I will like to start by saying a big thanks to Hive Ghana for delivering such educative content to educate us the user of this great blockchain what it is.
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As the hive blockchain keeps growing daily, it is good to let the newbie know what it is to be part of the hive community and how it operates.
What is exactly the hive blockchain? How does it operate
The hive blockchain is a decentralized ecosystem, it is a community that has no central authority which means on the hive blockchain, there is no one tracking your activity on the blockchain.
The hive blockchain is backed by the decentralized world like those who create content on the hive, developers, investors, gamers, and many more.
This ecosystem rewards its users for their content. Unlike any other social media, the hive blockchain is built to give full control to its users, contents posted on the blockchain are subjected to a time base monetization.
The hive blockchain is known to be 100% open source without anyone controlling it, the hive is censorship-resistant which means social media such as Facebook, Twitter, and Instagram can’t access and delete your content on the blockchain.
How is it even possible for things to work the way they do as most individuals will ask after hearing about hive
Things work the way they do as a result of its decentralized nature, The content, and curation we get, and the powering up of our accounts keep the blocking running circularly. We call it proof of brain, instead of the use of machines to mine, the blockchain uses our contents to distribute a portion of its tokens as a mechanism for mining which keeps it going day by day.
To simplify it, things work on the block through its users.
What makes you think it is not a pyramid scheme of some sort and wouldn’t vanish in the next year or two?
Pyramid scheme mostly requires its users to make an initial deposit of some amount with a promise of getting a higher profit than the amount they deposited.
The hive blockchain on the other hand doesn’t require you to make a deposit when creating an account, you only get rewarded based on your performance on the blockchain. Per the definition of the hive, it runs on a decentralized network which means no one can have access to your accounts or fund on the blockchain but pyramid schemes are run on a centralized network giving them full access to your fund.
Therefore, the decentralized nature of the hive blockchain makes it not to be a pyramid scheme.
To conclude.
The hive blockchain is a great place to be in, invest, and also learn about cryptocurrency, it gives you a broader view of how the crypto world looks like and how it feels it is part of it.
