Hive is a decentralized blockchain and ecosystem that is innovative and forward-thinking. It was created explicitly for Web 3.0 applications. Its speed, fee-free, and decentralization characterize it. It includes inherent capabilities that allow stakeholders to earn rewards by staking, curating, uploading, playing games, and trading, all autonomously without any intermediary. Tokens on the Hive blockchain include HIVE, HIVE DOLLARS, and HIVE POWER.

What is Hive Blockchain?

Hive is an innovative and forward-thinking decentralized blockchain and ecosystem based on the Delegated Proof of Stake (DPoS) protocol. It is the first DPoS blockchain that is highly scalable and independent of a central authority, addressing the issues of mass adoption and versatility of use. Hive is designed to contain substantial quantities of content and to facilitate time-based monetization. The cryptocurrency and platforms are intended to be widely adopted, and the blockchain’s efficacy is intended to scale accordingly.

Hive’s objective is to enhance the accessibility of blockchain technology and content dissemination to address mainstream adoption’s limitations. It capitalizes on the Proof-of-Brain (PoB) concept by allocating some inflation to consumers and content creators. The blockchain ensures that all content (blogging, participating in discussions, curating others, constructing and engaging with dapps, playing games) is accessible. It maintains its original integrity so users can engage in diverse activities to generate income.

Hive Blockchain’s Background

Hive was established as an autonomous and decentralized derivative of the Steem blockchain. As a community-driven fork, its objective is to uphold the robust community ideals created while liberating the ecosystem from the encumbrance of Steemit Inc. and its excessive influence. Although that influence has jeopardized Steem’s decentralization since its establishment in 2016, it was mitigated through a social contract. After the acquisition of Steemit Inc. by Sun Yuchen of the Tron Foundation in February 2020, the misuse of this influence and the erosion of trust in Steem’s ongoing viability ultimately resulted in the establishment of the Hive blockchain.

Hive has experienced consistent expansion as an ecosystem since its inception. Data, transactions, and records are generally and easily accessible due to the multitude of dapps, APIs, and front-ends. This extant diversity and utility ensure the ecosystem welcomes content creators, consumers, investors, and builders.

Key Features of Hive Blockchain

The Hive Blockchain allows users to conduct transactions among themselves efficiently. The features of the Hive Blockchain include:

Fast

Hive blocks have a duration of 3 seconds. Because of one-block irreversibility, transactions are confirmed within milliseconds, resulting in a seamless experience.

Scalability

Hive is designed to be sustainable and flexible, utilizing efficient layered solutions.

Reduction in Transaction Fees

Transaction fees are one of the most significant barriers to blockchain’s development and adaptability. Rather than necessitating potentially costly and inconvenient transaction fees, Hive implements a novel stake-based resource credit mechanism to establish a fee-free model.

Decentralization

Decentralization was the impetus for the development of Hive. The network is not under the control of a single entity or organization. The community’s members are responsible for managing every aspect of it.

How Does Hive Blockchain Work?

Decentralized Social Media

Hive powers social media platforms such as PeakD, where users can accumulate Hive tokens by generating and disseminating content. The platform enables users to earn Hive tokens for up to seven days after posting content, and it can monetize time-limited rewards.

Staking and Influence

The conversion of hive tokens into hive power determines a user’s influence within the network—users with higher “hive power” more influence the allocation of rewards for posts and remarks.

Decentralized Finance (DeFi) and Gaming

Hive facilitates the operation of various decentralized applications (dApps), such as games, non-fungible tokens (NFTs), and DeFi initiatives, which rely on the Hive network.

Content Creation and Rewards

Hive rewards users for creating and curating digital content, such as social media posts, remarks, and other forms of content. Based on the engagement and upvotes they receive from the community, users can accumulate Hive tokens and Hive Backed Dollars (HBD).

