Registered in Liechtenstein, The Black Hat (BH) Network has been founded with the aim of easing the connection between a contractor and a freelancer. Having been freelancers themselves, the team acknowledged the issue of high fees and the difficulty of connecting with clients.
BH aims to build a marketplace that allows freelancers to advertise themselves to the public while dodging the supposedly high fees that are required today on other existing platform.
Furthermore, the BH ecosystem is expanding to complement Elrond’s Maiar Launchpad through creating a launchpad that allows projects to introduce themselves to the crypto market. The launchpad is going to be called BHero. I will explain this thoroughly below!
After getting to know the team a bit better on Telegram, I found out that they’ve been working on this project since May 2021 (almost a year). They’ve become an official partner of Elrond’s in August 2021 and set up their legal entity in September 2021. The project is very fresh and it is impressive to see what they’ve already built
- Marius Grigoras (Co-Founder and CEO) is the most notable member of the team, having probably most experience in the blockchain space. Mr. Grigoras is the founder of MGStaking, an official staking provider and validator for the Elrond ecosystem, having over 8600 active stakers with over 200k EGLD ($37m) staked on the Maiar App.
- Eddie Munteanu is the other Co-Founder acting as COO and Head of Marketing. Mr. Munteanu is based in the UK and is the founder of Digital Geckos, an SEO company. According to Munteanu’s LinkedIn, he specialises in SEO marketing.
The rest of the team is constructed of very exciting individuals possessing a significant amount of experience in the traditional world of mainly tech and finance. Their common passion : cryptocurrency! See full team here
The team’s self-reported main objective is to build a marketplace for freelancers. As I understand, it’s basically going to be Fiverr on the Elrond blockchain : a place for freelancers to express themselves and for people to get their services.
The BH team reports that current fees on similar platforms can go up to 20% and they claim to get it down to 3-5% by taking advantage of the Elrond infrastructure, which is fast and cheap.
The process will work in a decentralized way because they will have their own token : $BHAT. Basically, whenever a transaction is made between two individuals, a small percentage will go to the company wallet. Think of it like the NFT market : whenever you sell an NFT, a percetange of so-called royalties goes to the creator of the collection.
In their whitepaper, the BH team expresses that the structure of the marketplace will look similar to any other existing platform, having a reviews and ratings system, a chat, customer support service and a referral system. Basically, they’re going to differentiate themselves from competitors simply through the fact that the fees are lower. Nothing else seems to be revolutionary.
Through their roadmap, the team hinted that they aim to have a fully functioning marketplace by the start of 2023. There are other objectives along the way! Keep reading.
BHero is aiming to be the complementary companion of the Maiar Launchpad. The process and outlook of the launchpad is announced to be almost the same as the Maiar Launchpad. The aim of BHero is to launch more projects and therefore accelerate adoption for the Elrond ecosystem.
BHero isn’t yet operational but it’s set to be inaugurated very soon. The first project that’s being launched on BHero is going to be the native token of the BH ecosystem : the $BHAT token
On Telegram, the team confirmed that there is going to be a KYC process and that the lottery will be almost the same as it is on the Maiar Launchpad. BH team member, Petrica Butusina said : “we want to launch our own token to show that we trust our product and to have skin in the game”
A potentially successful launch of the $BHAT token will open the doors for other projects to use the BHero launchpad. We will have to wait and see how it goes.
Keep reading for the tokenomics!
$BHAT is aimed to be the main currency of the marketplace. Of course, the token will also act as governance and staking. The team said that stakers of the $BHAT token will have access to lottery tickets at upcoming token launches.
However, at the first launch, you’ll need EGLD to be eligible for lottery tickets.
As you can see, those that stake with MGStaking will have more tickets.
But you can still participate regardless of what staking provider you’re using, you’ll just have fewer tickets.
- 10.000.000 BHAT tokens will be up for grabs at the public sale (lottery)
- The lottery provides 7200 winning tickets.
- Each ticket costs 100$
- Each winning ticket gives 1388.88 $BHAT
- 0.072$ / $BHAT
Tokenomics of $BHAT
- 500.000.000 total supply
- 100.000.000 (20%) have been sold at the private sale (price of 0.036-0.056$/BHAT)
- 10.000.000 (2%) dedicated to the public sale (lottery)
- 90.000.000 (18%) kept for liquidity providing at the listing on CEX and DEX
- 85.000.000 (17%) dedicated to the team
- 12.500.000 (2.5%) to advisors
- 37.500.000 (7.5%) for marketing
- 85.000.000 (17%) is sitting in the treasury
- 80.000.000 (16%) is for staking rewards
The tokens distributed to the team have a vesting period of 6 months and will thereafter be distributed in 5 phases every 6 months.
All tokens are planned to be in circulation by the third quarter of 2024.
Lastly, the most interesting thing about $BHAT is the transparency and precautions they’ve taken prior to launch. The team has implemented a procedure of 16 multisig smart contract confirmations. While that sounds fancy, it really means that any action taken must be approved by more wallets, “preventing a rogue or hacked individual from performing detrimental actions”
This makes it the first project we know of to implement this type of unique procedure.
Furthermore, they’ve also revealed the wallet addresses containing all the funds from the tokenomic distribution. Click here to see the wallets!
BH Network is made of three components so far : The marketplace for freelancers, the BHero launchpad and the $BHAT token. Neither of these are live yet but I expect the launchpad and the token to be operational by May 2022!
Closing to launch their own token and own launchpad within the first year of operations is quite impressive, hence why I decided to cover this project!
The team also inspires confidence. Having been following Marius Grigoras for a while now, he seems like the kind of individual that could accomplish anything. He’s truly talented at what he does.
It’s worth keeping an eye on the evolution of this project as the theory behind it is quite interesting!
By no means is this financial advice!