The first-ever widely scalable decentralized blockchain whose participants earn money by creating content. Three seconds per transaction and no fees. Hive — getting acquainted.
The history of the Hive blockchain has its roots in another network, Steem. It was created by Steemit Inc in 2016 as a social media application based on blockchain technology. The specificity of the project is that the community itself creates content, and for this, its members receive the platform’s cryptocurrency.
The use of blockchain technology was supposed to decentralize, but the opposite happened, according to the rebels who left Steem. The Whitepaper of the Hive network explicitly states that Steemit Inc, through unprecedented collusion, committed a 51% attack on the blockchain, causing a split among community members.
In March 2020, some developers announced the creation of a fork of the Steem network called Hive.
The founders of the blockchain were a group of developers and investors, semi-anonymously presented in random order on the website of the network. Now it is about forty people who do not represent any organization or company, as well as the whole blockchain, have no specific jurisdiction. It relies on nodes distributed around the world.
Hive was created as the first highly scalable decentralized blockchain, built on the Delegated Proof-Of-Stake (DPoS) protocol. It is a decentralized repository for a vast amount of content, supporting many different types of applications and interfaces.
The primary advantages of Hive are the good speed of transaction processing, only 3 seconds, and no fees. This attracts developers to the platform who create applications with which users create content. The blockchain ecosystem includes several dozen platforms that can be accessed with a single platform account.
The blockchain economy is built on content. Materials created on the platforms get likes, which are already a reward for the author. The one who likes it shares the Hive eponymous cryptocurrency he owns with the content creator. You can put a certain amount of power into the likes, for example, equal to 0.1 token.
The amount of rewards received gives the author a proportional influence on the platform and, in fact, earnings. As the creators of the project note, in fact, this is a mechanism for lending intellectual resources, based on a unique blockchain concept of Proof-of-Brain, according to which the user can earn without financial investment.
To avoid transaction fees, blockchain uses rechargeable resource credits. In this framework, each account holds an amount of credits related to its stake. Those credits are then consumed when transactions are executed on the blockchain and automatically recovered with time — 20% of resources per day.
Hive coin functions both as a medium of exchange, being a native cryptocurrency resource of the platform, and as stakes, constituting Hive Power — the power that determines the degree of influence on the community and is used in the DPoS algorithm. The second currency is the Hive Backed Dollars stablecoins pegged to the dollar.
The DPoS consensus weighted voting determines the block producers, the Witnesses. These are the 20 nodes with the highest rating, to which another, 21st, is added randomly from among all the others.
Create, Like, Earn
Account nickname on the platform, it is also a wallet, also an account for all those applications that have been created on the platform.
It works like this. When you create an account, choose your registration provider. You can choose a free registration with confirmation by phone or email, or a paid registration — without confirmation. Then in the app that the provider gives you, you get access to all the resources of the platform, and from that moment you can like, write posts, post your music, earn UX and get bonuses and currency for it.
Cross-platform integration in Hive is extremely simple. The blockchain uses the JSON format to encode a range of text data, which is compatible with almost all programming languages. This directly translates to the fact that almost any application may be connected with and make use of the Hive blockchain.
Innovative Product No. 1
The lack of fees, high speed, decentralization, and stability of the ecosystem have all turned Hive into a successful project within a year of work. A group of traditional market, cryptocurrency, and investment experts from ADVFN awarded Hive the title of Most Innovative Crypto Product of 2021.
Contributors to Hive come from every part of the world, every walk of life, and are united by a shared common vision and love of decentralized blockchain technology and innovation. From the explanation of the award.