The Hive project is a blogging platform and hard fork of the Steem social blockchain, which can also be used to develop decentralized applications.
Hive aims to increase the decentralization of the former Steem blockchain, as the company’s dominance of the Steem network and its governance voting increased after the Tron Foundation acquired Steem, which caused fear and reduced user trust.
The Hive project allows users to write articles and store them on the Hive blockchain without changes, and in return for this content production, they receive Hive Dollars as a reward. The platform’s other tokens are HIVE (the platform’s liquidity token) and Hive Power. Hive Power represents the user’s influence on the network (posts and comments), and holders of this token can also receive editorial rewards.
The Hive blockchain implements an inflationary mechanism with an annual interest rate of 9.5%, which reaches 0.95% over 20.5 years. The inflation rate decreases at a rate of 0.01% per 250,000 blocks (about 0.5% per year). 65% of the inflation goes to the authors and editors, 15% to shareholders, 10% to block producers, and 10% to Hive funds.
The Hive team consists of 30 core developers, many of whom are former Steem network members, and an additional 80 people are involved in external development of the blockchain. The Hive team believes that anyone who is interested can help advance the blockchain, as the future direction of the Hive blockchain is determined by public consensus.
