HUB is an ERC20 token released on Ethereum. It’s a tool for Minter Hub to function reliably. This is the coin sent to Oracles, so that they in turn can help Minter Hub function using the Proof of Stake protocol (PoS).
HUB was released on the Ethereum network so that the initial settings of the Minter Hub sidechain can be decided by voting with smart contracts, so that the mainnet of Minter can be connected to others, such as Ethereum and Cosmos Hub, giving BIP and all DeFi coins liquidity.
The first 50 000 HUB were distributed amongst 2 000 addresses of the most active Minter users that have been helping the project since 2017, when the Minter team was just starting their project.
There were 5 categories in the initial distribution:
- Minter validators
- Big delegates — 1 000 participants
- Randomly chosen smaller delegates — 1 000 participants
- Active users for the project’s lifespan
- Active users in the third quarter of 2020
Current HUB distribution:
- Fund: 950 000 tokens
- Minter community: 50 000 tokens
In the future tokens from the fund may be sold to investors or customers, given out as rewards or as payment for services. Additional emission (minting) of tokens is impossible. Burning or locking (freezing) of coins is only permitted through Minter Hub oracle voting.
In 2021, additionally to the 50 000 tokens roaming in the community, another maximum of 50 000 is added. Plans on further distributing the emission will be developed by the fund and the Minter team at the start of 2022, when the initial steps of establishing the bridge and integration with blockchains are complete. This practice is a standard for DeFi projects, like Uniswap or 1inch, which distributed the initial emission for free across the community and customers, and the rest are given to the team, investors, partners and other beneficial members.
HUB currently has one function — the right to vote for actions to form the Minter Hub sidechain, where the DAO of the developers will be launched. In the future valuable members of the network, who will own HUB, will be participating in DAO polls, when giving grants to developers of services and projects.
Those who send oracles their HUB are participating in supporting the network and they get rewards for it — part of the fees that users pay to transfer coins from one blockchain to another.
Another property of HUB is the ability to get a fee lower than 1% to transfer coins between blockchains. For that you need to have it on your Honee app balance.
The Minter team has no plans on interfering with the price formation of HUB. The team won’t try to get HUB listed, present or hire marketers. They think this role should be entirely up to the community and market, only giving initial economic terms for all Minter Hub participants and holders.
However the team said that supporting listing or integration in any form is not completely off the table, including HUB rewards. But they won’t initiate anything themselves, giving control over the coin to the community.
Overall the Minter team is interested in seeing listings for HUB on centralized and decentralized exchanges. First off it’s because the coin is presented in both ERC-20 (Ethereum) and BEP-20 (Binance Smart Chain) in the future, which significantly simplifies listing and minimizes time and expenses.
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