Should Hive Worry About or Welcome Competition?
This week I decided to log onto my Torum account for the first time in a while. Torum is essentially a forum that I imagine will be quite similar to #projectblank and is a Twitter-like ecosystem for conversations regarding cryptocurrency.
What I found out almost immediately was that Torum was working on migrating to the Binance Smart Chain. Along with the "tweeting" platform, they are also launching an NFT exchange (similar to that of NFT Showroom).
Now the question that I had to ask myself was: Is this a good thing or a bad thing for Hive?
On one hand, Torum could be positioned to steal some traffic from Hive front-ends such as Leo Finance or eventually #projectblank. People only have so much time and though they could spend that time around a collection of places, people inevitable find their niche or their favorite, making competition risky business for user-stability.
On the other hand, they are joining the Binance Smart Chain ecosystem, which I presume Leo Finance will continue to get more deeply involved with as shown by projects like Cub Finance. With BNB approaching ATH's of $400, it would prove to be economically beneficial for quality projects to get involved and bring their user base to the ecosystem.
An interesting concept that I have come across as of late is the idea that only a very small percentage of the world owns or interacts with cryptocurrency on a regular basis (I've seen numbers as low as 2% of the world, but with confidence under 10%). It is my personal opinion that with so much room to grow and expand the user-base of cryptocurrency or blockchain-based networks, that we should be rooting for success in every facet of the ecosystem.
As Hive users, we should want Torum or even Noise.cash to succeed. Regardless of our views on their leadership or whether or not we personally even want to use the applications, we all want more people getting involved in cryptocurrency. Not only will more people being involved force prices up across the board, it will also allow for more innovation on existing blockchains and ecosystems to improve their functioning and further their growth.
Should we be going all in on anything? Of course Hive-based applications have grown to become my favorite, but I use Publish0x and now am getting back into Torum. In my opinion with so much room to go up, cryptocurrency is not a zero-sum game. We need to all be supportive of any quality project we come across because we can never know what the people they onboard may bring to the ecosystem.
Torum is soon listing their token on Binance Smart Chain exchanges. I don't know if it will be profitable, but the website is quite cool and you should check it out if social media based on cryptocurrency peaks your interest!
@mariosfame gif once again, I love it
Links and Connections: Follow me on Twitter: Rob_Minnick23 LeoFinance/HIVE : rob23 Join me on Torum: https://www.torum.com/signup?referral_code=robminnick23 Join Cake DeFi and get $30 in $DFI as a new user: https://pool.cakedefi.com/#?ref=187314 Noise.cash: rob23 Read.cash: R23 Join me on Publish0x: https://www.publish0x.com/?a=M7e587xqd2
Who I am: My name is Rob and I am a college student doing my best to get involved in the crypto world. I have enjoyed blogging thus far and thank you for reading my article! Give me a follow and let’s build the community together through consistent engagement.
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