Hive A $3 Billion Blockchain?

in LeoFinance2 months ago

Is there is a possible future for Hive? With so many blockchains out there "kicking ass" while Hive is stuck in neutral, how is it possible that Hive can do anything but simply fade away?

This seems to be the sentiment of many people. There are a lot of naysayers who believe that market cap is the only telling sign of the prospects of a blockchain. Fortunately, there are many out there who disgree.

In the world of technology, development is the key. For this reason, we can see some thing that Hive offers which will enable it to experience massive growth over the next few years.

Presently, the usual suspects are at the top of the list. We all are aware of the run Bitcoin went on. However, of late, Ethereum is actually outpacing the largest cryptocurrency.

Here is a recent screenshot from Coingecko.

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Ethereum is now pushing a market cap of near $70 billion. This is a significant amount of money.

Of course, DeFi is all the craze right now and most of it is located on the Ethereum blockchain. Here is the latest numbers out of DeFi Pulse.

eth.png

As we can see, there is over $14 billion locked in DeFi contracts. This is up from a mere $1 billion earlier in the year. To say that DeFi is the story of 2020 in cryptocurrency is probably a massive understatement.

Obviously, Ethereum has been one of the leading blockchains since it was introduced in 2015. It brought the smart contract into the industry while offering the ability to do what other blockchains, at that time could not.

So, what does this have to do with Hive?

Ethereum is not without its problems. As the industry matures, and grows more popular, scaling is becoming an issue. This is something that has many people worried, especially as it pertains to Ethereum. Couple with with gas prices, and we have a situation where the market is ripe to move.

Of course, there are many contenders. EOS was predicted to be the Ethereum killer, something that did not happen. In fact, that blockchain is having its own issues. Cardano is another that many feel has potential. We see SingularityNet migrating away from Ethereum in favor of Cardano, bringing with it the newly introduced SingularityDAO.

No matter how this all plays out, one thing that is for certain: the entire industry is going to need a lot of bandwidth. No blockchain is able to scale to the level to compete with the existing financial system. Globally, we are looking at trillions upon trillions of transactions. In the blockchain world, we see millions being done.

Collectively, however, we are seeing growth in this area. As more embrace the concept of decentralization, at least to some degree, we will see these chains becoming even more popular.

With Hive, a lot of attention is being paid to the base code as it pertains to the data stacking. This is crucial. While it does not answer the question of scaling since it is not tested with real world traffic, there is agreement that it is progress forward. Replacing outdated coding with something that stacks better is vital. We already saw some benefit in the cost of running the blockchain since changes were made. It is cheaper to do certain things today than it was when Hive was forked in March.

Now we are seeing a lot of discussion about Layer 2 smart contracts. Hive-Engine is already working on generating them. @harpagon is creating his own system. @blocktrades made mention of his ideas regarding that and how easily that could be set up.

The reason why this is critical is that it suddenly puts Hive on par, from an offering standpoint, with those other blockchains mentioned. Basically, anything they can do, so can Hive (for the most part). Of course, one advantage that Hive continues to have is the fact that transactions are fee-less.

For DeFi, fees are not of great concern. Sure, most do not like paying them. However, it is what people are accustomed to. However, if we look at blockchains from the perspective of decentralized data storage, i.e. a new type of cloud system, transaction fees are not the norm.

BlockApps just introduced a new network on Ethereum that tracks food in the agriculture industry. The idea is food can be tracked from its date of production.

The challenge with this is the fact that a transaction fee has to be paid with each update. As we know, at times, those fees can jump to $20 or $30. How happy do you think companies will be with having to pay this each time an update is made?

With something like Hive, that is not an issue. As long as one has enough Resource Credits, the posting can take place.


Source

A market cap of $3 trillion would place Hive as the #12 blockchain at present pricing. Naturally, this will not be the case down the road since many blockchains will increase significantly in value over the next few years. Bitcoin is certainly heading into the trillions while Ethereum is slated for hundreds of billions.

