Hive's future looks much richer & stable if it's being marketed as a 2nd layer network blockchain with integrated smart-features,
But, this has to be done at the blockchain layer - not through a third party. Meaning that SMTs need to be developed and added, not Hive Engine tokens. The second layer can't be delivered solely through a third-party that can pack up and leave and isn't under the consensus mechanisms. At least as a stakeholder, I wouldn't want the future of the blockchain in the hands of a private company again.
100% agree! We really need SMT. Content can then still be rewarded with a token running on HIVE. The HIVE token itself, shall be available solely to drive the HIVE eco-system. Many of what we have today, including the HIVE proposal system, needs to be upgraded and changed big time, to make them better. On both, Technology and Governance.
I was actually not thinking about SMTs when writing that. Smart-features is another word for hardcoded smart-contracts, where there is no need to allow custom smart-contracts. For example, the voting (aka in the future hopefully tipping) implementation is a "hardcoded smart-contract".
And ofc, Hive Engine tokens are not an option.
the thing i don't understand, you say that most of the people (maybe big accounts) autovote and snipe the curve for maximum profit, but you also say that when they will be given an option to do nothing and maximize the profit then they will share their profit by tipping? when was the last time you tipped someone on hive?
The difference between tipping with your own rewards pool is that it doesn't reach your own pocket before it goes somebody else, which for example reduces complexity around taxation.
Also, I want to have stakeholders on Hive who are holding HIVE for their own gains, purely for their own egoistic gains. The idea of "if you hodl HIVE and want to make some staking revenue, you have to reward others" is ridiculous.
And there WILL be stakeholders who will be like: "eh, I'm already rich, I can give some to others". Because that's a completely different mindset when stakeholders are prioritized instead of others coming here for some free money.
you are probably right about that (makes sense) as i did not even think about taxation, my country did not even think about individual and crypto, even business and crypto are pretty gray. i mean if i try to take 20.000eur from the bank, someone would ask me something most probably.
that still does not change the fact that now people spend real effort to maximize roi and even not voting on things just because they are to late, but if you give them the opportunity to do nothing, and by that maximize roi they will all of the sudden share that with others. some will, as some do it now, but what will that number be?
it feels weird for me the renouncing of social part of this. also it feels a bit blah when in a lot of talks social aspect falls to the last place of importance. maybe hive would be in top 20 without this system of distribution, and maybe there would be no hive.
So the question is how far away are we from these hardcoded smart-contracts that could enable 1st layer security. Have the core functions like token creation on layer one so someone can't wipe your account balance on a whim. Push the nonessential social stuff to layer2. You only need layer 1 protection for your account balance, anything else it's overkill.
The 1st layer has always been secure and we already have hardcoded smart-contracts. They are really just code on the blockchain that does a certain thing. HBD conversion, savings feature, internal market (creating orders, filling orders), etc.
The goal IMO would be to increase those with features that groups of dapps need.
Ya but let's say I build my life and community around an SMT. If thAT SMT isn't on layer 1 then you need a second layer chain with built-in incentives to run nodes. That is one issue with HE atm is they only have one node going (I believe) so that’s a lot of trusts to put on one node. Until we have a robust layer for social features (PoB etc) we don’t have a solution to scale outside of layer one smts, i. I sure as hell wouldn’t drop a ton of money on a side token that is centralized.
Yes, of course. If we're talking about tokens, then Hive Engine isn't really "enough" at this point. I know they're working on a solution with a sidechain and I think this is interesting due to Smart Contracts. But SMTs are important and will come - tho' I don't see them winning us the race if Hive doesn't become more interesting to hodl. Maybe that's a chicken and egg scenario. What should we got done first: SMTs or token refactor?
That's where I have to trust developers. I know hive developers have been improving the chain in terms of scalability, making hivemind better, etc. All of that is crucial. However, I do believe having SMT's out before a full-blown bull market would be great for Hive. How erc20's blew up in 2017 I think Hive SMT's could blow up similarly. We already see big players like Reddit dabbling in crypto, and right now we don't have a solution for companies wanting to tokenize their sites without Hive Engine, which we agree isn't ready for mainstream as it sits without more nodes and a way to incentive said nodes to decentralize the side network.
Put it this way, by 2025 I think EVERY major website will have some form of token and community setup. This is a vision i've bet big on for years now and with Reddit jumping in recently it just validates the vision I've had. As an investor, knowing a big company may use Hive's tech to create a token for their site makes be very bullish. It makes me very sad knowing that we can have such tech ready for giant web2 sites ready to dabble in web3 but still don't have it out yet and we are now on the doorstep of what could be the biggest bullrun the world has ever seen.