Hive is changing lives. We already know this.
There are a lot of ways that Hive is penetrating the lives of people. It is also at the front of the Web 3.0 revolution. Many disagree with this sentiment but in watching what is taking place, we can see things starting to come together.
We have to acknowledge there is a paradigm shift taking place. The march towards Web 3.0 is giving everyone the opportunity to become a business. Think about that for a second. Your Hive account is actually a business you can operate. Through activity, one can be rewarded in many different ways. And the number of options just keeps growing.
Many are asking what is a Hive account worth? This is a worthwhile discussion to have. If we consider what is taking place, the account management system on Hive really stands out.
The same can be said for the potential.
Source
One Account, Many Applications
We know the Internet is full of serious contract creators. They are all over YouTube, Facebook, and Twitter. These are people who carry influence in their particular field. Many are celebrities or media personalities. Regardless of the size of following, content creators seek to engage with those people.
The challenge is that each platform is a silo. Hence, time is spent trying to cross pollinate the other ones. People will use Twitter to get their followers to sign up on YouTube. They will post on Facebook to provide their Twitter account. This requires a lot of time.
Of course, the situation is worse when a new platform pops up like TikTok. Now the seasoned social media/content creator has to start from scratch.
With Hive, do it once and you are done. The followers are the same no matter which application is utilized. If a new one pops up, it is suddenly populated like all other applications.
The reason for this is that followers are tied to the account, not the application. They are stored at the base layer with whatever is being utilized simply reading what the blockchain has.
How much is this worth?
Decentralized Finance
Decentralized Finance (DeFi) is seriously altering things. In fact, we can see how this is going to overtake the entire financial system. We are in the very early stages yet the plumbing is starting to go into place. With infrastructure comes a great deal more innovation. The established system simply cannot stand up to the onslaught it is about to face.
Everyone is going to be a part of this in the future. However, to be inclusive, a system needs to develop whereby those without the investing resources can get started. This is something that Hive is already starting to provide. Through the different reward systems, activity can provide someone with the resources to get involved in the DeFi arena.
Of course, some applications are already building DeFi into their platforms. This is a trend that will likely continue.
We also need to keep in mind that, as digital assets start to remake the wholesale banking system, accounts are going to become premium. Essentially, we are going to see the value of an immutable, permission-less, transparent ledger that is decentralized explode.
Once the settlement ability of Hive is fully realized, there will be a lot of interest in building on top of it.
Of course, to engage with the blockchain, one needs a Hive account.
Freemium Model
Many applications are starting to integrate the ability to sign up with different accounts. For example, the idea of using a Facebook account to engage on Hive is being used to help the onboarding process.
What this does is allows people to sign up instantly to engage. Leofinance is one of the applications doing this. We also see the SpkNetwork looking to integrate Ceramic accounts into their system. Of course, neither of these allows one to engage with the blockchain.
For some, simply performing tasks through a proxy account or posting data off chain might be acceptable. However, there are no rewards under this scenario. Nor does one have any stake in the ecosystem. For this to occur, one needs to get a Hive account.
It appears that one idea is to post via a proxy account and tally the rewards. When one has amassed enough money to pay for the Hive account, then he or she can "claim" it. This is a sensible way for applications to onboard new users for free while helping them to get to the point of "Hive status".
After all, if anyone can come to Hive and, over time, earn $100 (in addition to everything else) then the Hive account is certainly worth $5.
Use Case For HBD
A lot of focus is upon the Hive Backed Dollars (HBD). At this point, use cases are required.
When looking at the ecosystem, why not make HBD part of the most basic of operations tied to Hive? Getting an account is the starting point for all engagement with the blockchain. By placing HBD here, we are giving it a baseline use case.
HBD will be required to get a Hive account.
This will force popular applications to hold liquid HBD in their wallets to pay for the accounts as needed. Certainly, many are claiming the free accounts that are available each day from holding HP. However, that is not going to sustain the growth that many expect to occur in the future.
Community Benefit
The reason why accounts are free online is because platforms have other ways of monetizing. In short, users become the product since their data is harvested and they are blasted with advertisements. We all know this is taking place and it is why the Facebooks and Googles of the world can give things away.
Web 3.0 is not of that mode. Here we have the data on the blockchain, outside the control of any one group.
Ultimately, this becomes a situation of who owns the network? That falls to the stake holders. For this reason, Hive account creation fees are used to generate revenue that benefits the community.
At the moment, the fee is 3 HIVE that is burnt. Here we see the idea of treating the coin like stock: reduce the number outstanding to increase the price. Of course, the flipside is we are burning money.