That said, is it unrealistic for Hive to be about 5% of Ethereum's present market cap? This is not something that should be to far-fetched.

There are a lot of tokens with hype, especially in the DeFi world. Over time, some will remain successful while others will fade away. At the same time, many blockchains are hype yet do not have a great deal of development.

Hive is a place where development is taking place. While it is slower than many want, there are builders on Hive. This is going to help it to stand out. Each week we see new applications or games appearing. As we move forward the next few years, a lot of what is taking place within society will help to feed traffic towards decentralized systems like Hive.

Will Hive be the biggest and best known blockchain? No. Nevertheless, it is one that showed resiliency among its users and, with building taking place, is apt to keep growing. With the shortcomings in the industry, Hive is positioned to fill some of the voids that others have.


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Communities are the future of Hive! Get 10 or so “Leofinances-“ the market cap will explode.

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I think next year will be interesting for Hive. As you say, a lot of what is taking place within society will help to feed traffic towards, we're going to see a great number of new users and some of the old ones will disappear for obvious reasons.

Development on our blockchain is only at the beginning, so many projects are in work right now and there's plenty of room for new applications and games on hive.

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I agree. Hive is pretty young and the changes we have seen over just it's short life have been pretty impressive.

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Even though we have the history with Steem, Hive is only 8 months old. It is amazing how many changes took place in that time especially since the first couple months saw many of the apps moving over.

I wonder what can be accomplished in the next 8 months.

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I've just noticed you beat me with almost the same reply :)
This means it's true :D

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Gotta type faster.

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You're right, only 8 months. It feels like way longer though, probably due to the overall craziness this year.

This article is just what I needed to read before bed. Even if we'd just reach a 1 Billion marketcap I ( and I believe many with me ) would be pretty happy. Time will tell...

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When it comes to development on Hive, I am counting only from when the fork happened. Development on the old chain was existent, no one can deny that, but not at full speed due to steemit. I may be wrong but that's how I see it.
Now things have changed and the result is visible. We have so many new things already in just a few months and as I said, this is just a beginning. So fasten your seat belts!

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I agree. Development is now in the hands of the community as opposed to depending upon Steemit Inc.

Also, I feel more comfortable with blocktrades at the center of things than Ned.

I think the fork gave Hive a clean slate in that regard. We were basically ground zero with a forked chain and a fork of Steemit.com (hive.blog). Fortunately, many apps came over quickly.

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Now if we can get the power to be to implement linear curation I think we would see some serious growth in Hive community. I find it funny when people talk about how Hive is dead but Leo is kicking butt. Leo wouldn't be without Hive as the foundation.

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there is only one thing that Leo has that Hive does not and that is a small number of tokens in the hands of the few. That and a meta mask on ramp which admittedly is awesome.

the metamask onramp seems great, I've been directing gamers from eth nft's and games towards that instead of the usuals.

Yes and everything done on Leo is done on hive.

So each comment made through the Leofinance U/I posts to hive.

I dont understand the logic or the competition.

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There is room across the entire industry. It is interesting to note how small this industry really is. Compared to the traditional financial sector, or to cloud storage, crypto platforms are just a drop in the bucket.

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Completely agree. This is a realistic scenario.

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HIVE!D

If I'm not mistaken, Steem reached $2 Billlion in '18 for a stint. HIVE should have no problems getting back there soon. IMHO.

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@mstrashworthy @brittandjosie @q42

Ladies of HIVE

What say you?

Well all I can say , most of them than are here now so content creators enough , so it’s a matter of time I say bring on the 10,00 for hive we can see it in the next hive pud in a few days

Not sure exactly what the top end market cap was but it was probably close to that. It was over $8 with more than 200 million tokens.

So you are probably correct.

