In human societies, exchange is necessary, for the simple fact that we do not produce everything we need. Even before the advent of currency, we find that in small societies, trade was more fluid and successful because members know each other by reputation over time, and specifically they trust each other. This is how barter trade worked. Over larger groups, this distance may need to be bridged, however in the global sense, this can only be achieved through communication.
We note that trust is the essential factor for exchange to take place.
The internet has made the world a global village, it's quite common these days for people to know people in other parts of the world, without even leaving their houses. Social media has made this possible. Suppose such an acquaintance of mine had a product which I needed. Shipping would be a trivial task. The only problem is how this is initiated. Does he send the product to me first, then I pay him when I receive It? How can he be sure that I will be honest? How can he trust me? Do I pay him first? How can I trust that he will ensure the product is delivered? With a larger number of people, this problem is magnified.
We note that if trust could be established, exchange would be very efficient. Traditionally, third parties play this role, such as escrow services for digital exchanges. In the absence of a third party, not only are transaction fees avoided, but the privacy of the parties making the transaction is preserved. This is highly desirable.
Technology ushered in the internet of value- we have moved from an internet of information to an internet of value- and online interactions now basically face the problem of transferring this value. Clearly, there is need for trust to be established without traditional third parties, and this is where the Human Trust Protocol comes in.
Simply put, the Human Trust Protocol establishes trust across internet applications whenever users interact with strangers online.
Hub will make it easier for internet users to interact with each other over social networks, online marketplaces and online communities.
This is achieved through sort of a trust score (pretty much like a credit score) system generated on the Hub blockchain which determines the trustworthiness of an individual. If I intend to transact online with a stranger, I only need to check what their score is. Of course, it is expected that individuals who intend to transact online would want to maintain a high trustworthy score.
Users will earn trust as the result of successful interactions with other users on the Hub platform, and a user's reputation will increase with the number of successful interactions with other users. This reputation is portable, that is it can be shown in different platforms across the internet.
This is a blatant oversimplification of the Hub project for a general audience, for a technical overview, sophisticated readers are highly encouraged to read the whitepaper, downloadable here https://hubtoken.org
Any questions one may have can be addressed in the Telegram group https://t.me/hubtoken or through email to [email protected].
Hub has an airdrop for users who join their Telegram, check it out https://hubtoken.org/airdrop
