2023: A Powerful Year For Hive

in LeoFinance2 years ago

As we close 2022, it is time to look ahead.

At this junction, I am getting the feeling we are closing in on a time when Hive experiences a massive explosion. This is not relating to the coin price since, well, markets do as they see fit.

Throughout the bear, we kept building. Each pillar brings us one step closer to having a robust, dynamic system that can handle whatever is thrown at it.

We saw a lot of transition in 2022. Some of this is going to really help us in the upcoming year. With so much taking place, we can see how a few things are going to evolve to the point where they can no longer be ignored.

Here are some of the candidates to alter how Hive is perceived.

Microblogging

There is little doubt that transactions can get some attention. According to Blocktivity, Hive is the most active blockchain, with 2.6 million transactions per day.

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Since most blockchains concentrate on financial transactions, Hive can stand out in this area. We know the size of social media and the impact it can have.

Twitter, which made a lot of news in 2022, is a prime example of this. Even if we replicate a small percentage of the activity on there, we can see how this will really change the numbers.

Why is this important for Hive activity? Simply put, microblogging brings in big numbers.

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Even if we use .5% of the Twitter traffic, we can see how this would double the activity on Hive. Of course, then we have to factor in things such as votes and comments.

Leothreads brought microblogging to Hive. This is resident at the comment level so it does not interrupt the blogging component of users. Since Hive is open, any front end can tap into this.

Leofinance is presently in alpha on a new UI that focuses upon this feature. We can expect a couple other applications to add this feature in 2023. This will offer a nice foundation through which people can engage like they do on Twitter.

Providing a viable alternative to the Web 2.0 platforms is one of the first steps for Hive.

Hive Backed Dollar Gains In Popularity

We are completing a successful year for the Hive Backed Dollar (HBD). This might not appear to be the case but there is something we have to keep in mind.

When it comes to the markets, we saw a lot of downward pressure. It was a fierce bear that we encountered.

The biggest take away with HBD is it bent, but did not break.

It is a pegged stablecoin that held its own under harsh conditions. We also were able to add a few derivative liquidity pools on Polygon and BSC. Both are helping to not only provide options to the coin, but also resiliency.

We should see use case expand. One project in testing is Ragnarok. This is one that we know is going to utilize the Hive savings as a way of rewarding as well as enticing players. It essentially means the coin will be the payment mechanism which then sets up a pool whereby prizes come from the interest earned.

This is a powerful mechanism on Hive and one that others should seek to incorporate.

One of HBD's most powerful elements is the fact that it provides exposure to the USD without having to acquire it. With all that is taking place in the world, this could be something that people gravitate towards. A harsh recession in the new year could find currencies further obliterated against the USD.

HBD provides a safe haven since it is USD denominated.

We can expect other use cases built around this stablecoin. There are already talks of other applications integrating it in.

Regulation

This is going to be the one thing to really help Hive.

It is safe to say that regulation will be issued in 2023. The different political bodies kicked the ball around this year. It is not something that will be duplicated in over the next year.

We can expect these entities to come down hard on the industry. Most are going to classify what is out there as securities. That means that those which are centralized will be forced to comply, or have to shut down.

This is something that was discussed for years yet appears to be coming to a head. There is no way the industry is going to escape this.

Where Hive has an advantage is that it cannot comply. Without a centralized body, either company, foundation, or lab, there is no way to fill out the paperwork. A decentralized group of people cannot comply even if they wanted to. The system simply is not set up to service this type of structure.

There are going to be projects that will have to look for a new home. They are going to quickly find that they cannot withstand the pressure that will be doled out once regulation is in place.

Compliance is expensive. Most projects are not set up for this. Hive offers something different in the base layer is decentralized with nodes all over the world. We have 120 or so operating, all producing blocks at varying intervals.

Penetration Into Unbanked Countries

Have you noticed how many are on Hive from Nigeria, Cuba, Venezuela and Ghana?

We see projects forming in these places which is having an impact. Many feel the cryptocurrency revolution is truly going to start in these areas.

The unbanked are often discussed yet rarely is it focused upon. There are times we see announcements on projects claim they are going into Africa. This is accompanied by big names making a trip there, turning into a big PR campaign. Cardano did this.

However, what really changes? Outside the few photos taken, is there much impact? It does not appear to be the case.

With Hive it is different. We have "boots on the ground". Take the Hive Borehole Project. This is a group of people from Hive, who are in Ghana, using money from Hive to drill boreholes in communities that do not have access to water. This is something that is having an impact in the lives of hundreds of people.

