Table of Contents:
- Introduction
- What is Hive Blockchain?
- Why Do You Need to Use Hive Blockchain?
- What is Hive Currency?
- Hive Blockchain Applications
- How to Open a Hive Blockchain Account?
- What is a Hive Wallet?
- Cons of Hive Blockchain
- Conclusion
Have you ever wished that the content you create online would belong to you? To begin with Facebook, Instagram, and Twitter, these platforms face such issues as data privacy, censorship, centralized control, and algorithm biases. Also, your content disappears into the void of the internet. But what if your interactions earned you something valuable? Imagine a place where your likes, comments, posts, and content could transfer to rewards. Sounds too good to be true. That’s where the hive comes in. The transition to Hive offers a platform where users will be rewarded based on their interactions and contributions without having any intermediaries. You have the ownership of your content and creativity.
What is Hive Blockchain?
Hive is a decentralized blockchain-based content creation platform, that was created as a fork of the Steam blockchain in March 2020. Unlike regular blockchains, Hive is fast, scalable, and powerful. It was developed by the community, like – developers, investors, content creators, and gamers. Hive focuses on supporting social media platforms, content creators, and DeFi (Decentralized Finance) platforms. Users get rewards for actively interacting in those decentralized applications (dapps).
Hives serve as a blockchain for dapps, as blogging, sharing videos, live streams, audio, and photos are given ownership to the creators. Hive’s peer-to-peer network allows sponsors and marketers to connect directly with the artists, and communities without the need for a third party. It is based on the Delegated-Proof-of-Stake (DPoS) protocol for its network security.
Now, what is the need to use Hive Blockchain? Is it necessary? Is it better than other social media platforms? Let’s see.
Why Do You Need to Use Hive Blockchain?
1. Decentralized Control:
When you use Facebook or Instagram, they can access and use your data, without taking your permission. Hive is a decentralized platform which means the network is not controlled by a single entity. This gives you the freedom that your content and data are not manipulated by a central authority.
2. Monetization:
As I said, you can also earn through your content and daily interactions. Hive allows you to earn cryptocurrency by creating, engaging, and curating content. This rewards system makes it appealing for content creators who want to monetize their work in a safe and decentralized environment.
3. Community-Based Ecosystem:
Hive is created and maintained by its community. The people of the community allow you to participate in the governance and development of the platform. This community-centric approach fosters a sense of ownership and involvement among users.
4. Fast and Scalable:
Why would anyone use Hive if it is not scalable from time to time? Hive handles high transactions within three seconds, making it quick and efficient. It makes Hive a reliable platform for various applications, from social media to gaming. Its scalability ensures that the network can grow without comprising the performance.
5. Diversity of Applications:
Hive supports a wide range of dApps, including gaming communities, blogging platforms, and social media networks. This diversity might attract you with different interests. If you have an interest in gaming or writing, you can get the benefit from all the platforms with a rewarding structure.
As we are already talking about rewards, The rewards have been given to you in the form of a currency. Now let’s know more about the currencies of Hive Blockchain.
What is Hive Currency?
Source: img.freepik.com
There are two types of Hive currencies, HIVE and HBD (Hive Backed Dollars). They work together to create a versatile and dynamic ecosystem within the Hive Blockchain.
What is Hive Coin (HIVE)?
HIVE is the primary cryptocurrency of the Hive blockchain. It is used for governance (voting, witnesses), staking (to gain hive power), and transactions within the network. You can trade HIVE on various cryptocurrency exchanges, similar to other digital currencies like Bitcoin and Ethereum. You can convert HIVE to Hive Power (HP) to increase your influence in governance network and content creation.
Now, you will have a quarry about Hive Power, as I have mentioned the name.
What is Hive Power (HP)?
Hive Power represents staked HIVE, which means you will have voting power and influence over the platform’s governance. Unlike HIVE, HP cannot be traded directly. However, it can be converted back into HIVE through a process called, ‘Powering Down’. The more Hive Power you have, the greater influence you could do in the Hive community. It includes upvote content, influencing the necessary changes in the Hive blockchain witnesses.
What is HBD (Hive Backed Dollars)?
HBD is a stablecoin designed to maintain a value close to 1 USD. HBD provides stability in the Hive ecosystem. You can use HBD for transactions, savings (Earning interest), and as a stable alternative to Hive Coin (HIVE) for storing value. You can earn interest by holding HBD in your savings accounts on Hive Blockchain. Also, you can convert HBD to HIVE, or trade on exchanges. They offer flexibility for users who prefer stable assets.
There are a variety of decentralized applications (dApps) that cater to different interests, such as – content creation, social networking, gaming, and finance. Now, we should get to know about these prominent applications built on the Hive Blockchain.
Hive Blockchain Applications:
1. PeakD:
Source: images.hive.blog
PeakD is one of the popular front-end platforms for interacting with the Hive Blockchain. It provides a feature-rich interface for blogging, content creation, and community interaction. It has advanced content management tools, community building, and support for multiple Hive-based tokens. Also, their user-friendly interface helps to make it easy for both new and experienced users to engage with the Hive blockchain ecosystem.
