What Is Honey-Token (HNY)?
1Hive is a DAO platform that issues and distributes a digital cryptocurrency called Honey. Honey holders stake the proposal using a conviction vote to determine how the issuance is distributed. A conviction vote allows everyone to participate and shape the direction of 1Hive while preventing anyone from controlling or taking ownership.
According to its whitepaper, the 1Hive is a community of activists seeking to build a more free, fair, open, and humane future. 1Hive is also an economic protocol in which Honey is issued and distributed programmatically. The 1Hive protocol does not narrowly define a set of practical activities but relies on community members to guide the distribution process by creating and staking Honey distribution proposals.
The goal of the 1Hive protocol is to promote a healthy community economy by distributing a steady stream of honey to the development, maintenance, and improvement of public goods that bring the greatest value to the 1Hive community. The platform also seeks to create an economic engine that can effectively and sustainably fund public goods.
Honey (HNY) is 1Hive's community currency and an important community boundary. To determine the direction of 1Hive, honey holders (also known as breeders) can stake their honey on proposals. In order to participate in this process, users must first obtain some Honey. There are currently four main ways to do this:
Verify and register on Brightid and claim the user’s honey from the tap.
Users can contribute to the 1Hive community on GitHub, Discord, and Discourse. These contributions are tracked using source cred to generate "pollen, " like a contributor score. Honey is distributed weekly based on these scores.
Find ways to improve 1Hive and submit funding proposals to the DAO.
Buy honey on Honeyswap. Honeyswap is a decentralized exchange network supported and maintained by the 1Hive community.
History of Honey-Token (HNY)
1Hive is not a company, has no core team, and has never been funded through crowdfunding. However, 1Hive has been issuing and distributing Honey to contributors for over a year.