Hive (HIVE) 101: A Journey into Web 3.0
Zatrun Published at December 17, 2023

Hive (HIVE), a blockchain operating on a delegated proof-of-stake (DPoS) consensus mechanism, entered the scene in March 2020 through a hard fork from the centralized Steem blockchain. With a mission to act as a bridge from Web 2.0 to Web 3.0, Hive has emerged as a blockchain platform renowned for its “lightning-fast processing times and fee-less transactions.” This innovative blockchain is not limited to a single use case; it offers a diverse array of applications.

Some examples include social media platforms with monetized rewards for content creators, interactive blockchain games, identity management solutions, micro-loans, and more. Hive powers various decentralized applications (dApps), including Splinterlands, PeakD, and HiveBlog.

Empowering a User-Centric Network

Hive takes pride in being a social network of apps and services that empowers users to explore the potential of blockchain technology. This blockchain allows users to connect to the platform securely and share content with the assurance of equitable value redistribution. In the world of Project, the users are the true owners of the network, enabling direct interaction between sponsors, communities, and artists without the need for intermediaries.

Project’s core philosophy is centered on open-source principles, with a keen focus on scalability achieved through layer-2 sidechains. This approach aims to maximize the potential of the platform while maintaining the essential attributes of a common layer-1 blockchain backbone, ensuring the integrity and decentralization of distributed data. The Hive ecosystem thrives on two cryptocurrencies: the native governance token, HIVE, and the USD-pegged HBD stablecoin.

Discovering the Visionaries Behind Project

The inception of Hive was announced by prominent members of the Steem community. The Project platform emerged as a result of a struggle for control over management between Justin Sun, the CEO of Tron, and Steemit Inc. The development team took the initiative to hard fork the original Steem blockchain, continuing their operations independently with a strong emphasis on decentralization.

What Sets Project Apart?

Project is positioned as a blockchain that epitomizes the essence of Web 3.0, tailored for social media dApps. It stands out through its commitment to speed, scalability, security, and expansive storage capabilities.

One of Project’s distinctive features is its forward-looking bandwidth and resource storage system. The network possesses the capacity to securely store vast volumes of data and offers time-based monetization for data accessibility.

On Project, all original content is permanently stored on the blockchain. Users can vote for content creators within a 7-day period using HIVE and HBD tokens. The Proof of Brain protocol plays a pivotal role in maintaining content quality, stimulating the creative economy by harnessing the subjectivity of human influence.

Moreover, Hive prides itself on being developer-friendly, offering a seamless environment for the creation, deployment, and operation of decentralized applications. Developers can opt to implement new public and private networks, leveraging Project’s open-source code.

Securing the Hive Network

Hive’s decentralized blockchain operates on the Delegated Proof of Stake (DPoS) consensus mechanism. Delegates, also known as Witnesses, validate transactions and generate new blocks on behalf of investors. Notably, 20 selected Witnesses create blocks in a randomized manner, and users retain the flexibility to cease their delegation at any time. This approach significantly reduces centralized control over the network.

The platform is governed by a decentralized system in which users exercise their right to vote, substantiated by locked coins securely stored in specialized wallets to safeguard the protocol. The company responsible for launching HIVE stores all digital cryptocurrencies in cold storage, enhancing the platform’s overall security.

In summary, Project is a blockchain that not only paves the way for Web 3.0 but also prioritizes user engagement and content monetization. With innovative features and a commitment to decentralization, Project stands as a beacon of progress in the blockchain landscape.

For a comprehensive analysis and additional insights, be sure to visit, where HIVE has been thoroughly examined and dissected, providing valuable perspectives on its functionalities and applications.

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