Sometimes it is stunning how far ahead of the curve Hive is. When it comes to technology and some basic Web 3.0 features, Hive is light years ahead of the competition.
We can see this in the actions that Elon Musk is taking with Twitter. He is moving ahead with his idea of the "Everything App". The basic concept is that it will be a digital platform that provides both social media services along with financial.
The integration of long form content, which went into alpha testing is a sign of this.
Of course, to utilize it, one has to be a Twitter Blue subscriber. Keep this in mind as you read this article.
Paying Content Creators
To those of us on Hive, this sounds so run-of-the-mill. Getting rewarded for content is a standard within this ecosystem. Between the base layer coins and layer 2 tokens, people are getting rewarded multiple times throughout the day. It is also occurring in many different ways.
This is something, however, that is novel to the Web 2.0. Outside of YouTube, which gives major content creators a portion of the advertising revenue, most operate without any financial incentive at all. They simply participate, making the shareholders of the corporations behind these applications wealthier.
Musk seeks to change that. His goal is to pay content creators by directing some of the advertising revenue towards that end. This makes sense and is likely a good approach.
When asked about a creator economy on Twitter, he replied:
The challenge for Musk is that, according to his own admission, they do not know how to do it. Fortunately, Hive does. We have been rewarding content creators since 2016. This Summer will be 7 years where, each day, the reward pool was distributed to authors and curators.
What is ironic is that Musk is far ahead of most of the rest of the Web 2.0 crowd. Again, outside YouTube, this is not even a conversation.
There is another issue with Musk's plan.
On February 3, Elon Musk announced that the company will start sharing advertising revenue with creators as Twitter moves towards “creator economy.” However, users must be signed up for Twitter Blue, which starts at $8 a month.
There it is again. It does appear that the Twitter subscription is going to be a basic need on that platform. Again, this is a sound business model and will likely do very well, for Twitter. As for the content creators, that remains to be seen.
Basically, one has to pay $8 a month to be able to monetize their content. This will likely get millions more signing up but will they make any money? How many are going to recoup that in payouts?
Of course, Musk's goal is likely to keep adding what is available under Twitter Blue to make it more valuable. Hence, this could be gravy.
Fortunately, on Hive, there is no $8 a month fee. Also, unlike other blockchains, there are no direct transaction fees. In fact, one could spend $96 a year buying $HIVE, powering it up, and have enough Resource Credits to engage as much as desired.
Account Ownership
There was an individual in the above-linked article who has over 1 million impressions. This was mentioned in regards to monetization. What is overlooked is a discussion of who owns this content?
What happens if somehow this users violates the ToS of Twitter? Where happens to the access of that data?
The answer is very clear. Since there is no account ownership, the user is cut off from it. As stated in the past, this is bad enough within the social media realm. However, it takes on a different connotation when money is tied to the account. Even if there is an external wallet system tied to a blockchain, for NFTs perhaps, the data is owned and controlled by Twitter. There is simply no way around this.
With Hive we have the exact opposite situation. Each wallet is in the control of the individual. As long as the private keys are kept secure, there is no way for anyone else to control it. This pertains to both social media as well as financial components.
If an account cannot be deleted, all data housed under that account is going to be resident there. In other words, the person will always be able to access said data.
Multi-Feature Ecosystem
When it comes to social media, Hive is expanding in many different ways. We see the offering here really filling out. If we parallel traditional social media we see:
| Web 2.0 | Web 3.0 |
|---|---|
| YouTube | 3Speak |
| Dbuzz - LeoThreads | |
| Stumbleupon | Veews |
| Liketu | |
| Medium | Peakd - Hive.blog - Ecency |
| Seeking Alpha | Leofinance |
Using any of these applications allows content creators to instantly monetize content. There are many different ways to go about it along with multiple rewards. All of this feeds into the multiple features being offered by this ecosystem.
Musk is going to implement all he can. One thing, in addition to long form content, is short. TikTok did an amazing job with this. Twitter is looking to add this directly to its platform.
3Speak has already incorporated this and a few of the applications are also looking to integrate it. This is something that appears to be taking place on a more consistent basis. We see applications starting to incorporate the features of others. This can only strengthen the system.
So while Elon tries to figure out how to monetize the content on Twitter, Hive is already far down the road. We are building the features that are resident elsewhere while improving the base infrastructure.
This is truly evolving into the foundation for Web 3.0.
Elon will probably be very successful in the Web 2.5 world. However, we have to be clear that he is not going to be building anything pertaining to Web 3.0.
That is the difference between Twitter and Hive.
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