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I say, the party is already here.
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shelter... is part a

I really think Hive is very undervalued. It offers a lot of advantages in the defi world. Short term I think it's niche will be in making buying and selling small assets (game items like in dCity). No way can you do this on Eth w/ gas prices the way they are. I think it is just a mater of time before someone comes up with a killer idea to take Hive to the next level.

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My opinion the killer idea is already in the works by 3Speak. I think decentralized video storage is a homerun. That will really change the playing field in many ways.

Once that rolls out, I think the traffic will increase. Of course, to pull off what they plan, they need smart contracts.

That is where the bottleneck is at the moment.

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Ethereum will switch over to PoS, which will increase its throughput drastically.

It will but what will it do for the fees. I read that isnt going to be addressed for a while.

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Interesting. At some point the fees will have to come down as the whole idea is to increase the throughput. But what I'm hoping for is that Ethereum will still not be able to satisfy even a fraction of the demand, forcing applications to go to all the other chains, too.

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I fear that people fear for the future of hive, but then I'm hopeful, I'm thinking it's a case of us all holding a better Mindset and choosing to take steps as to what will be better for us.
As for me I believe in hive's future and I'll keep believing.

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It isnt hard to see where things are going in my opinion. It will take a while to get there, hence why we all just need to keep doing out part while others are doing theirs.

Many developers are churning out cool stuff. This will eventually start bridging the gaps that exist within Hive and across the entire industry.

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Yeah, basically I feel so too I read one of @theycallmedan's posts where he said that people should take responsibility and make hive better rather than looking for who would. It was a wake-up call

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That was a terrific post. He basically called everyone out. A shut up and get to work moment.

He is right though. In a Co-operative, we all have the responsibility to the platform, to pushing it forward.

For some of us, it is engagement. This should stimulate people to do a bit more if they can.

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It was really a huge wake up call, I hope people are motivated by it. Because we needed that wake up call

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Replying to yourself?

That is one way to add more comments...just keep talking to yourself. LOL

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I heard theycallmedan yesterday and he is hinting he is going to create some project in Hive. Just a teaser.

More development activities , more use case , more user base, more value and ultimately more price that leads to a big marketcap.

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I believe that was a continuation of his other videos about 3Speak and the decentralized video storage. He was talking about airdrops and hive ideas of forking things in the past.

But he might have other things up his sleeve that he hasnt gone into detail about publicly.

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It is true that Eth is moving faster but like you've said all blockchain has its own problems but knowing the fact that Hive isn't a year old but has moved faster than most blockchain is a thing to show that soon enough, Hive will skyrocket soon, we just have to keep hoping and watching for what will happen in the next year.

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we just have to keep hoping and watching for what will happen in the next year.

I would word that differently. Hoping and watching would do nothing, trust me. History is not made by those who do nothing.
We have to work hard to grow Hive.

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We have to work hard to grow Hive.

No truer words were ever uttered.

It will take thousands of us going full tilt forward. This is what will separate Hive from a lot of other things out there.

Leofinance is showing the potential, hopefully others follow.

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Yeah, maybe I just have to re-write that because we can't hope for growth if we don't work hard.

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The fact that it had a basis to go on was helpful but, overall, a lot of progress was made. At the same time, great effort is required to clean up some of the coding mess from Steemit inc.

It is a matter of just pushing things to higher levels in all kinds of different ways. This is where the tribes can really have an impact.

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The coming together by each and everyone of to working hard is then the secret for the growth of Hive then.

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It really is. The basis is a grassroots movement.

Instead of a centralized, top down approach, we have thousands of people all engaged in different activities that serve to push things forward.

On a smaller scale, we are seeing that happening on Leofinance as the weekly stats show. We are growing at a tremendous pace. The only problem is that we were starting with such a small number.

Now that the numbers are a bit bigger, hopefully we see the rate hold true meaning the numbers will get a lot bigger.

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Hive has enormous potential but if the market takes off tomorrow, it would risk falling behind in this new Bullrun.

