Hive Is Already Building Elon Musk's Everything App
Elon Musk is making headlines (again) with his pursuit of Twitter. The difference is we are getting a glimpse why Musk is after the company. The price he is paying for the stock is absurd, relative to the valuation and price movements. Keep in mind this is a stock that basically was flat the past 10 years.
So why is Musk so determined to get a hold of it?
We can answer that in his comment about the "Everything App". Musk has a vision and it exceeds more than just microblogging platform. In face, Musk has an idea that resembles WeChat.
He is seeking to build an application that contains social media yet also have payments along with the ability to order products. Think of it as a blending of Twitter, PayPal, and Amazon. This obviously is much more reaching than simply monetizing Twitter through subscriptions.
It also gives us a glimpse into what he might believe Web 3.0 is. While we can disagree about the tenets, it is evident that Musk is looking past the present social media offerings, i.e. evolving Web 2.0.
The problem is that Hive, once again, is already in the process of creating this.
Combining Social Media With Finance
This is not a new concept.
Facebook did rather well with its development of marketplace. While this is also well short of what WeChat built, it does so the validity of incorporating many different features into the same platform.
Of course, with Hive, we see a similar path albeit in reverse.
Blockchain coupled with cryptocurrency has, by default, a payment system. This is coded at the base layer. Utilizing the wallet features, people are able to engage in commercial activities through some medium of exchange. On Hive, that is both $HIVE and HBD.
This is a feature of all blockchains. Hence, this part is taken care of.
With Hive, we are now seeing the construction of more social media features. Blogging was a present part of the system from the start. Now we have LeoThreads offering microblogging, Liketu replicating Instagram, and 3Speak offering video hosting. All of these are going through further developments, bringing us closer to offering a full plate of social media options.
The value here is that all use Hive's account management system. We know there is one log in for any application tied to Hive. This means that our followers are all present regardless of which application is utilized.
In this regard, Hive and Elon Musk are in alignment. However, we differ in the view of who controls the data and how distributed things are.
Musk, once he acquires the company, is going to have to work on integrating a payment system. Naturally, since his days with PayPal, he is well schooled in this area. Hive is already there, being able to offer full settlement in a few seconds once Hard Fork 26 takes place.
This is done with zero transaction fees. We can guarantee this will not be the case on Twitter.
Decentralized Finance Is The Difference Maker
What most do not realize is how powerful DeFi is. This is something that Twitter, nor any other Web 2.0 platform, will be able to replicate. Tokenization opens up a host of opportunities which do not presently exist outside of it.
A major part of Web 3.0 is the idea that DeFi will be integrated into all of our online activities. Incentivization is crucial in the attention economy. We are going to arrive at the day where tokens are to a company what websites are today. Who would have a business without a website in 2022? That is the same viewpoint we will have in 5 years regarding tokens.
That said, having expansive financial products to offer is going to be crucial. While most, including Musk, focus upon the commercial aspect of things, the real game changer is in finance. By having a plate of financial offerings, we see how the monetary situation is upended. It also creates havoc for much of the existing financial system, including Wall Street.
For example, consider the idea of Hive offering out loans. People could collateralize it using Hive Bonds. Coins and tokens could be used to buy stocks like Tesla and Amazon. Insurance pools could be created to protect against loss in areas pre-determined by the community.
Now imagine being able to do most of this through a front end like Peakd, Ecency, Leofinance, or 3Speak. Since we are working on a decentralized layer 2 node system that is tied to Hive's base layer, applications have access to all the information that is posted. This means that feature integration is possible.
A case in point is LeoThreads. This is microblogging on Hive that was created by the Leofinance team. However, since it is at the base layer, any application can incorporate it and offer that feature to its users. Again, Peakd, Ecency, and 3Speak could all provide microblogging on Hive.
As we move towards the second layer, smart contract world, we can see how the options for the applications expands. The key will be to build a robust DeFi system that is coupled with Hive's social media features.
Musk is onto something:
It is not social media or finance; it is both.
The Power Of Decentralized Data
This is what Hive has to concentrate upon. By taking advantage of the base layer, we can expand into areas that other blockchains presently operate. At the same time, we keep advancing the social media features to the point where it is impossible for them to duplicate.
Musk wants the "Everything App". Ironically, Hive could build a few dozen of them. The difference is the data is not at the app level but, rather, in permissionless nodes. This means that we can see how they can all integrate different features.
The key is the fact that the data is open for all. Here is where Musk will never be able to compete. With Twitter, any user information provided is on its servers. This means that it controls accounts and what is posted. Regardless of how much Musk talks about freedom of speech, one will not own his/her account nor the data.
Hive does not operate this way. Since the data is decentralized, along with being premissionless, the ability to create the "Everything App" is already within our reach. For years we discussed the idea of setting up a commercial marketplace on Hive. Whether this mimics Etsy or Amazon is up for discussion. However, this is another sector that can be targeted on Hive, with a built in payment system, and incorporated into the different applications.
We even have a plug in like HivePay which makes this process very simple.
So once again, what another well known figure is trying to build is already in the works with Hive.
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