At the same time, they are hosting educational curriculums to help the young people of those communities learn. This is all putting Hive in front of those people.

We see other projects popping up in countries such as Venezuela. For example, there are businesses there accepting the aforementioned HBD as payment. This starts slowly and then grows.

The key is to get wallets in those countries and see coins starting to be distributed. With a global network, people can log on from anywhere. Yet, the impact in these nations is much greater than, say, a San Francisco or London.

Gaming

As a final piece, we will paint this with a broad stroke.

Hive has the ability to become a center for blockchain gaming. Since we have so many different features at the base layer, game developers can tap into the blockchain. One of the first features is the account management system. This is a step that removes all responsibility from the project team.

Gaming is huge business and Hive can access this. The success of Splinterlands shows how powerful it can be. As with Ragnarok, investment can be made in the form of Hive savings which generates a return. This can be used for prize packages or even funding of more development.

Watch for a few of the games being developed on here to start branching out.

In Conclusion

We can expect some great things on Hive going forward. One thing that is likely in 2023 is the development of a robust smart contract platform on the second layer. This is one item which was missing from Hive's arsenal.

Once this is developed, it puts this ecosystem on a different level. Suddenly, developers will find the tools needs to build on a fast, feeless blockchain. Coupled with HAF, they will be using languages they are familiar with.

The next 12 months are going to be very interesting. Over the past year, we saw a lot of infrastructure go in place. There is still more to come yet we are getting close to a point where there are a lot of tools for layer 2 development.

Get ready for a wild ride.


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Have you noticed how many are on Hive from Nigeria, Cuba, Venezuela and Ghana?

Indeed I have. Perhaps, they will be living off HIVE some day.

I would hope so. It is a target rich environment for a new economic and financial system since they were left out of the present one.

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I guess price decline will still make it difficult for some people to have negative assertions about hive. It's a bear market thing. The major positive for me has been the stability to HBD, I don't just know if the 20% is becoming an issue.

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The major positive for me has been the stability of HBD

That has been a big positive for me as well Jose, imagine no HBD with Hive haven dipped so low, it will be tougher on people paying their bills through Hive earnings.

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The bear market weighs on people's attitudes, no doubt about it.

However, there is a core group on Hive that just keeps building regardless of what the market is doing.

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I don't think this can be over-emphasized.

Someone recently asked me what would happen to Hive if Splinterlands were to fail and this statement summarizes my reply. The decentralized nature of Hive means it isn't dependant on a single success, or vulnerable to a single calamity because the devs are thinking longterm and building something that will still be around down the road despite what's actually running on it.

No it isnt dependent upon a single application or game. However, we need other things to step up. So far, Splinterlands are truly the only game in town.

I believe that will change in 2023.

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Actually, dCrops has released some serious expansions, lately. It has become another one of those projects i wish I could've invested more into earlier, but I digress.

I think others are coming along. We have a solid foot in the door in everything. Gaming, soc meds, defi, podcasting, etc... we still lack a lot of bells and whistles but everything that needs to work is functional, or better, or well on its way. I'm not sure if this will be a blowout year but we do have a lot of things taking root and ready to thrive when winter thaws.

I believe the next bull will be great for hive because most of the upcoming projects will be a massive boost and the likes of Leo and splinterlands keeps developing it just matter of time

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The bull market will help a great deal. However, my view is the infrastructure and what is being developed is even more important. This is what will take Hive to greater heights.

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I'm not on Twitter anymore because I'm permanently suspended, but I'm wondering if anyone has had issues with promoting Hive on there. I heard they were banning links to other social networks. Promoting Hive was one of the things I used to use Twitter for when I was still allowed on the platform.

!BEER

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For some of us without HBD, we will be in a big mess by now, it has been a successful year for HBD, and I have no worries over Hive dipping in price at the moment since HBD provided me an alternative reason not to worry.

Where Hive has an advantage is that it cannot comply.

This one puts a smile on my face, we as a community are like pests to regulators spread all over the world and that is where our strength is, perhaps those trying to build decentralized blockchains should learn from Hive.

I was glad about the Cardano interest in Africa, how far has their impact been on the continent is unknown, maybe the crypto winter has put a break on things for now.

I look forward to and exciting 2023 on Hive.

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I am glad to read that about HBD. Perhaps do a post about how HBD affected you this year and was of benefit.

