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Rebuilding human credit mechanisms? LinkedIn founder redefines “trust” with blockchain

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Identity fraud, professional file fraud, job title fraud, employment time fraud, degree fraud, etc. are not only plaguing recruiters, but sometimes plaguing the general public.

“Do you know that half of the work and academic information that users have filled out on the LinkedIn website is questionable!”

It’s not someone else who said this, it’s one of the founders of LinkedIn and the first CTO Eric Ly. Eric has many achievements tags, including four consecutive entrepreneurs, Stanford and MIT alumni. The most widely known identity is the best partner of the Linkedin co-founder with the first CTO and Silicon Valley’s Reid Hoffman.

Xiaoyan once talked to an Apple recruiter who has worked with Steve Jobs for 10 years. According to him, the biggest headache in recruiting is the company written on the resumes of Indians and Chinese people. Because many companies have no way to check online. To! Therefore, some candidates are not aware of the fraud.

Identity fraud, professional file fraud, job title fraud, employment time fraud, degree fraud, etc. are not only plaguing recruiters, but sometimes plaguing the general public. According to news reports, some people on the dating website rely on their own overseas high education to defraud the hearts and money of many netizens, but they have not been discovered. In the real world, the lack of trust caused by too many false and false incidents not only makes the victims miserable, but also causes huge waste of social resources.

So, can we build a trust system to regain the trust between people? Xiaoyan recently interviewed Hub’s founder and Eric Ly, the first CTO of LinkedIn. Listen to him to talk about how Hub uses the blockchain project to build a human trust agreement, and to solve a task that seems impossible.

Use blockchain to give trust an agreement

We often imagine a scenario where strangers on the Internet no longer worry about deception or extortion, but through a Human Trust Protocol, anyone can see the reputation data and trust of others. And thus communicate with them.

In this world, users have autonomy in the use of data. Anyone with the right permissions can assess the credibility of the people who interact with them. And users can transfer their credit data and trust from one community to any other community. In short, this is an opportunity to re-improve social networking and shared economic services, improving its basic incentives to create more trustworthy and reliable interactions.

So, what can blockchain technology do to help?

Let’s take a look at what are the necessary factors for such a trust agreement .

First, trust should be verified . Specifically, users can verify trust based on a reliable source of information. For example, if the user allows, the interactive record that constitutes the trust can be viewed by other users; the result of the interaction has been verified by the previously active participant (with a digital signature) and cannot be tampered with. These data will not be unilaterally modified by the user.

Second, trust should be “carrying” and “porting” . User trust must be convenient and portable from one application to another. Portability can motivate more applications to join because they have access to more accurate user data and portraits.

At the same time, the user has ownership of all the reputation data and control over the access data . For example, when I go to work, I can disclose the reputation data of my past work projects, but my past rental data is relatively unrelated. I can also control the amount of reputation data I want to be disclosed. Joining me to decide not to disclose work-related reputation data to the applicant company, then I will be considered as a low-trust user. It can be said that the choice is entirely controlled by myself.

The decentralization of the blockchain, the data can not easily be falsified, revoked, and the advantages of openness and autonomy compatibility, just meet the ecosystem required by the trust agreement.

So how does Hub actually implement the human trust agreement through the blockchain ?

In Eric’s view, one of the problems that the blockchain essentially solves for us is “value.” The reason why everyone pays attention to the blockchain is because everyone wants to store “value” and exchange “value”.

Digital currency is an asset, and each person’s reputation is also a self-producer. How to make credit assets more specific, practical, and rational is the problem that Hub should solve.

In 2017, Eric founded the blockchain technology company Hub.

As a “veteran” who started a social networking platform, Eric has found from past experience that a socialized mistake may occur in a centralized mechanism for strangers’ interactions, especially when it comes to the interests of both employers and employees. The credit index is controlled by a central organization and there is a certain risk of privacy leakage.

And if based on a decentralized blockchain, a Human Trust Protocol (HTP) is established on it, trust and credibility are specific employment behavior, “trust stakes”, and “results” The output “to show, then the transactions between strangers will become more reliable, and the privacy of both parties will not be easily leaked.

In the Hub project, the human trust protocol is defined as a new trust layer built by the Internet. Here, the user can be an individual, an enterprise, or any entity that needs to be applied to a remote trust (trust-at-a-distance). In short, a smart contract is created on the public chain , so that every transaction is recorded and becomes the trust certificate for the next transaction.