I hope to be proved wrong

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it would risk falling behind in this new Bullrun.

What does that matter? Will that stop development? Would that hinder what people are doing on here? Would the advancement towards smart contract capability suddenly stop?

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None of this but it is clear that riding the wave of the market rise would bring a wave of liquidity that could also incentivize new devs to work in HIVE.

That is what people claim but I did not notice more people developing when the price of STEEM mooned. Perhaps I am wrong but it seems that is true for users, perhaps no so much for developers.

Yes we could fund more if you have Hive but what about those builders who just arrive?

I am not certain a lot who are here are holding back at the moment. Seems like developers who are here are very busy at the moment.

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I would like it for us and this platform, but I also have my doubts. For the average user, who has little or no interest in cryptography, it is difficult to see any direct added value. I am speaking here from my own experience, having spoken to a large number of people about this project. Besides the lack of benefit for the average user, I also see other problems such as the imbalance in the curation of quality content. Newcomers have a hard time getting into established circles and then getting the original value proposition (Earn something for your social media activity). Again from my own experience, out of 30 people I convinced to test this platform, no one else uses it today.

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I also see other problems such as the imbalance in the curation of quality content.

So you view Hive as basically a blogging platform.

Numbers are suggesting that it is moving away from that.

As for your experience, I believe it is common. People are enter based upon the idea of being rewarded immediately for their content tend to get frustrated. Of course, there are many on Leofinance for example, who joined in the last few months and are raking in decent LEO rewards. Since the price of the token is more than Hive, they are not only receiving more LEO but also more when prices in fiat terms.

Communities are playing a large role. People who aim simply for HIVE as payouts are likely to be disappointed. Those who get involved with other tribes will tend to do much better.

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I don't view it as a blogging platform, but just because I read really much about the topic and can connect different dots. The user coming from outside does not have this dots he can connect. The way Hive markets himself (If I look into Reddit and similar (popular) forum sites) is exactly that. You don't believe me? Check Hive's subreddit. You won't get an idea Hive could be more than a blogging plattform only.

As for your experience, I believe it is common. People are enter based upon the idea of being rewarded immediately for their content tend to get frustrated.

Well I am not frustrated about this. I don't spend that much time over here and do not care about rewards anyway, but this is what I see if I am looking for interesting content. My comment was more a try to clarify that I can not see a direct connection between quality content & good rewards. I see good content highly undervalued and I see bad content highly overvalued.

With LeoFinance, good point. I discovered yesterday and it's really better than Hive.Blog oder Peakd.com. That's why I started to comment and even write a blog. But at the end I can't judge this frontend after 1 day.

The way Hive markets himself (If I look into Reddit and similar (popular) forum sites) is exactly that. You don't believe me? Check Hive's subreddit.

There is no accounting for misguided people. They can tout the idea of blogging all they want, they are holding onto something from 2017. Hive has evolved whether they realize it or not. They can promote the idea of Hive as an entity, it is nothing more than a database. That is truly what they are trying to market. It will not work.

That is why, for years, I said if you want to market Hive, pick an app and market the crap out of it. That is how growth will take place. Alas, they kept doing the same thing, trying to promote Hive.

Fortunately, the DApps are starting to do their own thing which is growing the user base, albeit slowly. This is where the marketing needs to come from and the gaming apps seems to be having the success. That only makes sense since gaming is like a thousand time bigger on the internet than blogging.

I don't spend that much time over here and do not care about rewards anyway, but this is what I see if I am looking for interesting content.

Sadly, a lack of search is still a challenge. There is really not a way to find content that one wants.

Leofinance is targeted and specific, so that is a big advantage over Hiveblog and Peakd. They cater to everyone, which is fine but also creates a bigger mess (especially without the search). Leofinance deals in finance and crypto; still a wide range but at least gets away from photography and what one had for dinner.

