HYVE Decentralized Freelancer Platform - Complete Guide

HYVE Decentralized Freelancer Platform – complete guide

/ 11:28 AM January 14, 2022

Blockchain technology is changing the world, and the HYVE Decentralized Freelancer Platform proves this. It’s a job platform for freelancers and self-employed people, powered by a decentralized crypto network. This isn’t a mere gimmick, though, as it creates an online job portal that is much more useful to workers.

That’s great news because the world seems to be headed to a remote work future. This trend has been forming even before the COVID-19 pandemic, but it sure sped up our transition to it. With the power of blockchain, platforms like HYVE are making it easier for more people to adapt. You’ll have to learn about it first, so check out the rest of this guide!

First, let’s talk about the growing remote work trend and the role of HYVE in it. Then, I’ll discuss how the HYVE platform works and explain the HYVE token’s purpose. After that, I will explain whether you should invest in HYVE tokens. No matter what, HYVE will play a major role in this massive shift for employment, so you must know how it may work.


HYVE brings the future of remote work closer

I’ve discussed in previous articles that the future of work is remote. China has been looking into this new mode of employment since 2013, and it has been spreading worldwide ever since.

According to UpWork, 36.2 million people in the United States will work from home by 2025. During the first few months of the pandemic, 41.8% of them have already been doing so.

I understand that you might miss going to work at your office. At the time of writing, the COVID lockdowns are still going on worldwide due to the Omicron variant.

However, remote work can have a lot of benefits for employees and employers alike. Here’s a list of the good stuff that remote jobs bring:

  • Contrary to popular belief, work-from-home jobs don’t have to be just “at home.” They can help employees achieve a work-life balance that improves their overall health. This flexibility lets people spend more time on other things. Many of them experience better physical and mental health.
  • This convenience and flexibility can make employees more productive. They can do their work at their pace, so they will likely provide better results.
  • If the workers are happier, they are more likely to stay with the company. This is often called employee retention. It’s important for businesses since it lets them maintain access to high-performing employees.
  • Even better, remote work saves money for both workers and employers. Workers wouldn’t need to pay more for trips while the latter wouldn’t spend on office space and tools. This is a major reason why firms adopted remote work.

With the launch of HYVE, we now have a customer-centric and worker-friendly platform for freelancers. Still, you might be wondering how HYVE helps the small work movement.

The founder is Tudor Stomff, and he believes that “hiring is broken.” That’s why in 2013, he launched this amazing blockchain platform as a solution!


Crypto terms you need to know

These are bitcoins.

Photo Credit: hyve.works

It’s an app where you can find freelancer job offers and requests. At first, you might think it’s no different from other sites like Indeed and UpWork.

HYVE sets itself apart with its versatility and arbitration features. Before I continue, I will have to list a few terms that are related to this platform:

  • Blockchain – It’s the decentralized computer network that uses cryptocurrencies. You may also call it a “crypto network.”
  • Public ledger – It records the actions in a crypto network. It provides details that prove an action took place while hiding the identities of those involved.
  • Smart contracts – These are agreements that execute once certain terms are met. It will do this without the need for a third party.
  • IPFS – Also known as InterPlanetary File Storage, offers peer-to-peer storage in the distributed web. Other cryptos use it, such as Filecoin (FIL) and The Graph (GRT).
  • Governance tokens – These are crypto tokens that allow their holder to vote on changes to a crypto network.
  • Utility tokens– These crypto tokens let people use the features of a crypto network and pay for its services.

How does HYVE work?

The first step to using the HYVE platform is buying HYVE tokens. These are ERC-777 tokens built on top of the Ethereum (ETH) network.

Soon, it will be on the Polygon (MATIC) and Binance Smart Chain. You can buy them from Coinbase, KuCoin, PancakeSwap, and other crypto exchanges.

Then, you have to store those in a MetaMask wallet. The HYVE token is both a utility and governance token. Holding some lets, you perform the following actions:

  • Post job listings
  • Accept jobs requests
  • Pay for transaction fees
  • Vote on changes to the network
  • Earn rewards via staking

Read More: How Will The Metaverse Change The Workplace?

HYVE allows for versatile listings

Freelancer work takes on various forms, so it’s not that easy to charge for these services. Instead of charging for the time you’ve worked, you often get paid per task.

What’s great about HYVE is that you can program the tasks much more easily. For simple ones, you could just set a human-verified task. Once it’s done, the employer confirms it.

Protocol verified tasks could confirm completion if you’re using other apps instead. This is made possible by smart contracts that will follow the terms set by the other apps.

Also, you can limit the information you share by customizing the listing. You may also let everyone immediately submit work or require approval first.

All this information is stored via IFPS and public ledger. The former makes HYVE faster and safer, while the latter is more private.

HYVE solves freelancer disputes

Being self-employed can be a hassle sometimes because clients may sometimes argue with you. For example, they might deny you’ve done a job.

Most job platforms have teams that help with these, but they’re often slow. In some cases, they can be biased against freelancers. More often, the service rep might not be able to handle issues.

As I said, the jobs can come in many forms, so service staff might not always know what to do. HYVE solves this by getting help from another blockchain called Kleros.

Think of it as a “court” that handles disputes for the growing digital economy. I could go on about Kleros, but we should talk about how payment works in HYVE!

Payment methods on HYVE

You could pay people or receive payments in Ethereum coins (Ethers) or other ERC-20 tokens. This will have a transaction fee worth 0.5% of the listing value.

If that amount is paid in part as HYVE tokens, that fee goes down to 0.25%. There won’t be any transaction fees if it’s 100% HYVE tokens.

That payment will go to the employers’ and workers’ MetaMask wallets. Then, it’s up to them whether they’ll keep them there or turn them in for real money.

Final thoughts

HYVE merges two major trends: remote work and blockchain tech. If this platform succeeds, HYVE tokens may rise in value, perhaps making them a good investment.

This article isn’t meant as investment advice. I wrote to inform you about this interesting news in the crypto space. Talk to a financial advisor for that instead.

If you want to learn more about the latest crypto, read more Inquirer USA articles. Those will inform you about how the asset is changing and how crypto is changing the world!

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TAGS: blockchain, blockchain technology, crypto, Freelance, interesting topics
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