3Speak: An Incredible Sink For Hive

in LeoFinance3 months ago

In short, 3Speak is going to eat up a lot of HIVE. There is no doubt about this after the most recent post by @theycallmedan.


Source

For those who are not familiar with what is happening, 3Speak is working on setting up a decentralized video and image storage system that is tied into IPFS. This is going to expand Hive's capabilities of censorship resistant by moving past just text.

To do this, they created a tokeneconomic system that is going to utilize the individuals on Hive. This will be the distribution pathway which will be done through a claimdrop. It will be a 1:1 drop, providing each Hive with a single LARYNX, the miner for the SPEAK token.

While this is the basic outline, the true value lies in the Service Infrastructure Pool, SIP for short. Here is where we see the ability to really grow things exponentially in terms of price enter the picture.

Service Infrastructure Pool

What is the SIP?

The easiest way to think about it similar to the liquidity pool on Ethereum. Many are getting involved with them, providing a certain amount of a particular token as well as the equal amount of ETH. Individuals do this to get a piece of the transaction fees which are doled out based upon the percentage of the pool each person holds.

These pools exist to provide decentralized liquidity to markets. Some of the centralized exchanges lack volume to make trading, especially large amounts, feasible. Liquidity pool can address this issue if they have enough people joining.

The SIP is designed to be one of the most liquid pools there is. Unlike the liquidity pools on Ethereum, with this one, the tokens go in but they do not leave. Thus, anything that makes it in there is permanently part of the liquidity pool.

Miners

Before getting into the value of the SIP, it is important to mention how the miners work. These are virtual miners like most we have seen over the past year or two. They do not require electricity and produce tokens by being staked. In this instance, the LARYNX token mines the SPEAK token, which is handles governance for the platform.

The key here is that LARYNX tokens not only mine SPEAK but they can only be purchased with SPEAK. Here we see a nice circular loop. Thus, if anyone outside of the claimdrop wants to get involved, they need to purchase SPEAK tokens to get a hold of the miners.

At the same time, each year, new miners will be released which are more powerful than the previous version. While the older miners will still work, people will want to upgrade their miners periodically. Once again, the need to use SPEAK tokens.


The linked article above provides some interesting points about network security and preventing 51% attacks which is outside the scope of this article but a worthwhile read.


How Does This Help HIVE?

In the SIP, there are 3 tokens, SPEAK, BROCA, and HIVE. BROCA is the transaction token similar to Gas on Ethereum. Each time a user wants to upload a video, some BROCA will be required. Here is where the "fees" are generated, which are paid to the miners.

SPEAK is the governance token. There is a capped supply generated through the coding in the miners. However, through the model being implemented, SPEAK will be used to grow the SIP.

Each time a SPEAK token is used for anything, buying some LARYNX, ads, or anything else on the platform, it is divided into three parts. The first is SPEAK. The second third is changed into BROCA. Finally, the last part is used to buy HIVE. Once that is completed, all are sent to the SIP where they are locked up permanently.

Hopefully, it is becoming clear how this creates an even larger circular loop.

Since the SPEAK token is capped, the value should increase along with activity. We also see a lessening of supply as engagement with the network takes place. By pushing the price of SPEAK higher, each token, when converted, should buy more HIVE. This is where we see the potential of the SIP tying up millions of HIVE.

Miners Part II

To conclude the circle, it all goes back to the miners.

Who are these people? How do we know there will be a demand for this token?

The miners are those who not only staked at least one LARYNX token but also are providing storage and bandwidth to the network. Anyone who is interested in supporting his or her favorite content creator can do so by storing some of the videos. To do this, LARYNX is required. This drives the initial demand for the miners which kickstarts the entire process.

This ultimately becomes a truly community driven, decentralized platform. The miners are the entry point for all storing videos. Imagine the time when millions of people are using this service to decentralize video and image storage.

The back end can be used with any UI. Video uploading can potentially come from any site, including one's own website. To mine for the network obviously requires the client but what interface is used to view the videos is secondary. This means that people who get their sites shut down do not lose their content like with YouTube. That content creators community are effectively the ones hosting the videos.

Having the circular nature of tokeneconomics means that, with a permanent fund, money will consistently be generated over time. Since there will likely be a "return" in the fund, this money can be used, according to the decisions of the SPEAK holders, to fund development on both 3Speak and Hive. If chosen, it could also be used to reduce witness costs, thus making Hive less expensive to operate.

