Coming Soon: Hive Side Chain

in LeoFinance5 months ago

When is Hive going to step up into the big time? This is a question everyone seems to be asking.

Anyone who follows what is taking place knows there is a lot going on. We are seeing a lot of development in many different areas, none of it seemingly having a major impact.

This is natural. Often projects go through a period, a long one at that, which is just a grind. For those who are familiar with exponential growth curves, this is the flat period on the chart which can be rather deceptive. It looks like nothing is happening, then the explosion happens.

Is Hive going through this? A case certainly could be made that we are seeing a lot of the groundwork being place upon which our future will be constructed. With so much going on, it is difficult to be patient. Truthfully, a month feels like a decade as the expectation grows.


Source

Yesterday, the big news was the release of CubFinance by the @leofinance team. This is being constructed on BSC, not Hive. Why is that? The answer is simply that, at this point, the capabilities and traffic do not exist within the Hive framework. That is something that is going to be addressed.

Flying under the radar, was a post put up by @klye. He is working on Hive.Loans, a project that will bring greater DeFi capabilities to Hive.

Evidently, in his research looking into developing a sidechain for that project, he delved into Ethereum Virtual Machine (EVM) architecture. This is the code that Ethereum is running on. More importantly, it is also what was used for Binance Side Chain.

Here is what the article had to say about this:

One neat feature of the Ethereum chain I didn't realize up until a few days ago was that a person could effectively set up a private EVM instance (sort of like Binance Chain BnB) and use that to run smart contracts on. With even further research into this thing it was discovered that even though the EVM chain was "private" it could be run on multiple nodes, thus implementing proper decentralization into the mix.

Basically, if they can do it, we can do it too.

Things started to click. If this idea will work as the sidechain for Hive.Loans, why not do it for all DeFi projects on Hive? Instead of just having a single application, accounts as collateral, could it be opened up to be the same as what Ethereum and BSC are offering? After all they are attracting a lot of users and developers with their DeFi potential.

It looks like the answer to this is yes. We are going to see the process moving forward whereby Hive Side Chain (HSC) is built. This will offer Hive the ability to do anything that is occurring on those other two blockchains.

There is one major difference. With this project, there will be some reverse engineering done to alter the currency that is utilized. Instead of ETH or BnB, HIVE will be the token associated with the HSC. Thus, any transaction fees incurred will be paid in HIVE.

Suddenly, we see a potentially major sink created.

For much of the past 6 months, conversation swirled around the idea that decentralized smart contracts were needed for Hive. Presently, there are a number of different projects working on this. Ultimately, we are going to see a variety of options rolled out for developers and users alike. That is a good thing.

However, in this instance, the code is being used from the largest decentralized smart contract platform we have. It is not a direct fork so some coding is required to integrate it into what is being done on Hive.

One of the key parts to decentralization is getting different nodes to run the software. In this instance, the developer felt it best to run a PoW model for this sidechain. Once again, the advantage is that the payouts to miners will be in HIVE and not some proprietary token.

While that puts vision of Bitcoin mining in people's minds, expensive equipment that basically excludes the average person, that does not appear to be the case here.

Here is what was written in the comment section of the post.

hivesidechain.png

It looks like we are going to have CPU mining with this. While the payout might not be great for the average person, the benefit to this is we can get 500 or 1,000 nodes running the software. That provides massive decentralization as compared to a lot of chains out there.

In other words, eventually, everyone on Hive with a computer can contribute to the security of this chain.

DeFi is actually just the starting point with this concept. In fact, the idea anything they can do, we can do is valid.

Also from the post:

This will allow for ANY Ethereum smart contract code to be ported over to the Hive.Loans smart contract capable EVM instance as well as bring fourth the ability for the Hive.Loans chain to host things like ERC-20 tokens, Ethereum like NFT offers and full support for basically anything that Ethereum can do being ported onto HIVE.

Ethereum is getting all the attention for the innovation that is taking place. The drawback, however, is network traffic and the cost of transacting. They claim their next update will address the later but we will have to wait and see.

BSC is gaining in popularity because the fees are a fraction of the cost of what is taking place. Of course, the knock that that is that it is centralized. Thus, a major concept of cryptocurrency, third party risk, still exists.

