Vitalik Describes Hive

in LeoFinance10 days ago

It seems that people are starting to catch on to the concept that is Hive. While many other blockchains have a lot more money and traffic, they lack what is a basic part of Hive.

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Source

Vitalik gave a talk in Paris claiming that Ethereum needs to move beyond DeFi.

“Being defined by DeFi is better than being defined by nothing,” he laid out in one slide. “But it needs to go further.”

Buterin, 27, after a brief cross-legged meditation on stage before standing up to speak, said that Ethereum must be socially useful as well as financially beneficial, drawing a cheery response from an audience thrumming with DeFi entrepreneurs, investors and developers.

It seems that people are starting to clue in what we discussed about for a number of years. The "Layer 0" is the most important thing. Without that, people will simply be likely to move away at will.

Ethereum is still having tremendous success. Yet, there are a lot of options popping up in the DeFi arena. With chains such as BSC appearing, more applications are catering to those who do not have the means to pay the excessive fees that Ethereum is becoming known for.

Community

This is something that is often discussed. The appeal of social media is that it brings people together. From a platform perspective, the benefit is, as we found out, people can be very loyal. Perhaps it is not to the platform itself yet they keep showing up each day.

It is how a company like Facebook was able to leverage the network effect for massive value. The "Layer 0", as many are calling it, is a basis for long-term growth.

Blockchains, at their core, are just databases. Few really care how data is structured or even what is done with it. Instead, they simply want to use the application that interests them. If they have online friends they interact with, that is what they seek.

Communities are going to become economies. Through the tokenization process, a group of people can monetize whatever they are doing and offer value to each other based upon what their markets determine.

Thus, where these are established is very important. We know how valuable an "operating system" can be. Once people get accustomed to something they tend not to change. We see this with our computers, online social site, and smartphone applications.

Through the expected interoperability that is likely to come, these communities will be further enhanced by the ability to expand beyond where they are just located. The tokens should have a wider range of uses through swaps and advanced wallet capabilities.

DeFi* really does not offer this. Instead, it only feeds into the casino idea that is so prevalent within the cryptocurrency community. Most are focusing upon "mooning" and "lambos" as opposed to changing the world.

This includes developers, which is one group Vitalik was referencing. The tendency is to develop an application that will make the founders a boatload of money, not one that is designed to solve world problems and disrupt the present system.

Focusing upon the needs of a community is a way around this. It is an alternative that can stimulate organic growth as the features appeal to the users. Social media excelled at this over the years.

Digital Identities

While Vitalik did not exactly discuss this, he covered the idea of an alternative log-in system. Instead of using Facebook or Google, both of which are controlled by centralized companies, he foresee another way.

At the heart of his proposed approach was the use of Ethereum wallets as multipurpose online identities that could be used to sign into a wide variety of Ethereum-based applications, similar to how Gmail and Facebook accounts are used. He said existing login providers like Google have a tendency to arbitrarily de-platform users, while often refusing to help those who have been locked out of their accounts.

Ethereum-based login options, on the other hand, would provide “credible neutrality,” censorship resistance, and a “built-in economic layer that makes it easier to do mechanism design.” He imagined social networks that only allowed vested members of an Ethereum DAO to post.

Source

This is a problem that is in desperate need of a solution. Few realize it at this point since we are still rather early in our digital transformation. However, as we progress further into the digital realm, which Web3 is all about, it is going to be clearer how dangerous a Facebook or Google really is.

Losing one's social media account can be financially devastating. However, for most, it is more just a pain in the ass. That will not be the case in a few years. As more of our financial lives are digital, there will be real wealth tied to these digital identities. Do we really want them in the hands of Facebook, Twitter, or Google? What happens if your account is closed with $100K in it? That money is instantly lost.

Hive Moving In The Right Direction

There armoves being taken by the Hive community that is putting itself in a strong position.

To start, there is a lot being done to streamline the base layer. Essentially, this is going to deal with account management and governance issues. A lot of the other things are being moved to the second layer.

One of the reasons for this is scaling is a major issue. Quite simply, we do not want everything running on the base layer because it would be too slow and expensive. This is the challenge that many chains are finding.

Hive has an excellent log in system. The fact that accounts are usernames as opposed to computer generated characters is a big step forward. We also have a recovery system that is not present most other places. So while it is not the "forgot password" so many are accustomed to, it does give people a way to get their accounts back if hacked.

There is also the fast and fee-less nature of the Hive blockchain. Here is where Vitalik is going to run into issue. While the fees are likely to come down over time with the changes they are making, most social media activities are not going to be done if there is payment required. How many would give an upvote even at the cost of a few cents?

The reality is very few.

SpkNetwork

What Vitalik describes is not new to us here on Hive. A great deal of what the linked article mentioned is what @theycallmedan discussed in his videos for the past year.

It is also something that is being addressed by the development of the SpkNetwork and the protocol.

