Is this something you have considered? If you did, do it get you very excited?
This is the basis of potentiality. When we discuss Hive being a place of opportunities, this is what we mean.
While none of us has a crystal ball, it is common to look into the future with projection. This not only relates to price of a market traded asset but also the underlying entity. With Hive, this means looking at the ecosystem.
Where will Hive be in 5 years? What project will be built on it? How will it compare to other blockchains and ecosystems? What will people be using it for?
All of these are things to ponder. To me, the future of Hive is very exciting.
live, in this version, only 3 years ago.
Five years is a long time. However, it also goes very quickly. Keep in mind that Hive came to
In this article we are going to uncover a few game changers.
Smart Contracts
This is probably the single biggest thing missing from the ecosystem. The inability for developers to tap into a robust smart contract platform is holding Hive back. This is being addressed by a couple different teams.
Smart contracts are crucial to many aspects of this industry. Both decentralized finance (DeFi) and gaming are heavily dependent upon these. The ability to expand the offerings rather quickly is a result of this implementation. It also will allow Hive to operate on a completely different level.
This ties directly into something else we will discuss shortly.
Hive Coins And Bitcoin
Hive is not carried on most centralized exchanges (CEX). This is something that is obvious to most. That said, Hive can be positioned as an epicenter of activity. To do this, the value generated has to reach out. Bitcoin can be the vehicle currency to achieve that.
That said, Bitcoin does have its drawbacks. The network can get overloaded due to the speed, causing transactions to back up. At the same time, we also see fees increase during similar periods. For those accustomed to Hive's fast and feeless nature, this can be difficult.
However, there is already work being done to enable a wrapped version of Bitcoin to be transferred using Hive. This will move the settlement to Hive, something that can be advantageous. It is exactly what Lightning Network is trying to accomplish.
Consider for a moment what it could be like if this comes to fruition. Imagine the potentiality of Hive operating in a manner similar to Lightning. What does that do for Hive? How does this alter the ability for people to interact utilizing this network? Just think about the publicity that could generate.
Elon Musk And Twitter
I believe the more Elon Musk does on Twitter, the better it is for Hive.
Elon's vision for Twitter is incredible. It also has one major flaw: it is Web 2.0. This is something he cannot, nor does he care to, escape. Twitter is not evolving into a Web 3.0 platform. Instead, we see centralized control only expanding into financial areas.
Therefore, Twitter's merging of social media and finance is simply moves pool chairs around. Musk is targeting the existing financial system, looking to take business away from the banks. This is fine yet it is just swapping dictators. Instead of Jamie Dimon, we get Musk or whomever is running Twitter.
Hive is the one blockchain that is ideally suited for the combination of social media and finance. Notice how the social media applications are expanding. We are entering realms that are important to the average user. Most are not concerned with long-form 1,000 work articles. Instead, they prefer microblogging and short videos.
There is a reason why TikTok skyrocketed in use.
Hive is starting to build a powerful social media offering.
Financial System
Here is where the smart contracts enter and the potential is enormous.
Hive has a leg up in that it has both a value capture token in HIVE and a stablecoin in the Hive Backed Dollar (HBD). Both of these reside at the base layer.
This is where the fun begins. Both of these, along with layer 2 (or sidechain) tokens can be used in financial services as lending. Through the stablecoin, and derivatives of it, we have the ability to offer payouts without ever leaving the ecosystem. This enhances the potential for economic activity in ways that we are not imagine.
Of course, this is only the beginning. No longer are we referring to just taking on the banks. Now we are going after Wall Street. This can be coupled with the idea of Silicon Valley and VC funding; we can establish that ourselves.
My view is we have value funneled into the ecosystem through the social media platforms. This provides the network effect. At the same time, we have the financial aspects intertwined throughout. This allows for the distribution of value to those who are participating.
Once this happens, users have the ability to tap into the financial services being offered, investing the value into more productive economic opportunities.
This is a rough outline of what is possible. Consider for a second $1 billion in value tied to Hive projects. Then think about the potential growth can look like if $100 million of that is collateralized for further development. Suddenly, we see the Hive economy expanding at a rapid rate.
Ultimately, it becomes a self feeding proposition.
To me, these are clear paths forward. Some things are already in motion. When we look out of a long term horizon, we can see how things are going to be radically different.
Where will Hive be in 5 years?
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After a few years we might have expected Hive to be bigger, but there has been a lot of change in that time. We have far more dapps now and I still believe in the potential.