With Hive Side Chain, the idea is to have low fees yet decentralize the system. If this can be achieved, what will this do for the price of HIVE as well as the entire ecosystem? We will be offering transactions at a fraction of the cost of Ethereum while decentralizing, something that BSC lacks.

Suddenly, we can see the potential, with this one move, for Hive to be playing with the big boys.

Once again, we are grinding along. It is projects like this that provide an optimistic future for Hive. This is another in a long line of work being done by developers seeking to add a lot more utility to the Hive blockchain plus increase the value of the coin. Hive's success is not going to rest on just one project breaking through.

As they say, this is another tool in the toolbox.


Source

This is not something that is going to be in place in the next week or so. The plan is to get Hive.Loans out by the original target of mid-April. Whether this release will coincide with that is not known. Until the code is torn apart and fully looked at, any guess on timeframe is just speculation. Naturally, something will be in place for the release of this app since it has to run on something. However, it might not be close to what is being laid out in this article.

In the end, this could be huge for Hive. With all the other stuff that is taking place, this could compliment the entire process. Essentially, Hive is developing an expanding core of offerings, enabling both developers and users more options when they arrive on Hive.

With @threespeak moving closer to offering decentralized video storage and Leofinance working on bringing out their microblogging application, we will suddenly have a couple of social media applications to offer the public in addition to long-form blogging. Couple this with the ability to handle ERC-20 tokens in addition to NFTs and other DeFi applications, and we are starting to see a well-rounded offering taking shape.

Of course, we also have the gaming which is advancing at a fairly rapid pace. This is another entry point in which to onboard users.

As all of this starts to tie together, the overall Network Effect should kick off. One of the biggest values that a Hive account offers is that the same log in credentials allows one to access any application that is associated with Hive. Thus, a new person can select from a full menu of offerings.

Eventually, this activity is going to lead us to the elbow of the exponential chart, the time when things absolutely take off.

It will be interesting to see what happens when HSC is brought out.


If you found this article informative, please give an upvote and rehive.

gif by @doze

screen_vision2025_1.png

logo by @st8z

Posted Using LeoFinance Beta

Sort:  
Loading...

This shit is getting complicated.

Posted Using LeoFinance Beta

I have been at it for a few days now .... so far I have only lost 2 BLEO ....

Lost? Lol how did that happen?

Posted Using LeoFinance Beta

$WEEdcash TO THE MOON!!!

Is that simpler?

Posted Using LeoFinance Beta

Yes. Much.

Posted Using LeoFinance Beta

moon lambos :)))) while you're at it :P

Posted Using LeoFinance Beta

I think someone said the other day it is moon Teslas now.

Lambos are old news.

Either way, we are all ready for the rocket ship to leave.

Posted Using LeoFinance Beta

teslas aren't expensive enough :P

Posted Using LeoFinance Beta

Wait until the keep raising the price of FSD.

Posted Using LeoFinance Beta

Lol all we have to ask is "wen"
All we have to know is " good for Hive" I guess. Most of the stuff went over my head too

Posted Using LeoFinance Beta

It would be interesting to see things play out as we head further towards decentralization.

As for BSC, I think it's a good thing because it may act as a way to introduce people to HIVE. I think more points of contacts are better even if they do happen to compete with some of the things we offer. Ultimately the users will decide the advantages and disadvantages of each system.

Posted Using LeoFinance Beta

The tentacles of Hive get further out there. It can only help.

Will it be the holy grail? Not likely but it can get some eyeballs on us.

Posted Using LeoFinance Beta

@klye is making things happen :)
Looking forward to our own home for Solidity contracts.

I just wanted to transfer some Hive into HBD but kow you make me doubt again!

LOL sorry about that @goldrooster.

Lots of good stuff happening but I think we will see it all paying off. This project, which I do not speak for at all, will not be available anytime soon. It is going to take a while to develop and then test.

Posted Using LeoFinance Beta

Yes we are giving value to BSC, but hey at least this will give us the look and put us in the view of all at least the token leos, and some will say how I obtain them and that will take us to hive so if there is an advantage.
Well wait for the smart contracts around here, that will take us to the moon with only a small part that is obtained from the benefits we will already be in the big leagues, but for now khal is making us fly.
The new defi fashion is already here at least getting closer and closer, we will see it and hopefully we are ready to get on the boat and be able to take advantage of it and see our beloved main chain grow, we already see it with leo and it is on its way to stardom, just see the price between yesterday and today to realize that this will go to heaven.

