HybridHive

HybridHive is a novel tokenprotocol that aims to solve the dilemma of choosing between multi-currency systems that drain value from the real economy, and single currency systems that lead to loss of sovereignty. It combines the advantages of single and multi-currency systems, providing local control, increasing liquidity, reducing risk and most importantly a severe decrease in transaction costs. It enables the creation of unlimited sub-communities with their own currencies, linked through "hives".

High exchange fees in multi-token, multi-currency systems are a prevalent issue in the cryptocurrency market. This problem directly results in increased transaction costs, which can significantly impact the efficiency and effectiveness of these systems. Centralised exchanges usually charge around 0.1%, and decentralised ones like UniSwap charge about 0.3% (besides transaction costs, state May 2023). On 14 May the cryptocurrency trading volume was around $21.96B in 24 hours, which resulted at least in $22 millions as trading fees daily (excluding Gas fees). The tokens within the network can be transferred to members of different communities without incurring any exchange fees. This is made possible through an automatic conversion process where your tokens are converted to the recipient's community tokens, seamlessly and without any charges.

The protocol contains such entities: Tokens - tokens which are tightly connected to the community. Aggregators - aggregators connect tokens or other aggregators in the tree like structure and organising the network. Operator - operators are the smart contract with the governance logic responsible for specific community token or aggregator.

I would like to acknowledge and show appreciation for the individuals who played a significant role in the evolution of the idea by actively participating in brainstorming, pointing out potential issues, and contributing valuable insights: Maxim Schmidt (https://github.com/maxims94), Tim Retkoceri, Vanessa Escande.

The project was developed using Solidity smart contract and incorporated the OpenZeppelin library. Additionally, a frontend application was built using a ThirdWeb framework. The idea of reimagining money has been on my mind since 2018, even before I ventured into the world of web3.