Hugs, the Web 3.0 Crowdsourcing Platform, Kicks Off First Private Sale Round

GIBRALTAR, May 18, 2022 /PRNewswire/ -- Hugs, the Solana-based platform enabling bi-directional crowdsourcing and self-sovereign reputation, has started the Private Sale of the $HUGS token after obtaining approval from the Gibraltar Financial Services Commission (GFSC).

"We absolutely wanted to have official approval from the regulator in Gibraltar before starting any capital raise. Our dedicated team has been working voluntarily on the platform for over a year now. We're now ready to scale up our business and enable any decentralized application (dApp) to benefit from crowdsourcing," says Gianni Brisson, Founder and Executive Lead of Hugs.

The Hugs team will utilize this funding to grow the team and launch their platform.

For more info: [email protected]

What is the Hugs Platform?

Platforms in the Web 2.0 space and decentralized autonomous organizations (DAOs) in Web 3.0 alike have already proven how powerful a crowdsourcing business model can be. Being able to tap into the knowledge of the worldwide crowd is priceless. Setting up a frictionless and efficient process to implement crowdsourcing in a business model has been a struggle for many organizations though. This is where Hugs come in the picture.

The Hugs Platform enables everyone to easily set up their own dApp on the Solana Blockchain through various application programming interfaces (APIs) and software development kits. The Web 3.0 startup will further extend its technology with a low-code platform, allowing less tech-savvy people with a business idea to easily create a dApp. Uniquely, Hugs also enables Web 2.0 businesses to tap into the power of decentralized crowdsourcing by providing services bridging traditional platforms with the modular Web 3.0 Hugs platform.

"The modularity of Hugs allows a wide range of businesses to integrate with our platform using the tools they are the most comfortable with," Robbert Coeckelbergh, Hugs Technical Lead.

Unlike traditional crowdsourcing models, the Hugs platform works bi-directional. Both businesses (companies, DAOs, governments, NGOs, etc.) as well as end-users can take the initiative to start a crowdsourcing campaign. Hugs' built-in stakeholder ecosystem and modular platform facilitate this.

Next to monetary rewards in the form of the $HUGS token, stakeholders can build their own on-chain reputation. Hugs sees self-sovereign reputation as the next necessary step for Web 3.0 to go mainstream. A blockchain-based reputation will provide users with an on-chain resume of their skills, expertise, and experiences. Everyone will be able to build their own on-chain reputation which will not just be app-specific but can be used on the entire Hugs platform across dApps and beyond. An exciting feature to look forward to.

"We're currently working with several companies to launch pilot projects on our platform. We hope to be able to say more about this in the very near future. Stay tuned and connected through our socials for more brilliant updates," Marco Manganiello, Hugs Sales & Partnerships Lead.

For more information visit:

• Website: https://www.hugsplatform.com/
• Whitepaper: https://docs.hugsplatform.com/
• Private Sale: https://bit.ly/3koGMUl or [email protected]

Contacts

Raad Rogge
Hugs Ltd.
Sales & Partnerships
[email protected] or [email protected]

Caution Regarding Forward-Looking Statements

This press release contains certain forward-looking statements regarding the business we operate that are based on the belief of Hugs Limited as well as certain assumptions made by and information available to HUGS Limited. Forward-looking statements, by their nature, are subject to significant risks and uncertainties.

Forward-looking statements may involve estimates and assumptions and are subject to risks, uncertainties and other factors beyond our control and prediction. Accordingly, these factors could cause actual results or outcomes that differ from those expressed in the forward-looking statements.

Any forward-looking statement speaks only as of the date of which such statement is made, we undertake no obligation to update any forward-looking statements to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of unanticipated events.

SOURCE Hugs Limited