Hopefully now the potential is clear and everyone can see how the 3Speak network will feed directly into both Hive the blockchain and the token.

Now that the client is released, time to get excited about the next phase of the development.

To get the client, here is the article that details it:

https://peakd.com/hive/@theycallmedan/hive-video-desktop-ipfs-dapp-release


If you found this article informative, please give an upvote and rehive.

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So, a crypto hedge fund?

My issue with 3Speak is more basic. I get "A password reset is required for your account." when I try and log in the past couple days. No option to reset password, though. What happened?

One thing is not clear for me. If SPEAK is capped, what will happen with the miners when cap will be achieved? Will miners get less effective over time? Or the blocked SPEAK tokens will be deduced from max cap?

I suppose the speak inflation will go down over time similar to bitcoin. However, miners will always be incentivized because there is the extra BROCA fees which will be determined by supply and demand.

To jest dojść ciekawe. I jak będzie jak myślę to zabieram się ostro do roboty. Wreszcie się dzieje bo nie widziałem już potencjału...

I would imagine that, over time, the miners get less effective but those details have not been made clear.

Also, we have no idea when the cap will be reached. Is it 5 years or 150 years?

Few details out at this point, just the general information.

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More growth, more decentralized is what people are objectively looking for especially with the need for greed happening in Web2 platforms.

@tipu curate 5

Upvoted 👌 (Mana: 30/150) Liquid rewards.

Without a doubt. It is a huge step forward and one that could tie in very nicely with the point in time that we are at.

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Change is good, creative in many ways, offering more will attract new people once they realize what is on offer.

This sounds very complicated for me as a regular Internet user. For the most part I won't care about decentralisation and will just want to watch silly videos on YouTube or an alternative site.
Ease of use is a big question here and incentive to use the system?

I hope it is successful and as a long term crypt and Web3 users can see the benifits but if I was coming in cold to the system, where is the upside? Just wondering how they will sell it to people.

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Hard to get a grasp on without the details and actually seeing the platform.

The client is very easy to use.

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The 'techy centric' perspective has been a continuous drag on adoption (imo).
Like you said, users are not fucking interested .

They just want something that 'works'.
Blockchain, so far, has not provided that, not really.

I'll be honest I've tried to understand threespeak a few times and I just don't get it and how it connects into hive etc. I wish I could just login to my account using the keychain but last time I checked I can't

I ask dan for that. HE told me it will be included soon. Because I hate email sign ups too :)

This is the second overview I have read regarding the new 3Speak setup. I think I'm going to have to go through it a few more times before it totally sinks in. 😁

i do research many communities in Hive. I want to try 3speak its like youtube on blockchain and interesting to try.
I also spread Hive on other platforms but i have an initiative to spread Hive on Facebook too, because in my country Facebook is the most popular social media platform.

It is a project in the making. And we are seeing a great deal of advancement. It will take some time but will get there.

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I hope the project will be having good ways and i believe with hardwork the teams will be found a way to success. Maybe i cant help anything but i always support the teams and waiting for goodnews about this :)

That is all we can do is support the teams that are producing stuff.

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Welcome to the Hive community.

By the way, not a great idea to self promote in the comment section of other people's posts.

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Thankyou @taskmaster4450le
Ahh, i'm sorry i didnt mean doing self promote maybe little edit words in general will be better :)
Once again i'm sorry about my mistake, i'm just too enthusiast as newcomers 🙏🏻😁

No big deal and quite frankly, I am not one who cares. But others will.

Also I might suggest you take a look at Leofinance.io if you are one who likes to talk about crypto and post about financial matters. Photography and stuff like that obviously goes through a general front end like Peakd but I think you will find the community on Leofinance to your liking.

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Just posted on the topic as well :)
In my view this will be a long term project, years in the making....
But any serious project takes time.
How much hive can this network lock, depends on the price of the tokens. If hive has lower price and speak, high then a lot of hive ... if the hive price is high, not much.

We can see this in a way with leo .... the leo.voter that is rewarding leo for hp delegations, has more than 2M hive now... that in a way is locked hive from leo for resource credits

Anyways it is great to see thigs like this.