Hive Ecosystem

Hive has developed a thriving ecosystem with hundreds of Dapps, communities, and initiatives. Splinterlands, PeakD, and Ecency are the most frequently utilized Web3 dapps. The Hive ecosystem is divided into seven sections: game, social, NFT, DeFi, sport, and video. A selection of dapps, games, and utilities built on Hive are included in these sections. The following are the options:

Games and NFTs

The game section of the Hive Ecosystem comprises sixteen interactive Web3 games developed on the Hive Blockchain. While some are still in the beta phase, others have already been released. Some of the most prevalent ones are:

Splinterlands

This selection is accessible in both the game and NFT sections. Splinterlands is a distinctive digital trading card game that genuinely lets players possess their cards and other assets. Each card in Splinterlands is a non-fungible token (NFT) that a participant owns, and the Hive blockchain powers the platform.

HoloZing

HoloZing is a game that enables the capture, training, and combat of monsters using Web 3. Acidyo, the founder and game design lead, developed the Web3 game. Classic games like World of Warcraft and Pokémon greatly influence it. The comprehensive Hive blockchain and ecosystem support the game’s economy and assets, facilitating play-to-earn and play-to-own mechanics.

dCrops

dCrops is a crypto-collectible farming simulation game that is expertly constructed on the Hive blockchain, allowing users to experience the life of a farmer. The blockchain retains any in-game asset users acquire or accumulate as an NFT. The CROP token, the game’s native currency, is the foundation of the dCrops economy. Harvest shares must be sold in-game after each farming season to acquire this currency.

Hive NFTs and Games

Socials

Social platforms enable users to share life updates, similar to traditional social media while supporting microblogging. Users can earn HIVE tokens as rewards for their activity by interacting and contributing content.

Hive Blog

Hive Blog is an expanding social economy and a community that incentivizes people to express their voices. It is among several blogs that incorporate the Hive blockchain and HIVE coin as their underlying technology. The websites read and write content to the Hive blockchain, which securely records the content in an unchangeable blockchain ledger. In return for their efforts, users are rewarded with digital tokens known as HIVE.

Ecency

Ecency is a Hive-powered decentralized social network using blockchain technology. It serves as a platform for unrestricted expression and thriving communities that give material authors genuine ownership.

Hive Social

DeFi

DeFi applications within the Hive ecosystem offer users financial services without the need for intermediaries like banks. These platforms allow users to trade, lend, and earn rewards using blockchain technology.

Tribaldex

Tribaldex allows businesses, crowdfunders, communities, and project owners to quickly and easily build on the Hive blockchain using its accessible and scalable features.

Hivelist

The Hivelist is an all-in-one e-commerce site for active Hive and crypto communities. As the economy changes to one based on cryptocurrency transactions, Hivelist aims to create the best e-commerce site for that time.

Waivio

Waivio is the front end of the Hive blockchain. It’s where users’ passion and power come together to make a one-of-a-kind social shopping experience. Waivio aims to help users get the most out of their online presence and set new trends in a world entirely about shopping.

Hive DeFi

Tools

The Hive ecosystem offers various tools that help users interact with the blockchain, manage their assets, and optimize their experience. These utilities enhance functionality, security, and accessibility.

HiveBuzz

HiveBuzz assists users in monitoring their accomplishments on the Hive blockchain and will notify them when they receive new badges. Additionally, users can access their boards or those of other users.

Hive Explorer

The Ecency team is responsible for developing HIV Explorer, an open-source block explorer for the Hive blockchain. Establishing an API provider is effortless for Hive developers.

Hive Tools

What is the Decentralized Hive Fund?

The Decentralized Hive Fund (DHF) is a DPoS financing alternative founded on proposals. The Decentralized Hive Fund (DHF) is a decentralized autonomous system that operates on the Hive blockchain. It enables users to submit proposals for funding and vote on which proposals should be financed. The DHF empowers stakeholders to reach a consensus regarding direct development financing and other ecosystem-beneficial initiatives. By design, the DHF distribution is decentralized. The total stake in support of a proposal determines the level of support. The level of support a user gives to various proposals equally affects their stake.

Proposal funding is released when the total value of the supporting stake exceeds the stake behind a benchmark proposal. The benchmark proposal may transverse the rankings vertically by the size of its supporting stake. Upon the proposal’s introduction, the payments are distributed hourly over a predetermined period. Proposals that surpass the benchmark proposal and release funding will receive the remaining funds in the total ask of the proposal, minus the time that has elapsed since funding was requested. The total quantity is only released if the proposal unlocks the funds before the scheduled duration.

