HUMAN Protocol’s Big Announcement on V2 Upgrade with Routing Protocol

The voting model will utilize HUMAN Protocol Reputation Oracles to adjust voting power.

Last week, HUMAN Protocol announced the introduction of the Routing Protocol, a new layer to coordinate and incentivize the various third parties that operate the network. This upgrade sets the stage for a new wave of utility for HMT. It is a vision of decentralization by allowing third parties to come to an agreement on standards for fees, crypto staking, slashing models, and voting.

Voting: proposition for a governance minimization model

This proposal focuses on alternate conviction voting, whereby voting power increases with each vote, along with the voter's reputation (i.e., voting power will increase if, for example, you refer to valuable projects, solve tasks, or contribute to overall development). This model will utilize HUMAN Protocol Reputation Oracles to adjust voting power. Such a system provides strong incentives to contribute to the HUMAN project.

What will the Routing Protocol do?

The Routing Protocol incentivizes contributions to the network by the community. One way it accomplishes this is to provide the framework to make these incentives possible through, for example, staking, slashing, and reward mechanisms.

The RP will also provide a blueprint to coordinate third-party agents who contribute to the Protocol. Through the RP, businesses and tool vendors (Recording and Reputation Oracles, for example) can commit HMT to access the network.

This operates on a Proof of Balance model. Someone who wishes to participate in the network must put up a sum of HMT, much like a security deposit, to incentivize good behavior. The balance can be slashed if the user behaves poorly (see slashing below). It also plays an important role in determining operator priority in receiving work.

Separately, there is governance staking, whereby any user or network operator can stake HMT in return for vHMT, a token used for governance voting. This incentivizes active participation in the network by the community.

How staking in crypto works

With cryptocurrencies, that use the proof-of-stake model, transactions are added to the blockchain through staking.

First, participants pledge their coins to the cryptocurrency protocol. From those participants, the protocol chooses validators to confirm blocks of transactions. The more coins you pledge, the more likely you are to be chosen as a validator.

Every time a block is added to the blockchain, new cryptocurrency coins are minted and distributed as staking rewards to that block's validator. In most cases, the rewards are the same type of cryptocurrency that participants are staking. However, some blockchains use a different type of cryptocurrency for rewards.

If you want to stake crypto, you need to own a cryptocurrency that uses the proof-of-stake model. Then you can choose the amount you want to stake. You can do this through many popular cryptocurrency exchanges.

HUMAN Protocol's Layer-1 Integrations Improve Blockchains

The creation of the world's first smart contract-capable blockchain and the many Layer-1 iterations have birthed many realms of possibilities. Layer-1 solutions hasten blockchain technology's adoption. The influx of third-party vendors within blockchains creates network traffic. Routing Protocol as one example helps maintain ecosystem stability through impartial coordination among participants via the ability to allocate fees individually.

Layer-1 integrations also give room for further innovation. HUMAN's Routing Protocol provides higher levels of expression or innovative ideas within the ecosystem by improving value exchange, as employers and potential workers have different wants and needs. On one level, many of these are taken care of by the network core. The dynamic nature of the 21^st-century workplace environment requires more than "one pair of eyes" to attend to the various issues that occur when matching tasks with talents.

These integrations give blockchains extensible value and improve utility scenarios. Combined with oracles, they pack a punch. Blockchains deploy oracles, combined with the Layer-1 solutions give network users further use-case options.

Data storage is one thing. Deployments and use-cases are another. Routing Protocol enables enhanced deployments and use-cases while foundational data processes remain with HUMAN Protocol core, giving the job spaces a new identity, function, and mission.