The title of this article was going to be in the form of a question. Originally, it was something like this:
- Will Hive Change Your Life?
It was changed to something more definitive simply because of the fact that I am highly confident in this proclamation. After all, it wasn't too long ago that we saw a statement like this appear on social media:
- Hive is changing lives.
We can point to a lot of areas where this is the case. However, we are only scratching the surface with this.
In this article we will cover some of the ways this is happening and, most importantly, what is means for the average user.
Hive is not Trendy
This might seem like a bad thing but it is actually an advantage.
When you think about it, how often does something that is trendy result in long term change? Most often, it is something hyped that is fleeting. We have seen this a great deal in cryptocurrency. A lot of applications have shown up to be the next "killer", only to fade away.
Hive is not like this, It keeps plugging along, expanding in many ways. This means that we are building a foundation upon which people can build. It is a crucial point.
Most are engaged in chasing the next hot thing. Unfortunately for them, and the applications, that rarely lasts.
With Hive, we are not trendy. Instead, we are building.
Hive Borehole
This is something that people on Hive are very familiar with.
Hive is stepping in with the resources where governments do not. In Ghana, this means funding and drilling boreholes for different villages. So far, more than a dozen were completed with news ones breaking ground every month or so.
Consider how important it is to have local water access? How much time is saved by not having to travel long distances on foot just to get water for washing or cooking.
How many projects within cryptocurrency (or even outside) do you see doing this?
Distribution
Hive has one of the most powerful distribution mechanisms in all of cryptocurrency. Whereas the majority cater to the rich, those with resources, Hive has the opposite. It allows for people to show up with an empty wallet and few resources.
Activity can equate to distribution. It is a point we regularly stress because it is crucial to the discussion. If people are not able to financially share in the benefits of the ecosystem, how is it any different from the present system?
This only results in more exclusion.
Cryptocurrency is based upon the tenet (one of them) of inclusion. Unfortunately, most do not adhere to this, not because of a centralized entity but, rather, economics. The mantra is "buy our coin".
Well, the reality is the majority of the world cannot.
Merging of Social Media and Finance
This is going to be huge.
Hive is not the only one doing this. In fact, this is a central transition with Web3. Due to the nature of blockchain, anything built upon it could have the financial component.
It is a mindset that is starting to penetrate the traditional realm. Elon Musk is aimed at doing this with Twitter (X). The difference is that he is operating a centralized entity that will never advance decentralization. It is centralized and will always be that way.
Hive is laying the foundation for this. We are dealing with something that goes far beyond offering a digital wallet. This is about providing open access to the financial services available throughout the world. Sadly, as mentioned, this is an exclusionary system.
Cryptocurrency, blockchain, and digital assets will change this. Here is where we see the ability to build from the base layer enters. Hive is doing this.
Tokenization of Everything
This is a concept long discussed.
Cryptocurrency is not another asset. This is the mistake Wall Street (and others) make. We are going to see all asset end up as cryptocurrency.
That is a major difference.
Hive suffers from the lack of a robust smart contract platform that developers can easily tap into. Once that happens, which it is being built, we are going to see the opportunity to greatly expand what is built on Hive.
Those who are in the process of accumulating coins and tokens, i.e. assets, are going to have even more options in the future. As financial services roll out, these all can interact with communities that are tokenized.
Inexpensive, easy, and swift token creation changes everything. It allows for the tokenization of whatever people want. This is presently absent from Hive. It will, however, put this ecosystem in the same category as the EVMs.
Of course, there is one major advantage: transaction fees (or the absence of direct fees).
The Numbers
The numbers are small.
Hive is not a hype machine. Many focus upon the userbase, or lack thereof, as a sign of what is taking place. To me, this is not the proper framework.
We are still very early in this game. It is one that is multi-faceted and requires a great deal of development. Much of this is infrastructure, something that was overlooked on Hive for many years.
It is only in the last few years that things were kicked into another gear. We are effectively playing catchup in this area.
However, that is not the end of the world since all chains are dealing with issues. In many ways, Hive is, from a technological standpoint, ahead of many others. They are dealing with scaling issues, something that is catastrophic until solved.
In the digital world, a lot of value is created through the network effect. This is something that social media platforms all over the world have used to perfection.
Hive is no different. However, this is more than social media. We are also dealing with the foundation of Web3, which opens up greater opportunities. The plethora of offerings within the ecosystem is going to explode once the smart contract sidechain is operating and available to developers.
Ultimately, there will be a day when the Hive economy is into the billions. We are going to see both finance and commerce emerge. There are already projects working on providing store capabilities, looking to appeal to the entrepreneur in people. This is where people need to look at what is being offered on Hive as an opportunity at a business.
The idea of tokenization means that everything is monetized. Here is where we can easily shortcut this to mean "everything is a business".
Foresight
It is easy to see things in hindsight. The major difference comes from being able to see things before they are obvious to everyone.
To me, this is Hive.
We discussed the idea of network-states in the past. Certainly, there is a lot to that concept forming within Hive. We are like the old trailblazers, settling in a new land. When there is nothing but pasture, everything has to be built.
This is exactly what we are doing.
Hive will change lives. It is already doing it to a degree. The key is going to be turning this from thousands into millions.
That is all it takes. We know how network effects work. The difference is that, unlike Web 2.0 social media, the effect penetrates many areas. Social media is only the feeder system for other tentacles. This means more activity based upon the other offerings of the system.
Ultimately, we get a circular situation based around more than simply finance. Everything feeds into everything else. There is no separate. Multiple applications attract different users, supplying the base layer with more users. A single account allows them to access all that is offered.
Over time, this will only grow. At this moment, it is tough to see because of the disjointed nature of the development. We hardly have doors on most of the buildings we constructed on this flatland.
Each day, more is being done.
That means those who make their way to Hive can start their journey ahead of everyone else. This is not one of Lambos and mooning, although that will likely take place at some point.
Instead, we are dealing with basic economy building. There are going to be billions of dollars of wealth generated on Hive. This will come from economic activity tied to most transactions. As finance and commerce start to emerge, providing people with goods and services they need, expansion accelerates.
This makes the circle that our economy operates within larger. It also increases the power of the circular flow.
Hive will change lives and in numbers few are envisioning.