Exploring Hive - A Powerful Blockchain for Web3

Talking about hive is something that I always like because I have been part of this platform for a long time. This is not just a traditional social media platform instead it is a leading platform in the Web 3 segment We will get to see massive onboarding in the coming years and it is just a matter of time. Hive is a blockchain network where the transaction fee is zero, which means you can transact any number of transactions in a day or at any time, but there will not be any cost for the same. It is a scalable blockchain where any project can be created and since transaction fees are not involved so it can surely empower the projects as well as the community.

Hive

It is a highly innovative decentralized blockchain that is not owned by any entity or company. Decentralization is very important for any blockchain network and this is the best example where the community is the owner which means no person has got control and any changes will be implemented when the majority of witness agrees. the top ten witnesses play an important role in the ecosystem because whenever a hard folk is needed then the majority agreement is required from them. A hard fork can be initiated only when the majority of the witness server agrees for the same and this is how decentralization work where one person is not the owner and no change can be done without the majority agreement. This blockchain is very fast as it processes the transaction in less than three seconds while keeping it scalable and there is no downtime on the chain as technology wise it is quite advanced. There are so many projects communities and applications built on the chain and they are growing significantly which shows that the blockchain is powerful and it is capable of running many more projects on different streams.

Tokens

There are two tokens available on this blockchain which includes HBD and Hive. HBD is a stablecoin that is known as a high-backed dollar whereas a hive is the main coin that can also be converted to hive power by staking in the wallet.

• HBD:- as I mentioned this is a stable coin of the ecosystem which is pegged with USD currency and it does not fluctuate much in the market. Currently, this is not listed in any exchange and the only way out is to buy in the high ecosystem however more listing can be good for this stable coin to get more attention from the Crypto community. HBD pays an apr of 20% if tokens are deposited in the savings which I think is a very good option and I see a lot of people doing this. I'm not sure if there is any project out there where you can earn an APR of up to 20% by holding stable coins and that is something that makes the coin much more valuable and profitable in the crypto space.

HBD in savings increases at 20.00% APR as defined by the witnesses

This APR is defined by the witness on the blockchain and this can be changed if they agree to reduce or increase it in the future but as of now, it is 20% which has been ongoing for quite some time.

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Because this is a stable coin so the price remains at one US dollar and there is no fluctuation in the last 24 hours however in case of fluctuation then also it is very minimal. In short, we can say that this is a decentralized stable coin and it has proven in the past that its value does not fluctuate much but as per in this snapshot you can see some sort of fluctuation it was at $0.976 and went up to $1.02 which is not a big movement.

• Hive:-
  This is the main token of the blockchain which plays an important role and can be used on multiple things in the chain. This token can be converted to high power through staking and it plays a very important role in the entire ecosystem. The more HPU on will determine how much vote value you will be able to provide to the content that you upvote. We earn curation rewards and the more power we have will make us earn more curation rewards of course, this is a great amount of income on this platform that a lot of people do to generate a significant passive income. Apart from this this power also determines how we are supporting the witness and many other things on the chain. Overall it is always good to own as much as high power possible because this is a very important part of the ecosystem.

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Here is the hive price snapshot and its currently $0.32 with an increase of 2% it was almost at $0.31 2 days back when there was finance fud news. It is a crypto market and prices are determined by the positivity and negativity in the market so we always expect some sort of fluctuation in the price which is the nature of the Crypto market. At this price, I see that the token is highly undervalued because its all-time high price was more than $3 and now it is available in the range of $0.32 which is like it is available at a 90% discount. If you believe that the platform is doing great then it can be a good buying opportunity and I'm doing the same because I believe in this platform for the long term.

Communities

Community is a very popular function of the platform There are hundreds of communities available. No matter what type of interest you have but you'll get something as per your preference and interest for sure because there are people who have created communities on different topics and they support a lot of content on such communities. Undoubtedly this is a great addition to this platform through which different interests of people can share their content with the relevant group of people and this is how more attention is given to the content in which we are more interested. Some leading communities are getting a fantastic amount of engagement and these are like gaming and finance-related content because this is very common and now a lot of people are getting into it to learn more as it seems to be even bigger in the future. Nowadays I also see some interesting posts about artificial intelligence technology and chat GPT is one of the best platforms available to good date and hopefully in the coming months and years things are going to be even better and more knowledgeable for us at the hive. It means you just need to spend some time to find a community and then you will enjoy the content available whereas you can share yours as well. In simple words, the content has been categorized with the community function.

Link to explore communities- https://hive.blog/communities

Layer 2 tokens

At the hive, we have decentralized exchanges for layer 2 tokens, and all such tokens can be traded here at no fee. We can trade with hive pairs for any token and this world flawlessly. All the layers 2 tokens are listed in this exchange and we can buy, sell or trade here. There are different projects on the hive and they have listed their tokens on the hive-engine and we even have some income tokens that pay rewards for holding. There is an option to stake or unstake tokens on the DEX itself so we can say that this is not just limited to trade but has got multiple functions to be used at the same place.

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Ecosystem

At Hive, We have a bunch of applications available on the blockchain including the communities and projects that are for gaming, social, videos, etc. So we have covered almost every category and there are applications for all of it available on the blockchain and you just need a single credential to access every project or application on the chain. this is very easy and convenient because we need not carry multiple IDs and passwords instead just one ID and password is good enough to explore the entire ecosystem. We even have a keychain browser extension that makes things very easy and convenient that just with a single click we can do the login and do whatever we want with the project or the application to explore. Multiple front ends can be used for creating the blogs but the content can be accessed through all the front ends. Everything is built with focus and considering how convenient it will be for the community so when you explore something then you realize how good it is that is offering you the next level of experience with Web 3.

Hive has a thriving ecosystem of over a hundred apps, communities & projects and is home to some of the most-used Web3 apps in the world, such as Splinterlands, PeakD, and HiveBlog.

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Conclusion

Overall it is a fantastic blockchain that is fast, scalable, and powerful for Web 3 and its going to change the way Web 3 works. It drives decentralization which means there is no entity or single owner however this is a problem with many other platforms so height is unique in many ways.

Remember: Hive does not offer "reset password" features. You. Must. Store. Your. Keys. Safely!.

Reference used for this post-

https://hive.io/

Thank you

Posted Using LeoFinance Alpha