We talk and think in layers when it comes to blockchain. Hence we focus upon base layer and layer 2. What if however, we started to understand the concept of a hub design?
In this video I think out loud on some of this and how we can view things going forward.
▶️ 3Speak
In simple words hive have endless possibilities
That is true. Now it is building out those possibilities.
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I think there are a lot of possibilities and I just think it's very unlikely for any type of hostile takeover. It would either take a lot of time and effort for them to even consider it.
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Playing out the different scenarios in our minds does bring up that conclusion.
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Summary:
In this video, the speaker discusses the concept of building a decentralized infrastructure system on top of an existing decentralized system, using Hive as an example. He delves into the idea of layering multiple decentralized systems, such as side chains, on top of Hive to explore the potential for various applications and data storage. He emphasizes the importance of properly setting up decentralized infrastructure to ensure that no single entity controls it. The speaker compares this decentralized approach to centralized systems like Twitter and Facebook, highlighting the benefits of spreading data across multiple nodes rather than storing everything indefinitely.
Detailed Article:
The speaker starts by referencing an article he wrote about building Hive on Hive, introducing the concept of creating a decentralized infrastructure system on top of an existing decentralized system. He uses Hive as a hub and discusses the idea of layering different systems on top, likening it to hierarchical structures.
The discussion then shifts to layer two solutions, specifically focusing on the decentralization aspect. The speaker raises questions about the number of side chains that could be attached to Hive and challenges the common mindset of having only one layer one and layer two in cryptocurrency. He critiques the tribal mindset in the crypto space, using Bitcoin as an example.
The comparison to the Lightning Network on Bitcoin is brought up to explain the dependency on second layers and the risks involved, highlighting the importance of trust and the limitation of high transaction fees. The speaker emphasizes the potential risks of centralized control in supposedly decentralized systems, like Lightning nodes controlled by a few entities.
Moving back to Hive, the speaker praises the 20 consensus witnesses’ decentralization. He then explores the idea of building second-layer side chains on Hive for various applications, data storage, games, and communities. The discussion extends to the concept of storing data, text, videos, and audio on these side chains rather than the main Hive blockchain. He touches upon projects like SPK Network and Ceramic accounts, emphasizing the importance of off-chain storage for non-critical data.
Furthermore, the speaker questions the need for immutable data for all types of content, pointing out that not all information needs to be kept forever. He stresses the importance of scalability by disposing of unnecessary data over time. Comparisons are made to centralized platforms like Twitter and Facebook, highlighting the difference in data storage practices and the benefits of individual control over personal data.
In conclusion, the speaker encourages exploring decentralized infrastructure possibilities, emphasizing the shift from centralized data storage towards a more distributed model to reduce redundant and irrelevant information. The importance of proper setup to prevent centralization and the potential of decentralized systems is highlighted throughout the discussion.
Notice: This is an AI-generated summary based on a transcript of the video. The summarization of the videos in this channel was requested/approved by the channel owner.