Hive is a Web3 blockchain created by Hive Blockchain Technologies. It aims to change the definition of social media by building a community where members are rewarded for bringing content and adding value to the platform. This decentralized network welcomes any legal content as participants are allowed to post whatever they want, from phrases, quotes, and photos to blogs and videos. The Hive blockchain records all data, posts, and transactions and performs rewards calculations and payouts across the network.
Hive is built on the Delegated Proof of Stake (DPoS) protocol. The platform provides a vast number of social, gaming, and financial applications, all of which users can access through a single account. The project is also based on Graphene, the technology which enables blocks to be produced every 3 seconds by witnesses instead of miners.
The Hive ecosystem includes the Decentralised Hive Fund (DHF), Hive.blog, 120+ projects, HiveWallet, and three types of tokens. DHF is used to reasonably fund important work. It is based on ChainBase which is resistant to blockchain crashes and block corruption. Hive.blog is a website that interacts with the blockchain and displays the content. HiveWallet is a wallet for sending and receiving Hive native tokens.
The Hive network operates using three types of tokens: HIVE, Hive Power, and Hive Backed Dollars (HBD).
The Hive token
HIVE is the base liquid currency of the Hive ecosystem launched in March 2020 as a hard fork of Steem. Its value is based on the supply and demand of the token as it may be traded, staked, bought, and sold.
The Hive blockchain creates new HIVE tokens each time a block is produced. No maximum supply data is available. Out of the newly generated tokens, 65% are added to the community rewards pool, 15% are distributed across Hive Power holders, 10% are awarded to the Hive proposal system, and the remaining 10% are paid to witnesses, network participants who power the blockchain. Since December 2016, Hive has been generating a fixed number of HIVE coins every day at an annual inflation rate, which decreases by about 0.5% per year. At the time of writing, the rate is 9.5%. It is planned to reduce inflation until its rate reaches 0.95%.
Hive offers several ways of earning HIVE tokens. Users can share their posts, vote for other members’ posts, comment, and curate them. All these activities can help them earn upvotes from other community members and get rewards for that.
HIVE is used to reward authors and curators for posting and voting on content. Curating means upvoting someone’s post to increase its popularity. Curators can receive up to 50% of a post's payout while the other part of the reward is sent to the author. Besides, Hive stakeholders can vote for witnesses, i.e. block creators. Each account can vote for up to 30 witnesses. Moreover, the Hive token can be used to purchase items through third-party stores that accept HIVE tokens
HIVE Power token
Hive Power (HP) is a measurement of the user's influence on the Hive network. Some Hive Power is added to every account after its creation. Users have the opportunity to delegate Hive Power to other network participants in order to increase the amount of their Resource Credits, content votes, and curation rewards. To get more voting influence on posts and comments users can turn their HIVE tokens into Hive Power. HP is a staked form of HIVE. It can be returned to its liquid form (HIVE) within 13 weeks, with some portion being delivered every 7 days.
The Hive blockchain charges no fees for running the network. To support this no-fee model, it uses a stake-based Resource Credit mechanism. In short, every transaction executed on the blockchain consumes a small amount of Resource Credits, which users get every week based on their Hive Power. Credits are replenished at a rate of 20% per 24 hours.
Hive Backed Dollars
Hive Backed Dollars (HBD) are fixed-value liquid tokens pegged to the United States dollar (USD) at a 1:1 rate. HBD market cap must be below 10% of HIVE market cap to maintain the Hive economy in a healthy condition. HBD can be exchanged for HIVE, converted into HIVE, transferred to other accounts, and traded on an exchange. The conversion process takes 3.5 days, therefore exchanging is a much quicker way to get HIVE. In addition, users can use HBD to shop at stores that accept it. HBD held in savings earns 10% interest (monthly payable).
HIVE and HBD can be purchased directly through the Hive wallet using BTC, ETH, or BitShares token (BTS). They are also available on other markets and exchanges such as Binance, Bithumb, Huobi, Gate.io, Bittrex, MEXC, ProBit, BlockTrades, and Ionomy.
The Hive team and partners
The Hive team consists of 35+ professional developers, devoted block producers, and blockchain enthusiasts.
Hive was founded by Olivier Roussy Newton and Harry Pokrandt. Olivier who is the president of Hive has also co-founded DeFi Holdings and Exponential Genomics. Apart from that, he is the chairman at Quantum Holdings and the co-founder and director of Valour. Harry is the CEO of Hive. Besides, he is the director of KORE Mining and Blockhead Technologies.
Other team members include Luke Stokes, a Hive witness and an eosDAC launcher, Martin Lees, a core developer and block producer, Bartek Wrona, a core developer, and Matt Rosen, a developer and block producer.
Hive is supported by a number of companies and has established multiple partnerships so far. Among them is Leo Finance which provides rewards for creating and reading content about cryptocurrencies and finance, Splinterlands that allows earning by playing games, Ecency, the next generation social network, Keychain, a project that ensures the safety of users’ funds and gives access to HIVE-powered websites, apps, and services, and PeakD, a decentralized social media. Over 126 projects have already been built on the Hive blockchain.