Hive Owner Retention
All participants of Hive network are owners, and not users. It is quite easy to mistaken people of Hive because of the conventional norms and terms in the internet. For this reason I always try to be mindful of the fact that there is huge difference between participants on centralized platforms and decentralized networks, and try to always refer to Hive Bees to either participants or owners. But ultimately word owner describes Hive people the best. Anybody who has a Hive account is automatically the owner. Because they are the only one who have access to the account and the wallet. That is true ownership.
Yesterday I saw something very interesting tweet by @elmerlin. Elmer came up with a way to calculate amount of HP distributed by curators and most importantly how much of it was retained. Elmer explains it as following: Higher retention is healthy as it signals that most of the people who they vote for are long term builders. Many including myself were curious to find out their curation and retention numbers. Elmer was kind to provide numbers for my curation as well.
I don't know how these numbers are calculated. But it is great to see 75.9% retention. Many other Hive Bee had similar results. User or customer retention are among biggest topics in business. Businesses spend a lot of money to increase these numbers. It is not easy to acquire new users for a platform or a game, or to acquire new customers for products or services. It is even more difficult to retain them. While gaining new users and customers may involve spending money on marketing and advertising, retention has to do with the quality of service or products, but most importantly the experiences people have with the platforms, apps, games, and businesses.
On Hive we are not users or customers, we are owners. While participation in the network is important, being a Hive does not require it. Simply having an account and holding some Hive or HBD qualifies. What do owners do? They own. Owners can be authors, curators, photographers, artists, gamers, witnesses, developers, etc. The manner in which owners participate in the network, contribute to the network, or invest in the network doesn't matter. That is true for all open decentralized networks. Such networks have open invitation to all, regardless in which way they choose to interact with the blockchain or the network. Owners are their own bosses. Nobody can dictate what they are or what they can and cannot do.
Blogging is one of the ways Hive owners can engage with the network and the community. That includes authoring content, curating, engaging in comments, sharing art or photography, etc. But this is only a one small feature of Hive. It is a super important feature that is unique to Hive blockchain. Hive blockchain has a communication platform built from the start. Not many decentralized networks can make such claim. We usually see other projects with decentralization in mind often relying on centralized platform for any kind of communication. That said, Hive is much more than a social platform.
Hive is a monetary protocol. Many if not all blockchain networks offer their cryptocurrencies. Hive does as well, but it does it in much better way in a much decentralized fashion. Decentralization is must for any blockchain network that claims to offer owners. Otherwise true ownership is not possible. Centralized systems or any system that can easily be centralized will never be able to offer true ownership. Fortunately, Hive does it best. It is decentralized, and nobody really can do anything with anybody's money. The blockchain protocol dictates the monetary policy. It is simple and easy to understand.
Sending or receiving cryptocurrencies like Hive or HBD takes couple seconds, doesn't cost any fees, and done peer-to-peer manner. The wallets are human readable, easy remember or make note of, and easy to use. As much as I like bitcoin, the simplicity of Hive wallets and all the benefits they come with are just amazing. The main coin Hive can be used for multiple purposes: as money, or as governance participation influence when staked, or as rewards distribution influence when staked, or as a long term investment, or savings account, or retirement account, business account, etc.
Hive Dollar coins as the name suggests represent the value of USD and it is a unique algorithmic coin that is backed by the Hive network itself. In recent years HBD has improved a lot, and became a top contender as a stable-coin solution. Having a separate coin that is pegged to USD has many advantages like ability to interact with something that is familiar globally and use it in decentralized fashion. Ownership of HBD is much more secure than owning USD in bank accounts. As we have recently seen there can be times when banks may fail and put depositor funds at risk due to bad business practices by banks. With HBD on Hive, Hive owners don't need to rely on others for the security of their money. Moreover, 20% APR makes HBD much better savings instrument than USD or any other fiat.
In addition to providing powerful monetary solution Hive is also changing the web and pioneering in web3 space. Hives tools that allow building communities, apps, games, businesses. Hive has all the ingredients for web3 and resources to build on web3 network. Building on Hive not only gives developers and businesses access to web3, but also empowers them as true owners. Many merchants would love to utilize such solutions, and Hive & HBD would be add value for many. If we just think about merchants and how much they can save in transfer fees, only money saving part would be of a huge benefit.
Hive owners can build communities on top of Hive, be it online communities, or offline communities and take advantage all the tools Hive provides. Hive developers can create apps, games, and solutions on top of the fast, scalable, web3 technology. Many already do. That's why Hive network continues to grow. New projects can benefit from the success of other projects within the same network. Many have done that as well. One account/wallet gives access to many different front-end websites, different games, interesting apps, awesome communities.
