The Speed Of Hive: Hive On Uniswap

in LeoFinance3 months ago

There was some exciting news that came out yesterday regarding Hive. We will have to see what the potential impact is. However, the fact that this announcement was made says a great deal.

About a week ago, @theycallmedan sent out a Tweet asking about the viability of getting Hive onto Uniswap. This is the top decentralized exchange right now. Each week, we see the transaction volume on decentralized exchanges going through the roof. It certainly is an area that is gaining a lot of traction.

Yesterday we get this tweet that was posted in reply to Dan's.

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In following the link to see the first hash related to this, here is what we see on Etherscan.

whive.png

Dan has been talking a great deal about doing things to make Hive attractive to speculators. This is something that many feel will assist in that matter, which could bring in more investors.

So what does this do?

On this I will defer to a post put out by @khaleelkazi regarding UniSwap and how it works. From the article:

A wrapped version of HIVE would allow you to convert your HIVE into wHIVE and then use the wHIVE to participate in DeFi protocols. Once you want to go back into mainnet HIVE, you can easily "unwrap" your wHIVE and get HIVE back.

The potential use cases are endless. The key thing to understand is that you maintain the original value of the main chain (HIVE, in this case) and adopt the features that are made available by the Ethereum blockchain (i.e. DeFi - MakerDAO, Uniswap, etc.).

https://leofinance.io/hive-167922/@khaleelkazi/the-first-whive-was-just-minted-on-the-eth-blockchain

The article does a good job explaining what all this entails so I suggest everyone give it a read. What the end result of all this is cannot be predicted. Certainly, we all hope the belief is correct and this will help to draw more attention to Hive.

As exciting as all this potentially could be, what I really want to highlight is something that is far more important. At this point, one thing we do know is the speed of things.

Look at the date on the first tweet. It was August the 8th. The reply tweet took place on the 15th, exactly one week later. Hence, it took basically 7 days between the time Dan's call for help went out until there was a solution in place. Certainly, there might be a bit more to do regarding the project but we can see from Etherscan, it is live.

If we step back a bit, and think of things before the Justin Sun episode and the hard fork, how long it took for anything to get done. How many great ideas did we see presented over the years which could have had an impact on the ecosystem? What happened to them? Most of them ended up in the garbage file as Steemit Inc kept spinning its wheels. Perhaps it is partly the community's fault for relying upon that entity to such a degree but that is where we found ourselves.

Even moving beyond the world of blockchain, consider what it is like at Facebook. What would the process be to get wFACE on UniSwap? Could that be pulled off in 7 days? Not likely. In fact, it might take a week just for your boss to get a meeting with his or her boss to present the idea higher up on the chain. Forget about reaching Zuckerberg and having something done in that time.


Source

As always, we see how development is key and the potential that exists within the ecosystem of Hive. This is one brick in the foundation that is being built. We will see how much of a payoff is produced by those. That said, we know developers all over Hive are working on different applications that expand what is being offered.

Being a decentralized community means that we are free to go in any direction anyone desires. Dan felt the need to head into the world of Ethereum DeFi was a sound move for Hive to make. There were others who agreed, along with the technical capability to make it happen.

Notice no board room. No committee meetings. No planning. No Slack or Discord gatherings.

Instead, simply get it done and rapidly.

From a technical standpoint, centralized systems tend to be more efficient than decentralized ones. This is still a problem that the entire spectrum is trying to over come. However, from the standpoint of labor efficiency, centralization takes a back seat.

This example shows how decentralized communities lap the centralized counterpart. Politics and management protocols consume a great deal of energy in the centralized world. Decentralization is able to usurp this if it wants. Here we see exactly how that took place.

Centralization is well entrenched. Nevertheless, the decentralized world has some advantages that it can leverage for maximum benefit. It is now up to us to keep doing that.

In the process we will find out exactly what the Speed of Hive truly is.


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

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wHIVE to EOS and bancor would be cool too. Tx fees on ethereum are abysmal

Yeah that is a problem although judging from the traffic, it doesnt seem like it is slowing anything down.

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The good new is that there are two ambitious chain agnostic tools coming out soon: thorchain (LP) and projectserum (DEX)

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And it was done even without milking the DAO.

So should we get rid of DAO altogether?

Yes, and it is our opinion that we should test out more voluntary proposal/petition systems, perhaps with matched funds from the 'DAO pool' already created, such as that being tested by ARCHON Tribe and reviewed in the post here linked.

@theycallmedan funded everything. He's going to make a proposal using the DAO, and if he's paid back, he's going to use them again for another project. He plans to keep doing this in order to be quick. He funds first, then asks for the money and if it doesn't come, well at least we got the result.

It is good to see things moving, but I must admit that I would not go this way. wHive is a centralized coin, which needs a custodian you have to trust. This will not in my views without a strong, trustworthy central authority - and this is nothing I see or want to see. If you wanted to go down this route, I would suggest to create a synthetic HIVE on synthetix.io - the work with on chain oracles and are fully autonomous and decentral.

I agree centralization is a big problem with wHIVE. But I'm working on new, more decentralized oracle.

Here is a post where I tried to explain it: https://hive.blog/hive/@fbslo/decentralization-of-wrapped-hive-discussion

The concept behind this just blows my mind and wrapping the HIVE to use for different purpose might open up limitless doors.

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It certainly opens up other doors. We will see how this unfolds but a great first step.

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This is truly a beautiful thing to see. wHIVE will bring a ton more users and money into the market.

Ikr. More traffic means more up-votes on our articles. :-)

Honestly hive is moving in the right direction, total decentralisation and of course heading into Ethereum DeFi is smart, systematical and of course the right headway for hive to move, the potential is just numerous.

Lets keep unlocking all possible doors, we will soon unlock the one that will bring the masses in here for a non-stop party!

Sounds good, it would still be better for people to trust in HIVE and don't pay those fees, but what do I know.

HIVE.D!

YUGE!

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Love it. Long time supporter and investor, cannot wait for deserved full potential

The expansion of the Hive platform has been nothing less than Steller.

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To support your work, I also upvoted your post!

Do not miss the last post from @hivebuzz:

Project Activity Update
The Customization Guide for the HiveBuzz store

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Bang, I did it again... I just rehived your post!
Week 19 of my contest just started...you can now check the winners of the previous week!
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Your current Rank (38) in the battle Arena of Holybread has granted you an Upvote of 17%

to me... not easy to understand but hope it turns well =)

This is another branch in #hive arsenal when
cross the ability with other token.
I wish we can have it in the blockchain itself.
So far it is a start where the community is heading.

This is indeed great work! With more than race speed; Like even more than rocket speed! I do hope this is indeed an example of whats coming, and hope this is not just an anomaly.

 3 months ago Reveal Comment