It is hard to believe but it was 2 years ago that the first block was validated after forking from Steem. The entire Justin Sun episode seems so long ago while also feeling like it was yesterday.
For those who are on here daily, it seems like progress is dragging. Hive is often akin to watching paint dry. There is not much of a noticeable difference on a daily basis. However, when we step back and look at things over time, we see a remarkable change.
As Hive enters its third year, there is a lot of exciting stuff taking place. Comparing where we were then is fascinating. Not only did the entire industry grow but we saw massive changes in Hive.
Here are some of the advancements we saw.
Wealth Center
One of the biggest changes that took place is the amount of wealth that is now tied to Hive. There was a time when the only thing generating it was the amount of HIVE one actually held. Today, it is a much different story.
This was driven home last Summer when Splinterlands took off. Each day we saw thousands of new accounts opened. It was a move that coincided with the massive growth in value of people's holdings. Suddenly, there were a number of millionaires walking around. While the prices dropped back since then, there is little doubt the game is expanding. The team has big plans.
Each day Hive is distributing tokens. This is placing more in the wallets of active users. Over time, this has evolved to not just come in the form of HP/HBD but also dozens of Layer 2 applications. We are still in the early stages there with some projects just starting to expand.
The cryptocurrency industry is more than just the generation of wealth. It stands for freedom and the ability to build an inclusive system that allows the masses to benefit. That said, we have to be realistic about where people are starting from. Many have financial woes. Hive is serving people in this area. Anyone can join and start engaging. This helps to start some of the flow of value into their wallets. Those who commit to long-term here can certainly see a difference in their lives.
Hive Backed Dollar (HBD)
This is one of the biggest changes we witnessed in the last couple years. What was overlooked for so long is now shaping up to be one of the power centers for Hive.
We covered the idea of making Hive an epicenter for the fixed income market. The Hive Savings Program already offers 12% APR on HBD placed into savings. We are now looking at the idea of a Hive Savings Bond which would bring the time lock concept in exchange for a larger return to the ecosystem. Over time, this could be expanded to offer an entire tree of financial options.
It is an idea that is possible due to the fact that attention was given to HBD starting last year. The HBD Stabilizer was implemented to help peg the token. For years, this just drifted like any other cryptocurrency. In short, there was nothing stable about this "stablecoin".
Hive is starting to time it correctly. Algorithmic-driven stablecoins are starting to get some attention. With the threat (and guarantee) of regulation, many of the existing stablecoins are going to come under different countries' financial laws. Essentially, this is going to convert the type of organizations that are backing these tokens.
HBD is not affected by that. Since it is on the base level of the blockchain, there is no entity in control of it. At the same time, the community are the ones who decide to expand or contract the supply. It is through their actions which more is created.
Since it is backed by $1 worth of HIVE, there is no question as to what the value is. This also brings up the safety of the token. One does not have to worry about rug pulls or an audit revealing substantial fraud. Anyone, at anytime, can see exactly how much HBD exists and its relationship to the value of HIVE.
Infrastructure
This is often an overlooked point by the userbase. However, it is something that is crucial going forward.
Many blockchains are trying to see how they can handle all the traffic being thrown at them. Hive already addressed this. Much of the first year was spent optimizing different aspects of the infrastructure, making it less expensive to operate while also increasing the efficiency.
It is a characteristic that is appealing to developers. The chance of an application succeeding where activity is stifled due to high network traffic or fees is not great. This is an easy way to kill a project since users are not going to tolerate it.
Hive addressed this while also seeking to add another layer that will aid in the effort. We are awaiting the release of the Hive Application Framework (HAF) which is going to make coding projects on Hive a lot easier. When that emerges, developers will tie their applications (or games) into HAF and not the blockchain. This means anyone who can code with databases can use Hive. There is no C++ required. The blockchain is handled by the experts.
Having a strong foundation to build upon is crucial. We are rapidly moving to that point, although it often does not seem that way. The idea is for base layer of Hive simply to keep operating, in a consistent and efficient manner.
Projects
The list of projects that are being worked on is too long to list. However, it is important to address them at least in general terms.
Applications and games are going to be what attract users. Ultimately, it will be the efforts of that which is built upon Hive that will make Hive successful. The infrastructure is designed to handle a number of tasks which anyone can tap into. Outside of that, we are dealing with second layer innovation.
We can look at all the different communities that are forming along with the newer games rolling out. Many are starting to have expanded offerings as their tentacles reach further out. For example, @psyberx just completed its land sale. This was a big step for the team and one that is surely to benefit those if the game does become successful.
Being involved in some of these in the early stages is of benefit. While many will end up doing very little, there is the chance that something one is involved with will take off. Here is where we can position ourselves as a "whale" in that community or game. This does not even have to apply to the financial aspect. Reputation, knowledge, and contribution all can be garnered by engaging at the early stages.
Hive has ended its second year. On the day it turns 2, the SpkNetwork is opening up their long awaited claim drop. This is just another example of how progress is being made.
So let us know in the comment section how you feel about Hive and what are your favorite games or applications. What is it that excites you the most heading into Year 3.
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. Keep up the fantastic work
