Letter to Nayib Bukele: How Hive Can Help El Salvador's Bitcoin Ambitions

avatar
(Edited)

2015IndDay4.jpg
source

Hello Mr. President,

Congratulations on becoming a first country to adopt Bitcoin as a legal tender. Bringing this amazing technology to the people of El Salvador, and making it easy to use truly empowers ordinary people. We at Hive have been rooting for the success of these efforts. We share your vision and also believe bitcoin is one of the best innovations of this century. Many of us hope and wish leaders in our countries follow your lead and open their doors for bitcoin and other crypto projects as well, instead of creating obstacles.

Being first in anything that changes lives for better is not an easy task. It involves dedication, passion, courage, and a lot of hard work. It is especially difficult to be first country in bitcoin, the technology that is transforming how we think about money, how we engage in financial transactions, how we transfer value to one another, and how we build financial equities that lead to individual and collective financial freedoms. Since this technology comes with large network that includes many brilliant talents, and often altruistic individuals, I believe you and El Salvador will get a lot of support and help to achieve these ambitions.

Old timers who are stuck in the 20th century in their thinking, central and international bankers who are scared to lose their control over money, politicians who see move value in power rather than empowering ordinary people will try to sabotage and undermine your efforts. They already are doing so. We have seen IMF, World Bank, Bank of England and others already expressing negative views about adopting bitcoin as legal tender and how might be negative consequence for ordinary people. I saw one of your tweets with a clever response to these criticisms and you don't seem to shy away from calling out the real culprits.

I would like to invite you and all Salvadorans to look into Hive too. It is also a great technology and a network that shares similar values as bitcoin. It is an innovation that empowers people around the world. While bitcoin is an alternative to traditional financial systems, Hive is an alternative to traditional social media networks. I believe Hive has a lot to offer to the people of El Salvador in a similar fashion that bitcoin does. You don't need to adopt it as a legal tender or do anything special for the people of the El Salvador take full benefits of this awesome network. It is an open network just like bitcoin is and everybody is welcome to participate. Let me tell you about Hive and how it can help people of El Salvador. Let me tell you how Hive can help your efforts in making your bitcoin efforts a success.

Hive is a pioneer in Web 3.0 and is a fully functional decentralized network with a vibrant global community. Nowadays, everybody is talking about Web 3. It has become a buzz word and a hype around some projects that don't even have a working network yet, and perhaps are not even decentralized yet. Web 3 was even brought up many times during congressional hearings with so called crypto experts this week. Internet has been evolving since its beginning and continues to do so. It has become clear for many today that Web 3.0 is inevitable. We at Hive have been building and living Web 3.0 for a while now. It is an open network and everybody is welcome to join. Having you and Salvadorans amongst us would only make us happy and stronger.

During one of your interviews, you have mentioned how El Salvador has zero benefits from US Fed's printing more US dollars, even though El Salvador has adopted US dollars as legal tender in the beginning of this century. You have said that your country and people get to experience all the negative impacts of USD inflation, but none of the benefits. Similarly, in today's Web 2.0 big tech like Facebook, Google, Twitter, and many others control all the platforms where people socially engage, create content, consume content, share their data on daily basis. These Web 2.0 giants and even smaller ones take all the benefits, all the profits, and own all the data and accounts. People who use them get nothing in return. These big tech only care about their revenues, profits and stock prices going up. They give nothing back to people, who actually made them rich. Times are changing, and Web 3 is brining true ownership to the people. Giving the power back to people. Giving the profits back to people. This is a reality in Hive. In Hive people are owners, and not users.

Hive blockchain enables its participants to have complete ownership of their accounts and wallets. When someone new joins Hive blockchain and gets a new account, that account also serves as their wallet. Unlike other crypto wallets, Hive wallets are human readable and are not a random sequence of alphanumeric characters. Hive people have full control over their accounts/wallets, and nobody can remove them from the network, access their funds without permission, or post or delete their comments without their permission. These accounts/wallets have layers of security that is achieved with cool wallet features like several private keys with designated permissions. There is a private key for social interactions, there is a private key for asset transfers, etc. But most importantly, Hive is decentralized and no one entity or group can change the protocol that would put accounts/wallets in danger.