Hive blogging is only one aspect of Hive, important one. Let's not forget that Hive core function is much bigger. Content creation and curation are a proof of concept that has also played great role in rewards distribution and decentralization of the network. Hive probably has the best coin distribution system that as time goes by Hive only gets more decentralized. From what I have observed and experienced Hive owner retention is well and healthy and continues to grow. Numbers will only go up when it comes to Hive owner retention. Once Hive make sense, Hive owners are for a very long time. Remember, Hive ownership is not necessarily defined by participation. Participation requires time, and people sometimes have other things to do in life. But that doesn't pull them away from remaining to be Hive owners. Just yesterday, a friend reminded me I lost a bet about bitcoin price from couple years ago. Our bet was off-chain, and about something other than Hive. But we bet in Hive. We are the Hive owners.
Let me know your thoughts in the comments.
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https://twitter.com/880245998676623360/status/1649648739655761922
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Best way to retain users is when we receive upvotes for our quality posts.
I was talking about owners.
Yes you mentioned we are all owners on Hive.
Bravo! Bravo!
Well said 👏👏
We are big time owners, bosses of the blockchain.
I really want to explore other parts of Hive, the blogging aspect is great but exploring other parts would be super interesting as well.
It is a good thing to see such high retention. Isn't it hard to really to define retention though? There are multiple ways to earn HP and figuring out whether or not the HP was powered down.
Either way, I think it's a good thing and all of us are owners in hive.
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On a soft level, the Hive Police has been using metrics like this for a rather long time already. You can make a very solid case to never let any influencer get a foothold on Hive using stats like this, they run a business and need to take money off the table after providing their work. But it's bloody wrong because markets are not big AMMs and we've seen prices rise, while more Hive was sold than bought in the past. It's about trust and deep value propositions. It's very romantic to idolize the big #hodler, I can see that, but it's not helpful for growth, and if we keep running around with four digits active wallets posting a day, rather three digits humans creating serious posts per day, it'll be negative growth that becomes the chokepoint of the Hive value.
Let me edit something in:
Edicted epitomizes a true owner, strategically selling Hive with the intention of repurchasing it at a more favorable price point should the market turn. His exuberant and passionate approach rallies and motivates others. Dan, another owner, allocates a substantial amount of Hive to enhance user value within the app, generating even greater buying pressure than what was previously expended on sales. This embodies the quintessential owner mentality.
When examining their retention rates, their statistics may appear unsatisfactory. However, it is essential to differentiate between investors and owners for a more accurate understanding. A majority of the mid-sized hardcore holders are investors who possess their investments but do not exhibit the qualities of web3 owners. To them, their coins are merely digital assets, rather than an extension of their identity.
Are you insinuating that I am part of the Hive Police for coming up with this metric?
I am sensing unhealthy undertones here.
Personally, I find it deeply offensive to be left out as an owner.
Let me see.
In the past year or so, who else has bought over a million coins, with cash outside the system, powered it up, to support an app they develop themselves, with no funding other than their own, to empower a sprouting community and grow the presence of modern social mediums?
That's not enough to be called an owner I see.
Hmm, not exactly. In truth, I hold you in high regard based on what I've observed thus far, and I sincerely hope your investment multiplies a hundredfold during the anticipated 2024 bull market surge.
As we cannot be omnipresent, everyone has to choose an area of focus. I've not been involved in anti-abuse, nor in the creation of useful Hive stats. Nevertheless, my heart is bleeding over all those people we lost to the toxicity surrounding reward disagreements. To me, it is obvious that we need to get rid of centralized forces surrounding the mining process, including downvotes, and make a swift overhaul of the reputation system in order to become what Hive has always been meant to be. People engage in free value exchange, community building, and harnessing beautiful ideas.
Just to let you know, I think downvotes have a damaging psychological effect and have personally never downvoted anything. I've even received literal death threats from a disgruntled user but did not downvote them.
Regarding the metric, it is not about abuse or anti-abuse. It's just an interesting metric and doesn't need to be taken any further than at face value.
As for my investment, I've said in some interviews recently, that I see it as a first in last out arrangement. I would like to see realised value only if everyone else (hopefully from liketu) sees their value grow as well. I truly believe helping community builders will ultimately help me, my investment, and the rest of Hive as well and this is why I don't weigh my voting decisions based on whether people are powering down or not. That would be stupid.
In terms of reputation, I've been working on a metric which measures the network topology of users and their influence in terms of meaningful connections to them (follows, votes, engagement etc.) I think this captures the idea of community building in a really healthy and good way, and again it's all stuff pulled from on-chain.
I'm calling this 'Aura' because I think the name describes itself suitably well and it will play a part in how Liketu will democratize the curation back to users who accrue more 'Aura' (the decentralizing forces you are hoping for).
