Hive Blockchain, features of Hive Blockchain, and the benefits of Hive
Greetings to all and sundry on this platform, I am very excited to write and share with you all another interesting topic today as an entry to the Finance Bro adventure Quest of the Leofinance Zealy Campaign. I would be tackling Hive today as my topic and I hope that you guys would enjoy reading this article. Basically, we would be looking at the definition of Hive Blockchain, the history behind it, the aim of hive blockchain, how the hive blockchain works, some features of the Hive blockchain, Hive wallets, Hive governance, benefits of the hive blockchain, and many more. Stay tuned with me as I explore this topic with you guys. We can see that blockchain technology is really taking over the world now, and a lot of decentralized blockchain platforms that are working really hard to prevent some of the economic and societal challenges we face in our various communities, Hive blockchain as one of the decentralized blockchain platforms with its intuitive features have taken great steps to battle these challenges. I will in this article elaborate more on the features of the Hive blockchain that make it standard from other decentralized blockchain platforms.
What is Hive Blockchain?
It is a platform that provides its users with scalable transactions and no or fewer fees on transactions performed on the blockchain. Hive blockchain is a web 3.0 decentralized blockchain platform that provides the platform for users to create content, read others articles, curate or upvote others article, make comments, etc. In doing these things on the platform, you earn as well, and it is not just for fun or anything. Curators are those that upvote one's article when he reads the article and he/she finds it interesting, the authors earn rewards and similarly, the curators also earns curation rewards for that too. Hive blockchain is completely governed by its community, that is is decentralized unlike in the case of web 2.0 platforms where decision-making is centralized, that is done a single authoritative body, who is in charge of controlling and running the affairs of the platform. On the hive blockchain network, users have full access to their data and can regulate that at any time that they like doing such. Also, it is an open-source blockchain platform and a lot of web 3 projects can be developed and integrated into it.
Brief History Of Hive Blockchain
Basically, the Hive blockchain has never been a friend to the Steemit Inc platform before but now a BIG NO to that. Hive Blockchain was later created separately when the trust between them and Steem Inc was lost in a sense that the Steem was sold to Justin Sun, the founder of Tron in February 2020. Hive blockchain is built on a Delegated Proof of Stake protocol and I would be elaborating more on that subsequently in this post. Following that which happened in February, Hive Hardfork 24 was then released later in October of the same year and in June of 2021, Hive Hardfork 25 was released as well. Presently Hive has now become popular and well known to people around the globe. Hive blockchain is currently well established blockcahin platform and a lot of developments and projects are being kept in a place to make it a standout platform.
The Aim of Hive Blockchain
Maybe you might be wondering, what at all does the Hive blockchain really want to achieve in the near future? They have a lot of goals that they want to achieve as a decentralized platform and most of them have been achieved whilst others are still underway. First of all, the Hive blockchain has eliminated the centralized way of blockchain where only a single authority is in charge of taking decisions and running or controlling the affairs and activities of the platform. Hive blockchain has created a free platform to help content creators and business models to write and share their ideas here on the blockchain which they earn on it through upvotes and others.
They are several communities created on the Hive blockchain network so that ll the niche of people can be equally met. For instance, an Artist can join the art communities and make their content there to earn, the musicians can also join the communities that involve singing, sports or football lovers can also join the sports community, etc. As a matter of that, it makes it easy and user-friendly as well for every individual to have access to the usage of the platform with ease. Hive blockchain has created a platform for the creation of several DApps, NFT marketplaces, games, and many more. They create the platform for users to earn free Hive, and Hive Backed dollar tokens on the platform with free transaction fees through writing and sharing quality content on the platform.
How the Hive Blockchain Works
As mentioned earlier, the Hive blockchain platform is built onto a delegated proof of stake (DPoS) consensus algorithm. This DPoS feature helps the Hive blockchain platform to monetize those contents that are being authored by users on the platform daily. There are a lot of front-ends that can be used to access the hive platform and by creating a single hive account, you would automatically have access to all the front-ends without any stress. Apart from Hive supporting content creators, they also support play-to-earn games that are developed and integrated into the Hive blockchain network.