While many crypto projects claim to be decentralized or have goals to be decentralized. Hive is actually decentralized, just like bitcoin. Hive doesn't use PoW algorithm to reach consensus, but rather it uses DPoS algorithm. PoW is great for bitcoin, but DPoS works great for Web3 with fast and free transactions and scalability it provides to accommodate billions of social and financial transactions every three seconds. Hive doesn't have a CEO, founders, or group that may have full control over the network. In fact, the largest stakeholder has only 3% of the total Hive stakes. If you would like to see the Hive rich list, you can do so by visiting my Hive Librarian app. Hive is decentralized. Hive is people's network. Hive is an open network.

IMG_0739.JPG

Hive is a giving blockchain. In addition to be decentralized, it continues to distribute more Hive to ordinary participants of the network based on proof of brain methodology. This way, decentralization is a continuous process, and it only gets better. Unlike many other crypto projects, Hive doesn't ask anybody to buy its native Hive coins. It doesn't try to sell its native Hive coins. What we tell people is to use the network and get rewarded with Hive coins and layer 2 tokens within the network. Hive is a Web 3 network that rewards ordinary people for doing ordinary things they already do elsewhere, usually on Web 2 platforms. Opportunities to build equity on Hive are unlimited. People can earn rewards by blogging about topics that interest them, engaging with other bloggers, participating in curation, playing games, participating in contests, making video content, etc. There is room for people from all walks of life on Hive.

Hive already has a vibrant global community. Among one of the largest communities on Hive are the Spanish speaking community. I believe Spanish is the second most used language on Hive. Participants from El Salvador will find it easy to get started on Hive in their native language. I have seen many people who speak Spanish on Hive, but yet to see one from El Salvador. If anybody here is from El Salvador. Please let me know in the comments. Not only we have a great Spanish speaking community, and amazing content creators, there are also curation projects that consistently encourage talents and help them get discovered by the rest of the community.

In addition to rewards given out in native Hive tokens, there are layer 2 tokens and projects that reward participants based on specific topics like crypto, stem, art and creativity, etc. New projects and apps emerge all the time and provide more opportunity to build crypto equities for the Hive owners. People are owners of Hive network, and not corporations. As the network grows the benefits of this growth go to ordinary people, not big tech manipulative platforms. Salvadorans can jump on any of the Hive front-end apps like hive.blog, peakd.com, ecency.com right now and start earning their rewards and building their crypto and social equities. This is real money.

Hive is listed on many crypto exchanges. After earning rewards on Hive, Salvadorans can easily convert them into bitcoins and/or USD and spend them them as they wish. I remember when El Salvador government airdropped $30 USD worth bitcoins to its citizens to get started with using bitcoin. Now imagine that they can earn much more than that by participating in Hive by doing things they already enjoy doing. Perhaps this new journey may even lead for them to discover their new talents and obtain new skills as it happens to many of us on Hive. Spending earned Hive rewards is always an option and super easy to do. Many on Hive enjoy being part of this network and community they end up reinvesting their earnings into the network by powering up their Hive assets. This gives participants opportunity to meaningfully engage in the network and earn even more.

How do people get rewarded you man ask? In Hive upvotes or likes have a special meaning. Each upvote has a monetary value based on the Hive Power upvoter has. More HP means higher bigger the influence the upvoter has on rewards distribution. When a Hive person makes a post, people interact with them, upvote their posts. These upvotes decide how much the post should be rewarded. This rewards distribution window is open for seven days, and after seven days the author receives the rewards in their Hive wallet. Not only the author is rewarded, but also those who upvoted/liked their posts. This gives an incentive for Hive participants to be more active and engaging.

