Yahoo News: Hive One Of The 5 Potential Facebook Killers
Any news is good news as they say, even if it is Yahoo news.
Earlier this week there was an article posted on the site listing the top 5 Web 3.0 challengers to Facebook.
Hive came in at #5.
The others on the list ahead of Hive: Niche, Authencity, Peepeth, and Steemit.
An interesting list to say the least.
Nonetheless, it is always good to get some recognition even if it is from a source like Yahoo News. The key is that platform does get some recognition and other sites could pick up the article.
Getting some attention is a welcomed sight although the article completely misses the point of Hive. Of course, expecting them to understand is unrealistic. Perhaps Hive made the list because Justin Sun started it or whatever they were asserting in a previous story.
Hive Can Be Much More Than Facebook
Hive is actually much broader than Facebook. The two really do not compare. Even trying to encompass the entire Meta ecosystem, it does not really correlate.
Before getting to that, let us see what Yahoo had to say about Hive.
Hive Blog was launched in March 2020 on the Hive blockchain along with Peakd and Ecency.
It uses HIVE (HIVE-USD) and the Hive Dollars (HBD-USD) stablecoin as its base currencies.
It allows users to publish and monetise their original content as well as join communities, post comments, and manage their wallets all in a decentralised and trustless manner.
Hive Blog content creator Qasim said: "I am a social creature and have a need to express myself. Hive Blog gave me an opportunity to express myself by monetizing my every post, comment and upvote. I feel empowered and free with my voting rights in governance. Hive Blog is not a web3 social media, it's a virtual home for me."
Again, at least no mention of Sun this time.
The key is that Hive is allows for more than was described in the article. We know that gaming is becoming a vital part of this ecosystem. Many still want to focus upon the social media aspects, something that makes sense due to the history. However, it fails to acknowledge the advancements that took place over the last few years.
When we step back, the Decentralized Finance (DeFi) component to this blockchain is equally as important. Hive is actually integrating that into most aspects of the ecosystem. As time passes, there are more choices as to where to put the different tokens and coins received.
The base layer, which handles account management and the core social media functions is intentionally kept lean. Much of the development focuses upon the second layer. Here is where we see the basics of a new financial system forming.
Web 3.0 is much more than just tokenizing social media. This is where it seems many go wrong. The decentralization is certainly an important component. So is the fact that every community, game, and application can become its own economy.
A Hidden Gem
A lot of us express how Hive is a hidden gem. The fact that the article decided to link it behind Steemit is rather laughable. Hive has a lot more going for it than anything tied to that blockchain. What updates have occurred there? While it is not a competition since Sun did truly impact that ecosystem, we can see how many will not alter their perception.
Development is important. We keep seeing statements like this from the latest @blocktrades post:
All-in-all, I suspect we now have the most robust testing environment among all blockchain projects of any complexity. That doesn’t mean it is perfect yet, by any means, and we’re still working thru some bugs like intermittent false positive test failures that sometimes require a test to be run more than once to pass, and we’ve also still got a decent backlog of regression tests to write. But the mirrornet has done a good job at filling the remaining gaps in regression-based tests that still need to be written. [Emphasis mine]
Certainly, I have no capability to confirm or deny the statement. We will have to defer to Blocktrades on that one. The point being he isn't about to put out fluff regarding where things stand. We can take that as a genuine conclusion. Yet there it is written: Hive has the most robust testing environment among all blockchain projects of any complexity.
This is simply another area that it is excelling.
A strong base layer can translate into more powerful Layer 2 solutions.
Building From The Ground Up
We live in a world of instant gratification. With Hive, we are looking at something that is being built from the ground up, designed for long-term sustainability. This is really going to help it to step forward down the road.
We saw what happened when technology cannot handle the traffic. It is great to garner attention and have an application go viral. However, when it takes down the entire chain, that is counterproductive. How long ago did Cryptokitties nuke Ethereum? A they just now are at the point where they are addressing the issue.
Development is not easy.
While Ethereum was working on the Merge, Hive was continuing to move forward. This is an important distinction. There is a lot of attention paid to what is going on there, and for good reason. The money tied to that ecosystem is insane. It is the leader in the world of cryptocurrency when we factor in all the ERC-20 tokens.
That said, Hive is still building some fundamental infrastructure. The fact that we see continued development in areas that are vital is very telling. Sustainability comes from the ability to scale, keep optimizing, and withstand attacks.
From there, the social media and whatever other areas of focus can come into play.
There is a cart and a horse situation here. Hive seems to be addressing them in the proper order.
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