The Hive blockchain encourages interaction with various decentralised apps (dApps) across the Hive network in an effort to accelerate the widespread adoption of cryptocurrencies and blockchain technology. The platform also gives developers, content producers, and businesses access to a wide range of tools and services for building innovative dApps and decentralised social media networks.
The Hive blockchain is also extremely scalable and has a minimal barrier to entry thanks to its lack of gas fees and lightning-fast transaction confirmation rates. In addition, the Hive network is home to over 126 projects, many of which are innovative NFT initiatives, crypto gaming sites, and decentralised social media platforms. By compensating users for participating in discussions and producing important material, these programmes aid in the development of decentralised communities.
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The Hive Blockchain
A decentralised hard fork of the Steem blockchain created the Hive blockchain. Numerous decentralised applications (dApps), social media networks, NFT initiatives, and cryptogames can be found in the Hive crypto ecosystem. Additionally, the Hive network’s native cryptocurrency, Hive coin (HIVE), is crucial to the Delegated Proof of Stake (DPoS) consensus method. Additionally, anyone may earn Hive coins by creating and curating content because of the cutting-edge Proof-of-Brain (PoB) idea.
We’ll delve further into the Hive network in this essay. We’ll delve into the native Hive coin, resource credits, proof-of-brain (PoB) monetization, and time-based content models.
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Hive is a community-driven hard fork of the Steem blockchain and a quick, scalable DPoS-based blockchain ecosystem for Web 3. The platform is home to a wide variety of decentralised applications (dApps), APIs, development tools, and frontends that are all designed to make it as simple as possible to integrate blockchain solutions, manage records, and access on-chain data.
The Hive network also offers services to consumers, investors, creators, and developers. The network may therefore store enormous volumes of content and highly-accessible data that are made available for “time-based monetization.” Additionally, the Hive blockchain features fee-free, lightning-quick transaction confirmations that take less than three seconds. This lowers the entrance barrier, making the platform highly scalable, and encourages the widespread adoption of blockchain technologies.
The unique proof-of-brain (PoB) idea, which distributes a part of inflation to network users, also benefits the native Hive coin (HIVE). Additionally, Hive offers a variety of opportunities for customers to generate passive income without making a financial commitment. This involves engaging in activities like gaming, blogging, utilising dApps, creating, and participating in conversations.
The Steem Blockchain
A social blockchain called Steem makes it possible to share user-generated content and earn rapid money streams. The Hive blockchain was introduced in March 2020 as “an autonomous and decentralised fork of the Steem blockchain.” Hive wants to free the community “from the burden of Steemit Inc. and its disproportionate power” while still upholding the principles of the Steem platform. All Steem users received a mirror of their present Steem balances through “airdrop” to a parallel account on Hive that was generated immediately after this fork. Additionally, Steem users could log into their new Hive accounts with their current Steem account credentials.
Additionally, “Dapp.com” reports that following the fork, Steem’s daily active users fell by 17%. The development of the Hive blockchain, according to Hive, followed the sale of Steemit Inc. to Sun Yuchen of the Tron Foundation because of “the exploitation of this influence and lack of faith in the continued viability of Steem.”
Proof-of-brain (PoB) tokens are a particular kind of currency that can only be acquired by publishing and curating content. Additionally, similarly like Bitcoin, the PoB token is subject to a 50% reward decrease every four years and has a maximum quantity of 21 million tokens with no “pre-mine.” Additionally, PoB encourages users to use censorship-resistant social networking sites. Thus, by publishing films, blogs, and other types of content, users across the Hive crypto community can get passive revenue.
Hive wants to build a strong, enterprise-grade blockchain solution that reduces operating expenses and is always trying to get better. The project also pledges to create a broad range of libraries, community assets, and developer tools to make integrating blockchain infrastructures simple.
Additionally, Hive is developing a multi-layer system with modular plugins for both the layer-2 application layer and the blockchain layer. Additionally, the platform aims to provide a network of services and goods that are “censorship-resistant by design.” This comprises non-fungible tokens (NFTs), social media applications, and token administration tools for smooth layer-2 interaction.
The Hive Crypto Ecosystem
The Hive network uses two different kinds of cryptocurrencies. The original Hive coin comes first, followed by “Hive Backed Dollars” (HBD). Each of these resources is essential to the Hive crypto ecosystem. We examine these resources in greater detail below.
