Why Hive is the perfect cryptocurrency.
This is a response to a video where the Coinbureau says that the perfect cryptocurrency doesn't exist. Well I think they have been looking in all the wrong places. Hive has or has nearly solved all of these issues.
There is currently zero VC investment. This is because Justin Sun performed an attack on the Steem blockchain and used his OTC deal to gain controlling portion of the coins from the founders of Steem. He then used his stake to vote in sock puppet validators and took the funds of those who opposed him.
Well, oppose him, we did. The community forked the chain to create Hive. Moving the coins into the Hive DAO. Which is now used to fund projects that improve and promote the chain. As such no one person or organization that has a controlling interest in our chain and is unlikely to be regulatable.
Fair distribution is handled by giving coins to people who write posts and comments on the chain. Based on how many votes they received on that content. This will continue for the foreseeable future.
All POW chains will eventually have expensive transaction costs or become unaffordable to mine. Work is hard and will always be getting harder as those chain's hashrates increase. This will always cut people out of being able to mine eventually. Then we are back to centralization.
We use DPOS consensus mechanism. This allows 3-second block times and free transactions so long as you have enough staked coins.
Coins must be staked to have voting power on validator nodes But it goes further than another out there. Your coins must be staked for at least 30 days before your coins count towards votes on validators allowing ample time to see if another attack is possible. Next it has staged power down of staked coins over 13 weeks to make it, so potential attackers can't just vote and bail.
Validator Nodes are inexpensive to operate. We have 20 + 1 maintaining the chain and more than a hundred backups just waiting to fill that role should one prove to be hostile.
Inflationary currencies aren't bad. Neither are deflationary ones. I think I need to write a post about why deflation is good for everyone and is going to happen whether we want it or not. It just changes how people have to prioritize their spending. That is for a later time tho.
Adjustable currencies (adjflationary?!) sound like they are begging to be exploited in the real world. Even instantaneous adjflationary coins sound viable only in ideal conditions. The real world will not allow them to ever be fast enough to not be taken advantage of. Especially in a truly decentralized blockchain. Where you can't guarantee that your node operators have the best fastest most capable hardware. Yuck, the more I think about it the more this would have to require a very very centralized blockchain. That means the people and their transactions could easily be censored.
The blockchain trilemma: speed, scalable, and security. We have solved that, and we are completely decentralized. The hive blockchain only supports adding text. We use that for everything: coin transfer, posts, comments, nfts, games, and further more smart contract are only available at Layer 2.
Longterm and large item storage. We have SPK Network spinning up right now that will support off-chain transactions. Including stuff that is so big it can't be stored on any blockchain feasibly. Created by the team at 3Speak that absolutely needed the solution for their own projects. The next Hive hardfork can't come soon enough. We also have in the pipe HIVE Application Framework (HAF) an as yet unreleased Layer 1.5 that simplifies data access.
Transaction speed yeah we're in the top 5 for that consistently. Better than that we have far fewer users. But we do those transactions with zero fee while decentralized.
Privacy is important, but if you are going to have to show it to the government on demand better to just let them have it from the start. In my opinion stopping censorship is more critical. From governments gearing up to stop people transacting when they don't like them. To being in whatever the current out group is on your favorite social media site. You can't stop a truly decentralized blockchain. Privacy blockchains have their place but it not as the main currency.
Interoperability between blockchains we're not fully there yet. Hive Engine allows swapping for many but not all crypto coins. Peerplays Market is in the process of solving this with their SONs projects and that will bring full access once complete.
Interoperability with the current financial system. No one is there yet, and I'm not sure why they would want to be. Even Bitcoin's initial vision was to replace the current system. The current system has proven itself a failure and corrupt. Many of the governments of the world are already starting to shoot themselves in the foot. Soon enough they will shoot themselves in the heart.
Will it ease the transition to crypto? No, I don't think it would. World currency changes have a tendency to be abrupt happening in only a few decades. Sometime only a handful of years like the change to the U.S Dollar. We get that by not being the first or the last to bow to the government. We are on track to win this one. Furthermore, we get it by being the among the last standing. One of the ones that can't be brought down to their level.
Governance structure, we'd rather not have structure then a monarchy. Our validators aren't our ruling class. They are people we pay to maintain the system. Some of them are developers for Hive, some run projects based on Hive, some are assholes, and some of them are just genuinely nice people that just have a bunch of people that like them. Don't like them remove your vote from them and convince others to do the same.
We handle proposal for changes to the blockchain but voting to fund the projects on the Hive DAO we think are likely to improve it and can be used for governance as well though not as well as for funding projects.
The end
I think Hive is closer to your ideals then another chain out there. One that rarely sees the light of day in popular media. And that is okay, cause we have been quietly working in the background to make better tech. Doesn't matter if it's a Bull or Bear market. We just keep building better stuff.
P.S.
Please support my SPK Network node with your delegations of Larynx Power