Unlocking Value in a $410 Billion Segment of the Informal Economy
SPRINGFIELD, Ohio, Nov. 08, 2018 (GLOBE NEWSWIRE) -- via OTC PR WIRE -- HUTN Inc. (OTC:HUTN) today announced it has developed a new coin that unlocks value of this already personal currency by enabling transferability. Favors are a peer-to-peer activity that represents US$410 billion segment of the US$27.8 trillion of global informal economy as of 2015 according to data from the 2018 IMF Report on the informal economy and EF Hutton estimate of the segment size. Assuming the coin is widely adopted as a substitute for the current informal currency, and given its limited minting, the coin is expected to have meaningful value.
Favors are essentially a personal currency that is a form of social capital and is present in every human society and every culture. A key factor in granting favors is the expectation of reciprocity. Give a favor and get a favor. Research shows that, like barter transactions, quid pro quo is important to those granting a favor. Consequently, favors are typically limited to those with whom the grantor has a kinship - meaning close friends or family. The kinship factor has limited the utility of favors. However, it has been proven conclusively that favors are more likely to be granted if the request includes a coin or token that allows the grantor to request a favor from the grantee or from some third-party. FAVR is that coin. FAVR has great utility because it both expands the use of favors and makes FAVR more liquid and therefore more efficient. It works when someone requests a favor and offers a FAVR in return. When granted, the FAVR is transferred to the grantor who may now request a favor from another person, in return for a FAVR. See www.favr.io - for more information including the white paper.
FAVR is the ultimate peer-to-peer digital instrument. Unlike other coins, like Bitcoin, its primary purpose is not to replace existing fiat currencies. It is meant to unlock value of this existing currency - one that has existed since the dawn of humanity but has never been able to extend much beyond each individual's specific kinship, tribe or group affinity. Favors are most useful to younger people so it is perfect for Millennials who need support as they establish themselves. In fact it can give an edge to those who use it.
FAVRs will be distributed to shareholders of HUTN as a special dividend. Effectively an "air drop". However, those who are presently not shareholders and want FAVRs must be shareholders of record of HUTN as of November 22, 2018. HUTN will distribute FAVRs on December 12, 2018 to those shareholders who are on its books November 22. Coin value is a function of: (a) the maximum minting, (b) the economic value of the use case(s); and, (c) the extent to which the coin is adopted for that use. In this case, adoption is expected to be significant because: (a) everyone globally is aware of, and has granted or been a grantor of favors; and, (b) the first to receive FAVRs (HUTN shareholders) are those who have a vested interest in their adoption and are therefore likely to promote adoption of FAVRs in their community.
Only 40 million FAVR will ever be minted which represents about 5 FAVRs for every 1,000 people. FAVR is using the ERC721 protocol on the Ethereum platform. Of the 40 million total mint, about 35 million FAVRs will be distributed by HUTN as a dividend (one for every two shares) and the rest will be retained by HUTN. FAVR is based on intellectual property developed by EF Hutton, Inc.
When issued, FAVR is expected to trade on one or more cryptocurrency exchanges, HUTN does not represent or warrant that any market will develop after the dividend is received by shareholders.
About HUTN Inc.
HUTN, Inc. is a FinTech company whose subsidiaries provide branded services to consumers ("B2C"). Our operating subsidiaries provide the following services and products: Megga Inc. subsidiary provides a social internet platform that pays users MeggaCoin, a token that can be redeemed for cash - meggalife.com is a new model. The platform includes - social networks, e-mail, internet search, news and more. EF Hutton Inc. provides online investing services and specialty products involving digital assets under the legendary financial services brand, EF Hutton - see efhutton.com. Vyral Media is a subsidiary that publishes digital content to enhance user experience and engagement. Vibrant Mobility is a subsidiary that provides mobile data & communications services.
Source: HUTN, Inc.