About HUB

About HUB

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HUB is an ERC-20 token released on Ethereum. It’s a tool for Minter Hub to function reliably. This is the coin sent to oracles so they in turn can help Minter Hub operate using the Proof-of-Stake protocol (PoS).

HUB was released on the Ethereum network so that the initial settings of the Minter Hub sidechain could be decided upon by voting through smart contracts; so that the mainnet of Minter could be connected to others, such as Ethereum and Cosmos Hub, giving BIP and all DeFi coins liquidity.

The first 50 000 HUB was distributed among 2 000 addresses of the most active Minter users that had been helping the project since 2017, when the Minter team had been just starting their project.

There were five categories in the initial distribution:

  1. Minter validators
  2. Big delegators — 1 000 participants
  3. Randomly selected smaller delegators — 1 000 participants
  4. Active users over the project’s lifespan
  5. Active users over 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 supply (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 already circulated in the community, a maximum of 50 000 may be added. Plans on further distribution of supply will be developed by the fund and the Minter team in early 2022, when the initial steps of establishing the bridge and integrating with blockchains are completed. This practice is standard for DeFi projects — think of Uniswap or 1inch, who distributed the initial supply for free among their communities and customers, and the rest went to the team, investors, partners, and other useful members.

HUB currently has one function — the right to vote when forming the Minter Hub sidechain, where the DAO of developers will be launched. In the future, valuable members of the network that own HUB will be participating in DAO polls (e.g., when giving out grants to developers of services and projects).

Those who send oracles their HUB are participating in maintaining the network and get rewarded 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 lower-than-1-per-cent fee to transfer tokens between the blockchains. For that, you need to hold it on your Honee app balance.

Price formation

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.

The team did also say, however, 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. That’s because the coin is presented in both ERC-20 (Ethereum) and BEP-20 (Binance Smart Chain) standards, which significantly simplifies listing and minimizes time and expenses.

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