Why not put it to a better use? We can charge 5 HBD per account and that money can be used in one of two ways:
Send the HBD to the Decentralized Hive Fund (DHF) which is a community DAO that funds projects which benefit Hive.
Start the process of incentivizing people to power up HIVE by generating a better return. The fees paid could be forwarded to those staking in the form of HP, just like we see with inflation.
This might not seem like much now but imagine a time where there are 100 million accounts. In the social media world, this is a small number yet would equate to 500 million HBD. That is a nice chunk of change either going into the DHF or into the HP holders wallets.
More importantly, it is a small number in the financial world also.
In Conclusion
There is a lot of effort and work being done to make Hive valuable. The most basic unit in this equation is the Hive account. If we get some breakthroughs with a few applications, we could see a radically shift in usage. We regularly discuss the different projects with potential. Over the next 6 months, it is likely one of them breaks out.
For this reason, we have to understand the value of a Hive account and what we are offering. Why should we give something away for free when it have value? With all that is taking place, it is likely that 5 HBD is still a giveaway. As stated, if each person can generate even $100 off the account, is that worth 5 HBD?
Do you think someone putting in $100K to get 20% APR on HBD would be willing to couth up $5?
As the ecosystem grows, it is a way to generate a positive feedback loop to those who are involved and supporting Hive.
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I'd actually go about things a different way and make the account free, but all rewards whould have an automatic percentage taken to fund projects and devs. I hate to say this, but Blurts fees for transactions are definitely a possible route to take.
Charging for accounts puts people off initially but get them onboard and then start emptying their wallet ;-)
This would have a cascading affect though. There are reasons why Blurt doesn't have as many apps like Hive and one of those are their fees for transactions. HIve isn't just a blogging platform, it's an Dapp ecosystem. I don't know if things like HIve Engine, Splinterlands, Rising Star, DCrops, DCity, Exode, Project Blank etc. exist if every transaction has a fee involved no matter how small.
(I could be completely wrong though about my assumptions above, I'm not a programmer.)
Also I think it would be weird to be the blockchain with fees while Steem has free transcactions. Just feels wrong to me for some reason.
That's a good point, but in a way they do in the form of RC? I'm no expert, I just open my mouth and let the crap flow out sometimes, but I do think a lot about development costs and the best way to fund things.
The world seems to accept paying for services they get online. Hive should have decentralised funding from users too I think.
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Having the user pay the fee is one option, or the application can pay for it and the user never is charged a direct fee. No one wants to directly pay for anything. I certainly don't. It would be a huge turnoff.
You pay for nothing you use ? I'm not sure I understand what you mean?
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I mean the application (e.g. splinterlands) could pay the fee to setup new accounts if they so wish.
Hello @johnhtims
I would argue that you're wrong but not from the programmer perspective but the economics and adoption perspective.
The Hive blockchain was created out of a really exceptional circumstance. Normally, devs and users would have stuck with Steem no matter what features or changes you could have added on it.
As you prolly already know, we suddenly saw Steem become centralized a couple of years ago and the Hive fork was created for this reason. Steem became paypal but with volatility and we all knew it. It was finished.
The network effect is enormous. Look at all of the better chains than the chain of Bitcoin out there. Many chains are more scalable, have more features, are faster, and are private. But BTC remains the chain with the most marketcap and presumably the most users.
If they can sign up with Twitter or Facebook, they can still interact, just without rewards.
This makes Hive the premium version and that has value.
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It's the user that gives it value. It's a two way street. We didn't create any of this, we only populate it. Nothing has 'valie' other than than sharing knowledge.
Decentralisation and token economy is about sharing not about getting something for nothing.
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I agree. It's important to have a free account to attract more people to the platform... This allows Hive to expand. (TikTok even pays people to invite friends)
Well. I am okay with the 5 HBD price if its regulared depending on the country you are from.
$5 for someone in Norway is nothing compared to $5 for someone in Nigeria x)
That is where the ability to sign up using social media accounts and letting people earn the money through their actions.
How many take an account and do nothing. That would prevent that.
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Hahaha, as you mentioned earlier 5 HBD is not much so anyone can decide not doing anything with their account.
Hive is not like every other social media account, Hive needs ones presence and during your due diligence.
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I understand that there are a dead account problem.
But I still think that 5 HBD for me, shouldn't be the same as 5 HBD for someone in Nigeria.
E.g. 5 HBD for me is equal to 1/4 of my hourly rate. From what I understand 5 HBD would be 1 week worth of work in Nigeria.
There is a massive difference in that
This sounds like a great idea. Put in the bare minimum work to claim your account for free or pay to get instant accounts.