Posted Using LeoFinance Beta

Sustainable long-term growth and true change from centralized to decentralized governance and provision of services (gaming, social media, etc.). Big task and not easy to get a sense of the progress, unless you pay attention to the various visionary groups on the chain who are building (some of) the future.

Posted Using LeoFinance Beta

Well said. It will take time, a lot of effort, and some long term vision. It is starting to fall into place. Give it another 6 months and we will be in a much different position.

Posted Using LeoFinance Beta

Man, do you know how to paint a picture or what?! This is INCREDIBLY bullish for Hive and everything associated with it. Just did something I swore I'd never do: swapped a little Bitcoin for more Hive. I don't care if it happens this bull run or next, if the @Klye can do what he says he can do, this thing will be pure gold. Can I just fall asleep and wake up in a year? lol Wow!

Posted Using LeoFinance Beta

This is INCREDIBLY bullish for Hive and everything associated with it.

That is my view. It puts Hive in the big time if he can pull it off (which I believe he can).

This place needs some additions and that will be a great one. Things are really hopping which is exciting to see.

All of this and we are still under 1 year old. That is how quickly a community of developers can move.

Posted Using LeoFinance Beta

2021 is our year!! we waited and waited, some people even felt frustrated. Now, with everything that's going on everyone is feeling closer to their goals and super bullish!

Posted Using LeoFinance Beta

Takes some patience but it is happening. Things are not going as fast as anyone would like but that is normal.

The more that is in the funnel, the more that comes out the other end. We are seeing a lot of development going in so we should get some cool stuff coming out.

Posted Using LeoFinance Beta

Does it mean when there is hive side chain based on POW there will be higher inflation of hive in the future. Will that not affect to the price of hive?

Posted Using LeoFinance Beta

No. The HSC will not create any HIVE infact it will end up burning some of the collected HIVE in order to help combat the main chain inflation.

Unlike ETH now, HSC will get it's block reward from the HIVE gas fees paid by the user interacting with the HSC or deploying contracts. The network won't create nor inflate any HIVE. :)

The PoW is there to encourage decentralization and pay out future miners some HIVE. But the Hive the miners receive won't be 100% of the HIVE gas fees paid by the sidechain user. Instead that miner payout probably looks something closer to 65%-75% with the rest being burnt or forwarded to the future R&D fund.

That is really cool. So will it still be the native Hive token or will it be a wrapped token like we are seeing with BLEO and WLEO? The idea of brining all of that functionality to Hive is really exciting. I'd love to see the kind of stuff they can build if this actually comes to fruition.

Posted Using LeoFinance Beta

It'll be the same HIVE we use now here on this chain as base currency.

Oh, very cool! Thanks for the info!

Posted Using LeoFinance Beta

You're most welcome.

Well it’s good to see projects feed into the overall Hive ecosystem. ETH is becoming unusable at this point. Tried to tranfer $5 in ETH. $23 dollars in fees. Meanwhile I do many transactions on Hive...Free. :)

Posted Using LeoFinance Beta

Tried to tranfer $5 in ETH. $23 dollars in fees.

That's only a problem if you know math.

Posted Using LeoFinance Beta

I want smart contracts but I don't want ETC 51% attackers attack HSC

That will be impossible off the hop due to the fact you're going to need the custom HSC client and that the chain will be essentially private and not able to reach out to other networks due to the way it's set up, it's unique chain ID and the fact that it won't understand a standard EVM client talking to it.

There are ways to decentralize block production through mining where hashrate advantage becomes entirely nullified as well. Quite a number of ways to run an EVM instance actually.

It's interesting that over time Hive as a whole ecosystem with sidechains and everything, began to move away from blogging as a functionality that it can be identified with. It's moving from specialized to generalized blockchains. Although the core blockchain remains rather specialized.

Posted Using LeoFinance Beta

The feature set is shifting towards general, that is for sure.

And it was bound to evolve. The blogging simply doesnt have enough of a target market. There is plenty of serious content on the internet but there is much more other stuff.

Hive is looking to also service the other stuff too.