That is per token. However, if there is a lot of SPEAK flowing through the system and people are active on the platform, posting tons of videos, then we will see a great deal more eaten up.

Hard to speculate without the details but it seems the idea is to game it so SPEAK increases at a quicker rate than HIVE, at least in theory. Markets can always do their own thing but it makes sense if the supply of in circulation is continually reducing as time goes by.

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Probably the major HIVE trading these days can be justified by this news? I imagine when we are close to the airdrop what can happen 😁

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Could be but I doubt it. Seems like the naysayers are still strong.

My guess is Hive is getting the traders attention because it is trading in a range which they can easily play for profit.

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Yesterday was fun, tho. Everyone and their mother was in deep red and Good Ol' Hive was up a 3% ^P

Sounds complicated but hopefully will make sense when you use it! Do you know when we can get the LARYNX token?

No announcement as of yet.

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Will there be the option to lend space on your drive for storing content? I think I've read something about that but I might have misunderstood it.

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Absolutely. That is part of the mining. Stake the Larynx token and provide storage from your computer. The client allows you to do that.

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Sounds good.

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Thanks for the overview. Look forward to getting a better handle on things as more information / documentation becomes available!

Yes we need to see more details but, so far, it is looking amazing.

Great things ahead for Hive in 2021.

This is going to be huge.

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Can't wait for $SPEAK !!

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that is great information, wow it will be superb superb project wow just i will say wow

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I haven't been so excited about Steem Hive in a long time. Regarding how much and how quickly Hive might be locked away in the SIP forever, I don't actually care about a lot. Great for Hive and I can see how an Orca like yourself is highlighting this aspect of the new 3Speak system. But we are talking a true revolution in video and image content delivery, truly decentralized and fully incentivized. Even if this takes years to develop, it will change the market like nothing before it. LBRY, Minds, BitChute, DTube - all these solutions a) cannot offer anything like this and b) are not threatened at all but even strengthened because the idea is for them to tap into the system and deliver their own content via the 3Speak ecosystem to their own users AND profit from it.

If this is even half as good as it sounds, it will finally allow IPFS to flourish, provide true free speech beyond just text and hence connect the alternative media like a fungus mycelium.

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Man, this is really exciting. Thanks for the explanations. What a time to be alive. What a time to be on hive.

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While I am not a video creator I can appreciate this project and the opportunities it gives also for my kind of participants. While I still don't understand all the mechanism to passively gain from 3Speak, I will see that once it is launched and airdropped. Whether I can simply hold and share videos create by others or other ways of staking or being part of the network I will surely be there!

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Hi @taskmaster4450

Thank you for taking the time to write a detailed post, explaining a somewhat complicated project, with some yet unannounced details. I am happy with this early announcement, as it gives the longterm minded another reason to start accumulating Hive again.

@shortsegments

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Quality explainer as always, Task.

I love the potential that this project has. From both a HIVE tokenomics perspective and the perspective of them actually being able to offer a truly decentralised video sharing service.

Exciting on both front!

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The miners are those who not only staked at least one LARYNX token but also are providing storage and bandwidth to the network. Anyone who is interested in supporting his or her favorite content creator can do so by storing some of the videos. To do this, LARYNX is required. This drives the initial demand for the miners which kickstarts the entire process.

Wow this sounds cool . Btw I will store all your videos lol.

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These are very important aspect of hive and 3speak

That's a lot of token. It could potentially hold mass adoption, as ppl don't want complicated things to just upload a single video

But this is good post

Thank you for this exciting information. Hive keeps growing. Makes me happy, because if something isn't growing, it is dying.

I'm coming after the @dalz post. It's good you guys are creating enough buzz within Hive. Putting ourselves on https://lbry.tv could be a great move. It's the right demographic to target. That + exchange listing will do wonders. Respect @theycallmedan for not doing some generic token system and trying to create something unique. The ownerless SIP is a real interesting idea.

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Will I need the desktop client to stake my tokens, or will it be stakeable through peakd or hive-engine?

Any date for the start?

I am a 3speak user and this plan with 3Speak is quite impressive however some parts are a bit complicated to understand. Looking forward to having an official announcement for these 3 tokens and more action on 3speak. After Leo, 3speak seems to bring so much value on the #hive ecosystem. Any expected date for the launch of 3speak tokens?

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Contact them for interview here : press@blomburg.com

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