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It would only prevent the extra accounts if they were somehow posting as a guest? Otherwise, the account has in fact been created, but no keys handed over. I guess perhaps those new accounts could be recycled if not claimed / used within a specific amount of time though, assuming that someone has access to the keys.
Yeah your right on that and paying that amount for an account would even create trust issues in some aspect if throughly opening an account is real in Nigeria
Exactly
Asking for regulation is already a lot.
No one concerns themselves with what the value holds for a different country. Look at it this way when you start earning, there's no comparison with some other country so it doesn't matter.
5HBD is 5 HBD.
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I get that. Once you are in you can easily earn 5 HBD.
But 5 HBD for me is equal to 1/4 of my hourly rate. From what I understand 5 HBD would be 1 week worth of work in Nigeria.
That in itself is crazy to me.
Trading 5 HBD in my local currency naira is approximately 3000 naira.
That would be someone's one week salary depending on how much you are paid.
I also remember my first job out of highschool, 5 HBD is more than my one week pay.
We simply can't just create disparity in the amount that way it makes unfair.
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Thats what I mean. Its a bit crazy to assume a flatrate of 5 HBD for everybody!
It's not because when rewarding comes, you simply don't make such exemptions.
It turns out to benefit this same people by the way it's a one time shot and that's all.
How is it not crazy when I have to work 15mins for 5 hbd and someone else have to work 40 hours for 5hbd?
How is that a fair exchange? Oo
Hahahaha, that's just the system we find ourselves here.
It would be crazy to get pissed off, when there's a change in dynamics then you can let it off.
Still sounds fair, I'm here you are there...
Anyway let it roll out as it should be, it's fine by me when the time comes.
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I was actually thinking the same. We need to have a private identify solution on Hive that proves you identity without revealing your personal info. Like Polygon ID is trying to do.
That way users can give proof of their country without compromising on their privacy and get customized rates to buy Hive Account.
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I haven't heard of polygon ID, but sounds good!
Account should be free. $5 may be nothing to some but a lot in less fortunate part of the world.
It is also up to account holders to turn the account valuable, and the investment they out in is their time, which is not free.
I like the idea of a small percentage go to the community fund, even 0.001% can add up to alot if Hive ecosystem can continue to grow users and engagement. ($5 pay wall admission will slow it down)
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That is where the applications come in. They have the ability to enable to fund their accounts their activity if they build in the ability to interact without a Hive account.
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In general, don't we usually limit ourselves on the massive upvotes to New Bees? I don't think our whales usually reward inconsistent, inactive, sloppy, or overly new people with a lot of Hive?
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you can put whatever price you wish on new account creation, user retention is still a big issue as well as few new users compared to Hive's aims of becoming a crypto hub
Web 3.0 is still a speck compared to Web 2.0.
We are still very small when compared to the numbers of Facebook and Twitter.
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and we'll stay small if we don't improve retention and drive up the number of new users
Let's not make this comparison because we nothing like them, as they don't require the effort put in here.
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You allready have to pay for a Account. It depend on the front end you use ?!?
Yes via HIVE.
Not using HBD.
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Okay :-) I mean If we have agood affiliate program on HIVE thats will help also ;-) Anyway keep going.
Greets from Vienna
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Yeah having the same followers no matter the application you turn to has made Hive really adorable
It is vastly underrated when you think about it. There is a lot of effort required to get users on multiple platforms.
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Although I agree an Hive account is worth more than 5 HBD, I believe we should keep it for free. Perhaps we can say when a person has received there first 100 Hive in rewards, (or any amount) they can pay 5 HBD, that can then be used for some nice project!!
Upfront payment would most probably reduce users streaming to Hive. People are already sceptical.
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If they can use Hive via their Twitter account, they still have access until they earn the HBD to pay for the account.
At some point, people need to realize that these are valuable. And that is the approach we should take.
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This approach would also allow users to get familiar with the ins and outs of Hive before being given their account keys. It might help the user better understand what those keys are for if they have now spent some time using hive.
Paying for Creation of hive account might actually be a very good step thou,bit on the other way round I think that might really put an end to the frees access given to the less privilege when it comes to getting an account.
But nevertheless the less,I think it is not a bad idea, getting a blurt account this days also require some little amount of dollars too
Applications can still onboard and use the ones they acquire via the account claim or have people earn the accounts through their activity.
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Even if signing to Facebook is free, the regulations are crazy and people can lose their account anytime. So owning a Facebook account these days isn't guaranteed longevity without restrictions. As per Hive, I still believe some end already charge some fee.
