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Hive (blockchain)

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Hive is a decentralized, open-source social media blockchain[1] built on the Delegated Proof of Stake (DPoS) protocol. HIVE is the native cryptocurrency of the network.

The Hive blockchain was founded on the 17th of March, 2020, and the network went live on the 20th of March, 2020[2]. Hive allows anyone to deploy permanent and immutable decentralized applications (dApps), with which users can interact. Hive is a fork of Steem[2][3]. Hive has no CEO or official development team[2], which makes the blockchain heavily rely on user participation.Script error: No such module "Draft topics". Script error: No such module "AfC topic".

Hive
Developer(s)Martin Lees, Dan Notestein, Gandalf, Abit, Bartek Wrona, ABW
Initial release20 March 2020; 4 years ago (2020-03-20)
Stable release‘Evolution’ / 24 October 2022; 19 months ago (2022-10-24)
Development statusActive
FundingNo VC funding
Written inC++, Python
Operating systemCross-platform
Available inMultilingual, but primarily English
TypeDistributed computing
LicenseOpen-source licenses
Active hosts87/100 (2022-09-10)[4]
Websitehive.io
HIVE
Development
White paperhttps://hive.io/whitepaper.pdf
Code repositoryhttps://gitlab.syncad.com/hive
Ledger
Ledger start24 March 2016; 8 years ago (2016-03-24)
Block time3000 milliseconds
Block explorerhttps://hiveblocks.com

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Design[edit]

Unit of account[edit]

The Hive network comes with two classes of cryptocurrency assets named HIVE and Hive Backed Dollars (HBD). Moreover, HIVE exists both in a liquid form (simply called HIVE) and a staked form (called Hive Power).

Hive (HIVE) is the native cryptocurrency of the Hive blockchain, and it is used as the unit of account for all transactions on the network. Transactions on the Hive blockchain are recorded in blocks, and each block is added to the blockchain through a process called mining. Miners are responsible for validating transactions and adding them to the blockchain, and they are rewarded with new HIVE for their efforts.

HIVE can be used to purchase goods and services, as well as to transfer value between users. It can also be traded on cryptocurrency exchanges for other cryptocurrencies or fiat currencies.

In addition to HIVE, there are also several other tokens on the Hive blockchain, including Hive Dollar (HBD) and Hive Power (HP). HBD is a stablecoin that is pegged to the value of the US dollar, while HP represents a user's stake in the Hive blockchain and is used to vote on important decisions related to the network.

Blockchain[edit]

Hive is an open-source blockchain platform that was created in 2020 as a fork of the Steem blockchain. It was developed to address some of the perceived limitations of the Steem blockchain, such as its centralized decision-making processes and lack of scalability. Like other blockchains, Hive uses a decentralized network of computers to validate and record transactions. It utilizes a proof-of-work consensus algorithm, which means that miners compete to solve complex mathematical problems in order to add new blocks to the blockchain. One of the main features of the Hive blockchain is its support for smart contracts, which are self-executing contracts with the terms of the agreement between buyer and seller being directly written into lines of code. This allows for the automation of complex transactions and the creation of decentralized applications (dApps). The Hive blockchain has a native cryptocurrency called HIVE, which is used as the unit of account for all transactions on the network. In addition to HIVE, the Hive blockchain also supports the Hive Dollar (HBD) stablecoin, which is pegged to the value of the US dollar, and Hive Power (HP), which represents a user's stake in the blockchain and is used to vote on important decisions related to the network. The Hive blockchain is home to a number of decentralized social media platforms, including Hive.blog, PeakD, and 3Speak. These platforms allow users to create and share content, as well as earn HIVE through the upvoting and curation of content.

