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What Is Hive (HIVE)?

Hive (HIVE) is a blockchain running on a [delegated proof-of-stake] (DPoS) [consensus mechanism]. It launched in March 2020 as a [hard fork] of the centralized [Steem] blockchain and as a gateway from [Web 2.0] to [Web 3.0]. The blockchain claims to offer “lightning-fast processing times and fee-less transactions.” Examples of use cases include social media with monetized rewards for content creators, interactive blockchain games, identity management, micro-loans and more. The platform powers [decentralized applications] (dApps) like Splinterlands, PeakD and HiveBlog.

Hive is a social network of apps and services, where users discover the capacity of blockchain technology, connect to the platform and securely share content through equitable redistribution of value. Thus, the users are the proprietors of the network, and sponsors can contact communities and artists directly without intermediaries.

Hive is an [open source] blockchain that focuses on scaling through [layer-2] sidechains, while still benefiting from a common [layer-1 blockchain] backbone to ensure distributed data integrity. The Hive ecosystem runs on two cryptocurrencies — the native [governance token], HIVE and the USD-pegged HBD [stablecoin].

Who Are the Founders of Hive?

The launch of the project was announced by members of the Steem community. The Hive platform was born as a result of the struggle for control over management between Justin Sun (Tron CEO) and Steemit Inc. The developers hard forked the original Steem blockchain, continuing to operate independently, but with a focus on decentralization.

What Makes Hive Unique?

Hive is a blockchain that claims to be designed for Web 3.0. and social media dApps with an emphasis on speed, scalability, security and spacious storage.

Hive has a future-proof system for bandwidth and resource storage. The network is capable of securely storing enormous amounts of data and making it available via time-based monetization.

All posted original content is permanently stored on the Hive blockchain. Voting for content creators is available on the platform, it’s carried out with HIVE and HBD tokens within a 7-day period. The Proof of Brain protocol is responsible for maintaining the level of content quality, which stimulates the creative economy by leveraging the power of human subjectivity.

The blockchain also claims to be easy to adopt for developers, allowing them to create, deploy and run dApps. Developers can choose to implement new public and private networks, with Hive’s open source code.

Related Pages:

Read about [Steem (STEEM)] and [TRON (TRX)].

Check out a beginners guide to Steemit by [CMC Alexandria].

What Is Delegated Proof-of-Stake (dPoS)? [Click here] and find out.

What are decentralized applications (dApps)? Learn more with the [CMC glossary].

How Many Hive (HIVE) Coins Are There in Circulation?

HIVE is the native cryptocurrency for the Hive network. According to the DPoS protocol, the more users stake their HIVE, the more they can earn from a reward pool.

HIVE is an inflationary cryptocurrency with no fixed maximum supply. New HIVE tokens are issued on schedule and distributed as follows: 65% to content producers and content curators (shared equally); 15% to HP stakers; 10% to the Witnesses; 10% to the Decentralized Hive Fund (DHF).

How Is the Hive (HIVE) Network Secured?

The decentralized blockchain is built on the Delegated Proof of Stake ([DPoS]) consensus mechanism. Delegates (or Witnesses) verify transactions and create new blocks on the blockchain on behalf of investors, namely 20 selected Witnesses create blocks randomly, and users can stop delegating at any time. In general, the procedure reduces the centralized control over the network.

The platform has a decentralized governance system where users have a stake in the network — they have the right to vote, and this stake is represented by locked coins and is stored in special wallets in order to protect the protocol. The company that launched HIVE stores all digital cryptocurrencies in cold storage.