Hive ecosystem is big and keeps growing. In addition to the front-end apps I already mentioned, there are interest based and/or second layer economies based apps like leofinance.io, stemgeeks.net, proofofbrain.io, neoxian.city, palnet.io and more. To see the all the apps in Hive ecosystem please visit hive.io. All of these apps and projects are developed by community members who love what Hive offers to the world and they keep building and building to make Web 3 a reality for all.

For Salvadorans who would like to share video content there is video sharing platform on Hive, 3speak.tv. Same folks who built 3Speak are building Speak network. It is suppose to be epic, I hear. It takes video sharing to completely another level. It will provide solutions for anybody build their own video sharing platforms by plugging into the Speak network. Data will be stored in a decentralized fashion and participants will be rewarded for that as well. There is a lot more going on in this area. Most are above my pay grade to understand or explain. It will be huge. For those who like streaming there is a Hive App for that too. It is called Vimm.tv.

I am sure there are gamers in El Salvador. Hive is home for one of the top crypto games, if not the top crypto game called Splinterlands. People earn by just playing a game and build more crypto equities in participating in that economy. Economies within economies. May sound complicated. But definitely a win for people. There are more games like Brewmaster, Rabona, dCity, dCrop, and more on Hive and new one emerge all the time. Feel free to see what is built and being built in Hive ecosystem by visiting hive.io.

hiveecosystem.png
source

Speaking of building, Hive has a decentralized fund, the purpose of which is to help funding projects that benefit Hive. This funding process is done in a decentralized manner, using built-in proposal and voting mechanisms. Currently, DHF has about 67 million Hive coins and 9 million Hive dollar coins and more is added with inflation. These funds are in @hive.fund account and no single entity has control over it. The blockchain itself distributes the funds if proposals are approved by the community. This can be an opportunity for Salvadorans who have talents and desires to build. This can be an opportunity for Salvadorans who are programmers and/or community builders. This is not an easy to get money. Each proposal needs to overcome a significant threshold of approvals by the community members and stakeholders to be funded. We care about Hive and would like to see community funds to be put in a good use and benefit the network.

There is also a native stable coin on Hive. It is called Hive backed dollar. HBD or just Hive dollars. Hive uses a unique mechanism to achieve a HBD peg to USD. Most stable coins use USD to back the coins. Hive doesn't do that. The intention is to make it as close to USD in value as possible. However, in order to achieve that Hive backs the HBD itself. Each HBD is worth one dollar worth of Hive in the market. That's how confident Hive is. The network itself back the HBDs. They are not always pegged to $1 USD, but usually very close and like a magnet its price always tends to get back to $1 USD. I think this could be interesting for El Salvador, since it uses USD as a currency too.

Hive blockchain pays 10% APR on all HBD owners keep in savings. Savings is another cool feature of the Hive wallet. Hive wallet has several compartments: liquid Hive or HBD assets, Hive or HBD in Savings, and Hive Power - staked Hive. I can transfer my liquid assets to my savings. This keeps my assets more secure. I can transfer them back to liquid anytime, but it takes three days for them to appear back in my liquid wallet. This keeps my funds safe. Let's say someone obtained my private key without my permission and decides to steal my assets, they would need to move funds from savings to liquid first, which takes three days. This is plenty of time for me to notice this malicious activity and undo it.

So, HBD in Savings can earn 10% APR. I don't know any banks or entities that offer 10% APR. This can be useful for merchants. Not only merchants can utilize fast, feeless, and secure transfers of HBD and its stable coin nature, but they also can earn decent interest on their funds.

I need to tell you about account recovery. Normally, if Hive owners take good care of their private keys, nobody can get access to their accounts. But sometimes these unfortunate situations may happen due to phishing attacks or key leaks by the owner's mistake. When the owner notices or gets alerted of such situations, they can recover their account and change all of their private keys so that the stolen keys become useless. For this there is an owner key, that is recommended to be kept offline and not used for anything else. So much security here.

You must have heard about NFTs. Hive is going crazy with NFTs too. NFTShowroom, I believe was the first NFT project on Hive. There are many more like DLux, NFTTunz, NFTMart, Hive Punks, Hive Folks, and more are being developed as we speak. Do you like Twitter like app for short form content, there is a Hive app for that too. It is called D.Buzz.