Accounts[edit]

On the Hive blockchain, an account is a unique identifier that is associated with a user or entity. An account is used to interact with the blockchain and perform various actions, such as posting content, voting on posts, and transferring cryptocurrency. In order to create an account on the Hive blockchain, a user must first generate a set of keys, which consist of a private key and a public key. The private key is used to sign transactions and should be kept secret, while the public key is used to identify the account and can be shared publicly. An account on the Hive blockchain is represented by a username, which must be unique and can be chosen by the user. The username is used to identify the account and interact with it on the blockchain.


There are several types of accounts on the Hive blockchain, including:

  • Regular accounts: These are the most common type of accounts on the Hive blockchain and can be used to perform a variety of actions, such as posting content, voting on posts, and transferring cryptocurrency.
  • Witness accounts: These are accounts that are responsible for validating transactions and adding them to the blockchain. Witnesses are chosen by the Hive community through a voting process and are rewarded with HIVE for their efforts.
  • Resource credits (RCs): These are units that are used to limit the amount of resources (such as CPU and bandwidth) that an account can use on the Hive blockchain. Each account is allocated a certain amount of RCs based on their Hive Power (HP), and they must have sufficient RCs to perform certain actions on the blockchain.

Ownership[edit]

  • Hive is an open-source blockchain platform that is owned and maintained by a decentralized community of users. There is no central authority or organization that controls the Hive blockchain, and decisions about its development and direction are made by the community through a voting process.
  • The Hive blockchain uses a native cryptocurrency called HIVE, which is used as the unit of account for all transactions on the network. HIVE can be used to purchase goods and services, as well as to transfer value between users. It can also be traded on cryptocurrency exchanges for other cryptocurrencies or fiat currencies.
  • Ownership of HIVE is determined by the possession of private keys, which are used to sign transactions and prove ownership of the tokens. Anyone who holds the private keys to a HIVE wallet is considered the owner of the tokens in that wallet.
  • In addition to HIVE, there are also several other tokens on the Hive blockchain, including Hive Dollar (HBD) and Hive Power (HP). HBD is a stablecoin that is pegged to the value of the US dollar, while HP represents a user's stake in the Hive blockchain and is used to vote on important decisions related to the network.

Decentralization[edit]

The Hive blockchain uses a combination of proof-of-work (PoW) and delegated proof-of-stake (DPoS) consensus algorithms to achieve decentralization. The PoW system allows a large number of individuals and organizations to participate in the validation process, making it more difficult for a single entity to control or compromise the network. The DPoS system allows for a decentralized and democratic decision-making process, as users can vote for witnesses using their Hive Power (HP) and the witnesses with the most votes are responsible for maintaining the Hive software and can propose changes to the platform. Overall, the use of both PoW and DPoS helps to ensure that the Hive blockchain is secure, reliable, and decentralized, with no single entity having too much control over the network.

PoW[edit]

  • The Hive blockchain uses a PoW consensus algorithm to validate transactions and add new blocks to the blockchain. This process involves individuals or organizations called witnesses, who use specialized computers to solve complex mathematical problems.
  • The first witness to solve the problem is rewarded with a certain number of tokens for their efforts. This helps to ensure the security and integrity of the network by preventing double spending and other forms of fraud.
  • The use of PoW also helps to decentralize the Hive blockchain, as it allows a large number of individuals and organizations to participate in the validation process. This makes it more difficult for a single entity to control or compromise the network.
  • In addition to its use in the validation process, PoW is also used to maintain the overall security of the Hive blockchain. It helps to prevent attacks on the network and ensures that the blockchain remains a reliable and trustworthy platform.

DPoS[edit]

  • The Hive blockchain uses a delegated proof-of-stake (DPoS) system for governance and decision-making.
  • In the DPoS system, users can vote for witnesses using their Hive Power (HP). The witnesses with the most votes are responsible for maintaining the Hive software and can propose changes to the platform through a voting process.
  • The DPoS system helps to ensure that the Hive blockchain is responsive to the needs and desires of its users, and allows for a more decentralized and democratic decision-making process.
  • The use of DPoS also helps to increase the scalability and efficiency of the Hive blockchain, as it allows for faster and more efficient decision-making compared to other governance models.

