HIVE Utility Electric
Utility is an important factor for a currency and it is often cited as something that is lacking on Hive, but I kind of disagree, all though more use cases are needed. However as I explained briefly to someone in a comment, I see HIVE as having utility on Hive, as at least for me, it improves the experience.
A utility token is described as having utility when it represents access to a product or service, for example a special deal on a new release product if buying it with the token. As I see it, HIVE has utility on-chain as it gives access to features of the blockchain at a rate equivalent to what is staked. On top of this, I see the gamification usecase of HIVE to curate, earn, affect comment order and social experience as utility also - in the same way that a person can use the utility of a fiat currency to upgrade their character attributes in a game.
I visualize HIVE POWER (HP) like electricity in the wiring and what it powers is going to depend on what "appliance" the user switches on. At one point I can use the electricity to support a post I enjoy, at another provide some income to a charity and in another, delegate it out for earnings. This is usage and for an investor that believes that gamification is going to help increase the value of holdings by increasing demand on applications, this is an applicable usecase. For example, some use the token to extract value from the pool, some use it to add value to the community - different paths for sure, both possible uses of HP.
Remember this?
If you live in Baltic and fan of cryptocurrency, CopPay has got you covered. You will now be able to pay for Samsung products using Bitcoin, Ethereum, Litecoin, Ripple, Dash, Nem, and Steem.
source
I wonder how many used the service in store?
What I think is pretty cool with HIVE utility is that it gives an experience of usage with the ability to affect the outcomes of token price, while "waiting" for token price to increase. Well, there is no reason to actually wait with HIVE as it can be used actively, whereas the most active it seems to get with most other tokens is trading on the markets or potentially gambling it away.
The conversation brought this to mind and anyone who has played the game Monopoly will recognize the image and I think this nicely demonstrates the potential of HIVE POWER.
If one utility is owned, a 4x multiplier is applied as the gain, if 2 are owned, a 10x multiplier is applied. This is a compounding effect and it is not a straight line, meaning that as HIVE does build up a variety of use cases, they each add value to the core owners - us, the staked users at an increasing rate. The more the better and it will be interesting to see where people apply their HIVE. I have a feeling that a lot of people will use it on platform, much like they do now - at least for a while.
The ability to use the token online to affect the outcome of the token value directly is attractive, as is the social usage of it, the ability to use the token to be part of a community. While this brings up various forms of conflict such as abuse, it does make it far more interesting than for example, Bitcoin, which has value and will likely grow in value, but it is a very passive investment. Buy it, stick it in a wallet, wait - no drama.
Social coins are bound to have drama because they are social in nature and more transparent on the surface layer. You can look into my wallet and see my stake, you can see my upvote value, you can see what I get paid on a post, you can see my curation returns, you can see my transfers in and out - you can see the history of my entire account and, this creates drama - with jealousy being one avenue.
Are you jealous of how much Bitcoin I have or its worth?
If you are, why and how - as you have zero visibility on whether I have any at all or, if I am a Bitcoin whale who prefers to hold than spend it on house renovations.
Transparency is one of the reasons so many people struggle to come to terms with Hive interactions and outcomes, because they can see what goes on and, they think the game is rigged against them and buy into other tokens. However, they have zero visibility on what actually happens with most of those tokens and no clear view of things like wash trading in the marketplace - even the various projects that are doing relatively well in price are poorly communicated with a mass of conflicting information that is gathered socially. Most of the speculation is on hearsay and expectation, not the performance of utility. I would suspect that when it comes to actual use case of any kind, HIVE would be amongst the most applied coins and potentially the most applied without actually counting the buying and selling on markets.
Daily, thousands of people use their HIVE POWER to affect their experience in some way, to reward an author, to claim an account or to invest into a potential future application, as we do either directly or through voting through the Hive Development Fund. Not only this, it is being done by normal people from all over the world who are often non-technical and have no prior investing or trading experience - many of whom have never had the opportunity to invest before.
