We all heard how Elon Musk seeks to make Twitter the "Everything App". He is seeking to expand the capabilities of this platform by venturing into different markets. It is no secret that Elon seeks to build the largest financial institution in the world.
While many will scoff at this notion, yet it overlooks how powerful fintech truly is. Applications were disrupting the banks for decades now. Wall Street has embraced technology. That said, there are many aspects, such as mortgage origination, that is now dominated by non-banks.
Basically, Elon grasps the merging of finance and social media. He seeks to put Twitter at the forefront of this. It mirrors a plan he outlined in the early PayPal days.
Web 3.0 comes at things from a different angle. With this new technology, there is the ability to expand into segments which were previously untapped.
Personally, it looks like Hive is at the center of this.
##Everything Protocol
Hive is the everything protocol.
This is an extension of the idea Musk is using. Here we see the difference from Web 2.0. In that arena, everything is siloed. Each platform is individual, tied to the corporate entity that owns it.
Web 3.0 is open. The base layer is permissionless, meaning nobody controls the data. Here we see decentralized databases forming that developer can access. The most basic feature is the account management system. Since each account comes with a wallet, this give one not only ownership over the account but also all assets.
It is easy to see Hive's social media offerings.
Here is a short list:
- Leothreads
- DBuzz
- Liketu
- Veews
- Medium Style blogging (peakd, hive.blog, ecency)
- 3Speak
Web 3.0 needs social media. Here is where Hive stands out. There is a simple reason why it is likely that Hive only expands the lead: transaction fees in social media are a non-starter.
In other words, any application that charges a transaction fee to engage in social media activities is not going to succeed. To provide this service, we are looking at a blockchain that has no direct fees.
This is what Hive provides.
Blockchain Is Financial
All blockchains have the financial aspect by default. This is, after all, distributed ledger technology (DLT) that is utilized. The ledger, i.e. accounting, of all transactions is housed on multiple servers around the world. What is important is whether those are uncorrelated or are they under the control of a single individual (or group)?
Elon wants to incorporate financial services into Twitter. This is something that could be done. To accomplish this, it will require licensing from different government entities along with likely buying out a few firms to get into the industry. To me, there is a clear path for him to achieve this end.
That said, make no mistake: Elon does not care about decentralization, Web 3.0, or regulation. He is all on on the present system.
That means, in my mind, Hive is the anti-thesis of Elon. We want to use him as a model for what is being built yet do so in a decentralized and distributed manner.
With Hive, no single application has to perform it all. This is where the protocols enter. Through the base layer, features can be accessed that enable developers to build upon. This gets expanded when sidechains are added such as what is being done with VSC and SpkNetwork.
From here, with smart contract capability, we are going to see the ability to start created diverse decentralized finance (DeFi) applications. This is the point that we can see finance on Hive being placed on steroids.
Largest Financial Institution
When trying to determine what this means, we can take a couple different approaches.
What is the largest financial institution in the world? This can be looked at either through market capitalization or assets. If we start with the latter, the list looks like this:
If we go by market capitalization, we get this:
Notice the difference between the two tables. One of the keys here is to understand the value of liquidity. Even though JPMorgan is 4th in total assets, it has the highest market cap. Much of this is due to the liquidity the comes with trading on American exchanges.
To achieve the goal of largest financial institution, we are looking at assets totaling trillions with a market cap into the hundreds of billions.
The point here is to emphasize the sheer magnitude of this market. When people say that Hive could not achieve a market cap of hundreds of billions, I simply shake my head. Look at the numbers. We are going to see quadrillions in tokenization. There is no reason why Hive will not have a piece of that.
Another key factor is no single project team or group is responsible for this. Since we are dealing with protocols, many developers can tap in and utilize the resources. This means a multitude of applications tied to smart contracts that can offer the full spectrum of financial services.
This is where things can grow at a rapid pace. Funding initiatives through value that is already present within the ecosystem means more aggressive advancement. It is an option once lending platforms are built.
These are just a few variables that we are dealing with. Reverting back to the main premise, much of this either starts, or is enhanced, by the social media features available on Hive. The merging of the two cannot be overlooked. This expands when we include the idea of gaming into the equation.
Hopefully we can see how this all can come together. The potential to build this is here. Not many blockchains are going to be able to offer serious social media solutions simply due to transactions fees.
Hive already has this solved.
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We can also look at JP Morgan’s market cap to asset ratio and conclude it is overpriced.
That case could be many for many of the financial institutions so I guess it is all relative.
