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Introduction to the HUMAN Token (HMT)
You may already know about HUMAN Protocol, a new way to quantize, organize and compensate human labor.
The transaction and settlement layer of HUMAN protocol uses blockchain technology, and has been running on an Ethereum sidechain for some time. We are excited to share that it has now gone through external security audits and, in the near future, will be available on the Ethereum mainnet.
With this news, we wanted to give a quick refresh on HUMAN Protocol, as well as introduce the world to the HUMAN Token, HMT.
Here’s what you need to know:
HMT is the medium of exchange between the network actors within the decentralized markets of HUMAN Protocol. For more on these actors and how they operate, click here.
HMT is stored, generated, and transferred across the network actors as follows:
The Requester (of work) spends HMT as they create a Smart Bounty for a job. The Requester prefunds the bounty, which is stored in escrow by smart contracts.
Labor Pools or Workers earn HMT by completing work. They bid for work in HMT and are compensated for their work in HMT. The Reputation Oracle determines if the finished work matches the criteria set by the Requester. If the job is complete, then the Reputation Oracle releases the prefunded bounty to the Labor Pool. If the work does not fulfil the requirements, the job is aborted, and funds are returned to the Requester. For more on the Reputation Oracle, see our introduction to the HUMAN Protocol system here.
The Recording Oracle and the Reputation Oracle receive HMT for their validation work.
The Exchanges earn HMT for matching requested work with Workers or Labor Pools. The Exchanges prioritise distribution of tasks based on the reputation, which is determined both by the quantity of HMT a Worker or Labor Pool holds or has previously earned (Proof of Balance), taking into account both the total value of their past transactions as well as their balance.
The HUMAN Protocol Foundation makes no representation, warranty, or undertaking, express or implied, as to the accuracy, reliability, completeness, or reasonableness of the information contained here. Any assumptions, opinions, and estimations expressed constitute the HUMAN Protocol Foundation’s judgment as of the time of publishing and are subject to change without notice. Any projection contained within the information presented here is based on a number of assumptions, and there can be no guarantee that any projected outcomes will be achieved.