How does Hive work?
Let’s find out.The Hive Blockchain is described as fast, scalable, and powerful.It’s fast, with transactions taking
less than 3 seconds to execute.It’s scalable, with a future-proof resource bandwidth and storage system.And, it’s powerful, having been battle tested for years by hundreds of apps, comm unities and projects around the world.The Hive Blockchain runs on a consensus model called Delegated Proof-of-Stake.This means that the network uses much less electricity than a Proof-of-Work Blockchain like Bitcoin, while still remaining secure.Holders of HIVE coins can create Hive Power, Another word for Witnesses is Delegates.and use Hive Power to approve Hive Witnesses.Hive Witnesses are the operators of
the decentralized Hive Blockchain.To keep the network running optimally,the Hive Blockchain implements a feature called Resource Credits.These credits are awarded based on how much Hive Power is assigned to a particular account, and influences how frequently that
account can interact with the Blockchain.If you have a lot of Hive Power, then you will have a lot of renewable Resource Credits to use when making posts, executing transactions, and uploading content to the chain.The HIVE Cryptoasset has a steadily declining inflation rate, and newly generated coins are
used to fuel the ecosystem. 65% of new coins are used to fill a rewards pool, 15% go directly to accounts that have Hive Power, 10% go to Witnesses in exchange for securing the network, and 10% go to the Decentralized Hive Fund. The Decentralized Hive Fund is a tool used to provide financing to projects who wish to enhance the Hive Ecosystem.Accounts vote with Hive Power on And that’s how HIVE works.
Author-
Date-17.4.2023
Time-19:40PM
