KuCoin AMA With HYVE (HYVE) — Work Redefined With Crypto Freelancing

Dear KuCoin Users,

Time: January 2, 2024, 12:00 PM- 1:24 PM (UTC)

KuCoin hosted an AMA (Ask-Me-Anything) session with the CEO of HYVE, Tudor Stomff the KuCoin Exchange Group.

Official Website: https://www.hyve.works/

Follow HYVE on Twitter, Telegram, Discord and Reddit

Q: Can you share with us a brief introduction about HYVE?

Tudor: HYVE is an on-chain fully open collaborative platform. Every interaction is escrowed through a smart contract, ensuring safety for both sides. And as you mentioned in the introduction, we support a plethora of different chains and tokens.

The important aspect though, is that we support multiple types of collaboration. One-time tasks, continuous repeatable jobs, offers like on Fiverr and more recently on digital items.

To give a bit of a sneak peek of something we’re about to announce, this year we’ll be adding some new things, including bounties, competitions and raffles, as well as on-chain verifiable tasks (i.e. bridge x tokens to y chain to get an airdrop).

Lastly, I’ll also mention something we’re about to announce over the next few days, HYVE will be introducing AI Agents.

Not only that, we will allow users to create their own specialized AI Agents and then sell them as a service for however they want to use them, effectively creating a passive stream of income for the creators.

To give an example of a specialized AI Agent; an agent that writes service agreement contracts for outsourcing companies. Now instead of paying thousands of dollars for i, you’ll be able to pay $20 and get one.

Q: What's the inception story behind HYVE, and what problems does it solve in the Web3 space?

Tudor: I’ve already gone over the purpose we had in mind for HYVE, but to answer this more clearly.

We’ve been working on building a platform for on-chain work ever since 2017 with Bountyhive so you could say we have a bit of experience with this, and we keep iterating at a very fast pace, making deployment with new features even once every month.

As for the problems we solve, I’d say it’s the following:

1. Giving people access to equal opportunity based on their skills.

2. Allowing people without the necessary financial means to acquire crypto in a different way.

3. Levelint the payment for a specific job based on skill level and not regional location etc.

4. Ensuring that both parties are safe since everything is escrowed.

All in all, our goal is to get people to work more closely together and not be limited by technology. The one main differentiator between us as humans and all other races on earth, is our ability to collaborate. And yet, the way we collaborate hasn’t changed for a while now. Which hurts our ability to build great things. The greatest accomplishment of humanity has been accomplished by working collaboratively. Going into space, creating vaccines for incurable diseases, and creating computers.

There’s a saying, if you want to go fast, go alone. If you want to go far, go together. So that’s what HYVE is. A way for people from all walks of life, to go together and build something great.

Q: In your opinion what makes HYVE unique as a web3 job platform? What distinguishes the product from its competitors?

Tudor: There’s many web2 platforms targeting work, but I won’t go too much into those, instead only mentioning two things.

Web2 platforms charge 10-20% of a task, while HYVE charges a maximum of 2.5%. Furthermore, the user has really no rights to speak of. The web2 platform is allowed to close your account and even deny payment based on their own decisions.

Moving towards web3 platforms, a few of them popped up after we launched, however, to be perfectly honest, the large majority of them seem to have closed down since they didn’t continue to innovate.

Here are the main differences:

1. The competitor web3 platforms are not on-chain; rather, they only accept *some* tokens and don’t do anything on-chain.

2. They charge just the same as web2 platforms, with 10% being the norm, so it’s 4 times higher.

3. Most, if not all, only support 1 or a maximum of 2 forms of collaboration; jobs and tasks.

Lastly, they don’t continue to innovate. When we first launched 3 years ago, our platform was, in all honesty, pretty bad. But we’ve gone through 16 smaller iterations and 2 full-blown makeovers of the platform. So, it’s cooler now.

Despite that, we continue to add new features on a constant basis, and we’re, in fact, already working on the 3rd next full-blown remake of the platform. So I’d say the biggest difference is we actually care about the mission that HYVE stands for, and we show that through our code.

I’ll actually use a saying of my own to express this. Build more, talk less.

Q: What was the highlight event for HYVE in 2023, and what are your plans moving forward?

