Hive Project
Hive Project
Token: HVN


Crypto currency invoice financing platform

ICO dates
Start date: 2017-07-03
End date: 2017-08-14

Registrated in: Slovenia

Platform: Ethereum

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https://www.hive-project.net/ Screenshot
Hive Project categories
Business services Platform
Hive Project whitepaper
Video
Hive Project token sale
KYC passing required No | Whitelist No | Restriction for countries No
Tokens for sale 375,000,000
Price Determined 7 days after the ICO ends.
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TABLE OF CONTENTS
ABSTRACT
3
INTRODUCTION
4
CONCEPT
4
FINANCING CONSTRAINTS AND FACTORING
5
INVOICE VERIFICATION ISSUE
6
NON-TRANSPARENT AND OUTDATED FINANCIALS
6
FINANCIAL DATA FORMAT
6
CORE CALCULATIONS
7
Opportunity Qualification and Risk Assessment
7
Performance
8
Altman Z Score: Analysis
8
Industry Sector Calculation Formula
9
Risk Scoring Example
9
Enhanced Hive Risk Assessment
10
Using AI for Predictive Behavioral Credit Scoring
11
TECHNOLOGY
12
Smart Contracts
14
Smart Oracles
14
Additional Architectural Components
15
Smart Contract Structure & Lifecycle
15
Hive Ecosystem
16
Hive Process Model
17
PRODUCT ROADMAP
18
HIVE (HVN) TOKEN FUNCTIONALITY
18
REFERENCE
19
2
...

Abstract
With the emergence of blockchain technology and smart contracts, businesses no longer have to rely on
centralized intermediaries when making transactions or obtaining financing. The level of transparency
provided is not dependent on the integrity of the counterparty being dealt with—total integrity and
immutability is guaranteed by the blockchain technology used in the system itself. The Hive platform lets
businesses connect, encrypt and upload received and issued invoices, which can then be either traded
and/or used to build a transparent financial track record. Existing market opportunity of invoice financing,
audits and credit scoring is USD $ 3 trillion and it constantly growing.
3
...

Introduction
Invoice financing is a general term used in asset based lending for products which allow companies to get
finance for their slow-paying accounts receivable. Once a buyer receives goods, a buyer has 90–120 days to
pay for them. But is there any way that the seller can get their funds faster? Well, this can be achieved by
selling invoices to a factoring company. In exchange for immediate payment seller of the invoice pays interest
rate to lender (buyer of the invoice) – factoring company. And factoring company collect final payment in 90-
120 days, profiting from the initial fee / interest rate. But why do companies need their invoices paid faster?
For cash flow reasons. They need funds in order to buy materials, pay for the production of goods or even to
pay their employees’ salaries in order to continue operation and not wait sitting for 90-120 days until final
payment. This is called invoice factoring.
Invoice factoring is a form of invoice financing that allows companies to sell their accoun...

issuer, owner and payer. These invoices can therefore be made available as a shared source of liquidity for
factoring and invoice financing. Furthermore, businesses can take advantage of the cryptographically secure
nature of the Hive blockchain network to upload all of their financial documentation. Access to detailed
financial data about a specific company or invoice can be granted only by the company itself or the recipient
of the invoice. This enables real time auditing to be conducted, improves the credit scoring process,
expedites credit approvals, etc.
Hive is an end-to-end platform that will give SMEs easy access to short-term financing by turning their
accounts receivables into tradable assets. This is achieved by tokenizing and publishing each invoice to s
blockchain in a secure matter, creating a whole new source of financing in the process. A new meta-market
will be created, where factoring firm, banks, investment funds, insurance companies, P2P lenders and
private investors can provide liquidity in ...

Invoice Verification Issue
Invoice verification is a crucial tool for preventing fraud in factoring transactions. As well as making the
factoring process more secure, it also speeds up the payment process. A contractor or supplier can commit
fraud by knowingly submitting false, inflated or duplicate invoices with the intent to defraud, either acting
alone or in collusion with contracting personnel as the result of corruption. Invoice verification is an important
part of the factoring process and demands time and resources for the factoring firm. Verification of
correctness of submitted invoices includes many steps such as: confirmation that invoiced services were
delivered as claimed, an inspection and confirmation that the quantity and quality of the invoiced goods were
delivered as claimed, an inspection of the works and materials to confirm that they met the specifications as
invoiced, etc.
Hive blockchain implementation with ERP connectors enable automation of all processes involved in
checking validi...


companies consuming the information to do so confident that the data provided to them conforms to
a set of sophisticated pre-defined definitions
Comprehensive definitions and accurate data tags allow the:

preparation

validation

publication

exchange

consumption; and

risk and performance analysis
of business information.
To enable the exchange of summary business reports, like financial statements, and risk and performance
reports, XBRL has the capability to allow the tagging of transactions that can themselves be aggregated into
XBRL reports. These transactional capabilities allow system-independent exchange and analysis of
significant quantities of supporting data and can be the key to transforming financial reporting.
Core Calculations
Hive platform uses two core calculations for helping investor in evaluating investment opportunity. These two
calculations are:
1.
Opportun...

