Hive is a Web 3:0 social media platform based blockchain where incentive as crypto currencies are rewarded for content to be created and shared. Contents of various forms like tests, charts, videos, arts, pictures etc are appreciated and engaged. There are set out rules and regulation for the content creators as they explore several communities and projects on ecosystem.
Hive as a distributed ledger utilizes the potential of this vital technology to oversee all the activities on the chain as they are recorded as immutable and valid transactions from the diverse and interconnected users in a decentralized manner with a dedicated consensus mechanism called delegated proof of stake. With this mechanism, Staking is very important and used for voting during block production.
During Block production, which is done in rotation basis, there are over thirty witnesses, as validator or block producers are called on Hive whose works including the verification and validation of block of data from the user. They are delegated or elected by the number of votes received. Their hard work aid to promote Hive blockchain even in governance. A new block are produced in every 3 second which makes Hive, one of the fastest and scalable over other network
Relationship With Steem blockchain
The Genesis block as the first ever validated block on network are called, but bears Steem in the July, 2016. There was a heated argument between Justin Sun and other leader which gave birth to Hive as being hard forked from steem. After acquiring a large stake, He take up the rein of rulership which affect others as witnesses and block producers.
On 20 March, 2020, Hive was live and airdropped for all $steem holders for 1:1 basis. Hive became decentralized autonomous organization (DAO) and self-financing called Decentralized Hive Fund (DHF) on which the fund and resources are voted to be used for further development by community or Project Team on Hive when their proposal are voted in a decentralized manner and fund released for the enhancement and further development of the ecosystem.
THE UNIQUENESS OF HIVE.
These are some of the features that distinguish Hive from other blockchain networks including Steem. Let explore some of them.
1. FAST AND FEELESS NETWORK
There are two projects on Hive that makes it very fast and feeless network. Due to the Resources credit system and the application called Podping operating in the network make it feeless which can be seen in other networks including popular web 2:0 applications like Apple, Google etc.
In every 3 second, a new block is produced making it very fast. This fast block production is the result of the Delegated Proof Of Stake consensus Mechanism adopted and enhanced by one block irreversibility on which 3 second or less, Hive can become the one of fastest and scalable network with the fastest resettlement time which can't be found or achieve by other networks in the world.
2. DECENTRALIZATION AND GOVERNANCE.
The conflict resulted from money attack from Justin Sun lead to the forking as the effect of the position assumed by him create centralization and governance issues experiencing on Steem Blockchain.
Hive gave absolute right and authority over the nodes as they are involve in governance and resource management for the development and enhancement of the ecosystem. With their votes based on their stake weight, they can decide who and which team can be delegated as witnesses as these witnesses play major roles in block production which validate the transaction process. This system of consensus mechanisn, Delegated Proof of Stake works effectively in decentralizing the governance and decision making process on-chain
Another work of the Witnesses is the making of proposal for change in the protocol. When such proposal are made, the users are involved and votes in a decentralized manner for fund allocation and development of the objective of the proposal for further enhancement of the ecosystem. In other network, they are not self financing like Hive which adopt Decentralized Hive Fund for resources management through the voting and decision making of the nodes within the ecosystem.
3. DIVERSE APPLICATIONS AND COMMUNITIES
On Hive blockchain, many Decentralized Application (dApps) operates effectively. These applications acts as sidechain in the Hive network and supports wide range of project and services like finance, game, art etc. This is possible because of the fast, scalable and interoperatibility of the Hive blockchain.
Hive are designed for several users on specific interest and topic grouped as Communities. In those communities, the users can participate and engage with each other contents which is the main focus of the networks.
CONCLUSION
Every Technology have their limitations and strength even as its evolving. Hive have several projects and protocol which make it unique over other networks. The main focus on Hive is the decentralization and censorship resistant as the nodes plays several roles in the decision making process as their votes based on their stakes can play crucial roles in the network without centralized influences.
Hive is known for its high interoperative and decentralized mode on which several projects, dApps, frontends work effectively as a sidechains on the Hive network. Also, Projects like Podping and one block irreversibility makes the network very fast and scalable in that within 3 second, a new block is produced which is verifiable and immutable on the ecosystem.