I feel an internal rebellion about the Hive blockchain future
I am not one to do politics and I like to be more hands on and simply learn the technicalities of new technologies and enjoy what they offer. But I must confess that I feel an internal rebellion about the Hive blockchain future as either I am not connected fully to what's developing on it or it simply froze in time while other blockchain ecosystem are evolving. It is my feeling looking at both the latest "breakthrough" dapps built around - name one! - and also the tokenomics of the HIVE governance token which seems that even the market shows bullish signed here and there, it simply doesn't follow it. So I believe there is an underlaying reason for that and why the price is not showing strength like once did. And I am afraid that if we don't wake up from the complacence sleep, we might lose ourselves into a void of blockchain projects that lost traction as time passed. We need to be reactive, we need to keep on building and improving both technologically and economically in order to ensure the sustainability of this ecosystem.
Where is Hive standing in the web3 arena
In every social media that I look, people are talking and buzzing about web3. Big exchanges like Binance are making moves, venture capital is getting more and more involved in blockchain and crypto ecosystems and new users are jumping and onboarding in trending dapps. On the other side I feel that Hive is moving at its own slower rhythm and somehow it lost velocity. We are a decentralized, resilient and independent web3 ecosystem, but with so many innovations in the blockchain and crypto space I see Hive at the risk of remaining “a niche blogging chain. Just looking at the price nowadays (even if I should say that I see value in it and the price is transitive), I feel an internal rebellion because I know Hive has the potential to be so much more but somehow it doesn't move the needle. The foundation is here, we see the power of freedom that we have here, but somehow the perception outside doesn’t match our expectations and possibilities inside. So there must be something making us stay stale rather than advancing more rapidly and delivering more dapps with utility.
The tokenomics puzzle
Tokenomics is where my worry deepens as I find HIVE today's price of $0.1797 more specific to a bear market in which we are not. The HIVE token feels undervalued compared to what's being built here and the output and engagement of all of us. Even when I see crypto market pumps, HIVE doesn’t always ride the wave or rise the same. I cannot but wonder if our governance model, the distribution or the DHF funding (miss)performance is causing all of this. I cannot but rebel internally because I don’t want Hive to become a case study in “promising and great tech, poor economics”. 😀 A healthy ecosystem needs both innovation and attractive tokenomics in order to sustain and attract growth and motivate the wider crypto community to join in.
The development feels both alive and stuck at the same time
On one hand, I see great projects who keep building like the VSC smart contracts, Peakd enhancements and Snaps, Ecency and other alike. On the other hand, the pace of evolution doesn’t match the urgency of the crypto industry and also the funded projects don't focus on bringing more value to the ecosystem but rather on technicalities and extending functionalities. Other blockchains are having decentralized layer-2 solutions like for ages, they built continuously cross-chain bridges and DeFi systems, while Hive often leans heavily on the same few apps that have been around for years. My inner rebellion comes from this duality: the pride of seeing strong infrastructure, mixed with frustration at the lack of bold leaps that could push Hive into the wider spotlight. And one of the regrets is for example the fact that InLeo had to move with LeoDex on Arbitrum probably due to lack of support from here. I am sure they would have done it here if we had the infrastructure supporting that.
Despite my frustrations, I’m not here to give up considering that I've been with the Hive blockchain since 2017. This blockchain has survived forks, market cycles and waves of doubt. This resilience tells me that the spirit of the community is strong. My rebellion is about wanting more, from myself and from all of us. The future I want is one where Hive evolves confidently in the web3 race by supporting more daring projects rather than same old ones. I know it’s possible and I see that as something that will bring real value, only if the ones with true power will chose this path. But I believe that something needs to be done as in the current crypto context what we are doing and where we are standing is just not enough. Or at least that's how I feel about it... maybe I'm wrong. What do you think?
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Like you, I've been here for many years and have seen it all, although, in reality, what you mention in your post has been there almost from the beginning. It's not easy to accept, but we must do so to avoid frustration.