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It's interesting that Elon Musk wants to add more features to Twitter, and there are many theories about why he bought it. He might want to connect it to a blockchain. Hive would be a good choice if that is the case. Since he likes Dogecoin, he might have plans for it as well. But we will have to wait and see what he decides to do.
I doubt he has any interest in blockchain. He even said he is bored with crypto and move onto AI. My view is that he is looking at the financial potential of the platform. Yet he also understands the value of data. He has a data warehouse with Twitter.
I dont look for him to do much with crypto. We shall see.
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@taskmaster4450 I am convinced that anyone who wants to join Hive is because they know that Hive is growing and increasing the profits of many people and businesses worldwide, at least to solve their basic food and medical needs, as is my case with 70 years of age, therefore it is not surprising that twitter, take a good look at Hive. As an expert in this matter, you can express yourself if I am wrong or not, because in this matter I am not very knowledgeable, but I feel that Hive is one of the best things that has come to my family in Cumaná, Sucre state, Venezuela, where we have with HiveSucre. Success in your publication.
Hive has enormous potential to help areas such as Cumana. We simply need to keep spreading the word about it. What you all are doing down there is amazing. I look forward to supporting you all in the efforts to expand Hive locally there.
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That is how it will be and your wise advice is appreciated, which we will always take into account, for the good of the entire #Hivesucre community and the #hive ecosystem. to you @taskmaster4450le it We have as a good reference and much esteem, in Cumaná, capital of the Sucre-Venezuela state. Greetings.
I really love to see the motivation and encouragement you both have to words promoting hive blockchain
Thank you dear @zaibkang certainly, it is that Hive has been an ecosystem that offers many financial possibilities, to solve socioeconomic situations, for this reason every day it advances and adds wills, in each region, reasons so that in our state of Sucre, we have a #hivesucre community. Thank you for giving us a lot of encouragement, with your correct opinion, I hope you continue to visit us and give your support. I wish you much success from Cumaná Sucre state-Venezuela.
Definitely I will check #hivesucre and love to support you with in my capacity
Gracias estimado @zaibkang sería un grato placer contar con su visita permanente, no solo a mi, también a todas las publicaciones de los amigos de #hivesucre, para que conozca a nuestro estado Sucre-Venezuela. Esperamos su visita, deseándole muchos éxitos.
Sr. Your articles and posts give us motivation and hope about hive future, I am also believe hive blockchain have a lot of potential, but I am really worried about one thing almost two years passed but still we don't see any progress in terms of users growth even hive official Twitter account not able to reach 40K followers
To me, the lack of smart contracts really holds Hive back. That will be resolved to a certainly degree by the end of the year. We have a lot of infrastructure to build.
This is a marathon and not a sprint. While you can point to low user growth, and accurately so, I can also point to other aspects of the platform that are expanding. We are dealing with something new and a lot of what is occurring is from a lack of activity.
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The more I spend time living in the expansive world of Hive, the more I agree with this statement.
Anything developed on web3 can easily be the everything app. As taskmaster said the financing is intrinsic to blockchain/ crypto protocols. Hive is leading in this aspect because it stays true to decentralization. Elon is just trying to mirror WeChat
An endeavor that he will probably be successful with. The challenge is that it is still Web 2.0. He will not get away from that, no matter how succesful.
We need to make it so that he just sucks from the other Web2 with the leak being those who escape to Web3.
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It does tend to swallow us up.
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Hive has solved a lot and Elon's new approach to Twitter is doable thereby making Hive anti-social media toward it.
However, Hive is making waves in different countries which is meaningful.
Agreed. The fact that we have some businesses accepting our currencies as payment. This is a way to separate it from a lot of other things out there.
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Yes, it is. Thanks for sharing and responding.
Hive being the everything protocol gives it a good advantage against what Elon Musk is planning on building at Twitter. It can be expanded upon and developed better on web3. Many users will eventually shift to web3.
I am not sure that we have an advantage over Twitter since that is a very powerful platform. However, we do have the ability to stand out compared to other Web 3.0. The lack of transaction fees on Hive means we have a lot of advantage over those that do.
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Right. The lack of transaction fees gives Hive an edge over other web3 ecosystems especially in the social media and finance space. It would be hard to scale when the cost of tx fees start climbing up.
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Very good vision and futuristic analysis
What is your estimation of the potential price of Hive tokens in the next five years?
Thanks @taskmaster4450 Hive has HUGE potential! Have a great week. Barb :) !BBH !CTP