Looking even a few years ahead in crypto is really hard as things change so fast. I think we need to push the concept of not needing some billionaire figurehead CEO, especially when they are so impulsive. The concepts of Hive where there is no CEO can be hard to grasp, but this is a vital difference.
I would hope we could at least hope to emulate the success of Mastodon that also has no overall leader. They still managed to get mindshare as Musk started messing up Twtr. The public attention is so fickle though. There was the fiasco of people going to Hive Social just because it looked like Twtr, but it was not sustainable. Hive is well tested and pretty robust. I know we have issues around growth, but we could handle a lot more users.
I hope we are still discussing stuff on Hive in 5 years. We may still be disagreeing about Musk :)
Hey Steve!
How's it going? Are you still trading HIve/HBD on an exchange somewhere? Which one do you use? It seems Upbit have removed Hive and Bittrex aren't accepting deposits and I need to sell.
Cg
https://blocktrades.us/en/ can still trade those for various other coins. It's a shame they cannot offer this to people in the US now, but UK is still okay.
I'm in the UK so all good for me. However the only problem with Blocktrades is, it's a total rip-off and you get the least out of anywhere.
I used the calculator and for 1000 HBD you get $953 worth of BTC, then of course you'll have to pay a fee.
But I suppose it's a captive audience and only $4000 worth of HBD was traded yesterday, so anything is better than nothing.
HBD is dying and everyone's dancing around writing articles talking about how great it is. It's the most baffling self-delusion I think I've witnessed since One Coin.
Cg
I don't you can compare with One Coin as that was an outright fraud. Some people have bought a load of HBD to earn interest on it, but there may not be enough on the market to satisfy demand.
I would be great to have more options to exchange it, but when we lack those then may get shafted on price. I still think the Blocktrades people are committed to Hive. It's in their interest for it to do well. I just don't see many other places where anyone can earn crypto like this even if they have nothing to invest but time.
I've not traded recently. I ought to check on what my options are now.
The merging of social media and finance is Hive's big advantage. Most cannot do it. We will have a lot of different feeds ultimately.
Look at HBD in Sucre. That is a massive onboarding tool.
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By the way Steve, I've just checked out Mastodon as I hadn't heard about it, FYI there is a central figurehead CEO and according to various figures, it has 10,000,000 active users. I personally don't think Hive will ever get to this for various reasons, anyway, I'm gonna check it out!
Cg
I think there's a company who work on the open source software, but anyone can set up a Mastodon instance with their own rules. They link to each other, so you can follow anyone. It can be a pain if you get banned from an instance or it shuts down. The latter happened to me a while back.
Hive is struggling to grow for various reasons, but should be able to attract many more users.
Yeah and that company is very much the figurehead
I can't see how Hive can grow without at least a central driving marketing force. You can have the greatest idea in the world, but if you don't tell anyone about it, the idea will fizzle and die.
Anyway, what is it with crypto? "Mastadon" is an instantly forgettable name and "Hive" is the name of another blockchain company.
Who is in charge of naming? 🤣🤣🤣
Cg
Mastodon is a non-profit, so they are not looking to get rich from it. That may be reflected in the anti-crypto attitude I see there from some people.
Hive was not a great choice of name, but I would hope the brand can still be worked on. If we want decentralisation and freedom then we have to accept some compromises anyway.
You probably mean 1000 words. In that case, me neither. Neither to read, nor to write. My posts are usually less than 300 words. And it is not even needed to have 1000 words in one post. Having 1000 words posts is not necessary to have a successful platform. I write my blog posts mostly for myself. And the less is often more. Sometimes there are weeks (or even more than one month) of work literally in a single sentence.
For example teaching a predatory bird to fly to your arm, after you call him/her. Depending on the species and on the method of raising (parent reared, imprinted), usually you need more than one month to do that. There can be literally months of work in a single sentence. And this is only one example.
So the post length does not necessarily mean quality, nor effort. Many people think that it does. But it does not.
If most of the Hive will understand this, then even the traditional blogging side of the Hive blockchain can be successful in long term.
Have a nice day. All the best. Greetings and much love from Tenerife, Canary Islands, Spain.
Years ago concern about chain bloat was real, at that time being a content nazi was logical, those days are gone, the days of the content nazi are at an end, imo.
As long as it is original, it should be allowed to earn rewards.
Yes that is a typo and damn leofinance still has no edit feature.
I understand. Many are not into long form posts or making 15 minute videos. Shorts is another part of social media that is big.
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Having the wrapped version of BTC on Hive's second layer is exciting for the expansion of Hive and the possibilities that will emerge when the smart contract is completely built.