The HIVE Coin
The native cryptocurrency of the Hive blockchain is called the Hive coin, or HIVE, and it comes in two variations. The liquid Hive coin is the first, and “Hive Power,” a staked form, is the second. The Hive coin can be purchased, traded, staked, and is freely tradable. However, a “power up” procedure is used to make Hive Power accessible to stakeholders after a vesting period. Following this procedure, a “power down” process lasting 13 weeks transforms Hive Power back into liquid Hive currencies.
Initially, the supply of Hive coins was determined by a snapshot taken during the Steem hard fork that gave rise to the Hive network. Immediately after a 51% attack on the Steem
One of the main characteristics of Hive coin’s monetary policy is its declining inflation rate, which drops by 0.01% every 250,000 blocks. This works out to roughly 0.5% annually. A reward pool for content producers and curators will be financed with 65% of the coins that are put into circulation as a result of inflation. 15% more will be distributed to Hive Power stakeholders, with 10% going to block rewards and the “Decentralized Hive Fund” (DHF). According to CoinGecko, the Hive coin has a market worth of $911 million and is now trading for roughly $2.48.
Hive Backed Dollars (HBD)
Throughout the Hive crypto ecosystem, “Hive Backed Dollars” (HBD), a stablecoin tethered to the dollar, are used. They are also “supported by the network’s ability to convert them into $1 worth of HIVE,” according to the statement. Additionally, to ensure a viable economy, the market cap of HBD must be lower than 10% of the market value of the Hive coin. Additionally, the median price must continue to be higher than $0.3964 (which is $2.53 as of this writing).
The cutting-edge stake-based “resource credit” method used by the Hive cryptocurrency network substitutes expensive gas fees. Credits for resources can also be “recharged.” Participants stake Hive currencies in the resource credits mechanism as well. They get various resource credits in exchange, depending on the size of their stake and their network participation. Transaction costs are replaced by these credits, which automatically renew over time at a 20% daily rate.
Depending on the kind of transaction they are utilised for, resource credits also diminish at different rates. For instance, more resource credits are required for complex asset transfers than for social media updates.
The Hive Network
The community runs three types of nodes with various settings to optimise connection and resources across the Hive network. Blocks must first be signed by “witness nodes.” Second, “seed nodes” make peer-to-peer (P2P) connections externally possible. Third, “API nodes” make remote procedure call (RPC) connections externally possible.
Block production happens every three seconds. 20 witnesses are given the right to sign blocks on a rotating basis. According to the total Hive Power staked to sustain them via individual approvals, witness nodes are chosen to sign blocks.
Delegated Proof-of-Stake (DPoS)
The delegated proof-of-stake (DPoS) consensus technique is used by the Hive blockchain to protect the network and approve transaction blocks. Block makers, sometimes referred to as “witnesses,” are required to stake a certain amount of Hive coins in order to join the consensus and profit passively from validating blocks. Additionally, Hive currency owners can transfer their stake to a witness in order to split the profits for staking. In addition, the distribution of prizes is proportional to the value of the stake, with witnesses earning more benefits than delegators.
Development and Integration
Using a quick, version-controlled transactional database based on “ChainBase,” Hive makes it simple for blockchain developers to design engaging applications. Through “managing a scaling amount of RPC requests effectively without a noticeable increase in memory utilisation,” this allows for simultaneous database access. The Hive blockchain also provides straightforward cross-platform connectors and support for all major programming languages.
The Decentralized Hive Fund
The Decentralized Hive Fund (DHF) is an alternative funding initiative that uses a DPoS mechanism that is proposal-based to fund the growth of initiatives across the Hive network ecosystem. The DHF also employs a decentralised method for funding distribution. Hive coins can be staked by supporters to back a fundraising request. Therefore, the stakes are bigger the more support a funding request receives.
As a result, financing is allocated more generously for ideas with greater stake. By prohibiting any one player from having too much influence over the fundraising process by raising their investment, this technique helps to level the playing field.
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In order to reward users of decentralised social media platforms for their involvement, the Hive network adopts a time-based content monetization system. Users can benefit from this by posting and leaving comments. Content can be made money over the course of seven days. This not only promotes organic discoverability but also rewards high-quality, competitive content.
The Hive Blog
The first interface made available on the Hive blockchain is called Hive Blog. A social media dApp with a user interface quite similar to “Steemit” is called Hive Blog. The number of transactions on Hive Blog in the past 30 days has exceeded those on Steemit. Hive Blog is growing in popularity in part because it compensates users for taking part in worthwhile conversations. Furthermore, users of the platform can make money by “sharing their voices”.