2. Splinterlands:
Source: esports.net
Splinterlands is a blockchain-based trading card game where players battle with collectible cards that represent different monsters. It is one of the most successful dApps in the Hive blockchain ecosystem. It has strong earning potential. Sprinterlands attracts both gamers and investors with their active community and engaging gameplay.
3. Hive.blog:
Source: icoverage.io
Hive.blog is the original blogging platform built on the Hive blockchain. It allows users to create, share, and monetize content through upvotes and rewards. It has decentralized content hosting, earning rewards in HIVE and HBD. It has also a very user-friendly interface. Hive.blog remains a go-to platform for users who want to explore decentralized content creation and monetization without needing technical expertise.
4. 3Speak:
Source: hive.blog
3Speak is a decentralized video-sharing platform built on the Hive blockchain. It appeals to content creators seeking an alternative version of traditional video platforms, offering both modernization and freedom from censorship.
5. LeoFinance:
Source: icoverage.io
LeoFinance is a community-driven platform focused on finance and cryptocurrency content. It is part of the broader Leo ecosystem, which includes its own token, LEO. Users can have earning opportunities through the Leo token, along with integration with other DeFi platforms.
Now, how can we open the Hive account? It requires careful attention to maintain all the steps, as you have to maintain your Hive account.
How to Open a Hive Blockchain Account?
STEP 1: Choose a Hive Account
Hive accounts can be created through various platforms. Some popular options include:
Hiveonboard (https://hiveonboard.com)
PeakD (https://peakd.com)
Ecency (https://ecency.com)
Step 2: Visit the Account Creation Page
Go to Hiveonboard.
Click on “Create Account” on the homepage.
Step 3: Choose Your Username
Enter a unique username that you’ll use as your Hive account name. This will be your public identity on the Hive blockchain. Also, Check the availability of your chosen username. If it’s available, you can proceed.
Step 4: Secure Your Account Keys
Now, there are keys to secure your account. Hive accounts are secured by different types of keys. Let’s get to know them.
Owner Key: This is the most powerful key. It is used to recover your account and change other keys. This key should be kept extremely secure.
Active Key: It is used for transferring funds and interacting with dApps.
Posting Key: It is used for social activities like posting, commenting, and voting.
Memo Key: It is used for encrypting and decrypting memos sent with transfers.
You will receive these keys during the account creation process. Store them securely in a password manager or write them down. Do not share them with anyone. Make sure you have a secure backup of your keys. If you lose them that can mean losing access to your account permanently.
Step 5: Verify Your Account (if required)
Some platforms may require you to verify your email address or phone number. Follow the instructions provided to complete the verification process.
Step 6: Fund Your Account (if required)
If you’re creating a paid account, you may need to pay a small fee in cryptocurrency or fiat currency. Follow the payment instructions provided by the platform.
Step 7: Log In to Your Hive Account
Once your account is created, you can log in using your Posting or Active Key. To log in:
Go to a Hive front-end, such as PeakD or Ecency.
Click on “Login” and select your preferred login method (Hive Keychain, Hivesigner, or direct key entry).
Enter your username and the corresponding key (usually your Posting Key for general use).
Step 8: Explore the Hive Ecosystem
With your Hive account set up, you can start exploring the Hive ecosystem.
After you have created your account, you have to set up your Hive Wallet. Now, what is Hive Wallet?
What is a Hive Wallet?
Source: github.com
A Hive wallet is where you store your HIVE coins, Hive Backed Dollars (HBD), and Hive Power (HP). Hive wallets also allow you to manage their keys, vote on governance issues, and interact with decentralized applications (dApps).
Hive Keychain:
Install the Hive Keychain browser extension (available for Chrome and Firefox). This extension serves as your wallet, allowing you to manage your HIVE, HBD, and other tokens securely. Once installed, import your Hive account by entering your username and keys.
Hivesigner:
Go to Hivesigner and log in with your Hive account details. Hivesigner is a web-based wallet that allows you to interact with Hive dApps without exposing your private keys.
PeakD Wallet:
If you created your account via PeakD, you could manage your wallet directly within the PeakD interface. Simply log in with your account credentials.
But as I said, there are two sides of coins. As we have already talked about the advantages of Hive blockchain, now I will share some cons in Hive blockchain.
Cons of Hive Blockchain:
Complexity:
For newcomers, the Hive blockchain’s ecosystem, with its multiple keys, wallets, and staking mechanisms, can be complex and intimidating.
Secure keys:
As Hive doesn’t let you reset your account, so make sure that your keys and password are safe and secure.
Hive Blockchain is more than just a platform. It is a community-driven ecosystem where your contributions truly matter. Whether you are a content creator, or gamer, or investor, a developer always exploring new opportunities.
So, why not take the plunge and see what Hive Blockchain has to offer? Whether you are ready to start creating, crafting, or just exploring. There is no better time to join the Hive Blockchain community. Let your digital journey begin.
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