Hutn Coin Based on Favors
Hutn Inc (OTCMKTS:HUTN) recently announced the launch of blockchain technology-based new coin Favr. The coin, based on social capital. It provides liquidity to the personal currency that people have been using for centuries together.
A part of the informal economy, “favors” make up around $410 billion. Just as Favr represents an informal economy, Bitcoin (BTC) leads the cryptocurrency bandwagon. Big companies and corporations are now coming up with their own altcoins. Even highly-placed bureaucrats like U.S. Attorney General Matt Whitaker have a penchant for the magic of digital currency. FAVR is a peer-to-peer digital instrument. On the other hand, Bitcoin and other virtual currencies aim to replace the FIAT currencies and eliminate the need for intermediaries.
Favr Works on ‘Give and Get’ Principle
Favors serves as a personal currency, a form of social capital present in every culture and human society. Reciprocity is the key factor when it comes to granting favors. It works on the basic principle of give a favor and gets one in return. Similar to barter transactions favor granted by a favor is important so that the process continues and is complete. Usually, the favor transaction occurs between close friends or family members.
But this restriction to the kinship factor is keeping the utility of favors restricted in a way. Reports indicate that people are more likely to grant favors if the request includes issuance of token or coin that allows the one giving a favor (grantor) an opportunity to receive it from some third-party or the grantee. It is where FAVR coin can make a huge difference due to its great utility as grantors can use it as favors. FAVR increases the liquidity of the transaction, therefore, making the entire process more efficient.
It primarily comes into play when someone asks for a favor and is ready to offer a FAVR in return. When given, the grantee transfers the FAVR to the grantor who can further the transaction process by requesting a new favor from a third person and return the FAVR.
Hutn To Distribute FAVRs As Special Dividend
HUTN is planning to distribute FAVRs to its shareholders as a special dividend. Those traders who are not a part of the HUTN community will have to become the shareholders of HUTN so that they can receive the new coin as a special dividend. The company plans to distribute these coins on December 12 this year only to those shareholders who owned the shares of HUTN by November 22, 2018.