What is Hive?
Hive (HIVE) is an open source blockchain platform that aims to bring Web 3.0 to the world. It is an independent fork of the Steem blockchain and contains two cryptocurrency assets: HIVE and the supported USD stablecoin HBD. Hive provides users with a decentralized social network, community, and economic ecosystem based on Web3, while also featuring an efficient, economical, and scalable protocol for creating decentralized applications such as games and NFT markets.
How Hive Works
The Hive blockchain uses a DPoS (Delegated Proof of Stake) system. By staking Hive tokens, users can participate in voting on governance-related issues and select block producers. Hive includes two cryptocurrencies: the governance currency HIVE and the stablecoin HBD (reference price is $1), both of which can be transferred without commission.
Users can access an entire ecosystem of applications connected to the blockchain through their accounts, simply by adding their accounts to the official wallet and then logging into the application of their choice.
Hive uses a mechanism called Proof of Brain (PoB) to reward authors of social network content, while users who vote for that content are also rewarded.
Key Features of Hive
Proof-of-Brain (PoB) mechanism: Hive adopts the PoB mechanism to issue new coins, and distributes them to stakeholders through governance and staking rewards, forming a hybrid DPoS/PoB system.
High Security: Blockchain provides a high level of security for all transactions, with encryption protecting all seller and borrower data to prevent fraud or duplicate bookings.
Accurate Auditing: Blockchain technology ensures accurate auditing of all transactions, and there is no way to manipulate transactions, which has won great trust from small investors.
Ethereum Technology: Hive uses the Ethereum blockchain and smart contracts to provide a unique fingerprint for each invoice, supporting financial operations such as invoice factoring.
HIVE Token
HIVE is the base token of the Hive blockchain, similar to Bitcoin. Users can convert HIVE coins to Hive Power or exchange them for Hive Dollars, and can also trade or hold them. HIVE coins are designed to provide users with fast and cheap liquidity, especially suitable for corporate applications in factoring.
Hive Ecosystem
The Hive Network is a response to a centralized company's takeover attempt, committed to building a successful decentralized platform model. Many former Steem developers, applications, communities, and individuals are contributing to the development of the Hive Network crypto project, embodying the decentralized nature of blockchain.
Advantages of Hive
Fast: Hive Blockchain offers industry-leading transaction speeds with block validation capabilities with 3-second latency, supporting applications that require fast, resource-efficient transactions.
Scalability: Hive blockchain focuses on creating a powerful ecosystem that integrates users on a large scale at low cost, providing a pleasant interactive experience for developers and users.
Strong Community: Hive is supported by a strong community dedicated to building and innovating on the platform. The community performs all maintenance and development work in a decentralized manner and is one of the largest communities in the crypto world.
Evolvable: As an open source platform, Hive allows system administrators to create, deploy, and run blockchain-based applications in an easy-to-adopt development environment suitable for the implementation of new public and private networks.
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