If anything, I see "rent seeking" behaviour being problematic. One of my other on-chain metrics Brain Energy would suggest that for a true decentralized assessment of value and value exchange, we must encourage more individual participation in governance, instead of allocating that responsibility to a handful of people and taking passive income!
(This is sort of like rewarding [possibly] negative financial decision making)
Finally - I actually agree with most of your sentiments, and I believe that having meaningful analytics and stats can actually set the record straight. I know you mentioned that the Hive Police like to use these to justify their narratives - and may I kindly remind you again, that I do not consider myself part of that - I hope that having more comprehensive stats and analytics will actually empower people and show that perhaps their rewards are justified.
Just a quick note (encouragement perhaps?) of appreciation for investing your time to write this. Your account is new to me so I was very interested to read what your thoughts are on a very vital topic for our Hive blockchain. Thank you!
I'm still digesting this answer, really powerful statements.
We are agreed. You prompted the response, so well done on your part. Our Hive blockchain would be far better off, if the "adults in the room" could have just such honest and open discussions, as we can all witness here.
My $0.02. And worth every penny ... 😉
true!
cool comment - still downvotes are a vital part of self-regulation
how do you want to counter abuse especially in sucking out the reward pool - without downvotes ?
thanks :)
My comment does not imply that downvotes shouldn't exist. They are necessary for 'self-regulation.' but let's be clear about something - 'abuse' as many would espouse must be met with the same moral lens across all avenues in the ecosystem, and critically, dealt with proportionately.
The problem is that the extent is just not very publicly known and so most of the time, the 'self regulation' part is more about earning popularity points and not actually getting to the crux of the issue.
I would love to 'downvote' many DHF proposals, but apparently downvotes aren't needed there.
I also think that HBD apr@20% is not too dissimilar to self-voting with no consequence. If you think about what it materially means, idle reward > than productivity for the same capital input.
Since when did we tolerate people sucking the reward pool for minimal/zero effort?
Why do we tolerate it now just because it's buying a derivative of Hive (HBD) ?
For several years some, owners, would say things like, "The reason why investors don't invest in
steemHive, and the reason why our token isn't as valuable as token X, is because investors do not want to upvote posts. Every other investment 'opportunity' in crypto simply offers ROI. So what we need to do, is get rid of the reward pool, and instead offer staking rewards to investors. That will also put an end to all reward disputes and everyone will be happy. It will fix everything. Problem solved. You're welcome."(Not a direct quote. More like a common mindset shared by some owners combined with sarcasm.)
Picture someone in sales, selling cars. They notice their neighbor is selling trucks and earning more because trucks are hot right now. So they get out the flame cutter and decide it would be best for business to convert all their cars into trucks (which is kind of silly).
Some car owners were even upset and wanted to convert their cars into trucks instead of selling their cars and buying trucks.
I don't live inside the minds of everyone and speak for them, but I do know the current HBD situation exists as a way of placing both cars and trucks on the lot. Then people can choose.
If someone cuts one end of the rope off, ties it to the other end, then goes around trying to convince people the rope is longer, they'll probably get a few dirty looks. But if you do find a way to make the rope longer, the theory is: one can tie up more people.
If you want to tie up people, you need to know knots, and how they unravel.
That 20% incentivizes owners to remove their funds away from governance which comes with the side-effect of weakening decentralization efforts across the board. However, since they have so much of their potential say tied up in HBD rather than HP, it's not fully up to them to decide that free money parade can last forever.
So is HBD in the current form self-voting? In a way, yes. In a way, no. There is a consequence though and in a way, they're also downvoting themselves.
They're on a tightrope and maybe didn't even notice they need to balance.
Personally, I'm not a fan of free handouts, but that's just one man's opinion. I'll also pick a quarter up off the ground if I see it.
This is a really good parable and thank you for adding some humour. I wish I could express myself with such eloquence.
I think the comparison is pretty accurate, though I would contend it needs to go back a further stage before the cars and trucks, and to the issue of bill of goods and man hours to construct each.
I get what you mean though.
Regarding the free handouts:
I would say that arguments for sustainability, while merited in the sense that at current projections, it could be decades before the debt ratio is met - can be compared with the gradual decline of civilizations over hundreds of years.
At any given point, members of that civilization wouldn't notice the atrophy of the system, and indeed may tolerate or write it off to natural societal volatility. The trajectory however is very much clear. It's similar to how people are suddenly discussing fiat collapse and de-dollarization as if it's a Kurzweilian singularity event, instead of what it is and has been - a gradual, almost imperceptible descent.
Your second sentence is hilarious. I think you could run circles around me before I even realize I'm inside of a tornado.
And it's almost like you're saying: People simply do not understand the gravity of the situation.