I think we should start thinking of HIVE as what it is: a social blockchain ecosystem that has no ambition to grow economically, but rather to be sustainable and permanent over time. A very resilient niche that also offers optimal conditions for everyone to develop or grow. It's up to us to use its potential for one thing or another, but we shouldn't expect this ecosystem to become the "norm" worldwide, as it doesn't offer a "get rich quick" scheme, and that's what the masses are attracted to, unfortunately.
All true although not sure how sustainable this is in time without doing nothing and just moving from inertia. We should demand more and one way it should be though having DHF fund more experimental and innovative projects rather than UI apps for the Hive blockchain.
yeah, DHF fund should be a sort of experimental lab on which we could invest, like investing in start-ups with innovative ideas, not trying to do the same product with different colors again and again
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$HIVE is in year 8, that trained left the station.
True, but there is still hope from my side.
In my opinion some of the main issues are:
1 the DFH. I believe it brings more harm than good, the way it is, and also drives the prices lower. Having people basically get funded to implement their ideas, setting up their own paychecks and adding close to zero value or way less than they got paid, only has the opposite results.
Due to that a lot of people are taking advantage of it and again due to that mostly nobody does anything to change it.
2 We don't really have well-coordinated efforts in every aspect. We decided that there will be no leadership and that we will keep "decentralized". Although i believe that at least we should have some form of representatives doing coordinating moves. Basically, we got like a "chaotic" situation where everyone does the initiatives that they want, due to the lack of coordination, most of these initiatives have smaller target groups and to add to that mostly no one knows what's really taken place.
To add to that, a lot of people don't even know about Hive, or know it and think it's a scam, following the logic ("how can i earn money investing 0$") or tried it, realise they need to spend some serious time to earn something decent or have people to interact with and leave. That's why we have so many people from third-world countries (1$-10$ for someone in Nigeria or the Philippines is way more than for someone from USA or EU), and people who are over 30 years old. (Gen Z won't bother with this kind of social media, they will focus on TikTok and Instagram)
All in all my opinion is that we need to think again about DHF should work and we also need to do some coordinated moves in every aspect to attract and retain people. The competition in web3 is crazy and i agree with you, it feels like we simply exist at the moment.
I think we are sharing similar views. We need this ecosystem to attract investors and users which will stay long term and not sell on a weekly basis for one reason or the other. And the DHF seems more to consume funds without bringing back value and even multiply it, thus that's like extracting value from the system in the end as well. I like Hive so much and I don't want to see it having a slow death... 😔
Same here, i was here pretty much since the early early steemit days and i honestly believe that there is still room to grow. DHF is a total mess and i say this for at least 2 years now. It should be refactored and new rules should apply in every aspect. Even If someone receives some funding he/she needs to be held accountable based on the results. And if we don't want accountability, then we should make way way stricter "entry" points. The logic of i have a friend with tons of HP who votes me or "i am good at misleading" 1-2 guys = funding need to stop.
Investors need to come, more people need to join and we also need builders. Building sussesful projects and dapps is a top tier key in attracting new people. Above all to do all that we need coordination and let's not kid ourselves, a structured business/marketing plan. We are at point A we need to go to Point B, let's do it together.
I salute Leofinance for that. Didn't agree with everything they've done but the guys are not only working nonstop, they have some goals and work towards achieving these goals. Some of their initiatives may fail, some may not but they keep on working on a goal and at least for the time being, they showed some results.
Hive doesn't have that as a whole. I even consider that the interaction and manual curation levels are off this year. I am part of the problem as well due to my limited time, but from what i there is less engagement than what it used to be, maybe others have limited time, or they decided to leave Hive, or simply they only have set autovotes, follow curations trails, and engage with specific people. (This is just my opinion though, i may be wrong.)
I'm totally new here, understanding each and everything, I had my doubts on this platform but your explaination about its past and how you're here since 2017, made my doubts disappear. Keep up the good work.
Hive is my favorite place to be, just that I want more for it. And I know we can do better.
Yes, I was in steemit in its glory days and it felt unfair as they did upvote exchange and vote buying things. It's good that the upvote buying things isn't here.
Oh well - I could add some thoughts / reasons but i will not
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