Without a crystal ball to look into the future, it might help to look five years back at what Hive was and compare it to what it is today. That way we can only imagine the great possibilities of the next five years of Hive.
It would be a game changer. That could be something that catapults Hive into the focus among many in crypto.
We will see how the development goes.
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Hive has incredible potential. The rate at which new Dapps are being developed in incredible. Although we do need better ways to publicise them both internally and externally - I've seen quite a few that deserve success but just don't reach a critical mass of users.
I can see a situation where Hive has a Web3 alternative to just about everything that's currently in Web2 - I'd particularly like to see a viable (and more user-friendly) alternative to Discord, and maybe chat/videochat dapps. Purely personally, because it intersects with my own business, I'd love to see e-commerce and actual realworld payments widely adopted.
The one thing I feel we don't need, and should actively avoid, is funding from venture capital or legacy finance of any kind. Yes it might give us a brief growth spike, but it can also lead to attempts to take control, or price manipulation by mega-whales. I want to see faster growth, but not at that price !
There are a lot of development still yet to be done. Shorts are important and 3Speak is working on them being in many different front ends.
So we are still not there yet but it is exciting.
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There is thus feelings I always have when I hear about hive ....to me it is like future treasure that will make so many people to be wowed when they get to know something about it
I am glad. More have to look at things this way.
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In the next few months, hive will gain much more attention in Ghanaian news for its attempt to empower communities. When that moment comes, the blockchain technology will be more discussed by many people where shops and business owners will understand fully the operations of hive and hbd. But we have a role yo play in ensuring this. Thanks for bringing this up @taskmaster4450
That is great @mcsamm. Let us know what we can do to help support with different materials.
There is a lot that can be done.
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Sure, l certainly will.
I believe that the price of HIVE will be above $1 and HIVE will be the nest of more content creators.
It is incredible. And the one thing that's going to tie it all together more than anything else is the implementation of smart contracts. We'd be all set for when the next bull market is in.
Yes that is true. We are now looking at a massive hole. It is something that keeps Hive out of the financial game to the degree others are entering.
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Hive has huge potential, but we need a much broader user base. We need to come up with some better marketing ideas that can be proposed using the DHF other than a silly rally car, sorry I don't think that was the best use of DHF funds honestly. That money could have been spent in a better way to promote the blockchain. We need a huge push for marketing like with Brave browser. IMO, if we got Hive Keychain integrated directly with Brave's wallet, that would be a game changer. Maybe I can chat with Sampson about it...
I agree. Promoting Hive doesnt do much. Have to promote the apps.
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Yep, I am working on a proposal for HiveList and BlockTunes to attempt to get funding for marketing, so we’ll see what comes of it.
Hive, have huhge possiblity to be more better if more user come into the platform. Other means of earning hive need to be generated so the price of hive me increase in the market.
the wrap bitcoin is already on hive bought i think there is a pending issue with liquidity and adaption
Hive has great potential and 5 years from now it will be a thriving ecosystem with more dapps that offer a wide range of services. I'm particularly interested in the social side and how it evolves in 5 years time. With great social media dapps, there should be a larger user base.
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What about hive price in 5 years?
$5
A new inductee, @optnotten, asked me my thoughts of where HIVE might be in 100 years. It would be interesting to hear your thoughts on the subject, @taskmaster4450.
I have no worries about seeing hive more developed in 5 years from now on as it never stopped surprising me with its new "upgrades" but in the end it's a question that anyone can answer just with how they hope it will turn out in 5 years from now on. Because in the end it's about people and everyone getting involved so we all know how hard is to control a mass of people especially if things get profitable and some guys out there want to get rich over the night and simply walk away without caring about the disaster left behind. What I can say though, is that I do hope Hive will still exist in 5 years :)
My guess is, it will either be at $0.01 or $0.10, the blogging site will be finished and most of us will have moved on to something else.
It already seems to be happening, Upbit has stopped selling Hive and HBD, whilst Bittrex have stopped deposits. The volume is getting lower and lower and I can't find anywhere to sell my Hive/HBD.
But hey, I'm sure we can keep deluding ourselves for a few more years.
Cg
I agree with your portrayal of what Elon Musk is trying to do with Twitter.
He may or maynot be a benign dicyator, but he is still a dictator.
I know that many have a lot of hope that Twitter will fix it's ills, but I wonder if that is indeed possible, since it is a centralized web 2.0 structure, and although you can try to make a silk purse out of a sows ear, you are still left with leather not silk.
Smart contracts would certainly be beneficial, but I don't think Hive needs bitcoin.