No friends. This is not an article about price.
While markets keep doing market things, Hive keep plugging along. By this I mean that we keep building and expanding. There are a lot of moving pieces at this moment, many of which are still behind the scenes.
That said, we are seeing projects starting to progress to the point where it is all starting to come together. This is going to bode well for everyone involved.
Naturally, nothing stated here should be construed as financial advice but we are likely to see a massive explosion in value throughout the rest of the year. This should be reflected in the markets yet we know they have their own minds.
Nevertheless, when we look at what is taking place, it does appear we are setting ourselves up to reach a broader audience.
Social Media Epicenter
This might sound premature yet it really is starting to ring true.
We start with the premise of what is being offered on Hive. We have, of course, long-form blogging. There is no the emergence of microblogging with a couple different options available. Both of these, by the way, are scheduled to have major upgrades in the next few months.
Then we have the Instagram-like application, Liketu. 3Speak and Cast Garden are doing many things with video. Podping is turning more content into podcasts, something that is beginning to take on new meaning.
Finally, we recently discussed the idea of evergreen or legacy content potentially being rewarded through the efforts of a couple different project teams. This is going to be assisted by the application, Veews, which is helping to change content discovery.
Many of these are still in the early stages. The key is that each is operating independently, bringing upgrades out on a regular basis. Collectively, this really changes things over time.
In short, we have a nice menu of options on Hive. These are only going to improve and expand.
Bitcoin's Transfer Layer
This is something that gets overlooked. It is a target of the SpkNetwork team. What is the transfer of Bitcoin was taking place on a layer tied to Hive? How would this change things?
It is evident that the Bitcoin network, as a medium of exchange, is not going to work. This is the reason for building out the Lightning Network. One challenge there is the fact the nodes are not incentivized. This creates a problem as the network expands. If it become wildly popular, and nodes have millions of transactions going through them a day, who is going to provide that infrastructure. To start, one needs to have a lot of liquidity available. Secondly, there has to be the willingness to pay for servers to handle that.
Who is going to do that? Those with incentive from other areas. This is where the belief is of a centralized network resulting. The most popular nodes will have to be run by major entities with financial might behind them.
What is the team behind 3Speak started to offer a node system whereby Bitcoin's value could be transferred outside of Lightning? What if this is tied to a base layer that is truly decentralized and requires no batching?
It is something that is on the road map.
Stablecoin
We have not even begun to see the impact that Hive's stablecoin can make.
It is hard to believe that 18 months ago, the Hive Backed Dollar (HBD) was not even discussed. This was a coin that was off the radar. There were still people on Hive who believed that should simply be removed from the code.
Today, it is one of the more powerful features in terms of its potential. We already see usage taking place in areas like Sucre, Venezuela..
Fortunately, there are a few people floating around on Hive who understand how to build a currency. The idea of backing and reserves is not what does it. This is foolish thinking and the reason why most of the stablecoins out there will have limited success.
HBD is going to operate from another premise. By concentrating efforts on building HBD from the ground up, we can replicate what makes the USD so successful. This, of course, is also misunderstood as people mistakenly believe it is the fact oil is traded in dollars that provides the value.
It is not.
Nevertheless, we see concepts like this espoused throughout the world of cryptocurrency which is putting most projects in a position to cap their success. As stated, if we are to beat the bank system, we best truly understand it.
HBD has the potential to truly innovate our base layer system. Couple this with layer 2 additions and we could see a coin that increases radically in usage over the next few years.
How Far Away Is Hive?
This is something that is impossible to forecast. Much of this is dependent upon development. As we all know, this can be a variable proposition. It seems nothing ever seems to go as planned in that world.
That said, it is exciting to think of where things will be in 6 months. We are going through a period where the development seems steady. There is a consistency to the progress being made and what is showing up with the applications. Here is where the key resides.
We all want massive number of users. However, we saw this repeatedly throughout the industry. When you get the recognition without the ability to sustain, problems arise. Hive is building while under the radar. We learn from the mistakes of others and adopt that into our plans. This allows us to create resiliency.
If I had to guess, I will say that Hive will be in a much different position by the fall. As the leaves start to turn (in the Northern Hemisphere), the applications on Hive will be offering a lot more. By that time, much of what is contained in this article should be live, including a smart contract platform.
The bottom line is we have a number of people on Hive showing up each day and adding to the different projects. Over time, this has a remarkable difference.
Will this be reflected in the price of the coin come September or October? That is dependent upon a variety of factors, many of which are outside of our control. Nevertheless, keep in mind that $HIVE is really an access token tied to the ability to engage with the blockchain.
Do not overlook the power of people needing resource credits.
What are your thoughts? Do you think Hive will massively break out by the Fall?
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