Hive Compounding: Legacy Content And A "Royalty" Reward System
Hive is a constantly evolving ecosystem. Because of that, we are seeing many different ways for content creators to be compensated. That is something we can expect to continue in the future.
While many have promoted Hive as a get rich quick scheme, the reality is fantastic returns can be garnered here over time. It is not going to happen overnight and will take effort. Nevertheless, it is possible.
At this point it is safe to forecast Hive as a content creator's epicenter going forward. We already see a variety of ways rewards are handed out. Multiple media platforms are emerging. Between long form, microblogging, video, and podcasting, we have a lot to offer.
There is one area that is presently overlooked. This is an area that we could also see radical change. For now, it is a dead area yet can be brought to life.
This is legacy content and it might be the next phase of compounding for those who utilize Hive.
Pumping Life Into The Old
Hive operates based upon a 7 day voting window. This means that anything outside of that is not eligible for rewards. From that standpoint, it is a dead area.
Naturally, this content still can carry value. However, due to limitations of the system, we see how it can no longer be monetized. This is an area that is long discussed and could be changing.
There are now a number of projects that are proposing ideas in this area. While there are few details, they are discussions about how to revive the old content. We will cover a couple of them here.
Value-4-Value
This is a rather straight forward approach. V4V uses the age old approach of tipping. This is where one takes a few resources out of his or her wallet and sends it to the content creator as a way of saying "Nice job, I appreciate what you put out." The Streaming Sats project that he built on Lightning Network allows people to send Sats to content creators. The best part is, for those on Hive, it can be converted into $HIVE and show up in your Hive wallet.
Any content is eligible for this.
Veews
This is a project that came out a couple months ago. This is a content discovery application similar to the old Stumbleupon. Basically this uses machine learning based upon the thumbs up or down content is given by the Veewer. The goal is to create a profile of what that person likes so more of if can be found.
For the near term, only content on Hive in the 7 day voting window is shown. This will ultimately be expanded to include all Hive content from the genesis block.
We do not have the tokenomics from the Veews team yet. However, on a number of occasions it was stated that older content will be eligible for some type of rewards. How that will ultimately look is anyone's guess but it will end up being a part of the system.
3Speak
Here we have the most popular video platform on Hive. Like most everything else, rewards on that application are only within the voting period. Later this year, that could change.
The 3Speak team stated a couple times their intention, at some point, is to bring out a token. The advantage of layer 2 is that it provides the opportunity to experiment.
With regards to legacy content, there are ideas of how to incorporate an on-going voting system whereby the token is doling out rewards. Again, we do not have details so we just have to wait.
Do The Work Once, Get Rewarded Multiple Times
It is often difficult to embrace stuff when it is in the planning stage. There are discussions about legacy content yet little that is live other than V4V. Nevertheless, we are moving in that direction.
The advantage for creators is that once the content is out there, it can become an earner. Here we see why being consistent and dedicated to Hive could end up paying off. The likelihood of content being seen increases as more is created. Some of us have 5+ years of content that was posted on-chain.
And with the introduction of many new applications, there are now even more ways to create.
Hive was always about the long-term view. Consider how things will look if some of the ideas being discussed are implemented. Suddenly, hundreds of posts could be eligible brought back to life from a monetization perspective. Essentially people could have money flowing in to their wallets for work that was done years ago.
How cool is that?
Actually, there is nothing novel about this. The difference is that only a few content creators enjoyed this. Royalties are how musicians and other artists can make a fortune. Imagine being paid on a song that was written 40 years ago.
This is essentially what is being designed for Hive.
Layer 2 opportunities are endless. Once the infrastructure is in place, we are going to see the potential to experiment with all kinds of ideas. One things all project teams have in common is they pull data from the blockchain. Having it content stored that means it can be incorporated into whatever they are building.
This could be a fantastic opportunity for Hive. If projects figure out a way to reward older content, there is incentive for creators to make this a place where they focus their efforts.
Those who are here now are trailblazers. It takes some foresight to be able to see what is not yet here. However, with the discussions, it is easy to envision how things could change if some of these ideas are implemented.
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