To use any or all of these apps that within Hive ecosystem, people only use one account. There is no need to have multiple accounts. People can create as many accounts as they wish. The point is in the Web 3, people own their accounts, and with the same accounts/wallets they can access many many apps and bring their data, content, followers and follows along.

Due to your bitcoin efforts in El Salvador, Salvadorans are in a unique position to take full advantage of all the benefits of Web 3 Hive offers. They are part of the great money network. Now if they also be part of great Web 3 network, El Salvador will be unstoppable. Bitcoin & Hive is the way. Thank you for reading. I hope this letter will reach you and we will see you and many many Salvadorans on Hive.

@cryptowendyo, it would be so awesome if could tweet this post. I believe he follows you on Twitter. :)

Posted Using LeoFinance Beta



0
0
0.000
51 comments
avatar

I am from Russia, El Salvador is far from me.
I agree with your observation, Spanish is the second most common language on our site.
The news about bitcoin recognized by the state is just great!
Good luck to you!

0
0
0.000
avatar

No place is too far these days. It would take less than 24 hours to get anywhere in the world by plane. With internet it would only take seconds. :)

0
0
0.000
avatar

This is definitely a great news for the people of El Salvador, involving into crypto which is definitely a good one for the country unlike other countries that is not acceptable involving in it. The hive blockchain no doubt is a wonderful place to be anyday and anytime, which is quite different from other blockchains as well. It will really be awesome if people from El Salvador also participate in the blockchain as well.

There's so many things to learn while in the blockchain not only to earn but to learn from other people in the blockchain as well. Hive is a one big family which definitely looks like a second home while on the platform. The blockchain also have another better progress which is the transaction fee because it is zero fee compare to other blockchains that requires huge fee while transacting.

hive to the world

0
0
0.000
avatar

This post has been manually curated by @bhattg from Indiaunited community. Join us on our Discord Server.

Do you know that you can earn a passive income by delegating your Leo power to @india-leo account? We share 100 % of the curation rewards with the delegators.

Please contribute to the community by upvoting this comment and posts made by @indiaunited.

0
0
0.000
avatar

This post has been manually curated by @bhattg from Indiaunited community. Join us on our Discord Server.

Do you know that you can earn a passive income by delegating to @indiaunited. We share 100 % of the curation rewards with the delegators.

Here are some handy links for delegations: 100HP, 250HP, 500HP, 1000HP.

Read our latest announcement post to get more information.

image.png

Please contribute to the community by upvoting this comment and posts made by @indiaunited.

0
0
0.000
avatar

"I just want to put some positive stuff out there." - Mission accomplished! What an amazing post, Jen!

0
0
0.000
avatar

I think that hive blockchain is not ready for the masses. At least not yet.
Hope that devs will solve that soon otherwise some other platform will take advantage of our efforts here.

Posted Using LeoFinance Beta

0
0
0.000
avatar

I used to think scalability is an issue. I even asked questions, didn't get the right answer or got ignored. lol.
But later came into understanding that scalability is a gradual process. It is not necessarily the question of "can you scale or not". But rather when such measures become necessary.

For example you start a hotel business. You expect to have 20 guests next year. Would you buy or build a hotel with 400 rooms or 40 rooms?

Similarly, there is no need to take any drastic measures until certain amount of transactions start happening on daily basis. Sudden increase would signal devs and witnesses, ok it is time to do something.
And they do have ideas to what to do and how to react to such situations, I think.

One of the measures could be increasing a block size. Then work on something even more sophisticated.

It just has to do with time and resources that need to be spent. Because in addition to the blockchain data there is images infrastructure that requires a lot resources too.

There are many things to consider, but most I think are already considered. When the time comes devs will be ready.

0
0
0.000
avatar

I agree with you! You can build a house endlessly, as long as you don't live in it. But when you don't have a place to live, you can build a house in seconds.)