Posted Using LeoFinance Beta

I hope we will see the beginning of what you are saying in a year or so, just enough time to accumulate more hive and then enjoy the exponential rewards :)

Posted Using LeoFinance Beta

Accumulate faster. LOL

Posted Using LeoFinance Beta

I'm trying, I'm trying :))

Posted Using LeoFinance Beta

We should be a top 10 ranked coin by marketcap in a year or so if this goes well.

don't get my hopes up that high :P I'll be over the moon if we get back in the top 100

Posted Using LeoFinance Beta

I just look at BnB and know we can do better than them 100%.. Not hard to beat a frigging decentralized EVM instance.

I'm sure it will if we cooperate together.

Posted Using LeoFinance Beta

Just a matter of bringing utility that the market demands onto HIVE as a sidechain or base level implementation and marketing it well.

Well I don't really know how it works but one thing I know is that the future of Hive lies in our hands.

Mirroring your statement the future of HIVE relies on bringing greater functionality and appeal to a broader audience.

I'll try to have a technical overview in the proposal that is easy to digest for non-nerdo types.

That's the spirit.
What can we non-nerds , non-technical persons do to help this project?

Posted Using LeoFinance Beta

You've used Ethereum before I assume eh?

Not right away or even in the next month (possibly shortly after that) we'ere going to need a bunch of testers of all technical backgrounds to help us test the private test chain and then after launch help spread the word about HIVE's new "killer app platform".

Other than that just HODL your HIVE and don't dumo till we hit $100 or you need some fine cognac. :D

already on it with the hodl and promotion part :P
https://peakd.com/hive-189111/@cmmemes/28cbdefdbd3361b8d26aa76ed875396d23e8061b59f0b71ef764c5f737b94c97
( sorry for the shameless self promotion but it was funny how me from the past was thinking the same thing about not selling until hive reaches $100 )
Posted Using LeoFinance Beta

pre-moon launch warm up party. :D

omg, it almost looks like hive took some viagra or something when looking at the graph :)))

Posted Using LeoFinance Beta

Right? what the hell.

Of course the one friggin time ever I send swap.app some HBD to swap to HIVE pre pump and the fucking thing stalls on the trade or is down.. XD

You've used Ethereum before I assume eh?

Yes I have . If you need any help from my side , feel free to ask me.

Other than that just HODL your HIVE

Lol yeah I am gonna do that without second thoughts.

Posted Using LeoFinance Beta

I just hope that by the time we implement all the important features, the bull will not be over haha.

Wow! This is a superb idea, it will indeed take Hive a long way.
I think it's high time we stopped looking outside and utilise what we have within to better Hive blockchain. 😉👍

Posted Using LeoFinance Beta

I'm just waiting for Project Blank. All this other stuff is cool too but a bit over my head.

Posted Using LeoFinance Beta

We all are. It seems to be pushed back. I hope we get word on it soon.

Posted Using LeoFinance Beta

Indeed there is a lot of development on the Hive platform and Leo ecosystem is also growing significantly. Cub Finance is great launch and its doing awesome on BSC.
I just got to know about Hive.Loans for the first time through your post and it sounds exciting to me. I know it might take long but I hope it will bring more value too high platform.

Posted Using LeoFinance Beta

It will be a promising project
We need a proposal for this
We have fast, Secure Network
We Can be Like other chains

Posted Using LeoFinance Beta

Will start working on it later today once my partner and I nail down our budget requirements and establish a feasible development period.

Is the proposal funds enough for all of your plans?

I have no idea about how much it costs and stuff, just curious..

Posted Using LeoFinance Beta

Nope. Doesn't even begin to cover the costs of building the EVM capable chain..

The proposal covers the original Hive.Loans idea that was going to initially be centralized then branch off into using it's own in house P2P for decentrilization.. But after some thought on it and some research it was realized that it could very likely be build on an chain like HSC which would then also unlock the whole smart contract ability for the whole network. Seems the only logical choice instead of developing some janky home brew decentralization solution.. Why not just use what we know the crypto market will pay good money for?

Making a second proposal to fund the HSC development and have a buddy coming onto the development team to help with the reverse engineering and testing of everything. A few other developers have also stepped forwards with interest in helping the project so I'm thinking we'll likely see near immediate proposal support with the proposal funds initially going mostly to my development partner @lapingvino as I'll still be focused primarily on Getting the 1st version of Hive.Loans done and tested.. Then after that I'll be pivoting to help him work out any kinks in the HSC HIVE implementation then getting contracts written up for Hive.Loans to take advantage of the new HSC decentralization so it ships / launches with a few HIVE exclusive apps.

