Hive is an interesting blockchain platform! It's a fork of the Steem blockchain and aims to provide decentralized social media and content creation. Here are some key points about Hive:
Decentralization: Hive emphasizes decentralization, allowing users to create and curate content without relying on a central authority.
Proof of Stake (PoS): Hive uses a Delegated Proof of Stake (DPoS) consensus mechanism. DPoS allows users to vote for witnesses who validate transactions and secure the network.
Content Rewards: Hive rewards content creators and curators with its native cryptocurrency, HIVE. Users earn rewards based on their contributions and engagement.
Communities: Hive organizes content into communities (similar to subreddits), where users can find niche topics and connect with like-minded individuals.
Fast and Feeless Transactions: Hive transactions are fast, and there are no transaction fees. This makes it suitable for microtransactions and social interactions.
Challenges and Controversies: Like any blockchain, Hive faces challenges such as scalability, governance, and community disagreements. However, its active community continues to develop and improve the platform.
Let's delve into the Steem-Hive split:
Background:
- The Steem blockchain community faced a significant event in 2020 when Justin Sun, the founder of the Tron Foundation, acquired Steemit Inc., the company behind Steem.
- Concerns arose within the community about the potential misuse of a large stake of STEEM tokens owned by Steemit Inc.
The Split:
- On March 18, 2020, a group of Steem community members announced their intention to hard fork the Steem blockchain.
- This hard fork resulted in the creation of a new platform called Hive.
- The network split successfully took place on March 20, 2020.
Hive vs. Steem:
- Hive is an exact code fork of the Steem blockchain, but it incorporates various alterations based on community feedback.
- Unlike Steem, Hive emphasizes decentralization and community governance.
- Hive aims to provide a platform for decentralized social media and content creation.
Market Reaction:
- Following the split, the price of the STEEM token decreased by over 20% to around $0.23.
- Hive (HIVE), the new cryptocurrency, emerged from the hard fork.
Hive's Journey:
- Hive continued its independence push, with Steem stakeholders actively migrating to the new chain.