In our last discussion we covered the idea that Hive's move overlooked feature is the fact it is a decentralized database. It is also permissionless meaning that anyone can build on it. The only requirement is to have enough resource credits (acquired for Hive Power) to write to the blockchain.
Here is the primer for this article:
Since some seemed to inquire how this could be done, it only makes sense to give a quick idea of how to accomplish this.
The key feature in this is the fact that Hive is an immutable text database. This means that, unlike many blockchains which are ledgers of transactions, we can actually fill Hive with text-based data. Anyone who posted an article understand how this works.
As we look around the Internet, we see how important data is. There are facts that people are consistently pulling up. We have glossaries, lists, and wikis containing information. All of this have value, especially in the era of AI.
It is time that we start replicating some of that on Hive. Many discuss possibilities yet we seem to lack in the action.
Therefore, we will outline how we can build an online business utilizing Hive as the back end.
In the past we covered the idea of Wikipedia. This is one of the largest text (mostly) databases out there. We also have Investopedia which focuses upon the world of finance and investing. Each of these have been around for years and rank highly in the search engines. There are billions (if not trillions) of words in their database, along with billion of links.
So what could we build? The answer is that we are only limited by our interests. Think of glossaries, lists, and statistics.
For example, just off the top of my head:
It is easy to see how information in any area has some interest. If it is something you like, it could be for others.
So the first decision is what will the database going to contain?
The first course of action is to get a Hive account pertaining to the database. This is something that is tied to it.
For example, I might grab the username "everythingaboutstartrek" or "startrekfacts" if that is the database I am building.
It is here where we start to make the posts that appear on the blockchain.
I would suggest when doing this, to decline rewards. Under this instance, we are not utilizing the proof-of-brain mechanism. Instead, we are utilizing Hive for its ability to store data. The only cost to us is powering up $HIVE, which is actually an investment.
When we go through many of the databases on Web 2.0, there are links throughout. The idea is to keep driving people further into the topic they like. Again, we are creating something that the user has an interest in. Therefore, providing information is vital.
For example, going back to Star Trek, when Captain Kirk is written, that can be linked to a page that has all the actors who played Kirk in the film and television versions along with a write up of the character.
The same would hold for everyone appearing. There also might be timelines of when those series ran.
Linking does have some impact on search engine ranking although that is best if it comes for outside. However, internal links do help to eliminate orphan pages.
This is an optional feature but one that certainly is a path forward. By building a website everythingstartrek.com, we start to provide the ability to rank the content. We know having a URL with the data is better than having it contained via peakd or hive.blog. That said, as time passes, perhaps the search engines will rank these sites better.
A big advantage of having a dedicated website is the fact that the data can be assembled as one sees fit. Also, monetization could happen at this level. One could start to implement ads. Also, if enough of a following is generated, one could start some type of subscription based service.
This step might get easier over the next year as the Hive Application Framework (HAF) is built out and expands. It is a layer that is meant to make it easier for developers to engage with the blockchain data.
What happens when people start to assemble around a particular subject? How do people engage when they are aligned around a topic of interest?
Here is where we have the formation of a community. If we strike upon a subject that acquires some dedicated users, we can build from there. Here is where segmentation is beneficial.
Star Trek is a popular series with many. There are a lot of dedicated followers of the show and films. By having a resource or reference center tied to this topic, the potential exists to start generating a following.
This opens up other possibilities like selling merchandise or having a shop.
What would a Web 3.0 project be without the discussion of tokenization. This is, obviously, completely optional.
However, if the community grows, perhaps the decision is made to implement a token at some point. With Hive there are a number of smart contract platforms being developed, some of which will offer the ability to generate a token easily.
Creating a token just to have a token is not a good idea. However, if the project becomes successful in terms of followers, this might be a step to take. It could serve as a medium of exchange along with the possibility of being a social token. Here is where some incentivization could enter.
The idea here is to start the process of building a business on Hive. This is something that was overlooked in the world of cryptocurrency. Everyone is after the mooning and Lambos while ignoring basic business building concepts.
One of the keys is long term focus. Unfortunately, most are not cut out to be business owners since they do not have the dedication or persistence. Anyone who owns any type of business will relate how one needs a long term vision and must be willing to put the time in.
Too often people want the payoff without putting in the effort. This is why they end up failing and having to work for the scraps someone else provides. For every business owner who "fell into an idea" and made a ton of money quickly, there are 10,000 who had to scratch and claw for years to grow their entities.
With Hive, it is no different. Building a business of this nature is going to require the effort and focus in terms of years, not days. That said, the potential to build something powerful does exist.
The key is to get started.
We can talk about great concepts all day long. The problem is they are just ideas. It takes action to bring something into being. This is not a very complicated progress. However, it does require consistency and is a mammoth task. A lot of the existing databases out there were build over a decade or more. This means there is a large gap.
Again, we are only limited by our imagination.
Are you a David Letterman fan? He would do a Top 10 List for each show. Perhaps build a database of those. That is a topic that might be very specific but could rank in the search engines.
What if you are a fan of Real Madrid? How about "realmadridhistory" which is a database of the history of that franchise. It could include bios of players, stats, and lineups.
This is something that anyone can do. If you can post on Hive, the ability exists to create a database. Even if you cannot build a website, create a robust database and there will be people on Hive looking to help take it to the next level.
As for Hive, there is tremendous value in being a back end for businesses. Imagine if there were a few dozen databases build on Hive with websites attached to them. This has great value on the open market and would ultimately feed into the price of the coin.
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