All and all it's going to be a hell of a lot a work and I suspect more developers than my partner, the few guys that came forwards offering help and myself to get this thing build and cross compatible with the other side chains.

Massive undertaking but with an almost limitless network wide reward doing anything less than what has been laid out with the HSC idea doesn't make any friggin' sense.

All and all it's going to be a hell of a lot a work

I can see that from your explanation but this is what is needed on Hive . I won't say "if you get this working" I will say "Once you get this implemented" we will see Hive along with BSC , there will be no resources lacking on hive when compared to BSC then .

No matter what the price of Hive is or Hive stays , I am gonna stay on Hive because of developers ( and visionaries ) like you .

initially going mostly to my development partner @lapingvino as I'll still be focused primarily on Getting the 1st version of Hive.Loans done and tested.. Then after that I'll be pivoting to help him work out any kinks

As I mentioned in some other comment , if any help is needed from normal users like us please let us know . It might be creating posts to promote the funding or kind ( which I will definitely do regardless ) . It just seems like such huge project with less man power so .You have our support.

Posted Using LeoFinance Beta

I saw the post from @klye; epic stuff. This is the future right here for this chain.

This is something worth
paying attention to.
When all things are implementing
Hive should move the ladder.

!BEER

Posted Using LeoFinance Beta

CPU mining seems pretty cool and not to heavy on power consumption I'd give it a crack. How does it work for blow ins? Is there an option to be a node operator when you have time.

I find some of the node stuff really time consuming requiring being at the comp for long periods of time. This limits people's lives really.

If it was an automatic process alot more people would join and be node operators. There would need to be a buy in and fees associated or a sleep mode that allows people to log off and not be penalised.

But again, I'm very new to that side of things.

Awesome advancements though.

Posted Using LeoFinance Beta

pixresteemer_incognito_angel_mini.png
Bang, I did it again... I just rehived your post!
Week 47 of my contest just started...you can now check the winners of the previous week!
9


Hey @taskmaster4450, here is a little bit of BEER from @pouchon for you. Enjoy it!

Learn how to earn FREE BEER each day by staking your BEER.

My mind is going to explode with so many things happening at the same time, haha!

Posted Using LeoFinance Beta

Thank you for sharing this great idea. I am new to hive and cryptocurrency. This kind of information allow me to learn and thinking in the long term investment of hive and digital token in general. Once again thank you @taskmaster4450. Have a nice day. Take care :)

If setting up node is easy then I would be the first one to do it.
Its fine if the rewards are less for me , decentralization in true sense is something we must implement on hive, each and every part of Hive.

Posted Using LeoFinance Beta

Yes I have been waiting for Hive to take its rightful place in the sun, as a top blockchain. Perhaps this bull market cycle can be our launchpad into new heights, as we evolve still further.

Yesterday, the big news was the release of CubFinance by the @leofinance team. This is being constructed on BSC, not Hive. Why is that? The answer is simply that, at this point, the capabilities and traffic do not exist within the Hive framework. That is something that is going to be addressed.

The DeFi tech is not available yet on Grapehene chains except for the AMM work being done in Bitshares right now. Within Hive we probably have the web traffic, but the DeFi tech needs banacor2 like algorithms which are heavy in Maths. I would say we need to have decentralized versions eventually than the BSC ones :)

Hive DeFi... I am so happy I got into this a few months ago. All of these projects carry insane potential. I wonder how a project of this sorts will change the token price of Hive. No matter what happens, it will be exciting.

Posted Using LeoFinance Beta

yes, average people can't afford to pay for mining equipment, but other solutions can be created where people for $10 can rent a node and make it available to a system, the challenge is to create a unique identification system where people can't abuse the platform or create other solutions.

Undoubtedly the second layer of Hive can help a lot and more if sister chains are established to complement the resources and new systems.

3speak and other projects are working on creating more opportunities and will be very interesting.

Posted Using LeoFinance Beta

I'm excited now. I added 70k of hive.

Posted Using LeoFinance Beta

Would be great to see Hive joining the bandwagon. That will be good for the platform, and Hive being already established is likely to succeed with the side chain too.

Posted Using LeoFinance Beta