Hub, found online at HubToken.org, aims to create a universal human trust protocol. Find out how it works today in our review.
What is Hub?
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.
The goal of Hub is to facilitate trust in the online economy. Trust leads to greater economic value. Here’s how the Hub website explains the value of the platform:
“By securing trust and decentralizing reputation data on a blockchain, the Internet will offer greater economic value to users to gain more opportunities, command higher premiums for their products and services, and get more cooperation from others.”
The 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.
How Does Hub Work?
Hub lets users earn Hub tokens through successful interactions online. The Hub token lets users “earn trust” by selecting from a growing library of smart contracts that govern everything from user interactions to transactions. These smart contracts are called “Tasks”. Users “stake” their success with tokens, then build their reputation as the basis for trust. If the transaction goes as planned, then you earn back your staked tokens plus a reward.
Your Hub trust score will be portable, verifiable, and owned by you. You’re free to carry that score across applications. Your trust score comes complete with interaction histories, and reputation data is self-sovereign to you. That means you control how it’s accessed by applications and communities.
Users interact with the Hub rating system through the Hub app. That app is a professional network where users can connect across communities and marketplaces. The app integrates with Hub’s Human Trust Protocol to deliver unprecedented levels of trustworthy engagement and opportunity – or at least that’s the goal.
The Hub app is scheduled to launch in Q4 2018.
Core features of the Hub trust network include:
Tasks: User interactions are encapsulated as “Task” entities, where the performance of Tasks affects the reputation of participants. In other words, a “Task” is any interaction where your reputation can be tracked – like an online purchase or post. Developers 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.
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.
Hub Use Cases
Hub outlines all of the following use cases on its official website:
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 overall.
Social Networks: Hub aims 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.
What Problems Does Hub Seek to Solve?
Hub believes today’s social networks are larger than ever before – but they’re also more problematic than ever before. Some of the featured problems as listed in the Hub whitepaper 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.
How Do Hub Tokens Work?
Hub tokens are the utility token at the center of the Hub ecosystem. Tokens will provide stake rewards to users after they complete tasks. Tokens will also incentivize ecosystem development, including the creation of new and useful tasks by developers. The foundation can also purchase tokens from the market periodically to incentivize the ecosystem.
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.
Who’s Behind Hub?
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.
Hub aims to create a universal reputation score that can be carried between online marketplaces, social networks, and groups. The goal of the reputation score is to allow people to interact in a trusted manner regardless of the online platform.
To learn more about Hub and how it works, visit online today at HubToken.org.