Anytime one makes content and gets upvoted, it takes 7 days, for all your posts that you make, from the day of publication to get paid-out. The Hive blockchain is designed to share the rewards equally into the Hive wallet of each user's account and the amount you would receive depends on the value of your content or post. They are also a Peer-to-Peer (P2P) network on the hive blockchain that aids users to have access to other users outside the platform. In addition to that, the Hive blockchain is transparent and every transaction performed on the platform is recorded and can be seen by every other user on the platform.
Upon creation of Hive account, one can easily visit the homepage at Hive.io and then select any account of his/her choice and creat a free account or a charge account where the max is 3$ to create an account for advanced features. Upon creation, you would need to set a unique username, and then generate your Hive Keys, which should be stored securely and safely before continuing with the next step or the completion of the account creation.
Some of the Features of Hive Blockchain
There are several important features of the Hive blockchain and I would be taking you guys through some of them. Hive blockchain has several unique and advanced features on its blockchain that aid it in its usage. They include the following;
Hive Wallets
As it is for every blockchain platform, Hive also has wallets where their tokens can be transferred and traded at. In order to transfer a token, you need to copy your hive address from that Hive wallet you would like to transfer your token into and then confirm details before signing in for the transaction. Some of the wallets on Hive include Actifit, Keychain, Vessel, PeakD, Ecency, and Leofinance. Hive wallet can be used to access and monitor other hive accounts, sharing of QR codes, and many more. It is secured and supports open-source wallets as well like MacOS, Android, Linux, Windows, etc.
Hive Ecosystem
There are several Hive ecosystems created and established on the Hive blockchain which can be accessed at HiveProjects.io. Hive ecosystem supports many applications such as DeFi, Videos, Games, NFTs, and the rest. Also, there are about 130 DApps created and built onto the Hive blockchain which include, inji, HiveList, Waivio, dCity, dCrops, etc.
Governance
The Hive blockchain network as a way of fulfilling its decentralized nature, it functions through the contribution of about 30 developers and 80 contributors that works actively to change or improve upon the development of the blockchain network. Hive blockchain grants the platform for users to stake their Hive tokens and vote to select who should be the witness for the blockchain and it is here that the Delegated Proof of Stake comes in. Witnesses can be changed regularly and it is done by Hivians through voting. The witnesses are those that look to it that the Hive blockchain network functions properly so it is a critical stage to select a good witness for the blockchain.
Hive-Backed Dollar (HBD)
This Hive-Backed Dollar is the stablecoin for Hive blockchain network and it supports the idea that Hive can be converted into $1. HBD can be kept in savings and you can earn 20% interest yearly for the equivalent amount saved. HBD can be traded and or exchanged into other currencies. In terms of stabilization, HBD is more stabilized as compared to than of Hive. Also, HBD needs to be converted to Hive first before it can be transferred to other exchange platforms.
Benefits of the Hive Blockchain
Hive blockchain has some unique benefits and this is as a result of the unique features that it entails. I would list some of the benefits here in this article.
No or less Transaction Fees and Scalable
Transactions performed on the Hive blockchain are fast and also attract no or fewer fees. Transaction performed can be verified within just 3 seconds or less and that is one of the features that I like most about the Hive blockchain. If you Hive staked in your account, you would enjoy this feature the most.
Decentralized ways of doing things
On the hive blockchain, as mentioned earlier, the platform is decentralized and everyone has access to regulate his or her own data without the interference of a third party. Hive blockchain secures the data of their users with users having full access to that.
Easy to navigate and access other Applications
The Hive blockchain platform has provided a user-friendly interface where users can easily navigate and search for different useful application such as NFTs, gaming, entertainment, videos, etc. It even provides a platform where users can develop or create their own tokenized community and manage it on their own without the interference of any third-party system.
This is where I would bring my article to an end for today, and I would like to thank everyone that read and followed my article this far. Also, I would like to say a very big thank you to the leaders and MODs of the Leofinance community for such wonderful artwork they keep on doing. Kudus to the team.
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