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Hive
About Hive
Hive is an open-source blockchain platform developed for Web 3.0. It is a decentralized network where individuals have true ownership and control over their cryptocurrency. The platform uses a hybrid mechanism of Proof of Brain (PoB) and Delegated Proof of Stake (DPoS) to distribute new coins to stakeholders. Hive is a decentralized fork of the Steem blockchain and offers two classes of cryptocurrency assets, HIVE and Hive Backed Dollars (HBD). HIVE is the liquid currency of the platform and also exists in a staked form called Hive Power.
*Token: Hive (HIVE)* HIVE is the primary cryptocurrency token of the Hive blockchain. It's a decentralized digital currency that enables instant and fee-less transactions globally. Like other cryptocurrencies, HIVE operates on a decentralized ledger, and its security and integrity are maintained by a network of nodes that validate and record transactions on the blockchain.
*Platform: Hive Blockchain* The Hive Blockchain is a decentralized platform designed for a multitude of DApps (Decentralized Applications) and online communities. Built as a hard fork from the Steem Blockchain in 2020, Hive offers a more community-driven approach, emphasizing decentralization and true ownership of content. This platform supports various functionalities, including blogging, social networking, and other web 3.0 applications, allowing users to earn HIVE tokens for their contributions and engagement.
HIVE tokens are used for several purposes within the Hive ecosystem:
- Staking and Governance: By staking HIVE tokens as Hive Power (HP), users can influence the network, gain voting power, and earn rewards for content curation and witnessing.
- Content Rewards: Content creators receive HIVE tokens as rewards for the content they produce and share on the platform.
- Resource Credits: Holding and staking HIVE allows users to gain resource credits, which are required to perform various actions on the platform, such as posting, commenting, or voting.
- DApps and Games: Several decentralized applications (DApps) and games on the Hive Blockchain utilize HIVE as their in-game currency or for transactional purposes.