That's a great letter idea! I believe there is always a chance that it will reach the recipient. And if we get the whole community involved, one of our letters will reach the Bukelele environment for sure!👍

0
0
0.000
avatar

Well: why did the splinterlands boom a while ago almost halt the chain and they need to move some transactions off of the chain?

Posted Using LeoFinance Beta

0
0
0.000
avatar

I wasn't aware of that. That does sound like a problem that needs an urgent attention.

0
0
0.000
avatar

Not sure if hive is not fast enough for gaming purpose or lack of nodes to speed it up.

0
0
0.000
avatar

Wow. You did a great job @geekgirl inviting the president Nayib Bukele to Hive.

I lived in El Salvador for about 3 years (my husband is from there and we want to move back there maybe next year) anx I totally agree with you on how it would benefit the people of El Salvador.

Again. Great job.

0
0
0.000
avatar

Thank you.

Finally, I know somebody who lived in El Salvador.

Success!

0
0
0.000
avatar

Yes, and wd can't wait to go back there, especially since El Salvador has the best president in the world.

0
0
0.000
avatar

To me, I don't see how this really fits his goal, his goal is economic independence and holding and acquiring an asset with no third-party risk, anything else would be a distraction. El Salvador has quite a way to go to building out their infrastructure, their Chivo wallet isn't yet up to scratch and is feeling the strain of onboarding millions and the educational drive is tough.

It's a steep learning curve and there are plenty of anti-bitcoiners in the nation as well as in parliament despite what Bukele tries to project. I think focusing on building out the circular economy is a must as he only has a short time before his term is over and anything else would detract from that goal

0
0
0.000
avatar

It is true that there is a problem of changing course when political changes happen or elected officials are replaced. But it seemed bitcoin law had a large support of the parliament as well. I doubt this direction will change for El Salvador. It is a good thing. I don't understand the anti-bitcoin rhetoric though. I did see some articles early on, but not sure if they are genuine. Those who don't want El Salvador's bitcoin efforts to succeed do have deep pockets to orchestrate fake sentiment.

At the same time this legal tender is not necessarily forced on everybody. People and merchants still have an option to use USD. I don't understand why would anybody be upset about it.

I do understand what they are trying to do with bitcoin. Learning curve in understanding bitcoin is not an easy one indeed. It took me years to understand a little bit about it. That's why I think Hive can be beneficial. It does help in understand how blockchain works.

0
0
0.000
avatar

I think he has done a great job so far with El Salvador and I know he even wants to make BTC backed bonds. However I don't know if HIVE is their best choice. After all, right now HIVE requires quite a bit of active time commitment because passively, it's a bit lacking right now. I guess we may have things like diesel pools and HBD but I don't know people will take the time to understand everything.

As it is right now, I just think HIVE might be a bit too complicated and it needs to be easier to explain first to new users.

Posted Using LeoFinance Beta

0
0
0.000
avatar
(Edited)

You and I were able to figure out Hive. I am sure they will be able to understand it too given enough time. :)

0
0
0.000
avatar

Excellent posts and letter, represented and explained Hive so well, even I learnt a lot from the post.

0
0
0.000
avatar

Well I think cryptocurrency can add some value to the struggling economies of some countries.

0
0
0.000
avatar

You missed something :-)

You can convert HBD or Hive directly to Lightning and it has been tested and works with the Chivo wallet in El Salvador.

https://lnd.v4v.app

You can also receive Hive from Lightning by publishing a video on @threespeak and receiving streaming sats. A lot more info about this is coming soon!

0
0
0.000
avatar

Ah yes. I forgot the most important app. Thank you for reminding.

0
0
0.000
avatar

Whaaat?

"Pay a lightning network invoice with Hive or HBD"

I would like to know better about how it work.

Could we make it for others countries?!

0
0
0.000
avatar

If you want to try it now you can. https://lnd.v4v.app -> paste in a Lightning invoice, hit the HBD or Hive button and chose between Hive Keychain or HiveSigner and boom, your invoice will be paid in a few seconds and you'll get a confirmation note with your change as a transfer on Hive.

