Beneficial or rip off.
I have worked within the blockchain world for the past three years. The value of the assets I hold now are the same value of €dollars I invested to the chain plus a small amount, not enough to brag about. While the amount of HP I have now is bigger the overall value remains about the same and a drop in the value of HIVE would level it out or reduce it to a loss. This is due to a high price I initially bought in at.
Circumstance I put that down to 16 - 18 X the current c=vale was my initial purchase price. I have since put more personal finance in at a better price, but this is only better if the price of HIVE rises up again.
With the exception of comedy and stories, any other post I have put out about the blockchain has been dome with view of equality. I would like to specify here that equality does not mean everyone gets the same. I speak of opportunity when I speak of equality. Not equality of outcome, but equality of opportunity.
The previous move made 5 month back was meant to ensure a decentralised blockchain. A move away from controlled governance. Have we managed to do this? Or have we changed from Steemit INC to a Hive cartel of governance? That has yet to be seen.
You can view the post by @therealwolf Here.
I will let you know now, There are a few things I do not agree with. I see it as nothing more than an effort by wealth to control and gain more. I strongly believe it will have a negative effect on recruitment to the blogging side of blockchain. There is more to the blockchain than just blogging I will be the admit. There are games here now too. So the Hive blockchain is not just a blogging platform, the platform of blogging is just one part of the HIVE ecosystem on the blockchain.
Therealwolf goes into some history of the chain back before it was Hive. He mentions that at one point vote selling and self voting was more lucrative than honest curation.
There is no denying that, there was some extreme abuse going on at one point. The main abuse of the self voting was going on by those who had the big stake. Be real here, Does anyone really care if someone with 1,000 power gives themselves a vote? A penny reward to oneself when it might be the biggest vote the post might get? There was many then and still now who do not reach the threshold to get a payout and many more just above and below 0.25 in rewards. Are we really going to be that petty to prevent them from gaining an extra penny HIVE, a quarter of a USD penny?
This next part talks about the top 20. Not the top 20 witness but top 20 in the crypto market and HIVE getting there. It mentions problems and solutions. The top 20 is basically the same now as it has been for years. Still changes are needed. The thing here is changes and adapting to changes around us will always be needed. So let us not delude ourselves that we can create something perfect. Even if we could bring about perfection for today, it would not be perfect for tomorrow.
For example:
Why should developers integrate/build on Hive
Why should individuals buy HIVE and potentially even hodl it?
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Answering these points is crucial IMO and isn't done with answers from 2016; the year where the whitepaper of Steem was released and most of the design aspects of it got released.
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Between 2016 and 2020 a lot has changed; most importantly the use-case for Steem shifted from a 100% social application-driven blockchain, to a community-driven blockchain, that is supposed to fulfill everything that people want to throw at it.
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And to be very clear: HMTs will not solve any problems unless Hive is able to provide solutions on its own.
The value of HIVE is the main thing that will bring developers to the chain. If HIVE has a very low value why would anyone be here? "Communities" The community built up on the chain is important too. I won't disagree with that, community's can be strong. But people are building their community here for the rewards available from the chain.
Pointed out next is the possible stress games developed making use of the chain can have of the blockchain.
III - Why should developers integrate/build on Hive
Smart contracts? No. There are already more than enough blockchains focusing on that problem, which creates other problems such as scalability & security issues.
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As a developer, the reason I would want to use Hive is in order to leverage it as an easy form of storing & retrieving data.
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Let's take Splinterlands as an example, by far the most successful dapp on Hive-tech (still on Steem chain).
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While the game is running mostly off-chain (making it very efficient & cost-effective), the cards and everything else is being kept on-chain, via JSON objects, text in a specific format. For that, the custom_json operation is leveraged.
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If Hive is going to adapt to its use-cases, then we need to have better tooling, API & marketing for custom_json.
Pointed out is the splinterland game and the use of custom JSON.
Have games on a side-chain can reduce that load on the mainchain. Games could be hosted on one side-chain or each game create it's own side-chain. This provides for scalability too. The use of HIVE and other alt coins on the side-chain are options for the creator.
IV - Why should individuals buy HIVE and potentially even hodl it?
When I look at cryptocurrencies to HODL, I'm usually quite conservative.
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With the same thought process, I also look at HIVE. I'm obviously much more involved with HIVE, which is an incentive in itself, but the staking can't be overlooked.
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Problem is though: I'm far more experienced in Hive than the average user/investor, so I'm already familiar with auto-voting/ the curation game-theory. But I'm also more than aware that auto-voting is in the grey zone and not something I want to advertise since it undermines manual curation.
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Which is the reason, why I believe we need a new way to incentivize staking?
The main reason to stake is the value it offers. Without stake you cannot perform transaction on the blockchain. Then there is the interest you gain from your stake. While a small amount of stake can permit you to do many things 100's of action, the incentive to increase that amount is the ability to share rewards with others.
