HitChain is a blockchain technology based ‘self-governed’ community of global developers, which is ‘By developers, Of developers, For developers’. HitChain strives to build a decentralized and collaborative community to trade developers’ works valued by a transparent credit system. It will be the first real community by developers, of developers, for developers. The designated digital currency system encourages developer to automatically redeem the real value with innovation and creativity, including the monetary return (currency value) and privileges (currency right). The shared-governance system will guarantee that each community member has the responsibility and right to participate in every decision making in the community.
HitChain Token (HIT) is a Ethereum ERC-20 based Token circulating within the HitChain ecosystem, and will be used in the following scenarios：
- To pay for HitChain regular business expenses including code hosting, copyright management, crowdfunding reward, paid use and so on;
- To pay for to copyright transfer;
- Weighted Voting Rights and Voucher of Value Holding;
- When fuel tokens are not enough to pay, basic token is automatically converted into fuel tokens to ensure the deal is completed.
It is important to note that before the launch of HitChain, the ERC-20 token - HIT based on Ethereum will be used for rewards and operation promotion. Once HitChain online, ERC-20 will be exchanged to HitChain Token (HIT) at one to one ratio.
One of HitChain's primary goals is to benefit global software developers. HitChain is committed to addressing the most fundamental issue of fair and decentralized profit distribution. We welcome all developers to join and build HitChain regardless of country or origin, skill level and career goals. Compared with GitHub and other open-source platforms focusing on getting job done, HitChain will do more to formalize fair profit distribution platform to realize developers’ intrinsic value.
At present, all major code hosting platforms for open-source projects around the world like GitHub, are operated by a stand-alone entity, which is subject to technical failure and with scalability issues and posting potential risk to over commercialization and monopoly. Instead HitChain will be a decentralized platform for software development and management to solve the above problems with security, scalability, democracy, and autonomy.
At present, the open-source communities manage development process and the results based on version management system and issue tracking system, etc. Intellectual property rights such as developer code and documentation are also confirmed by these systems. However, these systems are not tamper resistant, and in some extreme cases the developer's originality may be maliciously deprived of. Instead as HitChain is a decentralized and shared development and storage platform, developers’ work will be safeguarded from any unauthorized direct use which can be spotted and stopped instantaneously.
In HitChain blockchain technology will be applied to establish an authoritative, recognized, and transparent competency appraisal and credit system by collecting and managing developers’ data. Such appraisal system will greatly reduce the collaboration and transaction cost.
Till today developers’ income is not matching to their contribution as they are kept at the farthest end of the centralized value chain. Also, at the default of a widely accepted appraisal and credit system, developers’ tech capability can’t be measured quantitatively and bring matching monetary value. HitChain’s solution is the digital currency protocol. Digital currency will be rewarded to developers based on designated algorithm. Developers' workload and quality of work can be directly assessed and converted into corresponding digital currencies by the pre-defined triggers from either development stages or milestone (such as PR being accepted, Project maturity, etc.), or public's attention (such as praise, fork, reuse, subscriptions, etc.). Therefore, a transparent, open competency appraisal and credit system will be established in HitChain and developer’s capability is measured precisely and will be converted to monetary value. Quite the opposite to existing highly centralized income distribution controlled by certain entity, HitChain ensures fairness, accountability, autonomy, and justice by letting developers transact and earn in algorithmic market freely.
In HitChain, supply and demand information are symmetrical. The price and transactions are open and transparent. Dispute if any can be traced back and reconciled. HitChain’s transaction settlement system is based on Blockchain technology jointly built by all participators. Taking open-source development activities as an example, each open-source project can recruit developers for support. Such transactions can be easily settled with HitChain digital currency system without any third-party involvement with transparent pricing.
HitChain is a platform maintained and updated by the all developers. All decisions needed for community operation, such as development tool to provide, operation regulation, reward system and transaction system will be made by members through public voting supervised by committee. Each member’s voting power is different based on his competency appraisal and credit grade calculated by underlining algorithm.
All contributions are made under the GNU General Public License v3. See LICENSE.