Hive (HIVE) is a blockchain network that utilizes a delegated proof-of-stake (DPoS) consensus mechanism. It was launched in March 2020 as a hard fork of the centralized Steem blockchain, serving as a bridge from Web 2.0 to Web 3.0. The Hive blockchain claims to provide lightning-fast transaction processing times and fee-less transactions.
Hive supports a variety of use cases, including:
The Hive platform powers several decentralized applications (dApps), such as Splinterlands, PeakD, and HiveBlog, which leverage the blockchain's features and capabilities.
Hive is a decentralized ecosystem of interconnected applications and services. On the Hive platform, users can explore and experience the capabilities of blockchain technology. They can connect to the network and securely share content, with the value generated being equitably distributed among the users.
In this model, the users are the true owners of the network. Sponsors and advertisers can directly engage with communities and content creators on Hive without the need for intermediaries. This allows for more direct and transparent collaborations between brands, artists, and the Hive user base.
The Hive platform aims to empower its users by providing them with the tools and infrastructure to create, share, and be rewarded for their contributions to the network in a decentralized manner.
Hive is an open-source blockchain network that is designed for scalability. It achieves this by utilizing a layer-2 sidechain architecture, while still maintaining a common layer-1 blockchain backbone to ensure the integrity and distribution of data across the network.
The Hive ecosystem is powered by two distinct cryptocurrencies:
HIVE - The native governance token that allows users to participate in the decision-making processes and management of the Hive network.
HBD (Hive Backed Dollars) - A USD-pegged stablecoin that enables more stable and predictable transactions within the Hive ecosystem.
This dual-token model provides the Hive network with both the means for decentralized governance as well as a stable medium of exchange, helping to facilitate a wide range of use cases and applications built on top of the Hive blockchain.
WHO ARE THE FOUNDERS OF HIVE?
Hive was launched by members of the Steem community in response to the ongoing struggle for control and management of the Steem blockchain. This conflict involved Steemit Inc. and its CEO, Justin Sun, who is also the founder of Tron.
As a result of this power struggle, the Hive platform was born through a hard fork of the original Steem blockchain. The Hive developers chose to operate independently, with a renewed focus on decentralization and community governance.
The Hive project emerged from the Steem community's desire to maintain a blockchain network that was truly decentralized and under the control of its users, rather than being influenced by the business interests of a single entity or individual.
By hard forking the Steem blockchain, the Hive developers were able to establish a new, independent blockchain network that could evolve and grow without the interference of the previous centralized management structure.
WHAT MAKES HIVE UNIQUE?
Hive is a blockchain platform that positions itself as a solution tailored for Web 3.0 and decentralized social media applications. The design of Hive emphasizes speed, scalability, security, and ample data storage capabilities.
Hive has a future-oriented system for managing network bandwidth and resource storage. The blockchain can securely store massive amounts of data and make it available through a time-based monetization model.
All original content posted on the Hive network is permanently recorded on the blockchain. Users can vote for content creators using the platform's native tokens, HIVE and HBD, within a 7-day timeframe. Hive's Proof of Brain protocol is responsible for maintaining content quality, which in turn stimulates a creative economy by leveraging human subjectivity.
The Hive blockchain also aims to be developer-friendly, allowing them to create, deploy, and run decentralized applications (dApps) with ease. Developers can choose to implement new public or private networks using Hive's open-source codebase.
