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About Hive
Key Points:
- Hive (HIVE) is a blockchain running on a delegated proof-of-stake (DPoS) consensus mechanism.
- Launched in March 2020 as a hard fork of the centralized Steem blockchain.
- Claims to offer “lightning-fast processing times and fee-less transactions.”
- Powers decentralized applications (dApps) like Splinterlands, PeakD, and HiveBlog.
- Open source blockchain with a focus on scaling through layer-2 sidechains.
- Runs on two cryptocurrencies: HIVE (native governance token) and HBD (USD-pegged stablecoin).
Founders:
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About Hive: Empowering a Decentralized Ecosystem
Introducing Hive (HIVE): A Comprehensive Overview
Hive (HIVE) operates on a delegated proof-of-stake (DPoS) consensus mechanism, facilitating a blockchain ecosystem. Launched in March 2020 as a hard fork of the centralized Steem blockchain, Hive serves as a gateway bridging the gap between Web 2.0 and Web 3.0. This innovative platform boasts “lightning-fast processing times” and “fee-less transactions,” thereby enabling a wide range of use cases. These include, but are not limited to, social media platforms that reward content creators with monetized incentives, immersive blockchain-based gaming experiences, robust identity management systems, and micro-loan facilities, among others. Notably, Hive empowers decentralized applications (dApps) such as Splinterlands, PeakD, and HiveBlog, fostering a vibrant ecosystem of innovative solutions.
Hive is a decentralized social network of interconnected apps and services, where users can unlock the vast potential of blockchain technology, seamlessly connect to the platform, and securely share content while benefiting from a fair and equitable redistribution of value. As a result, users become the rightful owners of the network, and sponsors can directly engage with communities and artists, unencumbered by intermediaries.
Hive is an open-source blockchain that leverages layer-2 sidechains to achieve scalability, while maintaining the integrity of its distributed data through a shared layer-1 blockchain backbone. The Hive ecosystem is powered by two cryptocurrencies: HIVE, the native governance token, and HBD, a USD-pegged stablecoin.
The Visionaries Behind Hive: Unveiling the Founding Team
The inaugural announcement of the project was made by esteemed members of the Steem community. The Hive platform emerged as a consequence of the intense struggle for control over management between Justin Sun, CEO of Tron, and Steemit Inc. In a bold move, the developers executed a hard fork of the original Steem blockchain, opting to operate independently, with a renewed emphasis on decentralization.
Unveiling the Unparalleled Attributes of Hive
Hive is a blockchain purporting to be tailor-made for Web 3.0, specifically designed to support social media decentralized applications (dApps) with a focus on expeditious transaction processing, scalability, robust security, and ample storage capacity.
Hive boasts a future-proof infrastructure for bandwidth and resource storage, empowering the network to securely store vast amounts of data and make it accessible through a time-based monetization model.
All original content shared on the platform is perpetually stored on the Hive blockchain, ensuring a permanent and immutable record. The platform facilitates voting for content creators, which is conducted using HIVE and HBD tokens within a 7-day timeframe. The innovative Proof of Brain protocol is instrumental in maintaining the high caliber of content quality, thereby fostering a thriving creative economy by harnessing the power of human subjectivity.
The blockchain also boasts seamless adoptability for developers, empowering them to effortlessly create, deploy, and run decentralized applications (dApps). Furthermore, developers have the flexibility to implement novel public and private networks, leveraging Hive’s open-source code.
What Is the Circulating Supply of Hive (HIVE) Coins?
HIVE is the native cryptocurrency that powers the Hive network. In accordance with the Delegated Proof of Stake (DPoS) protocol, the greater the number of users who stake their HIVE, the more substantial the rewards they can reap from the communal reward pool.
HIVE is an inflationary cryptocurrency characterized by an uncapped maximum supply. Newly minted HIVE tokens are issued on a predetermined schedule and allocated as follows: 65% are distributed equally between content producers and content curators; 15% are allocated to HP stakers; 10% are reserved for the Witnesses; and 10% are channeled into the Decentralized Hive Fund (DHF).
The Security Architecture of the Hive (HIVE) Network
The decentralized blockchain is founded upon the Delegated Proof of Stake (DPoS) consensus mechanism, wherein delegates, also referred to as Witnesses, assume the responsibility of verifying transactions and generating new blocks on the blockchain on behalf of investors. Specifically, a random selection of 20 esteemed Witnesses are entrusted with block creation, while users retain the autonomy to revoke their delegation at will. This decentralized approach inherently mitigates the risk of centralized control over the network.
The platform boasts a decentralized governance system, empowering users with a vested interest in the network, granting them voting rights. This stake is symbolized by locked coins, securely stored in specialized wallets to safeguard the protocol. Meanwhile, the company behind HIVE stores all digital cryptocurrencies in cold storage, ensuring their securekeeping.
Where to Acquire Hive (HIVE) Cryptocurrency
As of September 2022, numerous cryptocurrency exchanges and trading platforms facilitate the purchase of HIVE, including prominent names such as Binance, Bithumb, Gate.io, Huobi Global, Bittrex, ProBit Global, MEXC, Indodax, Tokocrypto, WazirX, Upbit, CoinEx, Nominex, BKEX, Pionex, CoinDCX, Bitcoiva, Jubi, and ProBit.
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Associated Resources:
Delve into the world of Steem (STEEM) and TRON (TRX), two prominent players in the cryptocurrency landscape.
Discover the ultimate beginner’s guide to Steemit, expertly crafted by CMC Alexandria.
Discover the Power of Delegated Proof-of-Stake (dPoS): Learn More.
Discover the essence of decentralized applications (dApps) and delve into the world of blockchain innovation with the CMC glossary.