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That is true. People will want to claim their account. But it does make them earn it. In other words, they will receive an account if they desire it.
They charge fees of HIVE.
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Yeah they do, are you saying they could charge another form of money?
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He's suggesting HBD instead.
Well that's true, I completely didn't even notice. Well I think this is new, HBD would actually be great.
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It would prevent the wild fluctuation of the price for sure :)
Yes, plus people would probably relate to that stability more.
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I think commercial accounts like say those who are selling something or say building something should have a paid account or something. Like free for normal content creators and paid for the paid use case based accounts. Something like that? I think that would make a decent proposal on the chain and also bring out some sort of the professional freemium model too.
I am not sure there is a way of knowing the difference.
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I like this option here.
Yes and we can use the HBD to buy the HIVE off the internal market. That will help to increase the activity there while also pulling in Hive that ends up powered up.
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creation is free on other frontend and if its going to take place i guess it will be better to do it as per country because each country has its problems .
I don't really think it should be 5 HBD right now. At least we haven't seen that huge of a demand for account creation outside of Splinterlands, right? I think that would turn away a decent amount of users so how about adding in the condition that the account creation fee can be a loan from the network and taxes a portion of what they earn until it's paid off?
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Well the price is 3 HIVE at the moment anyway so it is just moving from HIVE to HBD. Yes the price is different right now since the price of HIVE is down.
What if the price of HIVE goes to $5, then it will be $15 for each account.
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Wasn't the price going to be dynamic? The witnesses could change that price when it Hive price goes up.
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I don’t know how HBD for account opening will fare. But I’m sure that the hive burnt from it can be redirected to be more productive
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I agree.
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that #Hive changes lives, that's for sure. Our accounts are in themselves a round business, as long as we know how to manage each reward earned. The potential to move forward is enormous, it is time to work harder and see our money grow much more.
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Interesting thing you note here putting a cost at owning a Hive account. I agree but sentiments still get to me in terms that I got my account for free and have been building from that time till date.
There are options to opening a hive account which includes paying $3.
5 HBD for an account isn't bad because you'd get it back especially when your willing and ready to put in the work.
On the otherhand inviting people to web 3.0 "social media" changes the narrative.
I know from your first post, the introductory post you could cover the cost of the new user follows all protocols.
Anyway as this topic is raised different ideas and questions pops up also, are there incentives for paying?
To answer your question giving something valuable for free requires one doing the most to get value back from the system.
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It's that simple. If you don't want to be the product then you gotta pay for it.
But honestly Hive accounts should be free if someone can verify their identity as a non-bot. We need a privacy focused identify verification where users don't have to reveal their private info to verify. That way we can avoid abuse.
Why free? Because you have to anyway invest in a little RCs(HP) if you want to basic transactions. As I have understood RC costs will rise with the activity and the price of HIVE. Free accounts will also remove any barrier to entry. People in my country would find it odd to pay even $2-3 for an account although the value they are getting in return is actually immense. It's your bank account and the only gateway (to web3) you need.
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How about starting newcomers' account balance at -5HBD? They can then earn those through HIVE activities like creating and engaging.
this fee can be used for both the HDF And HP holders returns.
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You got your account for free when you joined. Why do you want others to pay for joining now?
I am basically in favor of free access. No strings attached. If you want to set an example as a community, you should be willing to do so wisely and fairly. There are enough people in the world who cannot spare money to try something new. Please don't turn them away.
My 2c and speaking for a friend. 😇
Nothing goes for nothing really . A platform such as this that gives uttermost and premium value should not be frowned at if it requires a certain amount to create the account . If the Hive account is worth 5 hbd , I feel that’s fair enough considering the many juicy opportunities this decentralized finance blockchain offers .
This won't be a good step ,I can agree on other fees but registration fees on hive is a bad idea ,did you no some people don't make up to 100hive as you claim in a month,many newbie find it hard to make a stand before earning penny on hive ,some even take up to many months before earning a reasonable amount ,you might think the 5hive is small because you are a big account but trust me some people don't earn that in a post , charging fees will drive many people away , remember hive is still on growing stage , little mistake can destroy everything we have build
I like the idea of a free use account that can be upgraded to a full on account that has the ability to earn. 5 HBD sounds about right in todays market. Upwards adjustment of price would be preferable as mass adaption takes place.
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That is true and applications should be building them.
With the sign up using the traditional social media accounts, users have the ability to "earn" an account.
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LOL, can I have some of the drugs you are on?
why are you tagging me. I'm waiting for teh revolution moron
keep chopping wood in your nike's buddy.
Crazy is hella of a drug