LeoThreads Burned Up Some Resource Credits
This weekend was one of the ages.
Leofinance got a workout and, I am sure, the team received some wonderful feedback about the capabilities of the infrastructure.
Over the weekend, we saw over 35K threads placed. For the week, we averaged over 10K per day.
Here is the chart for @leo.stats:
This is quite a move upward.
Naturally, there was a contest that got a number of people excited. However, this does show the potential of what is possible. Threads can go exponential in an easy manner. As people start engaging, it only creates more engagement.
All of this feeds into something bigger on Hive.
How much would a week worth of threads cost on other blockchains? What would it cost on BSC, ETH, or Polygon? At a minimum, a couple cents per transactions.
If we use 70,000 for the week, that is over $10K in transaction fees on something like Polygon.
Let us look at Ethereum. How would we have fared there?
Even using the lowest rate, we are looking at $83,000. Do you think that would really happen?
Of course not.
Which drives home the point where Hive is one of the few places where activity like this can take place. Some people ran into resource credit issues. However, for the most part, it was a screaming success.
This is the power of the Hive resource credit system. Where other blockchains have transaction fees, i.e. an expense, Hive operates on an investment. Those who buy HIVE and power it up, are able to access the network. This is a marked difference.
All the RC that were used over the weekend will, at worst, be recharged in another 4 days. Even if one uses it all up, it regenerates in 5 days.
This something that is rather unique in the world of blockchain. It is also what sets Hive apart.
It is in this regard that HIVE is an access token. This is what allows for entry onto the network. We could say that ETH and BNB are the same for those, but, as mentioned, it is a cost. With Hive, you only have to get enough to interact once.
Ultimately, this is going to push demand for the coin. As activity increases, we can see how this works. People will need have enough in their wallet to ensure they can engage. This means super users will have to load up.
If we take the above chart and add another zero, what does it look like with 700K threads in a week, or 100K per day? How many RCs would be used then.?
This is an idea we can keep extrapolating out. Of course, there are other activities tied to this. For example, as more people want to engage, they are going to require accounts. Claiming and setting up accounts requires, you guessed it, RCs. The same is true for all the votes cast. With 70K threads in a week, perhaps there were another 5K-10K votes place. Of course, that will lead to payouts after 7 days, mostly in LEO. This could then create more transactions.
Here we have a glimpse into what the future could look like. This is the power that Hive can wield.
Hopefully people are seeing how the circular economy works here.
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Posted Using LeoFinance Alpha
Pretty awesome to see the RC’s get used to heavily this weekend! I can guess that’s why when I claimed account tokens, I didn’t get to claim as many as usual! Not a bad problem to have.
It is a unique feature for Hive. This is something that will eventually drive demand for the coin.
Posted Using LeoFinance Alpha
You're celebrating that HIVE is quite cheap to interact with compared to the other popular chains..
But you're also making the claim that once HIVE gets heavier use through THREADS... it will start to become costly to users.
So you're really highlighting the point I've made in the past that HIVE is only "Fast and Feeless" because it's not utilized much. Also the other logical point then is... once it becomes expensive to use then it will completely lose it's celebrated advantage to other chains.
So you and @edicted are completely delusional making these claims that RC EXPENSES will be what gives HIVE TOKEN price appreciation.
It's a completely idiotic notion too.
"Come early to Hive and enjoy the cheap transactions.. because in the future you won't have it so good... IF user numbers ever grow."
So in other words.. if you enjoy your cheap Hive Blockchain, it would be beneficial to you if it stays under utilized.
There's no logic in your analysis.
Overall... it should also be obious that the system by design is meant to stay smalltime. If Threads ever does push 70k pet day... you can bet that by then @blocktades would bump up the costs of the operations that LEO contributes in the same way he made CUSTOM_JSON much more expensive in response to SplinterLands high usage of them.
Making it even more expensive and illogical to run a "Crypto Twitter" on top of Hive and so it will be a dead end for growth.
Certainly costs rise as activity increases. However, there are levels of advancement. We are nowhere near 100% usage on Hive. 70K per day wouldnt even get things breathing hard.
Actually math is the logic. If it cost $1M to run the chain, and there are 100K transactions, the cost per transaction decreases with an increase to 1M. The cost declined by 90%.
Of course, that hold true until another level of expansion is required, which drives the total price up. This is where scaling enters.
Finally, there is a point, you are right, where it becomes non-feasible to have each OMG and yes sir on chain. That is where less expensive data storage can enter.
This is a network. We know over time that costs decline and performance goes up. This is computing 101.
Posted Using LeoFinance Alpha
You're speaking hypotheticals.
Here are some actualities:
Recently LEO experienced issues with nodes. Something I believe is deliberate throttling.
Some time back SPLINTERLANDS took the confirmation from 3 seconds to 45 seconds as they often had backlog.
Other nodes and services that make up Hive backend often go down.
The services and projects and HIVE POWER ELITE don't communicate well with each other.
Some are even deliberately out to harm each other and (or) hurt grassroots users as a way to hurt someone that supports them.
The projects that are in constant BUILDING MODE on Hive don't follow structured development and release... the one that you celebrate as giving utility to HBD is essentially a dead endeavor: RAGNAROK.
SPK.NETWORK also another endless WIP and the coders themselves working on their own things that are either still just ideas or not on the table of options to users.. and then again, interoperability non-existent.
I could go on but I anticipate a response to this would be "it's decentralized these things happen" but then without even degrading 'DECENTRALIZED' it might be time to realize where HIVE really is after all these years.. and so these points above are then obvious from other observers.
Which is why I conclude that the forces of significance here DO NOT WANT GROWTH in the way you or many other users think HIVE should be growing.
LEO is finally a thing in motion and that's great.. but then the bugs show the level of skill behind the project. Do then it's disappointing to hear Khal downplay and dismiss it as "yeah we're all pretty used to the bugs.."
When instead development should be in OVERDRIVE perfecting things to then be saying "our user intake and retention is almost on par.." but instead you can see quite a few users saying "they like how the UI LOOKS but will wait until bugs are fixed to use it more.."
And that's THE USERS ALREADY IN ... which would be a fraction of the users that don't even enter to express their patience.
Anyway maybe you yourself don't see a problem because you hold a favorable position.
You need to be more honest about what's happening (or not happening) here and now though... specially since you often speculate that is those things eentuate... you'll reap the benefits.
FUTURE DREAMS HAVE ZERO VALUE UNTIL REALIZED THOUGH.
Which makes it IMO more pressing that YOU ALSO start pushing these questions to projects.
Like for real man... I remember years ago you were doing exactly that to Dan of 3Speak.. "when will we be able to fire up our own video frontend.."
THOSE TALKING HEADS have moves so far away from that... and despite it all.. there's STILL REALLY NOTHING SUBSTANTIAL that could be seen as new tech/platform/toolset for users and business ventures.
So if you wonder why Hive hasn't gone the way you have professed through your many hypothetical posts....
These words exist on chain. As do my many other comments that seem now quite prophetic.
Read or not read.
Isn’t it going to be very difficult finding interesting posts among all the spams?
Filtering tools are certainly required. However, can you find interesting stuff on twitter.
And what is spam on microblogging.
Posted Using LeoFinance Alpha
Twitter search works well, and the algorithm for better or for worse curates and gives the perception what’s in front of me is “relevant”.
Whether the curation does what it says it does is another debate.
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