There are two Hive entities in crypto world. One is a blockchain innovating in web3 and reimagining the internet. The other specializes in crypto mining. One is decentralized network. The other is a centralized company. Hive Blockchain Technologies Ltd. existed before our decentralized blockchain network was launched in March of 2020. However, for some reason Hive, the mining company had Blockchain in the company name. They are not a blockchain, nor they innovate technology in this space.
It is possible when the company was first started they may have had goals to be involved in blockchain technologies. Either way, their name was misleading. Despite this fact they had issue with Hive the blockchain when it launched. After three days of Hive's launch they issued cease and desist letter - Hive Blockchain Requests Cease and Desist From New Steem Community Hard Fork Using Same Name. While it is understandable that companies would want to protect their brand, it was strange to see a company whose business model is profiting from decentralized systems, would have issue with a decentralized system. This is especially strange when it comes from a company whose name misrepresents what they do. Nothing came out of this demand and threats of legal actions. How would you sue a decentralized system?
This is how Ltd. describes what they do in their website:
Hive Blockchain Technologies Ltd. is a cryptocurrency miner and data center operator.
It has always been obvious that there was no conflict between two Hive entities. They could co-exist just fine. Perhaps the centralized one would want to consider rebranding and changing name to correctly represent what they do. That is indeed what they have decided to do.
On July 2023, Hive Blockchain Technologies Ltd. announced rebranding and name change to Hive Digital Technologies Ltd. - Hive Blockchain Announces Rebranding and Name Change To Hive Digital Technologies Ltd. to Reflect Our HPC Strategy and Updates GPU Bitcoin Equivalent For Fiscal 2023.
I think it is a smart move for the company as it is less confusing for their current and potential investors. I would go even further and change the name to Hive Crypto Mining & Data Technologies Ltd instead. I guess, Digital kind of works too. Definitely better and more honest than calling themselves a blockchain technology.
One of the reasons for rebranding and name change they mention in their announcement is the advancements in AI and their data centers may consider getting involved in providing data centers for such purposes. It doesn't seem like they will be abandoning their mining business, but considering other options for expanding their business.
The companies stocks are traded on TSX Venture Exchange and Nasdaq under symbol "HIVE". The name change will be effective starting July 12, 2023. However, this name change will not change the their ticker symbol. Feel free to read the announcement for more details.
I wish Hive Digital Technologies Ltd. good luck with their future endeavors and congratulate them for finally realizing and admitting that there is only one true Hive Blockchain.
Posted Using LeoFinance Alpha
They so obviously should have rebranded to Hive Mine.
They are clearly comically bad at picking names I suppose.
Good name. They want to participate in AI trend though. Need to somehow represent that as well.
Yeah I mean... it really doesn't need to represent that though :D
Hive Mine sounds like Hive Mind which both already sounds like an AI thing.
Even if it didn't it would still be a better name than one that did.
Like... does the brand "Apple" represent what Apple does?
The Hive Mind would be better … since they Mine Bitcoin and will now create an AI Hive Mind with their Data Centres. I mistakenly bought some shares at 20 cents when I thought it was the real Hive Blockchain …. and sold at $6.
They are just saving face I'm sure...Sick of being asked about our Hive and not being able to sue anyone lolol
I consider this a win for the good guys :)
Win for everybody!
You do realise they were first right? The only reason they're changing is because we are decentralised and there's nobody to sue. 🤦🏾♂️
Lol. That's a win for us, right? 😀
Not really, we should never have used the name in the first place. All it did was confuse potential new investors.
Isn't that a win for decentralization?
Not really, we should have chosen a different name. Can you imagine how many people who heard about Hive then searched up Hive blockchain and saw the other company?
Total confusion. So win not being sued, but huge L for choosing an existing blockchain linked company.
I made the mistake and bought Hive stock around 20 cents ..l and sold at $6 … it was a good mistake.
Seriously, you bought the other Hive? Wow, nice.
