Hive is a unique animal. Unlike most blockchains which are really ledgers of financial transactions, Hive is a text database without the use of smart contracts. Of course, this absence could be viewed as holding the ecosystem back, something that is being addressed at the second layer.
That said, when we look at the base layer, we see how valuable this feature is. Hive allows for the storing of all text, meaning people can build databases. This is transformational when thinking about the Internet.
One of the main problems is data and who owns it. Technology companies believe the information generated is there. This is especially true for social media entities. Facebook, YouTube, and Twitter are some of the largest data centers we have. Recent events by Twitter and Reddit show have valuable data is.
Data In An AI World
Data is crucial for artificial intelligence. The abovementioned social media platforms are also some of the leaders in algorithms and AI development. Since they have access to so much data, the machine learning engines are packed full of information which to train upon.
So far, the Internet is a treasure chest for this. Unfortunately, they entities are going to seek to silo AI development by limiting the access to the data. This means only those with the resources available to make a healthy payment for the data will be in the game.
This is not how we advance in a decentralized manner.
We already see how negative having a siloed Internet is. When it comes to AI, one thing people fear is the Skynet scenario. One way to prevent this is to have as many companies working on different projects as possible.
If the development is in the hands of just a few, this can be perilous. There is nothing that says Zuckerberg will not go off the deep end. Sure Google and Twitter could mitigate things a bit but the point is clear.
We need thousands of companies working on this stuff. For that to happen, they need to be fed lots of data. Here is where a blockchain like Hive can enter.
From Rewards To Business
Consider how many businesses operate online based around databases. We have discussed a few in the past. In fact, the largest sites are basically troves of information. We established that is really what the social media platforms are.
However, if we consider the following list, they are all businesses of a sort.
- IMDB
- Wikipedia
- Investopedia
- Baseball/Football/Hockey Reference
- FRED
- Yahoo/Google Finance
- Worldometer
Taking another step, consider the potential of simply setting up lists. People are also looking for the top 10 of anything.
Again, we can focus these stats in any area we want:
- Top 10 Strikeout Pitchers
- Top 10 Largest Banks
- Top 10 Oldest Monuments
- Top 10 Endangered Species
- Top 10 Largest Cities
- Top 10 Most Valuable Cars
- Top 10 Largest Bank Robberies
Of course, there is no need to stop at the Top 10. We know many lists go much deeper than that.
Why not build them on Hive? Here is where an online business utilizing a decentralized database can be built. It is also a way to start generating a great deal of data that could be used for other purposes.
In fact, it is possible to set up entire communities around this concept.
People Need To Work
Here is the crux of the matter.
To follow these suggestions requires work. This is something that people avoid. Instead, they prefer the quick hit and get rich instantly schemes. While there is the odd situation where one does find something that moons instantly, it is rare. Instead, the path to wealth is through business development.
That takes time and effort.
Here is where entrepreneurs enter. These are people who are not afraid of stepping in to solve a problem. Sadly, this is not most of the population. How many have you come across in cryptocurrency or blockchain who discussed the idea of building a business? Contrast that with the number of people talking about the price of a coin or token mooning.
It is no comparison.
Hive is becoming a place for business builders. In time, we will see smart contracts added on a sidechain. This will provide an opportunity for development. In the meantime, there is an avenue for people without those skills simply by utilizing the blockchain that is open to all.
Decentralized Databases Are The Future
If we look out into the future, we see how blockchain has a major role to play. Data is only going to become more valuable as the years go by. Do we want this to be in the hands of people like Elon Musk and Mark Zuckerberg? Do people like the idea of IMDB being owned by Amazon?
Sometimes the simplest concepts can have the greatest implications. They can also be overlooked.
Hive is a permission-less, immutable database. That is extremely important. As the importance of data grows, it is imperative that we get as much of this in the open as possible. The likes of Twitter and Facebook are not going to fully open up their systems. It simply goes against their business model.
Here is where a blockchain like Hive can step up. The community is free to post whatever it desires. This is data. If some take the initiative to build databases around their favorite content, we could see a mass transformation.
This is where relevance starts to enter the picture. By this we are not referring to optimization and search engine ranking. Instead, we are talking about Hive in general.
Many ask "what purpose does the blockchain serve?". Here an answer for Hive. Imagine saying it is the foundation for hundreds of sites that use the open databases.
This would be a good beginning.
It also would not be in the hands of the major corporations.
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