Hub: How Do They Solve Trust Problems?
Eric Ly, who was a co-founder at LinkedIn, is currently surfacing once more as the founder and CEO of Hub. At the World Crypto Economic Forum in San Francisco, Ly took part as a speaker and talked about what Hub’s role is in terms of trust, and bringing trust to the blokchcain in decentralized format.
For Eric Ly, trust is one of the most important information sources that people look for in terms of contacts and doing business. Especially in today’s environment, the real issues that we are dealing are security and trust. Since the security problems that we are facing are growing these days, Ly mentions Human Trust Protocol, and the core issues standing in this path.
The center of most problems is having a good reputation system. According to Eric Ly, the reputation system can be found mainly in marketplaces where they have some user information. However, they don’t really have a reputation system to provide a guaranteed, trustworthy environment. For instance, a reputation system is owned by a centralized platform in order to be able to understand user preferences, in order to create targeted advertising. This, of course, creates several trust issues.
As trust matters enough for all of us, Ly refers to it as a rocket ship for the Internet. More and more people are going online now. This means that more and more people are finding opportunities to collaborate and cooperate. Hence, the core issue is how we can bring trust in decentralized format on to blockchains.
Human Trust Protocol
Ly divides these issues into four parts. Identity, in Hub, is used as a foundation. However, the important point for this is the coexistence of identity and reputation.
Reputation, on the other hand, is based on past interactions and outcomes.
Since trust comes from the reputation, it creates the prediction of future human behavior. When it comes to this prediction, a decentralized trust network is one of the keys to controlling users’ reputations autonomously. With the Human Trust Protocol, Hub is aiming to provide verifiable and portable trust, as well as self-sovereign reputation, which comes from centralized ownership. This means that users can selectively reveal their reputation to the marketplace. With multi-dimension reputations, which are usable by any community and marketplace, users can tailor their current reputation and build on a future reputation.
Ly also mentions that more interactions are needed in terms of trust and solidifying the algorithms for the evaluation of trust. The aim is to enhance trust within the ICO community as well. With the Hub App, in a professional context, it focuses on communities, marketplaces and messaging powered by the Human Trust Protocol. Based on reputation, they’ll be able to record activity on the blockchain.
Eric Ly is using his LinkedIn experience to show to what extent trust is an important element on online platforms, in terms of shared information. He is looking to improve this with Hub.