Hive (HIVE) – The Blockchain Social Media

Hive is a blockchain-based social media network designed to offer a decentralized and user-friendly environment to users. It was introduced as a fork of an already running network, Steem.

These networks either use that data for their own advertising platform or sell it to advertising firms at attractive rates. The users can’t do anything about it because most of these platforms are centralized and controlled by a small group of companies. It ultimately raises the need for a blockchain social media network that respects users’ privacy.

What is Hive?

image source

Hive is a blockchain social media network dedicated to establishing its reputation in the Web3 space. It stands out with its fast processing speed and no transaction fees. The platform offers a range of benefits for developers, creators, and companies alike. Hive doesn’t have a centralized corporate governance but it passes on the governance rights to its community members.

Hive proves to be a more efficient real-time communication platform because it processes transactions within seconds. The developers can build a range of applications on this platform. PeakD, Splinterlands, and HiveBlog are the leading applications built on this network. The platform offers excellent efficiency and scalability because it’s built on Graphene blockchain protocol.

Benefits of Hive

Provides Complete Control of Data – Hive provides users with complete control of their data. It enables them to decide the amount of information they want to share with others.

Wide Range of Applications – Hive offers multiple opportunities for interaction and entertainment. Users can access a wide range of applications using this platform. The best part is that the users can freely share content like articles and videos without worrying about any censorship. Moreover, the developers can also build tokenized communities on this platform.

No Transaction Fees – Hive blockchain executes an average transaction within 3 seconds. The interesting part is that the platform provides no fees transactions by allowing users to stake their HIVE tokens. The users can obtain this facility by simply staking a small amount of HIVE tokens.

Hive Brief History

Hive was introduced as a fork of Steem in 2020. Steem was introduced as a blockchain-based social media platform in 2015. However, the users started complaining about its censorship, centralization, and lack of transparency. So, a group of developers from Steem decided to launch a network that could offer better decentralization and a user-friendly environment.

The team introduced the native cryptocurrency, HIVE, in 2021. And the platform reached a milestone of 1 million active users in 2022. Although it’s a new platform, it has already made a huge impact in the social media landscape. With its transparent, decentralized, and censorship-resistant nature, Hive proves to be an attractive choice for content creators and users.

Important Features of Hive

User-friendly Ecosystem

Hive provides a user-friendly interface for building applications. The team has introduced 130 DApps for community members. It also offers a set of tools for developers who want to launch their own decentralized applications. State of the DApps, DApp Review, and DApp.com are some of the leading applications on this platform.

Hive Wallets

Hive offers human-readable names for its wallet addresses that can also be used as a username for Hive apps and social media networks. The users can choose between PeakD, Ecency, LeoFinance, Vessel, Keychain, Actifit, and Hive Wallet. They can then access a wide range of applications using these wallets.

The platform ensures the security of users’ funds by offering additional security features like two-step verification and biometric authentication. Furthermore, the platform uses advanced encryption methods for its wallets.

Decentralized Hive Fund

The Decentralized Hive Fund is designed on the model of a DAO. It’s designed to support the consistent evolution and growth of the network. The users can either submit their own ideas on funding different initiatives or they can vote on the proposals submitted by other users. Thus, DHF uses a permissionless model for community management growth.

Hive-backed Dollar

Like several other blockchain networks, Hive has also introduced its stablecoin called Hive-backed Dollar. The Hive team has set several restrictions for this stablecoin. The platform offers 10% interest to the users who hold HBD tokens. The market cap of this token is set to remain at 10% of the total market cap of the HIVE token.

The team has set this rule to avoid the problems other blockchain networks have suffered recently. HBD is a better alternative for those who want to avoid the price volatility of HIVE as they can use this token to purchase products and services within the network.

Governance

Hive network transfers voting rights to the HIVE token holders when they stake their tokens. The community members can use their voting power to elect the Witnesses (node operators). Similarly, they play a vital role in setting the future direction of the project.

How Does Hive Blockchain Work?

Hive uses a delegated Proof-of-Stake consensus mechanism for transaction processing. The platform supports identity management, play-to-earn games, polling systems, microloans, and more. The best part is that the creators get to earn HIVE tokens when they receive upvotes on their articles and posts.

The artists and creators can directly connect with the marketers and sponsors using the platform’s peer-to-peer network. The users can easily create an account on this network by visiting the homepage at Hive.io.

Hive Tokenomics

HIVE is the native token of the Hive network that is used to pay transaction fees. However, the users can avoid the fees by staking a small amount of HIVE tokens. Similarly, they can participate in the voting process by staking their tokens. With a circulating supply of 487 million tokens, HIVE has a market cap of $180 million. It ranks among the 200 best cryptocurrencies in terms of market cap.

Conclusion

Hive is a decentralized blockchain social media network that offers users complete control of their data, a wide range of applications, and no transaction fees. With its transparent and user-friendly interface, Hive has quickly gained popularity among content creators and users seeking a more open and fair online environment.

If you need more information about how Hive blockchain works, feel free to get in touch with us. We also invite you to subscribe to our weekly newsletter if you need regular updates about Bitcoin and crypto market.