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.
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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.