs-3e2ee9cebccb
Hyve.Works already partnering with Pundi X
Q1: Some platforms depend on intermediaries or third parties to process user payments
Is HYVE a totally independent platform or does it sometimes require intermediaries to process payments?
How does your payment processor work?
Brad: Well the partnership with Pundi X is actually a good response to this question. HYVE because of its blockchain infrastructure is able to handle all crypto payments natively and is partnering with Pundi X for non-crypto transactions. Since our goal is to be a global platform we will continue to assess our users needs and work on additional non-crypto options if needed in the future.
Q2: HYVE recently announced their partnership with Kleros. what’s the main reason behind this partnership? What kinds of positive result can we expect from this partnership?
Tudor: This facilitates decentralized disputes and allows us to handle disputes between users and hosts in an impartial manner. Additionally, Kleros will be used in the curation of the tasks that get posted on HYVE.
Q3: How does the strategy from HYVE team to introduce their blockchain technology for costumers/users in freelance industry. As many of them still not familiar with this kind of blockchain technology? how can you solve this all?
Tudor: Actually HYVE is built from the ground-up to have the same capabilities as a centralized platform in terms of speed and ease-of-use. We have made use of various innovative techniques to ensure that changing from a centralized platform to HYVE won’t pose many problems it any at all.
Brad: We understand that not all freelancers are familiar with blockchain or cryptocurrencies as much as we’d like them to be so we are designing the whole experience around a simple UI/UX that is being built to enable even people with no blockchain knowledge to be able to use it easily. We also plan to educate our potential users and help them better understand crypto as they use the platform. So our solution is simplicity and education.
Q4: The common problem of centralized teams is data breach or leakage, What solutions does HYVE offer in terms of decentralized servers for this type of breach and what security do they offer us in relation to our data?
Tudor: So we use IPFS for our hosting but regarding security of important data we use an hybrid encryption system combining both synchronous and asynchronous encryption systems thus ensuring that data is absolutely safe. There’s a larger explanation on this in the whitepaper along with a graphic.
Q5: When choosing a project for investment, 3 things are important for me, cost, compatibility and safety. How can you guarantee me that these 3 things are available on HYVE ?
Brad: Well, these are also some of the main things that I personally look for so we were mindful of these points. Cost: We are only raising what we need, not bloating the initial price of our tokens allowing our stakeholders to maximize their initial potential value gain.
- Compatibility: HYVE is a native blockchain project that is being built to be compatible with as many mainstream currencies as possible which we will be adding to.
- Safety: i think you understand how important this is to us as well and Tudor has already responded to this question. So please reference his response.
We all talk about Positive points/Pros/Good Points & Features of any Project, no one Project tell about there Cons. So can you tell us Honestly the Cons & Lacks of HYVE?
Tudor: Sure. We don’t have the same financial capacity that a project like Upwork asa an example has so that would probably be the biggest one.
Are you a direct competitor to Fiverr and Upwork, and also freelance sites?
Brad: Yes, our goal is to take those incumbents are examples we can improve on and make the experience they offer much better on our site. Lower platform fees and faster settlement times are just the start.
How much strong is Hyve works againts external attacks? Like DDoS and Sybil ? And How many types of Security test had been done?
Tudor: Unless someone brings down Ethereum as a whole these types of attacks can’t harm HYVE. Additionally, you should know we will be first releasing the platform on a testnet for everyone to test in addition to everything we’ve done ourselves.
There are many freelance counterfeit their skills or profile to get a job. What will HYVE do to ensure the authenticity of the client data?
Brad: Great question! If someone lies about their skills, it will show in the end results and they will not get paid. If they keep doing that the platform will down rank their account and they will no longer be able to apply for work. We do not expect everyone on the platform to be honest but will have systems in place to eliminate those people with time, with no financial damage to any parties.
Considering that Hyve works is a DAO, and the users can do It proposals to upgrade the platform, where i can post my ideas? And what are the minimum requirements to participate into the Governance system of Hyve?
Tudor: There is no minimum requirement to participate. You can vote even with a single HYVE token. As for proposals, yes you have to convince a certain amount of people to get behind the idea but that doesn’t mean you need to come up with that. As for the mechanics, there will be detailed instructions for that so don’t worry.
Do you have any perspective on the costs of using Hyvework? And how different could the costs be compared to centralized services?
Tudor: It’s about 10-20x cheaper. As for the fees, they are between 0% and 1%.
What is your plan to strengthen and develop the #HYVE community to persuade more people to look at the product instead of price?
Brad: We have built BountHive prior to HYVE and built a community of 200K people so we know how to Gow a community both for ourselves and the projects we work on and plan to bring that experience to HYVE as well.
Where did the idea of developing HYVE come from? What was your motivation to create it?
Brad: We worked with a lot of freelancers and saw how unfair and difficult it was for some of them to get jobs and get paid after successfully completing them so we want to right that wrong. We realized with the tools we have with blockchain, we can do a much better job bringing good people together with good paying projects where everyone wins.
What benefits does HIVE bring to the community and what marketing strategies will it use to reach new users?
Tudor: Any user can have these roles at any time and even at the same time. There is no such restriction in that regard. As for your second question you would be a freelancer posting offers instead of participating in other tasks.
The benefits are many and listing them all would take quite a bit of time but a couple of them can be found on hyve.works and even more in the WP. As for marketing strategy, we’ve already grown a micro-tasking platform to 200K users within 12 months so in some regard you could say we have the necessary experience.
How does #Hyve rate the importance of the user community?
Tudor: Well, we are community governed and share the entire fee revenue with the community so you could say we rank it pretty highly.
In your opinion, what role will Hyve play in making blockchain very adaptable globally?
Brad: We dont believe that blockchain needs to be the star of the show. We want to make the platform the star of the show and people to get comfortable with blockchain as a result of using the platform and getting comfortable with it. Blockchain is just a technology that has the potential to empower new businesses that are better for the communities they serve like HYVE.
Tudor: Thank you so much for hosting us at this AMA. It was lovely being here and we look forward to hearing more from you. Join our main group at @hyveworks or our Indonesian group at @hyveworks_ID
Telegram Group: http://t.me/hyveworks
Indonesian Group: http://t.me/hyveworks_ID
Article in Indonesian: https://nanonews.id/projek-hyveworks/
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