September 25, 2020 |James Messi
Following a hostile takeover of the STEEM platform, the HIVE blockchain was created by former STEEM community members through a hard fork of the STEEM blockchain. The new platform was built to include systematic decentralization that would make it more appealing to the crypto community at large. Learn about the HIVE blockchain, its native assets, and what the team is doing to improve the HIVE platform.
The HIVE blockchain
The Hive blockchain is a fast, feeless, scalable solution for a decentralized web. Investors, developers, and end-users meet in a robust, engaged community where the HIVE token allows near-instantaneous transaction of value, and wallet addresses are usernames that unlock an entire ecosystem of services.
After the centralized takeover of the STEEM, the HIVE platform was created through a hard fork of the STEEM blockchain. HIVE looks to maintain a distributed infrastructure by strengthening the social use cases for blockchain. This is done through the support of incentivized social blogging as well as decentralized applications (dApps). Writers can publish and immutably store their content on the HIVE blockchain. From there, consumers that are engaging with the content can upvote it resulting in a reward, paid out in HIVE, to the content creator. This serves as a useful incentive to create higher quality content with more substance while allowing the community to ultimately curate the top content at any given time.
What did HIVE do differently?
The HIVE platform was forked from the STEEM blockchain by former STEEM community members who understood that the corporate takeover of STEEM meant an end to the decentralized nature of the network. The new HIVE blockchain and community were quick to implement changes to avoid any additional takeovers in the future.
To start, 80% of the ninja mined tokens from the STEEM blockchain were omitted from the HIVE protocol. Developers of the HIVE platform also added a 30-day delay between issuance of tokens and gaining voting rights in order to make a hostile takeover significantly more difficult to execute.
The Decentralized HIVE Fund
The Decentralized HIVE Fund (DHF) serves as both a robust and fair model used to fund future developments of the blockchain as well as an additional method to maintain the network’s degree of decentralization. The DHF is funded by allocating a portion of airdropped and newly minted HIVE tokens into its reserves. With these reserves, the HIVE community can fund any and all projects that are proposed and supported (via voting) by the community itself. The DHF keeps the HIVE blockchain decentralized by keeping control of the DHF’s reserve in the hands of the HIVE community as opposed to one dominant group or individual participant. The fund’s reserves are also locked for specified periods of time to ensure that none of the tokens are sold on the market in large sums. This prevents dramatic drops in the price of the HIVE token as a result of the team needing to access funds to pay for development costs.
The HIVE token
For the investor, HIVE is a cryptocurrency unfettered by long wait times or hefty fees. You can move value quickly without eating into your funds. Hive features three-second block times on a network producing some of the highest recorded daily transaction numbers and easy-to-remember customizable wallet addresses. The Hive blockchain also gives you the ability to include end-to-end encrypted memos with transfers, and multiple options (tiered keys and staking) for holding and accessing funds safely from anywhere.
The HIVE blockchain has three native assets which are HIVE (HIVE), the HIVE Dollar (HBD), and HIVE Power. HIVE serves as the base asset of the platform which fuels its infrastructure and governance. The HIVE Dollar (HBD) is used to stimulate the HIVE platform and community through rewards paid out to content creators and consumers. HIVE power is used to gauge the level of influence that a HIVE participant has within the network. A user with a high HIVE power level can achieve more impact on the reach and rewards earned for a given post on the HIVE blockchain.
Hive users and investors can be as hands-on or off as they want to be. The keys to a Hive account allow you to:
- Send and receive HIVE tokens and info globally in seconds, for free.
- Own and verify your identity, data, and social connections without fear of de-platforming.
- Post and comment on a censorship-resistant, immutable blockchain from a username that can also directly send or receive funds.
- Play games with traceable asset ownership and no gas fees or confirmation wait time.
- Participate in Hive governance and development funding, allocation of a shared reward pool.
The Hive blockchain has a growing second layer, with a diverse array of dApps and a burgeoning marketplace for non-fungible tokens (NFTs) and contracts. Investors can use HIVE as a token without needing to participate in anything more than what interests them. On the other hand, users of the platform can dive in headfirst to take advantage of all that the Hive network has to offer.
Hive moves value, stores information, powers projects, and in a time where centralized companies can take away the ability to speak AND the ability to monetize, has the potential to lead the decentralization of the web.
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