Wallets[edit]

  • The Hive blockchain has a number of different wallets available for storing and managing HIVE and HBD tokens.
  • Some popular Hive wallets include Hive Keychain, Hive Web Wallet, Ledger hardware wallet, HiveSigner, and desktop wallet applications such as Hive Desktop and Hive OS. These wallets offer different features and security levels, so users can choose the wallet that best meets their needs. For example, Hive Keychain is a browser extension that allows users to securely store and manage their Hive tokens, while Hive Web Wallet is a web-based wallet that offers a user-friendly interface and advanced features such as multisignature support. Ledger is a hardware wallet that offers a high level of security for storing cryptocurrencies. It allows users to store their private keys on a device that is not connected to the internet, making it a secure and convenient way to manage their Hive tokens offline. HiveSigner is a web-based wallet that offers advanced features such as multisignature support and integration with other Hive-based applications. Desktop wallet applications such as Hive Desktop and Hive OS offer a convenient and secure way for users to manage their Hive tokens on their personal computers.
  • All of these wallets support additional features such as voting for witnesses, claiming rewards, and managing custom tokens.
  • It is important for users to keep their private keys secure and to use strong passwords to protect their wallets from unauthorized access.

History[edit]

Hive is a blockchain-based social media platform that was created as a fork of the Steem blockchain in 2020. It was developed as a response to the perceived centralization and mismanagement of the Steem blockchain, and was intended to offer a more decentralized and community-driven alternative.


Some key events in the history of the Hive blockchain include:

  • 2020: The Hive blockchain is launched as a fork of the Steem blockchain in response to a hostile takeover by Steemit Inc., the company that had developed and maintained the Steem blockchain. The Hive blockchain uses the same underlying technology as Steem, but has a new governance model and a separate set of stakeholders.
  • 2020-2021: Hive grows in popularity and becomes home to a thriving community of content creators and users. It is adopted by a number of popular Steem-based applications and websites, and becomes a top 50 cryptocurrency by market capitalization.
  • 2021: Hive announces a series of protocol upgrades and community initiatives to further improve decentralization and scalability. These include the implementation of resource credits, a new mechanism for limiting resource usage on the blockchain, and the launch of the Hive Investment Fund, a community-driven initiative to fund the development of Hive-based applications.

See also[edit]

Notes[edit]

References[edit]

  1. Nguyen, Hoang H.; Bozhkov, Dmytro; Ahmadi, Zahra; Nguyen, Nhat-Minh; Doan, Thanh-Nam (2022-07-07). "SoChainDB: A Database for Storing and Retrieving Blockchain-Powered Social Network Data". Proceedings of the 45th International ACM SIGIR Conference on Research and Development in Information Retrieval. SIGIR '22. New York, NY, USA: Association for Computing Machinery: 3036–3045. doi:10.1145/3477495.3531735. ISBN 978-1-4503-8732-3. Unknown parameter |s2cid= ignored (help)
  2. 2.0 2.1 2.2 Guidi, Barbara (January 2021). "An Overview of Blockchain Online Social Media from the Technical Point of View". Applied Sciences. 11 (21): 9880. doi:10.3390/app11219880. ISSN 2076-3417.
  3. Ba, Cheick Tidiane; Michienzi, Andrea; Guidi, Barbara; Zignani, Matteo; Ricci, Laura; Gaito, Sabrina (2022-06-26). "Fork-based user migration in Blockchain Online Social Media". 14th ACM Web Science Conference 2022. WebSci '22. New York, NY, USA: Association for Computing Machinery: 174–184. doi:10.1145/3501247.3531597. ISBN 978-1-4503-9191-7. Unknown parameter |s2cid= ignored (help)
  4. "Witnesses – hiveblocks.com - The Hive Network & Node Explorer". hiveblocks.com. Retrieved 2022-11-04.

External links[edit]


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