Hive Assets

The Hive network comes with two classifications of cryptocurrency assets: Hive Backed Dollars (HBD) and HIVE token. HIVE is also available in a staked form (Hive Power).

What is HIVE Token?

The HIVE token is an adaptable cryptocurrency that can be used for various applications, including decentralized finance, gaming, and content creation within the Hive ecosystem. Hive is intended to enable rapid and cost-effective liquidity provision through financing. Users must acquire and activate Hive tokens before engaging with the Hive blockchain.

To ensure transparency and fairness, token holders elect witnesses to administer the Hive blockchain. Users acquire HIVE tokens through content publishing and curating, and they can be converted or sold on exchanges.

Hive Backed Dollar (HBD)

Hive Backed Dollar (HBD) is a native stablecoin based on the Hive blockchain. It is designed to maintain the value of $1 in the most decentralized manner possible. It capitalizes on the Hive blockchain’s free and rapid transactions. To achieve its objective, HBD employs two decentralized conversion operations: conversion from HIVE to HBD and from HBD to HIVE. These two operations maintain the price at $1 with a narrow margin.

The conversion from HIVE to HBD operation converts predetermined quantities of HBD into $1 worth of HIVE without additional fees. It is completed within 3.5 days. To prevent market manipulations, the price in this conversion is the median price for the next 3.5 days.

The HBD to HIVE conversion is collateral-based. The user receives Y units of HBD immediately after initiating the conversion of X units of HIVE to HBD. The value of X/2 in the HIVE is equivalent to the Y. The remaining HIVE is returned to the user, and the cost of Y quantity of HBD is calculated after 3.5 days. The median price is 3.5 days. A 5% fee is incurred during this conversion, which is then incinerated.

Hive Power (HP)

Hive Power (HP), the staked form of HIVE, is vested during a “power-up” process. After being powered up, Hive Power can be either entirely or partially unstaked at will, a process known as a “power down.” Staked HIVE reverts to its liquid form (i.e., HIVE) in equal quantities over 13 weeks, with a segment delivered every seven days. The hive power determines how many transactions users can complete before using all their resource credits. Users possess a specific quantity of resource credits and voting mana instead of spending for transactions. Once those resources are exhausted, you must either power up additional Hive units or wait for them to resurface.

Hive Goverance

Witnesses are responsible for authenticating signatures and timestamping transactions on the Hive blockchain by incorporating them into blocks. A block is a collection of transactions (such as transfers, ballots, and posts) that modify the database’s status. Witnesses are compensated for their services each time they generate a block. Witnesses are not compensated and may even be excluded from the proceedings if they neglect to submit a block.

Witnesses are typically anticipated to maintain a public seed node, tune blockchain operating parameters, publish accurate price feeds, author or discuss enhancement proposals, review code changes, and be active. Additionally, they are expected to manage a reliable block-producing node and implement a failover system. The shuffling of 21 witnesses, which includes the top 20 witnesses (by vote) and one randomly selected reserve witness, commences each round of block production. Each individual is allocated a turn to generate a single block at a consistent rate of one block every three seconds. When a witness fails to produce a block, the time slot is omitted, and the subsequent witness is responsible for making the following block.

How do I buy HIVE Tokens?

• Go to Gate.io Exchange and create an account by entering your email ID and password.
• Set up your fund password by entering settings; this password will be asked during fund withdrawal.
• To buy HIVE tokens, you must complete KYC with the proper documents.
• After KYC, go to Spot Trade, search for HIVE, and select.
• After opening the new page, fill in the amount in HIVE or USDT you want to buy and click the buy button.
• After a successful buy, go to the Wallet > Withdraw page.
• Here, select HIVE, and then enter the wallet address.
• It will ask you for your fund password, 2FA, and email code; enter them correctly and submit.
• Your HIVE will arrive in your wallet after a few confirmations.

Conclusion

Hive is an ecosystem that is constantly changing and innovative to facilitate the widespread adoption of blockchain technology and cryptocurrencies. It provides potential opportunities to both its user base and the general public. Since its inception, it has consistently expanded as an ecosystem, encompassing a diverse family of communities, dapps, content creators, investors, and consumers.