What Is Hyve (HYVE)?

Hyve (HYVE) is a Defi ecosystem that caters to solving the problems in the workforce market. Hyve aims to use decentralized technology to add unique features and mechanics into the workforce market. An ecosystem consists of a group of participants with shared objectives. The governance of the Hyve ecosystem is through community or crowd wisdom.

Governance refers to managing or implementing changes on a blockchain. With the use of governance, Hyve aims to resolve problems in the present workforce market, such as employing wrong people, employee disputes, etc. The platform aims to create an ecosystem that has the following features:

• Easy adding of new tasks

• Decentralized teams

• Changing facets of recruitment agency

• Privilege to offer service packages on the platform

• Rewards to the recruiting agents

• P2P agreements for NDA (An NDA or nondisclosure agreement is a contract that gives legal credibility to a relationship.) According to the whitepaper, Hyve aims to utilize centralized and decentralized solutions and P2P to resolve workforce market issues. Centralized refers to using a third party or a middleman for conducting transactions. P2P or peer-to-peer networks enable individuals to interact directly without third-party involvement.

To achieve the use of centralized and decentralized solutions, Hyve seeks to employ three primary components:

1. Hyve Core: Handles features such as governance and security

2. Hyve Protocol: Unlocking new tasks and interactions outside the Hyve ecosystem

3. Hyve Client: Centralized user experiences such as background transaction signing Hyve aims to use HYVE tokens as the epicenter of the three core components. HYVE is an ERC-777 asset compatible with tokens supporting ERC-20 standards. ERC-777 is an advanced version of the ERC-20 token standard with the simplified smart contract and token interactions. Hyve aims to use the token for task and job postings on the platform.

The platform aims to offer users the ability to post tasks, hire individuals, and access listed hiring agents. Hyve also seeks to collect a fee for job postings to ensure the self-sustainability of the network. While the platform is looking forward to the use of HYVE tokens as the primary coin, users can also transact with other assets.

Hyve aspires to engage the core protocols to create a difference in the workforce market.

History of Hyve (HYVE)

The Hyve (HYVE) launched in 2019–2020. A 14-member team leads the platform, with three founders—Tudor Stomff as CEO, Dominic Burghelea as CTO, and Brad Yasar as CSO. Other team members include people from varied backgrounds such as digital marketing and marketing experts, creative directors, developers, and blockchain experts.