Is being a learning tool a legitimate usecase for HIVE?
This is more than just reading an article or two on investing, it is being able to play with real values in very real ways in a dynamic and competitive environment with others doing similar. Yes, this is gamification, but so is school - and how you perform can affect your future opportunity. It is little different than in pretty much any environment or in any community, the difference being is that there is a lot of transparency as well as support available.
Think about your Bitcoin holdings (if you have them) and how willing the Bitcoin community is to help you earn more Bitcoin for free.
"Oh, you don't have much Bitcoin - here, I will send you some of mine!"
No one expects the Bitcoin whales to distribute their value to those who have less. There is a difference between the way Bitcoin and HIVE operate and while not everyone is happy with how it plays out, Bitcoin is far more a solitary game of risk for profit than HIVE, which is more a collective game of value generation. It doesn't mean that is all there is though and there are many pathways to earn and add value, but due to the social aspects of it that are integrated into the economics model, it is dynamic, complicated and messy - much like life itself.
For me and at least for now, the utility of HIVE is the ability to affect my experience on Hive the platform in a host of ways and I am not the only one who has bought into this path.
According to ICOdata, initial coin offerings raised over $7 billion in 2018. These funds went to over 1,100 individual ICOs, most of which were utility tokens.
source
How many of those 1100 utility tokens have any utility at all?
At some point it is possible that there are simultaneously hundreds or thousands of use cases for HIVE and HIVE POWER, with each having a compounding affect on demand and the community in general. While we "wait" for the future, we might as well play with what we have available now.
Taraz
[ Gen1: Hive ]
Posted Using LeoFinance
I think, we just need few to start with that would make it mass adoptable. Like I said earlier, if Amazon plans to build their reviews on hive, imagine what would be the impact.
What do you think would drive them to choose Hive?
Possibly if hive becomes common to many people, maybe in a time when almost everyone is on hive like they are in Facebook.
Then they might think of choosing hive.
I think that Hive doesn't need as many as Facebook, but a few million more would be a good start.
Yeah, a few million will do.
Rewarding for better reviews, which ultimately makes their platform better gathering more business. They could just stake some amount here, that could be used to reward.
Would be nice to get some businesses in, but I think it will have to be the smaller ones first and, that requires easier integration.
What about review of local stores and offers from them ? I was thinking, if someone builds a site like Offersworld.com, where each business would publish their offers with a valid time period , then users can find them easily before going on the roads and decide where to go. Of course there will be fine grained details needed to implement, but just an idea, that may go well. Right now, there is nothing that shows me offers in stores at my place.
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I agree with playing with what you've got versus sitting still and doing nothing, ignoring the way in which crypto knowledge can influence your future.
May as well have fun on the way up - just in case it stays down :)
Exactly😁
Yeah! all good and dandy with your technical exposition. But I'm pretty sure that when 'they' refer and talk about the need of utility, they are saying it from a point of view of that heedless mania of keep insisting in try to attract, recruit and onboard external strangers out there who are complete and absolute neophites of the intricacies of our HIVE blockchain. };)
The people that mention it aren't mentioning it from a use case to attract normies, they are looking for it to spend. Gotta have it first, right? The gamification on platform means that people can actually earn it without buying it, though they would earn more if they did. :)
Yeah! that too mate. But since I'm one of those who actually READ posts from top to bottom and obviously also READ each and every one of the comments in these posts. I've noticed that when the majority of these peeps mention the word utility or are talking about the need to generate 'utility' within HIVE, they are clearly addressing these comments and opinions as a response and replies to someone who always is talking about onboard new users and normies to the chain. :)
Yes, but everyone seems yo think that onboarding new users needs gateways to sell HIVE, but it might be better to give reasons to use HIVE on platform first.
