Throughout the years, we discussed the happenings on Hive. There is a lot taking place here. We are now in position to really start building some amazing things that will really make Hive stand out.
Yet, over that time, even up to the present, we have people who do nothing but complain about Hive. To them, this place is garbage. There is nothing good here. After all, the whales are nothing more than greedy, self-absorbed abusers. They get a kick out of pushing people around. This is the message we are told by some people.
Then you have the unfairness of the system. The larger accounts only care about themselves and nobody else. They will not support anyone nor give them a chance.
Of course, it might be apt to point out that Hive is more than just a blogging platform. The ecosystem is moving in so many different directions it is amazing.
This, too, was pointed out as a problem. How often have we heard that "we need a centralized message"? The idea is to promote Hive as a unified community.
The reality that it is not. We have people with many different interests, pushing development in those directions. Hive is made up on many parts, not all of them correlating to each other.
This is fine. In fact, it is part of what decentralization, resiliency, and permissionless is all about. The fact that we are catering to many types of people shows the versatility of what is here.
What Is Missing?
Hive is embarking upon a much slower process than most other chains. Due to the centralized nature of them, with good management, they are able to forge ahead with the different projects. Hive, on the other hand, has no foundation or company at the helm. For this reason, we see things done in a different manner. There is no venture capital funding here. Instead, we bootstrap it all.
It is evident that an accessible, robust smart contract platform is required. In short, Hive is still in need of a great deal more infrastructure. As we learned this week, the core development team keeps pushing the base layer forward. We had another hard fork that added greatly to the capabilities that exist at the blockchain level.
Smart contracts on a decentralized node system is what is being sought. This is something that is in the works although it does not get much publicity. It is a project that we can confidently say will appear in 2023. This might be too slow for some but, again, without the VC funding to pay for large development teams, we keep plugging along.
Why this is important is because it opens the door for a robust Decentralized Finance (DeFI) system. We already have a foundation in place with the Hive Backed Dollar (HBD) paying interest when deposited into the savings account. This occurs without any financial intermediary. We need to remember how crucial that is.
The ability to design advanced financial products is still lacking. This, however, will be changed by the end of next year. Once the platform is in place, at layer 2, we then can construct a host of DeFi applications that will help to set Hive apart.
This is something that the naysayers on Hive discuss.
The Hive Financial Network
Can you see the Hive Financial Network starting to emerge?
At this moment, it is a mere concept. That said, we are seeing the infrastructure being put into place which will be used. There will likely be an article tomorrow detailing the entire concept and how it is envisioned at this moment.
Nevertheless, have a powerful DeFi network built on layer 2, tied to a decentralized blockchain like Hive is very powerful. This is not something that other blockchains can pursue. @theycallmedan and myself had a call on Twitter Spaces yesterday detailing why this is (check out his Twitter account for the link).
Getting back to the theme of this article, what happens if this comes to being and you listened to all the naysayers? How many times have we seen people put together a post announcing their departure from Hive like it was a resignation latter. Of course, we get the proverbial "this place sucks" in its many forms in these types of posts.
What happens when these opportunities are suddenly on Hive and one spent the last couple years not working to build one's stake due to these views? Obviously, this will be a great setback.
This is why we have to be extremely careful in regards to those who we listen to. Many are not accustomed to dealing with societal altering technology. Blockchain along with cryptocurrency is going to change the world. It is already having an impact. However, within that is finding the projects that will successfully move forward. Not everything that is highly touted today will be around in the future, at least in its present form.
Hive is also evolving. We are seeing progress at many layers. It is true a lot of it is behind the scenes, within the different project teams that are responsible for the development. Roadmaps are sporadic which makes it more difficult to follow. That said, it is happening albeit at a pace slower than most of us want.
We often use word like "potential" and "opportunity" here. These can be dangerous since they evoke the idea of what is possible yet not what will happen. We do not know how all of this will turn out. That is true for most things in life. However, there are people who are putting together some amazing things.
If you are looking at Hive based upon a blogging platform with curation, you are missing most of the iceberg. Unfortunately, this is the view many have and they are more than happy to share it. Be weary of these people since they are not seeing the full picture.
A lot of things in the works. It is going to be an exciting time going forward.
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