The Light Paper for the Speak Network was released.
It describes how they are creating a multi-faceted platform that is going to enable for NFTs, tokenized communities, SIP, and DeFi. This will incorporate a variety of decentralized platforms into it.
In this video, I discuss how I think this is going to be an integrated system that compares well to a lot of what is taking place on the likes of Ethereum.
▶️ 3Speak
I think there will be plenty of issues that need to be resolved after launch. The white paper sounds good and I think it will be successful if everything plays out. I like that it will be as inclusive as possible and tries to be somewhat sustainable.
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There are usually problems with things after launch.
Microsoft is heading towards their 4th decade of that.
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If patience is a virtue, there are really some virtuous people on this platform. That said, good things come to those who wait. The one thing Hive really has going for it is that it really seems to have taken the long view on it's development. Most of the development behind the scenes seems to be focused on the fundamental infrastructure of the platform, rather than chasing the latest "trends" in the crypto space. If they can pull this platform off like you just described it, and if and when ProjectBlank gets done, then the Hive "network" will end up being one of the most well-rounded, robust ecosystems in all of crypto.
As you spoke about earlier, the first thing they did was handle the scaling issues that plagues so many other networks. Infrastructure. They created the 2nd layer for hundreds of communities. Infrastructure. The base has been and is continuing to be built for a massive network that can be utilized in hundreds of different ways by thousands and eventually millions of different people.
These are still big "ifs", but it really feels like the future is seriously very, very bright. I'm just going to keep stacking Hive and the dripcoins surrounding it. There is every possibility that as the network reaches more and more people, some of these smaller communities will benefit in a huge way from the newcomers who onboard. You never really know which one could be next.
In the meantime, Hive continues to simmer under the radar of most of the crypto world. I really feel that there will come a day when the development here catches the eye of a big player or two in the outside world and the accumulation of this token will start in earnest. It's going to be very satisfying to own it all for somewhere between "free" and fifty cents.
I'll be very interested to hear you expound on what's happening with this as you gather more information. Great video!
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I am "waiting" on this platform since 2017.05.17. Almost 4 years. This is the time I have spent so far on the Steem blockchain and on the Hive blockchain.
It is worth to make some comments, while you "wait". I say this to every user.
Well the truth is that Hive is only 13 months old. Sure there is the legacy from Steem yet the keys to the kingdom are only in the community's hands since last March. Before that, it was under Steemit Inc and we were at the mercy of that entity.
We all know how that turned out.
So we are still very young and the progress made since the start of this chain is remarkable in my opinion.
Each month, we are seeing more added.
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The one thing I worry about will be that bots etc will be used to "watch" content in order to generate rewards. Whenever there's money involved people will abuse the heck out of it so some things will need to be in place to ensure someone is actually there watching.
Overall it sounds awesome and fully agree that its not the time yet for marketing. Its not thought out enough yet and the onboarding sucks and is confusing to new people to even get started. I don't like the idea of some of these others throwing money at content creators to get them to use the platform seems highly misplaced.
You also mentioned it was hive tokens only for the air drop?
It would be the time for engagement. Comments, comments, comments. Unfortunately most of the current users are not agree with this.
I firmly believe marketing happens as people start using Hive correctly. That's by making quality posts and sharing it on other networks to prompt people to come over to hive and leave a comment and their views. I don't believe it's time to start paying for marketing though. The conversion rate is going to be dismal for the amount of money that is going to be poured out. The UI needs a serious update and the onboarding needs serious work as 99% of people hitting the front aren't going to understand what is even going on around here nor will they get answers.
I do not believe that quality posts is what Hive needs to be successful. Quite the opposite actually.
Facebook does not (or rarely) have quality posts, and nowadays it is one of the most successful social networks.
Most people cannot create quality posts, and they do not even interested in them. Most people interested in funny and informative posts. At least most people share funny posts on Facebook. And most of those posts are shorts, not long blog posts. Those posts are not necessarily the definition of "quality posts".
ehhh I somewhat disagree with that. When facebook first started quality content that spark debates and engagement is what fueled it's growth. Now it's at a point where it could give a crap about content and instead runs fully on businesses buying up ad space while reducing exposure for all other content. Right now Hive is at the point where engagement needs to be sparked. Just like reddit. What made it so popular was the quality on the content that people interacted with. No spam bs just straight up good content and information.
I do believe though that hive needs to be much more than just a blogging platform. Things like NFTShowRoom which allows for NFTs to run on Hive is one of the most important additions to recently come.
That platform alone has ended up selling over 354,000 HIVE and it's still small. Apps such as this which provide more use case to hive are what's going to fuel it's growth. It's why I was really looking forward to project blank by leo over the DeFi project. Development of games is also going to fuel the chain. More use cases need to be in place before some serious marketing gets thrown at it and well honestly if you have a good app that runs on hive the marketing pretty much happens for itself! Pretty sure bitcoin didn't do any of their own marketing lol it was the people that used it every day and that pretty much goes for all of these blockchains now.
I did not said that Hive is a blogging platform.