It works everywhere, but only in El Salvador is Lightning legal tender!

0
0
0.000
avatar

What if somebody created a Turnkey Community like they did for Wall Street Bets and made it so simple for them to just come over and start interacting. A game changer would be for someone to develop a way to directly swap HIVE LEO + all the Hive Engine Tokens directly into the CHIVO Wallet. You do that and it's game on.

Posted Using LeoFinance Beta

0
0
0.000
avatar

There is an app for that. Read the top comment by BrianOfLondon.

0
0
0.000
avatar

Interesting! Wasnt aware of bitcoin becoming legal tender anywhere!

Bullish signal for sure.

I think 2022 we will see a few more countries do this as well. USA wen?

0
0
0.000
avatar

Your article is good for new users. You covered all features of hive network.

0
0
0.000
avatar

Sometimes a good post or two make their way to the main page, cheers to the guys that keeps trying to elevate the hive's level

0
0
0.000
avatar

Cool idea, thanks for putting it together. I hope Mr. Bukele will read it :)

0
0
0.000
avatar

I believe that Soon El Salvador will not be looking on only BTC, maybe Soon they will join order crypto currency on their wallet but I believe that their youths are trading other crypto currency.

Posted Using LeoFinance Beta

0
0
0.000
avatar

This is a great advertisement of HIVE. Indirectly, HIVE is being formal too in a country.

0
0
0.000
avatar

I have been reading some news about El Salvador accepting bitcoin and also some country which are against them saying it will be bad for there economy. Im glad they have accepted bitcoin and I know with time El Salvador will move into different other blockchain including hive.

0
0
0.000
avatar

This is the future, it is said that being the first and the last in something is bad, but what would be of the successors if there was no first to take the step, thanks to El Salvador, to its president for being the first to take this huge step, this change in finance, hopefully soon have more followers because so far they are doing very well in El Salvador.

0
0
0.000
avatar

this system can help us to grow up our quality of life about this new way... but we have to begin massify this innovative platform with our neighbors, hopefully they will listen to your proposal and expand it to more countries.

0
0
0.000
avatar

I hope this letter can be send to whole country , because HIVE ecosystem is so undervalue but i believe it is what world need .

Nice writing ;).

0
0
0.000
avatar

Hive is going crazy with NFTs too

Indeed its a great news and very inspirational to we hive bloggers. I just came back last month and trying to build myself with hive, your post could be a great inspiration for we returning users, I wish hive may goes to the moon. Your letter is really very worth to share and I appreciate your efforts. Bravo!

0
0
0.000
avatar

In case he doesn't read it from the Tweet, I am close to El Salvador, I could go on a one man mission to deliver this physically in Spanish using some contacts I made while traveling around this country.

0
0
0.000
avatar

Wow, awesome. You are hired. :)
If anybody could onboard Bukele & the country it would definitely be you.
You should be the Hive Ambassador.

0
0
0.000
avatar

we are holding you to this, keep us posted. we are going to feature this on our CTT podcast

0
0
0.000
avatar

I meant it 100%, but I'm a poorfag. If the DHF is willing to get me there, I will do my best to get it done my best UK amigo.

0
0
0.000
avatar
(Edited)

Wow! Many of my questions and confusions about Hive have been answered and clarified by this article. Worthy to be re-blogged and used as a reference to guide any newcomer to understand in non tech terms what Hive is all about. Thanks!

Also sharing this link on Facebook using this paragraph to catch attention:

“Old timers who are stuck in the 20th century in their thinking, central and international bankers who are scared to lose their control over money, politicians who see move value in power rather than empowering ordinary people will try to sabotage and undermine your efforts. They already are doing so. We have seen IMF, World Bank, Bank of England and others already expressing negative views about adopting bitcoin as legal tender and how might be negative consequence for ordinary people. I saw one of your tweets with a clever response to these criticisms and you don't seem to shy away from calling out the real culprits.”

0
0
0.000
avatar

Awesome, thank you. I am glad it was useful.

0
0
0.000