The Hive blockchain is a decentralized, hard-forked version of the "Steem" blockchain. The Hive crypto ecosystem is home to a variety of decentralized applications (dApps), social media sites, non-fungible token (NFT) projects, and crypto games. In addition, the Hive coin (HIVE) is the native cryptocurrency of the Hive network and plays an important role in the delegated proof of stake (DPoS) consensus method. Also, thanks to the innovative proof-of-brain (PoB) idea, anyone can earn Hive coins by creating and curating content.
The origins of Hive Blockchain can be traced back to February 2020, when Tron CEO Justin Sun expressed interest in Steemit Inc. Daniel Larimer, the founder of BitShares and EOSIO, invented the Steem blockchain. Steem developers eventually opted to venture out on their own. Hive Blockchain was founded a few weeks later by these skilled developers and a committed group of decentralization supporters. Hive Hardfork 24 was launched in October 2020, with Hive Hardfork 25 following in June 2021.
Today, both Steem and Hive are well-known, well-established blockchains, and they even share a few similar applications. Hive Blockchain is still evolving, with new advancements planned and under progress.
Today's internet offers numerous potential drawbacks for consumers, developers, creators, and others. Many controlling organizations, for example, share user data without their consent or permission. Furthermore, censorship and hate speech are widespread on many major social networks today. There are also limited business models present to create apps and content makers. The internet is prone to corporate power and governance, restricting the development of free and secondary markets.
Hive Blockchain is a complex platform designed specifically for web3 to handle these problems. The Hive network ecosystem is made up of a token-based economy, various communities, and uncensored social networks. This encourages the development of games, NFT marketplaces, and other dApps. The network's cryptocurrencies, HIVE and Hive-backed dollars (HBD), perform a variety of activities with no transaction costs. Additionally, HIVE can be traded on a number of significant exchanges.
Delegated Proof-of-Stake (DPoS): The Hive blockchain secures the network and validates transaction blocks using a delegated proof-of-stake (DPoS) consensus method. Block creators, known as "witnesses," must stake an amount of Hive coins in order to engage in the consensus and earn an additional income by validating blocks.
Development and Integration: Hive makes it easier for blockchain developers to build new apps by utilizing a fast, version-controlled transactional database based on "Chainbase." This offers parallel database access while "easily expanding the number of RPC requests without a major memory increase."
Hive's use cases are rising since it offers a straightforward entry point into the cryptocurrency ecosystem for both developers and users, making it easier to use and build decentralized applications.
Hive offers a variety of activities that allow customers to generate a passive income without investing money.
Hive Blockchain users can stake their HIVE tokens to get access to voting power. Users have complete control over the selection of witnesses through voting.
Since Hive transactions are feeless and fast, users may create dApps without having to pay high crypto fees or deal with complex gas calculations, which are the two main obstacles to firms entering the blockchain world.
DATE NEWS/EVENTS IMPACT 22/12/2021 Hive Blockchain is on track to mine more Bitcoin and less Ether in the current quarter +22% Increase 07/05/2022 TerraUSD and LUNA both collapsed, and as a result, a number of crypto platforms folded in the aftermath -47% Decrease 25/03/2021 Hive announces a Share Swap agreement and strategic partnership with DeFi Technologies +45% Increase 23/04/2020 Hive cryptocurrency price soars after a flurry of listings by major crypto trading platforms like Binance and Bittrex +460% Increase
Hive is a critical project for the future of data exchange in the blockchain sector, especially for Web 3.0 — the future version of the internet that will be based completely on blockchain. By focusing its efforts on inclusion, user advantages, and other similar things, it will help the blockchain expand, become more inclusive, increase acceptance, and generally enhance the way data is handled. Furthermore, it includes a number of actions that will be rewarded, which provides users with still another motivation to participate in this project.
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