What is Hive (HIVE)?
Hive (HIVE) is an open-source blockchain, aiming to build social networking platforms on Blockchain. It allows users to create content and receive rewards with HIVE tokens based on the votes. The created content will be stored immutably on the Blockchain. In addition, the platform allows creating and running Apps.
Hive’s main selling points are true decentralization, speed and scalability. Other notable features include it with the lowest entry barrier for user acceptance in the market, integrated token allocation, time delay security, and the upcoming Smart Media Token integration. It is an ideal construction site for a range of creative projects focusing on many fields, from open source development to social games. Hive’s purpose is to be the preferred Blockchain to develop dApp.
Cause of formation
The Hive blockchain is, in fact, a fork from the STEEM blockchain on March 20, 2020. The aim of this fork is to create a completely new decentralized platform, separated from the company Steemit.
The main cause is the Tron Foundation’s acquisition of Steemit Inc, Steem and 80% of ninjas who exploit Steem shares and start using them to influence governance on Blockchain.
How is HIVE different from STEEM?
Currently, there is not much difference with STEEM, because this is like a copy from Steem. But there is still a core difference, though, that the Hive community strives towards a completely decentralized platform, compared to Steem becoming more and more focused.
The objective of the project
People who create content on major social networks like Facebook, Twitter, Reddit get very little profit from their work; most of that money goes into platforms.
In this situation, Hive wants to create a fairer, more modern, more transparent social networking platform thanks to blockchain technology along with a reward mechanism for contributors.
About HIVE coin
Since this is a fork from Steem, Hive’s Blockchain also has three different types of tokens to use for each different case.
This is the basic token of Blockchain; this token is similar to Bitcoin. They are used for trading, holding; It can also be converted into Hive Power or exchanged for Hive Dollars.
Hive Power (HP)
This is a measure of the impact of users on the Hive network. The more HP users hold, the more they can influence the value of posts and comments.
Hive Dollars (HBD)
This is a stablecoin anchored to the dollar at a ratio of 1: 1. You can trade with HBD on some exchanges.
If you want to convert Hive Dollars to HIVE, it will take about 3-5 days.
Hive has no official leadership. There are about 30 community developers and 80 contributors working on the project and there are no companies behind the project.
In fact, it is still quite difficult to tell if this is a potential token or not since they only forked two months ago. However, the project is going very well. Besides, the dApp ecosystem is also growing rapidly and looks very promising. So nothing is impossible in the future.
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