This next part is the part I really want to respond to. This I believe will have a totally negative effect on the blogging side of the blockchain. Maybe that is the goal. Less users mean less are powering up, leaving more interest for those who remain.
V - Hive Staking Rewards
This is what I came up with when I brainstormed about how we could replace the current system. The goal was to have a system that is very clear, transparent & positivity driven and which also offers the option to give away without actually having to make a "donation".
I would really have liked a list of the names that brainstormed this hurricane. Remember this "give away without actually having to make a "donation"."
The current rewards system could still be offered via SMTs.
I take that to mean offer rewards with an alt shit token. Though I might be wrong.
Imagine the following scenario:
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You bought 100,000 HIVE (100 thousand)
You stake the 100,000 HIVE for min. 2 weeks
When you start the staking, you can decide on a minimum duration. It takes min. 3 days to unstacke.
Every minute/hour (it depends what's most efficient for the blockchain) you're getting staking rewards (% APR) and RC (resource credits) credited on your account.
Well this is petty much the same as what happens now if I am not mistaken. We also have the option to vote to others and increase their stake holding and a possible curation reward too depending on Staked asset and timing of the vote given. To some curation is the main source of growth.
Since your un-staking takes t - 2 weeks (after 11 days only 3 days), you're getting some amount of RC already credited on your account. (Info: I'm not sure if it's better to add a minimum staking at the beginning of the term or when it's unstacking time)
Unstaking taking 2 - 4 weeks. Was this not hashed out before and shown to be dangerous? The loss to owners stake because of the time it might take to reclaim the account, should the account get hacked in some manner?
You take a look at hive.blog and upvote a post. There are no rewards, just likes & dislikes.
Because you want to support that individual anyway, you direct a max percentage cap of 0.5% of your staking rewards to him/her; with a daily-cap of 4 HIVE, a total cap of 25 HIVE and a max duration of 2 weeks. (whatever is smaller in the specific timeframe; if 4 HIVE equals 0.2%, then you still have 99.8% going to yourself/others).
Very few will actually be able to give away 0.2% of their vote for it to be worth 4 Hive. So this is directly meant for those only with a high stake.
The quote above I said to remember. As I understand things. Everything has been moved to an interest based system. there is no curation rewards. There is no posting rewards. Just interest gained by the stake held.
This means a person is assured that amount of interest to their stake. Delegating that to any other account is a donation that puts the owner out of pocket. It was going to that wallet and then after delegation those rewards are going elsewhere, It is a donation of the owners interest.
This immediately means that those with low stake are discouraged from delegating out as they have an ambition to grow and any delegation out from the account will burden that growth.
I will say here. That delegating out only resource credits is different to delegating out your interest rewards. But it also brings about the question. If an account has little RC what makes anyone think they will have the funds to rent RC's?
The rest of your staking goes towards your own account and the other accounts you have set.
The staking to other accounts can be canceled at any time.
You take a look at dlease, if there are potential buyers for your RC (resource credits). There seems to be a new app on Hive that is in dire need of RCs. You sell them part of your RCs and also accept a RC delegation to another app for a daily revenue of HIVE.
You decide that you want to take part in governance voting & DHF voting. However, you need to have staked your HIVE for at least 4 weeks to be eligible to take part in it. So you need to wait 2 more weeks until you're able to do that.
The reason for that is that individuals can't just buy stake (HIVE), overtake governance and then sell the stake again.
The voting side of this is not new and something that has been stated and is said to be something that will be implemented already. Voting to a witness will take a 4 week power up period before your stake can be used to vote on a witness.
Something not mentioned is changing the votes to a witness that are already cast. Having a vote cancel after a period of time. A 1 year time. This part of voting for a witness is not in discussion simply because of fear from those who hold a big vote to their witness and fear of dropping in ranks when accounts that are no longer active are dropped from their witness.
Crypto Excahnge:
Ionomy:
https://ionomy.com/en/aff/d0afaf8f56804ce181c5ef5db43d4a21
Bittrex:
https://bittrex.com/Account/Register?referralCode=DHH-RXK-11E
Crypto Card Visa Blockcard
https://dashboard.getblockcard.com/i/SMvuCfUG
Discord Servers
Bro SGN: https://discord.gg/W2pdeDa
Hive Block chain Server: https://discord.gg/QxbgScK
Games
Free to play:
One Arm Bandits: https://brosgn.net?ref=923
Poker: https://brosinopoker.com
Music game: https://www.risingstargame.com?referrer=thehive
We can look at the track record of Steem hard forks and the attempts most of them had to fix hat was not in essence really broken, (the reward pool). Each hard fork seemed to have the effect of decreasing user activity, use of steem, and a down ward spiral of the price of steem.
We can continue along the same road that steem has taken and continue fixing something that really is not broken, or we can try to fix things that users see as broken.
The third fork will be the true telling fork, who controls the direction of Hive the Few or the Many. Will we see a resolution for how the witness system works, (or doesn't), will we see a solution offered for the down vote issues. Or will Hive just be another broken fork in the chain.
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