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How HUMAN Protocol Wants To Change The Face of The Global Gig Economy

Written by: Sara K

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Sara K

Sara is steadily working on cryptocurrency evaluations, news, and fluctuations in digital currency prices. She is guest author associated with many cryptocurrencies admin and contributes as an active guide to readers about recent updates on virtual currencies.

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Dec 20, 2021

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The most glaring effect of the COVID lockdown was the willingness of companies to embrace remote work. 

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More professionals have shown a willingness to transit to the digital nomad experience, which for some time was the face of the global gig economy.

The evolution of remote work has opened new vistas for the gig economy to transit into the center stage of global employee management practices.

HUMAN Protocol is a software infrastructure that has been shown to be efficient and credible.

The partnerships developed so far with the likes of Solana, Chainlink, Ethereum, and Polkadot, to mention a few, are indications of the possibilities that it offers.

The project has also integrated with Intel CVAT

Work platforms

Work platforms are internet services that connect businesses with employees that perform HIT or Human Intelligence Tasks for remuneration.

The overall goal is to shorten the time it takes to work and get paid offline. Assume you work for a corporation and it’s time to get paid.

We’re all aware of how time-consuming the processes are, from HR to cashiers, payroll managers, IRS forms to file, and the complete cycle.

However, with the introduction of permissionless protocols such as HUMAN, these bugs and lags will be eradicated for good.

It means that workers can be linked directly to their employers, and they can be assured of being paid instantly after the job is performed.

This is because those who request work would be required to prefund a Smart bounty Omchain which will credit the worker or employee. 

Now, let’s take a closer look at HUMAN Protocol and how it works. 

How does HUMAN Protocol work?

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HUMAN is one of the few software infrastructures created on a decentralized network, which aims to connect requesters and workers for tasks while workers are being compensated in cryptocurrency.

For requesters to launch any job, they must first prefund the task by acquiring a token. HMT(Human Token)is the token used by HUMAN.

The team has stated that the HUMAN “relates to the larger story of how to tokenize human labor.”

“How can we have one individual from a group of people complete a job, then another reviews the quality of the job, and then another independent neutral party pays?”

Furthermore, according to the team, HUMAN addresses the issue of trust, which has long been a barrier to the success of online market services.

The team believes they can accomplish this through enforcing justice, work quality, and contentment.

Taking this concept into account, we can summarize HUMAN as a platform where employment markets are automated. 

History

If the history of HUMAN is taken into consideration, it may increase the level of trust in the service.

It’s important to know that HUMAN originated from the highly successful and widely used bot-blocking software, popularly known as h-Captcha.

This was their first service, and it is a similar service to of Google’s Re-Captcha

Despite the fact that h-Captcha and HUMAN are now independent services, the precedence of success with h-Captcha should give us the confidence we need in the HUMAN ability to achieve its stated goals and objectives.

How does HUMAN Protocol achieve its goals?

The platform aims to provide that link between the actual world and the blockchain, by using an efficient on-chain oracle.

It is pleasing to inform you that HUMAN launched its Reputation Oracle this year in conjunction with Chainlink; one of the world’s best oracle networks.

For those unfamiliar with these technical words, an on-chain oracles is basically an entity that connects the blockchain to the real world.

As a result, blockchain systems that send and research data from the real world can function properly, as opposed to their usual default state, which limits them to the information circulating within the blockchain environment.

For HUMAN, the Reputation Oracle serves as one of its on-chain oracles, and also a neutral intermediary between workers and requesters.

It ensures that the task performed by the worker is of high quality and fits the demand of the requester. If, however, a worker fails in their assignment, the money is instantly returned to the requester.

Programs

HUMAN has a number of programs in place to help it achieve its goals, and we want you to be aware of them. The first is the BugBounty, which is designed to keep its services safe. White hat hackers can get rewarded for finding bugs on the platform.

The second program is the Ambassador Program, which is designed to award users with HUMAN tokens (HMT) for assisting in the promotion of HUMAN.

Finally, and most importantly, there is the Grants Program. HUMAN is now sponsoring a $10 million grant initiative. 

Essentially, the grants program is intended to fund projects building on HUMAN. Rounds of applicants submit suggestions, which are judged based on merit, credibility, and HUMAN standard. Winners are compensated in HMT and/or cash.

You may find out more about this grant by following them on Twitter at @human protocol.

Token and Cryptocurrency 

The HMT has a total supply of 1 billion. Its most recent trading price was $0.661171, and its ATH was recorded in August 2021 at $1.37. The price performance has shown a correlation to the overall market so far. 

The team

It is the accepted norm that the success of any organization is highly dependent on the expertise it has access to, and HUMAN has built what can be regarded as a world class team.

Harjyot Singh is HUMAN Protocol’s Technology Director and the leading force behind the project. With more than 10 years of experience as an engineering manager and an emphasis on distributed computing, he has worked for a wide range of enterprises and industries. One of his earlier start-ups dealt with issues such as misinformation and privacy.

As of late, his primary interest has been on figuring out how cutting-edge technologies like artificial intelligence (AI) and blockchain may be used to better the daily lives of internet users.

Alex Newman is the Protocol Designer, working closely with the team as a distributed systems and database expert. For more than two decades, he has established and led technical teams for many technological firms, including Ohmdata (sold to WANDisco).

Eoin Whelan is the Finance Director. Eoin has a wide range of experience in both the private sector and the public sector, having worked for PwC and EY in the past. In 2017, he took advantage of this experience to shift his focus to the token economy.

Conclusion

HUMAN Protocol has set out to revolutionize the gig economy as we know it. As the project consolidates, it promises to attain higher efficiency levels and meet the ever-evolving market workspace demand. 

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Sara K

Sara is steadily working on cryptocurrency evaluations, news, and fluctuations in digital currency prices. She is guest author associated with many cryptocurrencies admin and contributes as an active guide to readers about recent updates on virtual currencies.

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