Just that nowadays the most people use it that way.
It is already fueling. For example Splinterlands. That game alone should greatly contribute to the successfulness of the Hive blockchain. Games like Splinterlands should get more exposure. I started playing it on 2018.12.30. It was Steem Monsters back then. And it was on the Steem blockchain. The game later became Splinterlands, and later moved/switched to the Hive blockchain.
For the most part Hive is a blogging platform and that's about it. It's all the tribes and other things being built on top of it that hold the real value. Was around since alpha days of splinterlands. They branched out to other platforms such as wax and bat etc in order to reach more people. I'm curious to see what comes of Exode which is a new game getting ready to launch that will be exclusive to Hive. Being exclusive to Hive I feel brings more "value" to the hive token itself.
I agree with all this yet that is not the majority view. The idea of bringing tons of people over now is without merit. The conversion rate will be abysmal simply because this is too complicated.
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Yep exactly, I don't see us recovering those marketing fees any time soon. Just a big mass of confusion and overly complicated on boarding system. Leo improved this but it could still use some work. I've found it easier onboarding through Leo than any other platform so hats off to them.
Leo did simplify the process somewhat and at least let people use a Twitter account. It will be great when they get the next rollout of the platform where FB and Google accounts can also be used.
At least then someone can start without understanding what is going on.
After years in that business, I agree with you. It is torched money. Bet the ranch they will come back and ask for more down the road. It could become a never ending pit if we allow. They will give some line about marketing being a long term thing; that it takes a long time to see the results; consistency is key look at McDonalds; etc.. I know since I used all those lines over the years.
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It's nice hearing I'm not the only one that thinks this. I got in a bit of a heated trash talking laterally for no reason other than questioning the proposal lol Waiting for my downvotes next. Which hopefully doesn't happen simply because of a disagreement if it does happen you can be sure I'll be very vocal about it.
That is true yet it is across the entire social media spectrum. If you look at the comments on YouTube, there are a ton but compare it to the views and number of accounts. There you get a video with hundreds of comments but it has millions of views.
Twitter is, of course, a different animal as is Facebook. I would surmise that the engagement on a Medium or Linkedin is similar to Hive.
The results are not great across the board. You would think that those who have a vested financial interest in the platform would take a different view of things.
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I see many small YouTube accounts with lots of comments and interactions. Rarely I also comment on YouTube, but I mostly only watch videos. Many people, who watch YouTube videos do not have a YouTube channel, so they cannot post comments, and they also cannot like or dislike a video, but their views add up to the views statistics. That would explain the lack of interaction on YouTube in some cases you mentioned, although the people I watch have a fair amount of interaction under their videos, even the smallest YouTubers. But when I see posts on the Hive blockchain with more than 100 upvotes, but 0 comments, nothing justifies the lack of interaction. Only explain. Most of those are probably automatic upvotes, and the people behind the caster accounts probably did not even saw the post.
In my life, I have probably watched thousands of YouTube videos but never left one single comment so I can identify there. However, for me to do so would only require me logging in with my gmail account which, at one time, I had like 8 of.
Nevertheless, I never felt the desire to engage there.
There is no doubt that Hive and the associated platforms could do better. Hopefully as we get some niche communities going, the people are more engaged since they will likely be passionate about the topic.
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From what I understand the drop is going to be a 1:1 for Hive tokens, liquid and powered up.
That was stated when this all was first introduced. I do not know if that changed at all.
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Quite scary and exciting at the same time because things could take off very quickly. I have no idea how big this could be but just have an open mind. I think it will do very well and definitely another value added development to the entire eco system. I do believe they will spend on the marketing which will no doubt change things as this is what Hive has been lacking.
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And the engagement (comments under posts and comments).
Maybe if that would come before the marketing, then that would be good, because that would make the results of the marketing (and this whole platform) successful. You cannot sell a non-social place as a social network.
That is true.
Sadly, getting people to post even 5 comments a day is like trying to pull teeth.
We are doing that on Leofinance and it is tough. We can only keep pushing and trying to get people to buy in.
I agree, all the marketing in the world is useless if people show up here and the site is dead. Engagement stimulates more engagement.
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That is something Dan did mention and I think it is the level it should be at. This is where the people will be attracted. I am not sure who they will target since the audience is unknown to us at this point since we dont have details.
And yes this thing could take off quickly once it is released. We all will be looking for more details.
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Cheers for sharing your thoughts on the Speak Network.
Looks so much deeper than just the decentralised video storage aspect that I've been so excited about.
Bring it on :)
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It does appear they added a great deal more to it than we were first led to believe.
This is an expanded project that might have more impact upon crypto in general than just Hive.
We will see over the next month or two how it all unfolds. I expect we will start to get a few more details here and there.
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That weird first claim drop to only 888 people almost seems like a recipe for failure.
I guess the second one seems better if still a bit unclear about the mechanics.
I do wonder about how many of the features would be available at first. Seems like a lot of moving parts.
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A lot bigger than I imagined so yeah, I would expect some type of MVP before going forward.