Tudor: The highlight of 2023 was most likely launching the HYVE v2.5, which was the second largest makeover of the platform, where we redesigned everything and added digital items.

As for moving forward and looking ahead, besides the upcoming features I’ve already mentioned above, we’re already working on a v3 of HYVE based on the user feedback and analytics we have, which will probably be released sometime in the next 12-15 months.

Additionally, there are also some other upcoming features I haven’t mentioned, and, to offer you guys one more surprise, that we’re about to announce over the next few days.

HYVE will have its very own mobile app, which will be launched towards the end of this year on both iOS and Android. This is a surprise I’ve been hinting at for the past few months now, and we’re going to officially announce all that I’ve mentioned in the following week.

Q: Could you tell us a bit about the community-related plans and campaigns you have planned for the future?

Tudor: There are two main things we’re working on that will increase community engagement:

1. We will be adding a level system along with daily/weekly/monthly and lifetime tasks for users. For doing these tasks, users will be able to earn experience to upgrade their level, and “something else” (but you’ll find out what “something else” is in the upcoming article).

2. When I mentioned on-chain verifiable tasks, this means that companies, such as KuCoin, will be able to use our protocol/API to define their very own custom actions/tasks to be undertaken by the user and reward them based on the completion of that task in a verifiable way.

This will allow for increased user engagement both in terms of our own user base and in terms of the user base of companies in the space. Our overarching goal is to first integrate all the companies in the space and, over a long enough horizon of time, intermediate a large percentage of the entire work being done worldwide.

Lastly, we also have some marketing campaigns prepared that will slowly be unfolding in 2024, with this AMA being a good start for all of that, since KuCoin is really close to our heart. At the end of the day, KuCoin is our main exchange, and we’ve been here for more than 2 years, so it made sense to start the year off with this.

Q: HYVE focused a lot on token integrations, including $KCS, and chain integrations, can you please detail the strategy for this? Do you plan on integrating KCC as well?

Tudor: That’s an amazing question. It’s something I’ve been thinking about lately.

First of all, HYVE’s goal is to be completely permissionless, meaning we want to integrate all the large chains and tokens.

Second of all, to answer your other question, yes, we plan to integrate the KuCoin Community Chain, and you know what, I’ll do you one better since we’re doing this AMA.

If you guys are onboard with it, I can pledge to integrate KCC in the following 2 weeks, and here’s one more, something we honestly have never done before.

I’ll even offer 3 months of full 0 Fees for all transactions done through HYVE on KCC.

So, what do you say?

Q: The name HYVE project seems fascinating! Is there a backstory behind it? Could you enlighten us on the inspiration behind choosing this name?

Tudor: Yes, it comes from a beehive because bees are very collaborative in nature, so it represents the ethos we stand for.

Q: How will the introduction of AI Agents on HYVE benefit users, and what opportunities does it create for those looking to create and sell their own specialized AI Agents?

Tudor: It creates an entirely new paradigm of work and allows creators to generate passive income based on the AI Agents they create.

Q: Have you undergone any audits? I haven't heard you discuss the security of funds which is something every investor desires. What measures have you taken to ensure the safety of funds and protect against scams and rug pulls? How robust is your security infrastructure?

Tudor: We have been audited by CertiK and one more security company.

Q: How many team members do you have? Do they have enough experience in the blockchain field? Do they have any experience working in crypto and non-crypto projects?

Tudor: We have a team of 25 people at the moment. All of us have blockchain experience and have been working in the space for multiple years. More than half of these are developers and product people.

Q: How did the feedback and user analytics shape the development of HYVE v2.5, and what were the key improvements made during this major makeover?

Tudor: We have a constant feedback channel where users can propose new features and report bugs, and we improve the platform based on that and on what we see.

🎁 Participate in the HYVE AMA quiz now for a chance to win 50,000 HYVE!

The form will remain open for five days from publishing this AMA recap.

KuCoin and HYVE have prepared a total of 50,000 HYVE to give away to AMA participants.

1. Pre-AMA activity: 13,200 HYVE

2. Free-ask section: 1,550 HYVE

3. Flash mini-game: 13,250 HYVE

4. Post-AMA quiz: 22,000 HYVE

Sign up for a KuCoin account if you haven’t done so yet, and ensure you complete your KYC verification to be eligible for the rewards.

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