Today, we wanted to share why we chose to focus on a non-public bridge for Blurt instead of HIVE to SWAP.HIVE, or HBD to SWAP.HBD, or any other crypto.
We hold no negative opinions about Hive, nor do we hold negative opinions about any other cryptocurrency. Our decision isn't because we are against HIVE just as it isn't to be against Dogecoin to SWAP.DOGE on the Hive-Engine, or Bitcoin with Wrapped Bitcoin on Ethereum. The decision was more of an economically efficient one.
Our main concerns were based on two general questions:
We ran down the numbers of many popular coins. We figured that Bitcoin, Dogecoin, and even Ethereum were out of the question for our first bridge. We didn't want to focus on established cryptocurrencies where you couldn't earn funds quickly. We looked into Bitcoin Cash and Ethereum-powered social networks that could help us generate revenue from our blog posts, but they couldn't compete.
In the end, we settled on two cryptocurrencies that were not only stable but also reliable in growth: Hive and Blurt.
With Hive, there are no fees per transaction which was a major benefit to us, so we first created our account on Hive, but quickly realized that it wouldn't be nearly as lucrative to only focus on Hive. We loved that there were no transaction fees on Hive and the Hive Engine (Hive's second-layer chain). We decided, if we are going to make a bridge somewhere, then the Hive Engine would be the perfect place for us to start this project.
By making that decision with Hive-Engine, we quickly narrowed down our choices of what coins we would like to use. Since major cryptocurrencies were out (such as BTC, LTC, DOGE, BCH, and ETH), we had to make a decision between Steem and Blurt; EOS & WAX were also an option, but we never prioritized using them. Both Steem and Blurt have their tokens available on the Hive engine, and they have the added benefit of having liquidity pools available. Also, these two cryptocurrency function similarly to Hive, which allows us to blog and earn rewards with the added benefit of receiving interest on our holdings.
The decision between Steem and Blurt was a rather quick one. We've had other members who have used Steem and Blurt and it was very clear that Steem was nowhere near as profitable as both Hive and Blurt.
So that begs the question, why did we choose to Blurt instead of Hive considering Hive doesn't have any fees? The simple answer was about a difference in revenue generation. Since Blurt is a smaller community, whales are more likely to see smaller users' content. We can generate an income faster on Blurt than on Hive. Hive isn't as lucrative for smaller accounts, truth be told. Hive's second-layer chain can also help generate even more income but at the expense of other token values.
Considering our lack of followers, considering the fees on Blurt, and the lack of transaction fees on the Hive Engine. Prioritizing Blurt for our community by using Hive's second-layer chain as the medium to bridge the chains was a no-brainer.
As the project expands, we'll be expanding our holdings on the Hive Engine and through Hive's ecosystem and Blurt. With those reserves, we can fund our other projects for our community.