The 888 drop was a surprise. I am not sure the motivation behind it other than to set off a frenzy.
We see the second one being in line with what they told us before.
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Thanks for valuable comments on the SPK Network's Litepaper. It helped me to understand a few more aspects since I couldn't fully understand it even after reading it multiple times.
As far as I could understand, SPK Network is a decentralized, censorship-resistant content sharing protocol that allows other platfoms/Dapps and communities to be built on it.
It is basically a combination of several other existing protocols & and combining with Hive blockchain to create a robust network that helps in the storage & hosting of content. Users can become host of their content which enables true ownership. Their tokenomics is quite complex since there are multiple parties involved. I found this table very useful to get an overview of all the tokens associated with the network:
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I feel the word "light" is discriminatory towards the "heavy" papers :))) also wen airdrop ?
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I am not sure why they chose the world light. It is a fairly complex system they are describing.
How are they going to pull it all together since, as mentioned above, there are a lot of moving parts?
I didnt see it in the paper so I guess it is still TBD.
I guess that is better then "soon".
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Maybe they will come out with a trillion page white paper in the future and this one is light by comparison :)
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Yeah one that deal with interstellar video storage and the ability to NFT your space manufacturing products to prevent alien counterfeiters.
We also need a place to show our "ownership" for our asteroid mining operations.
I think Dan is all over this stuff.
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This was the supernova of ironic replies :)))
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How did you guess? They are going to bring out the "Nova" token.
It will be far out stuff.
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Hi there. I would like it and if it is not a bother if you would help me a little since I just started on the platform and I am getting to know it, I would like if you would support me with your like. Thanks in advance
Thanks for dropping this video as it made the situation a little easier to understand. I don’t quite get the whole picture as it sounds like a massive move with multiple parts but I’m trying my best to keep up. At first I thought this sounded like a split from hive but the way you’ve spoke about it makes me think otherwise which is reassuring. I’ve been on this bus for nearly the entire ride and it’s getting quite exciting but at the same time I feel like our brilliant community is on the verge of having to take a leap of faith. The latter makes me anxious because I really want to see hive succeed. Part of me feels someone is destined to step in and create a big-business model of what we have, one that is more appealing to the likes of Facebook or YouTube. Nonetheless, if that were to ever happen I’d still be here because any centralised version of hive just misses the whole point for me. Anyway, I’m starting to ramble now so I’ll just finish where I started. Thanks for sharing the knowledge, it means a lot to folk like me who are trying to keep up with all this.
Summary:
In this video, Task discusses the newly released light paper of the Speak Network, a project that aims to set up a decentralized network on Hive. The Speak Network is envisioned as an extensive DeFi platform, incorporating decentralized video and image storage, tokenized communities, farming, and liquidity pools, among other features. The project also introduces the concept of a SIP (Systematic Investment Plan) as a funding mechanism, which sets it apart from traditional token burning practices in the crypto space. Task highlights the innovative integration of various technologies within the Speak Network, emphasizing its potential to revolutionize content consumption and reward systems. He touches on Dan's plans for substantial marketing investments in the Speak Network once operational. Finally, Task reflects on the significant impact the Speak Network could have on the crypto world and the Hive token.
Detailed Article:
Task delves into the unveiling of the Speak Network's light paper, a groundbreaking initiative that promises to reshape the decentralized network landscape on Hive. The Speak Network's ambition extends beyond traditional boundaries, aiming to establish an all-encompassing DeFi platform that integrates decentralized video and image storage, tokenized communities, NFTs, and various other innovative features. Task draws parallels between Speak Network and Ethereum, emphasizing the project's potential for significant impact within the crypto space.
Central to the Speak Network's design is the introduction of the Systematic Investment Plan (SIP), offering a unique funding mechanism that diverges from conventional token burning strategies. Task underscores the SIP's role in accumulating and utilizing funds through user contributions, thus enabling sustainable development and growth within the network. This departure from token burning to a more dynamic fund management approach reflects the Speak Network's commitment to fostering continuous innovation and network enhancement.
Task elaborates on the Speak Network's integration of different technologies and protocols, envisioning a resilient and interconnected platform that facilitates seamless participation from various network stakeholders. The project's emphasis on rewarding content consumers for their engagement marks a paradigm shift in content monetization, potentially revolutionizing how creators and viewers interact within the ecosystem.
Moreover, Task discusses Dan's plans for aggressive marketing investments in the Speak Network post-launch. This strategic move aims to attract diverse user groups, content creators, and communities to the platform, signaling a proactive approach towards network expansion and ecosystem development. Task conveys a sense of anticipation for the Speak Network's future milestones and potential market impact.
In conclusion, Task underscores the significant implications of the Speak Network's launch on both the Hive ecosystem and the broader decentralized network sector. By introducing novel concepts, incentivizing content consumption, and fostering network growth through innovative funding mechanisms, the Speak Network emerges as a promising player in the evolving crypto landscape. Task's insightful analysis hints at the transformative potential of the Speak Network and its capacity to shape the future of decentralized content creation and consumption.