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A series of HBD posts and Hive, in general as it has impacted me positively, will be coming up.

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Good deal. I look forward to them.

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I joined hive some months back and I must say my eyes are open to life on a different perspective not just for the money aspect or crypto aspect alone, but for the fact that I learn from good posts here on hive too. Leofinance community has been really outstanding this year same with other communities but to Leo I have seen it's and been to it's something else.

The money aspect is only part of the equation. We have a lot of valuable content and the education is equally as enriching.

And we are just getting started.

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Of a surety boss, one becomes what he gives himself to. This implies on what we see, hear and read . To the wonderful post here on hive which are equally enriching, I salute such creators more strength.

I think Hive is well positioned for 2023. A number of projects that were built in the past few months/years will reach a new level of growth in 2023.

We were just talking about microblogging and the impact it can have. LeoThreads is looking to step things up.

We will see how that unfolds.

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I believe a lot of money will come from Africa.. side note mention @leoglossary should add that Hive Borehole Project link.

Great idea. I added it to the old to do list.

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Great informative content once again to return to learn more, doubt many in 2015 thought about how important centralized vs decentralized would become in a short space of time.

Africa has been mentioned over the years, too many arrived for gain. Slow but sure movement within Hive is assisting many NGO/NPO within a variety of needs, well done to mindset within membership found here.

Yeah. Africa has to improve from within. Sadly, the people havent been empowered.

Hopefully cryptocurrency can change that for them. HBD could be something that really helps.

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Everyone has a cellphone, few are able to afford the data, depending on region, infrastructure keeps falling down as is the case where I live, no electricity/no connection, battery backup to towers cannot cope!

People need to be empowered, youth may be the ones to run with blockchain technology in coming years, it will be a step in the right direction.

Surely, I agree with you

Some regions really are battling with connectivity, once that bridge is crossed I foresee many of our youth starting to utilize their cellphones with far more interest in learning more.

Sure a thing, I just hope the necessary is been provided.

There are challenges no doubt. That is why we have to keep pushing the spread of cryptocurrency to all corners of the world.

Africa is a primary target since it can help a great deal there.

It is the chicken or the egg. How do we solve something digitally when the infrastructure isnt there?

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It is the chicken or the egg.

Our reality knowing what we had, now what we have!

You are publishing killer posts from last two days, I love it its so interesting and useful content

Sr. If hive got attention of the so many people, for example we are able to got 5% traffic of the Twitter, let's assume it's around 1 million users, Can hive have capability or capacity to handle I million active users?

Because many developers think the biggest problem with a totally decentralized blockchain is its so hard or even some say impossible to scale for millions of users

Means there is not doubt hive is a decentralized, censorship resistant blockchain

Is it highly scalable in order to onboard millions or like 1 billion users as some traditional social media platforms have?

Blocktrades spent much of the last two years focusing upon scaling. There is no doubt we can 10x the number of daily transactions and still have no issues.

Others blockchains cant scale that is correct. Hive already addressed this problem to a great degree.

What is nice, is there is more being done to scale even further.

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The rewards earned on this comment will go directly to the people( @taskmaster4450le, @rzc24-nftbbg ) sharing the post on Twitter as long as they are registered with @poshtoken. Sign up at https://hiveposh.com.

We hope for the best 🙏
Hive 🔥🔥🔥

Looking forward there’s a more successful year for hive.

Let’s keep on building

I always get a kick out of those chats that show Hive being one of the most used blockchains around. And like you said, imagine if we 10x that lol

!CTP

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Bring it on, HIVE!

Oh, let me tell you, inam really ready for the wild fracking awesome sauce ride.

If it gets any better than this I will have to get rid of my health card. Lol

!BBH

!ALIVE

!CTP

@taskmaster4450! You Are Alive so I just staked 0.1 $ALIVE to your account on behalf of @bradleyarrow. (1/20)

The tip has been paid for by the We Are Alive Tribe through the earnings on @alive.chat, feel free to swing by our daily chat any time you want.

@taskmaster4450! Your Content Is Awesome so I just sent 1 $BBH (Bitcoin Backed Hive) to your account on behalf of @bradleyarrow. (3/50)

I am torn between the two. I actually want to accumulate HBD, but the price of HIVE is too tempting to ignore.

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There is a lot to look forward to in Hive but I just wonder how the RC cost would change along with the transaction count. If we had like 1% of what twitter had, it would be an insane increase in transactions happening.

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