For example, when you plan to hire a stranger as your English tutor, both of you must first give a “trust share” on the public chain, which is the Hub Token token. When you are finished teaching the course, if you are satisfied with your tutor, then your “trust share” will be credited to his/her account; if you are not satisfied, the tutor’s “trust share” will be credited to your account. The results will be recorded in the credit file of both parties.

In this human trust agreement, users can interact more valuable with other participants; at the same time, Hub also encourages users to generate more good results of interactive intents by token incentives, and through the completion of interactions and tasks. , generated into credit data. As a result, the Hub can ultimately enable users to assess the credibility of other users for future interactions and tasks.

The Hub team is carefully crafting products that have been funded by millions of dollars from Silicon Valley VCs and technology executives, including Greylock Partners / Robinhood Product Vice President Josh Elman, Distributed Capital Founder Shen Bo, TechCrunch Founder Keith Teare, founder of ConsenSys reputation system Sam Smith, TrustPath CEO, Greylock EIR Howie Xu, and BitGo founder Will O’Brien.

How does Hub work on the blockchain?

The human trust protocol in Hub runs on a public chain by a decentralized, decentralized network node. This is a public chain because any entity can access the blockchain as long as the entity is licensed by the user.

From a technical perspective, the node coordinates the interactions implemented by the smart contract and becomes a verifiable, portable reputation data repository that can generate new reputation data through an interaction template. Each node stores immutable references on the blockchain and encrypts all the data and stores it in a local database copy.

The verification node at the base layer accepts records of transaction records and synchronizes with the Byzantine Fault Tolerance Consensus and authenticates the user. On the second level, there are more Observer Nodes that provide read-only requests to the application client and provide reputation data to the client. Finally, the client accesses the software application of this network through a human credit protocol.

The client performs two basic functions on behalf of the user. The first is to help users predict the trustworthiness of other users in a specific context, or in the context of a community. These clients may include Trust Evaluators, which contain algorithms that analyze user trustworthiness. The second function is to help the user perform the interaction, resulting in more trust data. In this human trust agreement, the main entities involved include: tasks, reputation information files, task malls, and wallets.

In the Hub’s ecology, the specific application is not only the human-human service, but also the credit data of the customer for some financial companies. For example, I want to borrow money from a bank. With Hub’s credit data, banks don’t need to spend a lot of time doing my economic background check (KYC), but directly judge whether I want to borrow from my more credit data. Give me the money.

At present, the Hub Telegram community has more than 60,000 members and is continuing to increase. The community is also at the heart of the Hub app. Around different industries, each community has a feed for members to share content, and social media features (such as likes, comments, and sharing) communicate with other members, and other members of the community can be found in the member interface. Also, the Hub provides a variety of support for community member activities. An important goal for Hub’s community operations is to provide appropriate tools for community autonomy.

The gospel of the ICO market

In addition to the trust between people, the trust between people and projects can also be solved through the Hub. This sentence is the most applicable in the current ICO era.

It has been said that 99% of ICO projects are air . Perhaps this sentence is exaggerated, but in fact the current ICO project is indeed mixed, people can not tell the truth.

Hub recently released a decentralized application (Dapp) icohub, in order to allow community members to work together to identify ICO projects. In fact, ICOHub ( ico-hub.org) is to solve the trust problem of ICO itself! It is really a great gospel of the ICO project!

Founder Eric calls this app a “exploration” to help you choose an ICO project ! Let users evaluate the trustworthiness of ICO projects, including ICO Governance Foundation, Civic in the identity area blockchain star project and CrunchBase, the leading US venture capital data company.

icoHub not only tracks the founder’s credit data, but also evaluates the credibility of the ICO project through the founders. At present, ICOHub completes credit evaluation based on multiple data sources, such as personal and company’s past credit history, transaction records, work records, and so on.

How do community members participate? The specific method used is very simple. After downloading the app, you only need to select “Upvote” according to the evaluation results of Hub and your understanding of the project, that is, “sliding right” or “Report Scam”, if you think The project is not reliable, that is, the “left slide” like exploration.

If the final project results are as you choose, then you will get a token incentive. As a result, members of the community who are willing to participate will also be motivated by more users who contribute to the trust and reputation of the ICO market.

Therefore, ICOHub can help you establish a high-quality ICO market reputation data system and improve the overall trustworthiness of ICO.

At the end of the interview, Eric hopes that everyone will be able to polish their eyes on the current blockchain projects. The blockchain is not only a variety of tokens, but its technology, such as its role in credit and reputation systems, can benefit the entire human race.

 

This article is writing on 12 Aug 2018 based on information available online & news portal. If you feel it’s outdated or incorrect, please write here to update it. Mail us: [email protected] Or Whatsapp Us- +13098896258

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