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HUMAN Protocol, an infrastructure designed to transform how people work, supports distributed job market systems that allow any job of any type or size to be tokenized, published and finished securely. A new coordination layer on the blockchain is being developed by the HUMAN group to enable communities to make positive contributions.
Incentives Framework with Staking and Other Reward Mechanisms
Human Protocol has developed a new layer – the Routing Protocol (RP), that features things like Voting, Proof-of-Balance, Liquidity, and Slashing. The Routing Protocol (RP) is a new layer that sits on top the HUMAN Protocol in order to simplify coordination between the HUMAN communities. You can see that the Routing Protocol acts as the coordination layer between the contributors to the Core Protocol. This allows for optimal execution and decentralization as well as agent reputation.
What exactly is the Routing Protocol? It will first provide a platform to encourage third parties to join the network. Second, the Protocol will serve as a guideline to coordinate agents from third-party agencies that participate in the Protocol. Businesses and vendors of tools can use the Routing Protocol to commit HMT in order to gain access to the network. Routing Protocol works on the Proof of Balance basis. A sum of HMT must be paid by anyone who wants to join the network. It is similar to a security deposit. If the user is not good, this staked amount may be reduced (see below). Protection mechanisms are also vital in the determination of operator priority when receiving work.
Routing Protocol has many advantages. Users and network operators can stake HMT to receive vHMT. These tokens are used for governance voting. This incentive encourages the community to be active in the network.
Secured tokens can be secured against fraud and flash loan governance. Staked tokens may result in lower operating fees and lower collateral conversion costs. A discount mechanism could also be implemented to lower fees when paid in HMT, instead of any collateral.
Voting and Market Making
In addition to Proof-of-Balance (staking, liquidity) and market making, the Routing Protocol now includes voting and market cutting. The concept of voting focuses on alternative conviction voting, whereby voting power increases with each vote, increasing the voter’s reputation each time a voter refers to valuable projects, solves tasks, or contributes to the overall development of the HUMAN project. Additionally, the voting model will use HUMAN Protocol Reputation Oracles for adjusting voting power to motivate and incentivize users to work towards Human Protocol.
Hummingbot is one example of DeFi software that could utilize the Routing Protocol as a mechanism to encourage network contributions. After the RP on HUMAN is fully implemented, these features will only be the start of the possibilities. Soft freezing and slashing are two other things that have been introduced in order to deter bad behaviour within the network. Human Protocol, for example can reduce staked funds in the event that a criminal attempts to interfere with voting.
Operator inactivity will result in payouts being frozen from the pool for a specified time. This is a warning.
The website has the most current information on HUMAN Protocol. Follow the developments here TwitterJoin the Community Discord. You can also contact the HUMAN Team to inquire about usage and integrations or for more information.
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