It's hard to escape gravity. This is true.
Until you build rockets and fill them with fuel, which also runs out...
great comment, thanks for sharing your ideas :)
thank you for clarifying
I cannot talk about proportion, I have permanent pain and am homeless since corona.
They tried to kill me several times.
So yeah..
downvoting DHF proporals sounds very logical - I thought people would push to abolish downvotes alltogether - again
the 20% apr probably shall invite/ attract new investors - even little normal people
cuz in which bank can you get 20% apr ?
if people now put all their savings into hive, Hive would skyrocket like you cant even imagine
that is very productive and will help the whole network, everyone who has hive and HBD
so it is not like sucking the reward pool for minimal/ zero effort
also with very little risk and high reward (20% apr) so I'm telling fucking everyone - pensioners wouldnt be dependent on the fucking state anymore
but even the very little risk and high reward do not appear to be enough..
people fear the new stuff.. I can only recommend them and put as much in it myself as possible - but I do not have many possibilities and people do not listen to me / care
with those new investors and everday normal people saving on HIVE instead of a BANK
everyone will profit - of course they also want some reward for investing and holding hive/HBD
we can build even more when Hive is at 3 or 30 $ instead of 0,3$
it is all about incentives
but people are so dulled down..
That percentage is subject to change. Very important to know.
yes of course :)
A good influencer would probably sell most of his Coins and more to his followers, best case, followers that are onboarded due to his presence. The Speak Network will push in the direction of onboarding full communities and airdropping community coins. There's a lot to do ahead of us.
Great post ! I think this is a message that needs to be repeated and amplified over and over.
Two metrics I'd be interested in seeing (I'm sure it could be put together, although I'm not sure how, or how long it would take) are what percentage of Hive accounts are active (let's say, at least once a month), and how that is reflected in the percentage of active Hive Power.
I have a feeling we still have a lot of "churn" of people who don't realise they are owners of Hive, so come along, use the system as if it was a Web2 platform, and then go dormant.
Be nice to find a way to get them active again, without being intrusive about it !
Dalz posts some interesting Hive stats. They may include what you are looking for.
Thank you ! Some awesome data he's pulled together...... just the kind of stuff I love looking through. I'm so sad to admit I like data and spreadsheets 😁
This is.making a lot of sense
Also, I love the fact that there are various ways in which we can earn Hive.
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Understanding true ownership is really empowering because I think it shifts the perspective of the individual from reactive to proactive. Although it is not perfect, I think decentralisation is a beautiful model in that it is open and permissionless, empowering individuals to creatively build whatever they want to be build. Hive is indeed a pioneer of web3.
Very good point. Even with my relatively high stake I always considered myself as user, not as owner. Old habits I guess.
To simplify your message. If you control your private key, you prove to yourself that all assets you have complete control.
I’m curious, since I’m not on Twitter, what my account metric is @elmerlin please :D. Take the .Leo off this account name and that’s my primary account. Would be cool to see what mine comes back with!
This is a great post and one that several others like Task and Taraz have talked about. Another way could be said as a hive citizen versus hive user. The citizen is one that participated and invests in the ecosystem through various means like engagement, staking, witness voting and others. I like the owner mindset for sure!
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Cool, thanks! I wasn't sure where the % would fall but 65% is pretty good I think! Not as good as Geek here hahaha but Splinterlands is a weakness of mine :D
I am a proud Hive owner like you gg :')
ı am happy for have hive and hiveblog :)
That's what's up I didn't even know we had all that going on cool beans man
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cool post :)
I wanted to focus on the ownership part of this paragraph. Hence the ... in between. I think the traditional social media space is so accustomed to being a "user" of a platform.
Users are forced to dance to each platforms quickly changing algorithms, the latest trends, memes, etc.
Users expect to be on the short end of the stick when it comes to what they can and what they cannot do. And those things changing without them having a say in the matter.
Users also are not surprised when their content is removed, access limited, or accounts shut down.
On Hive we are owners and that makes all the difference.
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A good recap of HIVE's numerous purposes.
I see clueless faces if you say these words to those who don't understand the character of stablecoins.
It's somehow reassuring to read the above statements coming from someone who knows something about coding.
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I would say that it's also important to consider who is an active owner, and who is a passive owner. Which is really more like an investor, than an owner.
It seems like quite a few people build a certain balance of HP and then put their account more or less on "autopilot" and walk away from the active social part of the community.
But Hive is a multi-faceted beast, and there are a myriad opinions as to whether we are "selling" an investment opportunity, or a social publish platform.
Personally, this is a very welcome alternative to mainstream social media. Clearly, my current account value (about 148 USD) isn't about to make me retire, but I do enjoy the rewards... and that gamification aspect.
=^..^=
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