New York University Stern Finance Professor Edward Altman, published the Altman Z-score formula in 1968.
Addition to that in 2012, Altman released an updated version called the Altman Z-score Plus that can be
used to evaluate public and private companies, manufacturing and nonmanufacturing companies, and U.S.
and non-U.S. companies. We are using Altman Z-score Plus formula evaluate corporate credit risk.
Performance
In 2007, the credit ratings of specific asset-related securities had been rated higher than they should have
been. The Altman Z-score indicated that the companies' risks were increasing significantly and may have
been heading for bankruptcy.
Altman calculated that the median Altman Z-score of companies in 2007 was 1.81. These companies' credit
ratings were equivalent to B. This indicated that 50% of the firms should have been rated lower, and they
were highly distressed and had a high probability of becoming bankrupt.
Altman's calculations led him to believe that a crisis would occur and there...

Industry Sector Calculation Formula
Additionally to original model that is good for manufacturing sector we are using following models for
respective industry sectors:
1. Model A Z-Score for private manufacturing companies: this model substitutes the book values of
equity for the Market value in X4 compared to original model.



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2. Model B Z-Score for private general companies: this model analyzed the characteristics and
accuracy of a model without X5 – sales/total assets.



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Hive Project Roadmap

1
Q1 2017
Concept developing and testing since Q3 2016
2
Q3 2017
- Initial coin offering

- Token to be listed on exchange

- Financing SMEs through 3rd party exchanges
3
Q4 2017
- Blockchain prototype - first invoices on blockchain

- Blockchain release 1.0

- Start financing of SMEs on hive
4
Q2 2018
Integration to first ERP-s and algorithm based financing
5
Q3 2018
- Integration with 5 ERPs

- First 3rd party fund for financing on the system
6
Q4 2018
- Credit scoring of SMEs

- Peer to peer financing as an addition to fund financing
Ugur Yildirim
Advisors Ugur Yildirim Finance Advisor / Slovenia

Vasja Zupan
Advisors Vasja Zupan Business and Strategy Advisor / Slovenia

Richard D. Titus
Advisors Richard D. Titus Entrepreneur, CEO, coach and senior technology, Internet, and media executive / USA

Michael Terpin
Advisors Michael Terpin Blockchain Adviser, CEO, Transform Group; Chairman, BitAngels / USA

Tomislav Mucic
Advisors Tomislav Mucic Blockchain auditing / Slovenia

Jure Soklic
Escrow Jure Soklic CO-Founder and CEO / Slovenia

Dejan Jovanovic
Core team Dejan Jovanovic CO-Founder and CTO / Canada

Oliver Muldoon
Core team Oliver Muldoon Finance Lead / United Kingdom

Domen Ursic
Core team Domen Ursic CMO / Slovenia

Jure Sobocan
Core team Jure Sobocan Design Lead / Slovenia

Stanimir Savov
Core team Stanimir Savov Blockchain Lead / Bulgaria

Georgi Georgiev
Core team Georgi Georgiev Blockchain Developer / Bulgaria

Ivan Dikov
Core team Ivan Dikov Blockchain Developer/ Bulgaria

Gal Jakic
Core team Gal Jakic Community Manager / Slovenia

Tom Sperry
Escrow Tom Sperry Investor / USA

Georgi Georgiev
Georgi Georgiev
Blockchain Developer / Bulgaria
Founding Partner – Gattaca Digital Asset Management
Jure Sobocan
Jure Sobocan
Design Lead / Slovenia
Art Director and UX/UI expert
Dejan Jovanovic
Dejan Jovanovic
CO-Founder and CTO / Canada
Jure Soklic
Jure Soklic
CO-Founder and CEO / Slovenia
CO-Founder and CEO / Hive project
Tomislav Mucic
Tomislav Mucic
Blockchain auditing / Slovenia
Blockchain Consultant
Senior Blockchain Consultant
Blockchain Consultant
Tomislav Mučič
Tomislav Mučič
Blockchain Consultant
Blockchain Consultant
Senior Blockchain Consluntant
Michael Terpin
Michael Terpin
Blockchain Adviser, CEO, Transform Group; Chairman, BitAngels / USA
CEO, TRANSFORM GROUP
CEO of Transform Group, chairman BitAngels
PR advisor
CEO, Transform Group; Chairman, BitAngels
Founder and CEO, Transform Group
Transform Group, CoinAgenda
Founder and CEO of Transform Group, Advisor at ICOBox
CEO, Transform Group Chairman BitAngels Managing Director bCommerce labs
CEO Transform Group, CoinAgenda, BitAngels
PR Advisor CEO at Transform Group & Chairman at BitAngels
Advisor
Transform Group CoinAgenda
Founder & CEO, Transform Group
CEO OF TRANSFORM GROUP & ADVISOR FOR ICO BOX
Primary crypto advisor
Founder and CEO of CoinAgenda
Advisor
Advisory Board Member
co-founded BitAngels
CEO Transform Group
Transform Group CEO
Advisor Blockchain Expert
Founder and CEO of Transform Group
Advisor Blockchain Expert
Vasja Zupan
Vasja Zupan
Business and Strategy Advisor / Slovenia
Advisor on digital currencies, blockchain and digital media strategy