Our mission is to prevent traditional market failures like negative externalities and tragedy of the commons situations by creating a new market for public interest.
Market failures occur due to a collective failure to adequately reward the production of public goods and to efficiently price common resources. Historically the solution to this challenge is for centralized governments to step in and enforce market regulation. However, this approach rarely works well due to corruption and the inability to quickly react to changing market conditions. The result is that regulation is rarely able to produce socially optimal resource allocations.
Rather than enforcing regulations, Hive Commons creates a new market for public interest that aligns the interest of Entrepreneurs, Activists, and the General Public. To facilitate this market, we are issuing a new Ethereum token called Honey (HNY) which uses a distribution mechanism inspired by Universal Basic Income to guarantee that the distribution will converge towards public interest over time. Users can opt to use the tokens they are granted to actively participate in commons governance or simply sell them for a short-term economic benefit.
While our roster for this hackathon is full, Hive Commons is an open source, community driven project. If you are interested in getting involved the door is always open. Join our slack community, check out our github, or follow our progress on medium