You can buy stuff with money already, US dollars have very little utility on Hive though
Of course and I totally agree with that. :)
However, according the main context of your post. What I was trying to highlight and signify here with the use of the word 'utility' was the fact that this concept usually tend to pop up more often whenever somebody is talking about the need to attract, recruit and onboard more normies to the blockchain to increase the value of the token and hopefully guarantee better the survival of the project.
And I noted that despite there being limited utility, Hive actually has users using it as it was designed to be used, a social platform with a tokenized and gamified experience.
Yup, no doubt about Hive actually having users using it as it was designed to be used. As a social platform with a tokenized and gamified experience.
Nevertheless, the word 'utility' as a meaning of evolution and growing of the blockchain project & its economic platform for its longest survival. Always is gonna depend of broadening its userbase with more 'marketplaces' where the normies and everybody can spend and swap their tokens for more daily tangible goods & services IRL.
And is exactly about this above that I think people are mostly referring each time they mention the word 'utility' in an attempt to decipher the conundrum on how to onboard new normies and average joes to the chain to fulfill those goals of financial and utility growth.
Again, the issue is that why use HIVE, just use money. It is a what people are doing now anyway as they convert it to BTC and then to fiat to spend. There are more steps sure, but it doesn't stop anyone spending HIVE. One place only HIVE can be used is, on Hive. There should be more reasons to buy HIVE and use it on Hive. Usage is proof of utility by definition. I find it useful and beneficial.
Again, I'm only saying that I've pinpointed the word 'utility' used more often throughout the blockchain, each time someone is talking about mass adoption and onboard more users, new users and the need to onboard more users as an essential requirement for the growth and evolution of the network. That's all. Hahahaha
Yes, but isn't that a narrowing of the definition heavily?
Yes, I'm afraid it is. But maybe those who use the word 'utility' in that way, they doesn't have the same amount of Hive stake as you or even me to know this better. };)
Then, finding more ways to sell it might not be much of an issue :D
Haha yeah, I have the hunch that's what the great majority of the current Hiveians are doing anyway. :D
!ENGAGE 20
ENGAGEtokens.Gamification and use case will be big here in the future for sure. We can already see lots of people from Europe and Africa joining to be part of it, at least I’ve noticed. They pass it on and we get more buzz and it improves.
We just have to figure out how to get more in the states to stop being lazy and bring their money and influence.
What I don’t want to happen is the DPoS takeover by the exchanges that happened on EOS. That kinda pisses me off.
It seems few in the US have any money to invest :D
It mad @dan richer - it is likely also why the developers are dropping off EOS like flies.
!ENGAGE 15
ENGAGEtokens.Truth is, you've said the whole truth, we after all have the downside to transparency. I believe the system isn't rigged the system is only works with what you put in, be it money, efforts or other things. However sometimes I find it often good to always let people know this which I always do all the time. Brilliantly written post here. Wow.
It might have been me, wasn't it? :) But here our opinions differ, i might be wrong, but i do not take that for a utility. Utility by definition is something you can use it for, better user experience is nice, but it is gamification, click and whirr aspect, that releases doses of dopamine into your brain, and since it is not a simple like but something you can actually relate directly to financial gain, the effect is multiplied hence much more addictive.
As for the rest of article, knowing your mastery with words, you twisted all in such an appealing manner taht almost convinced me that Hive does actually have utility. For which it still does not lol
Yep :D
But I can use it - I use it to earn on, I use it to improve mine and other's experience, I use it to invest into applications and business ventures, I use it to support charities directly, I have used it to help people around the world when they have needed - can't even do some of those things easily (or cheaply) with fiat. In some ways, HIVE has more utility than cash ;D
Dude, but everything you've mentioned are traits of currency :) And YES, currency does have utility, a lot of it, but still it falls under currency description, not utility except maybe in user experience aspect, which on Hive is based on financial gain expectancy :) So, i do not want to discuss this anymore, you have your strong view and it does not hurt me if you see it in that light :)
Currency is meaningless unless used - the utility is that it can be traded for something of value :P
Damn you are stubborn :)
Finally! Recognition