What is Hive?
Hive, which went live on March 20th, 2020, is a blockchain-based financial ledger and decentralised information sharing network that uses the Delegated Proof of Stake (DPoS) protocol. Numerous applications for information sharing are supported by Hive. The ecosystem is friendly to content producers, users, investors, and builders thanks to the numerous dapps, APIs, and front-ends that contribute to a wide and simple accessibility of data, transactions, and records.
Massive volumes of content can be stored in Hive and made available for time-based monetization. Examples of use include interactive games, identity management, polling systems, social media with monetized rewards for content creators, and microloans. With the goal of achieving widespread adoption of the currency and platforms, the blockchain’s performance is built to scale. Hive is well-positioned to become one of the top blockchain technologies utilised by people all over the world by combining the incredibly quick processing speeds and fee-free transactions.
Hive technology and scalability
Hive is the perfect platform for developing highly interactive applications that would sluggish on most blockchain networks due to its support for massive transaction volumes, quick 3-second block times, and fee-free transactions. In order to scale beyond the capacities of conventional smart-contract networks, it also has a special emphasis on a second layer architecture for distributing application loading among various sidechains.
The supporters of an application can allocate more CPU resources as needed at the second layer to power their preferred applications without worrying about network congestion caused by other apps, helping to mitigate scaling limitations while still taking advantage of a shared first-layer blockchain backbone to guarantee distributed data integrity. The ability to scale also creates a distinct competitive environment for application developers.
Hive governance and software development
A broad group of community members, developers, and investors that shared a commitment to decentralisation launched Hive. It is not supported by a specific club or organisation. As a global organisation with no fixed headquarters, Hive has nodes, stakeholders, and contributors in numerous nations. Hive uses the DPOS consensus protocol to implement decentralised governance for both software development and decisions regarding protocol changes.
It is possible to elect block producers, also known as witnesses, through stake-weighted voting. As witnesses, they are required to consent to allowing changes to the first layer protocol that all applications share. This creates a stable foundation while allowing second layer applications to innovate quickly. Every update to the protocol is proposed, developed, planned for, and carried out in a transparent and cooperative team atmosphere.