The Impact of HIVE in WEB3 and possible Improvements

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Hello Readers,

The Hive blockchain has become a separate universe of Crypto where thousands of people spend their time daily for knowledge and social interaction and also do other activities like playing on-chain NFT games and investing in DeFi etc. To me, Hive is like my second space in life because slowly but rapidly, I have connected myself with this blockchain deeply and I am sure many others from across the globe share a similar story.

Unlike most of the other chains or platforms where only money and investment are the 2 topics mainly to shed light upon, the Hive emerged completely With a different approach and started the journey being a Blogging platform built on a decentralized blockchain, where people can share blog posts about any Niche and get rewarded with crypto tokens for their contributions. But over the years as it upgraded and expanded itself, it became a hub of web3 projects built on blockchain because of its robust technology, Free transactions and decentralized governing system which produced a beautiful environment for crypto projects to get live and thrive. So in today’s post, being privileged to be in this amazing platform, Please allow me to share my views and points about Hive today, so without causing any further delay, let us jump right in.

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The Birth and Purpose

Hive came into existence after forking itself out of Steemit and becoming a truly decentralized system, some years ago and a large chunk of the user base left Steemit for Hive. Then for years, the devs and users traveled an exciting journey where both the chain and its users grew over time and together built a bigger better Social Media and also, a suitable environment to build any type of web3 or crypto-based projects. Mainly because of its fee-less transaction system and a fast 3 sec block processing speed, hive provides an easy and fast place to build complex Projects, especially the one that requires s lot of transactions like games. Apart from that, the large crowd of the Hive user base is also another good thing that gives projects the first boost they need after launch, Depending on their quality and trust. There are currently hundreds of small and big projects running on this chain and many of them are pretty successful and running for years.

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True Earning Opportunity

The first amazing thing that makes Hive totally different from any other money-grabbing web3 blockchain and projects are that here, you can earn money for free, mainly just by posting valuable blog posts and short threads (short form quotes like Twitter) and can start earning decently and build your portfolio in crypto portfolio without any financial barrier anymore. We can use many different independent front-end websites like Inleo.io, Peakd.com, Ecency.com etc to log in to the blockchain and start investing right away or start writing blogs or interact with others in Leothreads at Inleo.io to earn crypto rewards in form of Hive (the main layer1 token) and HBD (layer1 stable coin) and also many Layer2 tokens like LEO, NEOXAG, SPT etc depending upon your used tags and tribes.

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True Decentralised System

On hive, everyone is welcome and it doesn't matter where you belong or which language you speak, hive already is a home for thousands of online users and expanding every day but the core principles of the Hive chain remain intact despite all the problems and hurdles arise. One of these core principles is Decentralisation and support of free speech. The governing body of the Hive chain is chosen from the votes of all the users and the power is divided into a number of people who get voted by the users and are then called Witnesses. The witnesses are responsible for all the future decisions and works and if the users don't like them, they simply un-vote them and vote for someone else and throw them Out of the witness list. This is in simple terms how democratic Hive really is and that's why it's been running and growing successfully for over 6 years now while most of the other projects even see their first year getting completed.

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True FREE Speech

Free speech is also supported on this chain and in every platform built on this chain. Users can freely publish any type of content and even NFSW content while respecting the rules and there is actually a downvote system that any user will have in every content and if your content is in any way harmful, other users will downvote it and send it out of visibility while Making it rewards zero. So here, no centralized authority decides on which things to stay on the chain or which don't, but it's actually the users or the common people who choose it collectively.

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Possible Improvements

Last but not least, I can proudly say being an old User of this platform and many of its projects that Hive has a tremendous ability to become the next big thing in the Social Media sector in the whole web3 world, but Hive is still playing an underdog even after being on the realm for 6 years now. Despite how hive’s Mind-blowing working mechanism and a large active global user base, it is not at all a well-known chain even in the web3 realm where we should be in the top 25 projects in the whole crypto world.

I think the problem may be hidden in Advertising and that we need to reach a larger outside audience and target those who do not know about this chain yet but may like it for its earning opportunities while building an online banner advertising system on Hive while will tale crypto payments and display ads of other companies and projects. The more active user base a social Media has, the more advertisers would want to spend their money on ads on that platform, so if we can make such an Ad display system like Google but homemade and takes crypto payments, then I definitely think by making it popular, we can really reach far beyond than where we are standing now.

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I hope you liked reading my thoughts, experiences and views about Hive and now, it’s your turn my friend. When did you join Hive and how is your experience so far with this space? What things do you think need a change in this system that can attract more people?

Let me know in the comment section below and I will be seeing you all on my next post.

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Posted Using InLeo Alpha