Hubii Network, found online at Hubii.network, is a blockchain-based decentralized content marketplace. Read our review to find out more about how it works.
What is Hubii Network?
Hubii Network is a decentralized content marketplace based on the Ethereum blockchain. The marketplace uses an ERC20 token to create an efficient, frictionless ecosystem.
You may have heard about Hubii Network from Floyd Mayweather’s Instagram. On August 23, one day before the Hubii Network ICO was scheduled to begin, Mayweather posted an advertisement for the company’s ICO, stating that “You can call me Floyd Crypto Mayweather from now on.” Mayweather specifically mentioned the fact that Hubii Network offers smart contracts for sports. The post was accompanied with two money emojis.
Hubii Network is based in Singapore. The company posted its 38 page whitepaper online earlier this summer.
How Does Hubii Network Work?
Hubii Network is an Ethereum-based decentralized content marketplace where the production, distribution, and consumption of content is re-shaped by leveraging the mechanisms that Ethereum offers – like smart contracts.
In layman’s terms, Hubii Network wants to help content producers leverage the power of smart contracts.
Most cryptocurrency users know the value of smart contracts and how they work. However, an individual artist or content producer may not know how to leverage the power of smart contracts for his or her own personal benefit. Hubii Network seeks to solve that problem by making it easy for anyone to take advantage of smart contracts.
Here’s the ultimate goal of Hubii Network, according to the whitepaper:
“The trustless nature of cryptocurrency will allow all parties to make an exchange without the oversight or intermediation of a third party. This will reduce or even eliminate counterparty risk. The objective is to establish a healthy ecosystem whereby creators can define their rules of engagement, distributors get access to a constant pool of content and consumers ultimately get hold of the content they desire.”
The platform will also have a digital rights management system. DRM can be applied whenever necessary to relevant audio and video content. This DRM would only allow content to be accessed by verified publishers. The content is stored on Hubii Network’s content storage system, which will be MPAA-certified and based on existing DRM schemes.
Uses for Hubii Network
Obviously, calling something a “content marketplace” is extremely vague. So what are the actual uses for Hubii Network? Here are some of the use cases as outlined in the company’s whitepaper:
Content Production for Text, Audio, and Video Content: Hubii Network can be used to produce text, audio, and video content. In the example in the whitepaper, a podcaster publishes her latest podcast within Hubii Network. The podcaster creates a smart contract for the podcast indicating that when the podcast is played “X” number of times, the podcaster will receive “Y” number of Hubiits. Websites may choose to distribute that podcast through their network, then pay Hubiits to the podcaster in return.
Amplifying Content Reach: This can also be used for text, audio, and video content produces. Let’s say a journalist decides to publish a high quality article within Hubii Network. The journalist creates a smart contract that she will share “X” percentage of earnings for every “Y” reads produced by influencers who distribute her article through their social channels.
Fake News Detection: Social networks can minimize the risk of fake news. A journalist could create a smart contract saying that “X” percentage of earnings will be shared among verifiers, for example. Verifiers could check the article for inaccuracies before it’s published.
Tipping: Content producers could receive tips online through Hubii Network smart contracts. Bands could setup a tipping smart contract allowing users to give a certain percentage of Hubiits to the band for each play.
Crowdfunding: The Hubii Network can also be used for crowdfunding. A movie director could launch a smart contract stating that a certain number of Hubiits will be shared with a certain number of backers, for example.
The Hubii Network Crowdsale
Hubii Network is setting a minimum fundraising target of $5 million with its crowdsale. The company also has a maximum fundraising target, although it’s not mentioned in the whitepaper they have now revealed the cap of $50 million.
70% of the total supply of tokens (called Hubiits) will be available through the token sale. 10% of tokens are reserved for key team members and advisors, 5% are held as a liquidity pool for the platform, 5% will be used to build partnerships, and the remaining 10% will have vesting periods attached to them and will be used as further platform funding and for building partnerships.
1 ETH will buy 1,000 Hubiits.
The token sale will launch on August 24, 2017 at 16:00 (CET). The token sale starts based on a block number, so the time is approximate.
Who’s Behind Hubii Network?
Hubii Network is made by a Singapore-based team of developers. The executive team includes Jacobo Toll-Messia (CEO & Founder) and Jens Ivar Jordre, PhD (CTO).
You can get in touch with the company by email at [email protected]
Hubii Network seeks to solve crucial problems within the content distribution industry. Namely, publishers and producers deal with inefficiencies when trying to interact with one another. Hubii Network wants to use blockchain technology and a transparent, decentralized ecosystem to ensure these parties can interact with one another in a frictionless marketplace using Hubiits tokens.
You can learn more about Hubii Network or participate in the ICO today by visiting Hubii.network.