Cg
Mining or crypto would narrow their future services. Regardless, good for us, hopefully we will take top spots in
hive blockchainterm on search.There are actully a lot more than just two it's just the the blue one attracted major headlines during the bull market and stuck.
The nice thing about having the same name however is when someone googles it Hive.io loads as the second result which I'm sure is driving some amount of traffic for us.
I'm not sure exactly who they where sending a cease and desist order to since no one owns hive lol but their company was founded in June 24, 1987 putting them ahead of hive.io
Good news as there was definitely some confusion. I wish we had been smarter with the name selection as no one likes to be confused with someone else.
My hope was that they would change their name and that would reduce confusion and improve SEO. But instead they just made a small name change.
It doesn't change anything at all really. The confusion will still be there. Hive should just change names so that there is a unique naming element.
Also keep in mind, there's Hive Social already as well. It's a saturated name. Go for something unique that no one else has claimed.
Meta took Threads as a name for their microblogging platform and LeoThreads is just going to come across as a ripoff even though it was first. Unique and catchy names are needed to really penetrate the market and have the opportunity to showcase what they can do.
There is no real conflict between these two Hive entities, as both are completely different things. I doubt this would be confusing. Maybe some confusion when it comes to price of the Hive coins and Hive stocks.
Meta stole Leo's idea in Threads case, but this just shows brands won't matter in the future.
It’s about time! Their name was very confusing and misleading. I wonder if we will use any of their services in the future or if they will want to collaborate with us. That would be cool!
Collaboration is always good. I doubt they are interested though. You have a good idea. If they did care about decentralized systems, they probably could have utilized this fact that there is a decentralized network of the same name as their company. They could embrace the Hive tech and community. This would be a good marketing tool for them as well. However, centralized minded companies will do what centralized and profit-obsessed ones do, even if their entire business proposition and model is profiting from mining bitcoin and crypto. The more I think about it, the more I question why they are in crypto business anyway.
They've had some good performance, especially in 2020 but lagged recently due to focusing on mining eth
I asked this question a few days back , if I was the owner of the hive mining company I would just buy a huge stake in hive and set up a witnesses node to start mining hive after all the business is for mining
This is great. Confusion is Not so good , but still their name is Not the best.bit still can get people who are new to Crypto get to confuse.
Haha they're finally giving up and renaming themselves. Interesting guess they realised they had no one to go after because Hive is decentralised lol
This is a good move it is kind of confusing for newbies researching Hive.
This is quite an informative post I must say . This article offers insights into the complexities of naming and branding within the crypto industry and highlights the importance of accurately representing the nature of a company's operations
I always wondered what the HIVE Ltd, which comes first in any search engine, was and I thought that it must have had nothing with our blockchain.
Thanks for the post!
Great that they've finally chosen to rebrand their name. I think using Hive Digital Technologies sounds good especially when they are planning to expand their business into other digital domains. The one and true Hive blockchain continues to innovate.
Looks better and more legit. Step up I think.
I think it's great news and I think they should have done that earlier. When I first learned about them, they were already focusing on crypto mining so it didn't make sense to me why they wanted to be called a blockchain.
Finally they realise there can only be one hive Blockchain
It's nice that they're doing that...
It's unfortunate that Hive Technologies has often dominated Google searches... hopefully, this rebrand will change things somewhat.
Nice!
Lol I didn't know it. A few times I went into their website and I was confused how hive was changed 😭😭!! Never thought there can be two of them. It's a good move from them ; now newbie won't be confused anymore. Thanks for sharing.
Good news, we are free to use the term Hive blockchain.
Bizarre how whoever was responsible for choosing the name Hive from Steem, didn't do a Google search.
Cg
People who are there only believe in the Decentralized platform because the way we saw that the turn of the steemit was also the reason why people stopped working on it. It is too much of a good thing to change over time. Otherwise, a person can never be successful in life.
I guess the is great
Just like a great switch
Lol
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