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Leofinance is targeted and specific, so that is a big advantage over Hiveblog and Peakd. They cater to everyone, which is fine but also creates a bigger mess (especially without the search). Leofinance deals in finance and crypto; still a wide range but at least gets away from photography and what one had for dinner.

Right. That's what make it interested for me, besides the better UI.

Sadly, a lack of search is still a challenge. There is really not a way to find content that one wants.

Would be one of my biggest points for usability aswell.

But I think we should be interested in marketing this plattform. As we discussed it's more than a space for blogging. But the average user from the outside has no chance to get this perspective from a outer look. We should change that and find a solution to present Hive and the whole economy behind it in a different way, than we do today.

I wrote this before, but still relevant...

Sometimes I think Hive is a niche plattform, which want's to remain in a niche.

We should (try to) change this.

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$3 billion kinda sounds like alot of money

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For Jeff Bezos, just a rounding error.

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Long-term, I think so too. With some time and passion, the community becomes bigger and bigger. But we really need Social media tokens to have more tools for devs. I know we have hive engine tokens, but smts are for more developer acceptable.

If we take into account that it is the number of users of a blockchain that determines the price, hive certainly could be among the 50 most valuable blockchains.

We need more dream sellers here on the hive!

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You know I've never lost faith with Hive - while I've been focusing on building my LEO and DEC holdings recently, I've always powered up a thousand or so every month, just slowly building.

As far as I'm aware there's NOTHING quite like it - the zero transaction fees are just a dream.

How low do people need the price to go before realising what a bargain it is?!?

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Me neither. I keep powering up my Hive.

How low do people need the price to go before realising what a bargain it is?!?

It is amazing that people are going to miss this opportunity. I read the reasons they utilize for not believing in Hive yet watch them get involved in other tokens to chains that do not offer what is here.

Talk about dreaming.

Hive is solid, it will just take a while for it to materialize.

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I couldn't agree more - it was selling at <600 sats on Huobi until they opened their wallets yesterday.

Crazy cheap prices.

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truth man. there is too much happening here and too much resilience already shown on the part of the community for hive to go softly into that dark night. as the industry grows most likely all the good projects that have anything going on and fill a niche will grow along with it. no need to be the biggest, just part of a vibrant ecosystem that is clearly taking the place of the old system. only a matter of time...

as the industry grows most likely all the good projects that have anything going on and fill a niche will grow along with it.

I agree with you. This is what I think the difference will be between now and what happened a couple years ago. Back then, everything took off. These days, I think while all boats could be lifted, only those with true stuff being developed will really benefit.

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I think that Hive will be great, as we have the potential to be great. But we have to keep an eye on the inflation if we want to see the price doing well. Many will power down if we e ever see $5 Hive per coin.

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But we have to keep an eye on the inflation if we want to see the price doing well.

Inflation. LEO has like 25% inflation and the price is soaring due to all the demand.

Hive's 8% inflation would be eaten up quickly if it even had 50% annual growth.

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To have HIVE at 5% from Ethereum seems quite realistic and if we'll have the Smart Contracts soon that should push the development on the blockchain and new applications rushing in from all domains. I would say that a blockchain is as valuable as the applications on it, so this is why we need an infuse of many dapps.

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I agree. Smart contracts really allows for a lot of development.

I think it would be interesting to see HiveFi on here. Start liquidity pools using Hive that allow for yield farming and other products.

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I mean STEEM was up around those levels at one point, seems like HIVE could also do that with enough FOMO and altcoin mania going on around it. :)

Or with some serious development and growth of users which STEEM lacked.

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Your current Rank (25) in the battle Arena of Holybread has granted you an Upvote of 15%

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Bang, I did it again... I just rehived your post!
Week 32 of my contest just started...you can now check the winners of the previous week!
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I think you are absolutely right. Only constant improvement can prove in the future what HIVE is worth. After all, the main value of the blockchain is people, and we have a lot of smart guys :)

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Thanks for sharing