The members of that team are very open of their reasoning for using Hive as the basis for the project. Over time, they listed them as follows:

  • fast and fee-less
  • account management system at base layer
  • dedicated community
  • token distribution
  • no founder's stake or foundation running things

All of this serves as the basis upon which they are building their protocol which will allow other applications to tap into.

We already see a few communities forming on Hive and this will only enhance the concept. The SpkNetwork is going to give communities the tools they need to control and maintain their own content. Over time, this will end up expanding into all the primary areas of cryptocurrency including DeFi and NFTs.

This is a long-term game. It is going to take years for all this to develop. None of it is an overnight process. Vitalik is right in his assessment of the situation. DeFi is instant, a quick-hit if you will. The results are easy to see in the short term. However, to truly disrupt what is in place, will take time and a bigger vision.

Most want the instant success. It took decades for the Internet to reach the point it did where it was adopted by the masses. While we have a more technically advanced society as compared to 30 years ago, development still takes time. All of this is being constructed from scratch.

In the end, Hive is positioning itself very nicely. We still are only 16 months into this. The development that took place, especially at the base layer, is exceptional.

Like many, Vitalik is talking about it, Hive is doing it.


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The Hive ecosystem creates value and most importantly crypto income. ETH still has a ways to go since the entire chain looks like a giant virtual casino. The number one problem facing the world right now: poverty. Many of these devs have their priorities misplaced. Or maybe they just need a little “reprogramming”.

Posted Using LeoFinance Beta

Great article and great read. I've always felt Hive is a head of the game and the rest of the world is catching up.

It's great to see devs on Hive progressing work but uncertainty lays ahead. Let's hope we continue to progress and competition doesn't start up.

A few have tried to start things but they are crap. Hive still is supreme.

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It will be interesting to see how the HAF affects things when that rolls out. The next few months of development out of Blocktrades should be interesting.

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Do we really want them in the hands of Facebook, Twitter, or Google? What happens if your account is closed with $100K in it? That money is instantly lost.

Actually you can already have money in your Google (AdSense) account. Some people are already making a living with it.

And heaps of people have been burned over the years in those spheres, particularly YouTube creators through all the "adpocalypses." Thousands have had their accounts (and livelihoods) essentially confiscated (or demonetized) with no accountability. That just can't happen on Hive.

Yeah and how many Google accounts have been demonetized?

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Me

We might never know

me!

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Hive has shown super growth in past 16 months and thats wht it was more highlighted by top man like vitalik ...i am confident enough that hive will be best place to find quality contents .

Well he didnt mention Hve, he simply described a system which is already on Hive.

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Yes, so many content creators were purged the last couple of years by big tech social media companies and it will get worse. We are on the brink of a new authoritarian clampdown on information. Blockchain technology and hopefully Hive in particular are a new hope.

I do fear that someone with more visibility and resources will essentially make a new version of Hive and that that will take off and render Hive useless to a lot of people. I hope we don't end up being BetaMax when VHS comes around, I guess is what I'm saying.

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It won't be as decentralised as Hive is. It will end up going like Uptrennd did

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There are other sites out there like noise.cash on BCH and Twetch on BSV that require payment to do anything on the platform and it is very off-putting. They are basically garbage for that reason. ETH is going to have a long road if they want to catch HIVE in that manner. The only thing in my opinion that holds Hive back is the complicated key system which is confusing for allot of people. Reblogging for the https://coin-Logic.com front page feed!

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To support your work, I also upvoted your post!

I think HIVE has a bunch of things the current ETH and BTC has so yes I think we will do quite well. We may be under the radar but I think it might be a good thing.

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Your post got me thinking, and I made this buzz: https://d.buzz/#/@demotruk/c/3co2xg2f964x81pqy3h9ty

We also have a recovery system that is not present most other places. So while it is not the "forgot password" so many are accustomed to, it does give people a way to get their accounts back if hacked.

We could easily have a forgot password solution, we just haven't really tried.

Proposal: Forgot Keys Account Recovery
Default: No account recovery
Optional: List of recovery accounts + Minimum Number Setting

Reset keys for inactive account with minimum number of approvals from recovery accounts.

This would give people flexibility in terms of how much they are trusting others vs. the fallback of recovering an account.

If you set for example 7 out of 10, 7 out of 10 could collude to steal your account. You'll want to have a good relationship with them and choose trustworthy people. But it does create the possibility of recovering accounts even with no keys at all.

Hive is positioning itself very nicely. We still are only 16 months into this. The development that took place, especially at the base layer, is exceptional.

I guess Hive is the futuristic future.

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Well at least talking about improving and improving is essential for every community and idea to grow

I was hoping he actually mentions Hive... bummer

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If he mentioned #HIVE, we would have jumped to one dollar over night! haha too bad he doesn't want to help us out directly like that, I'm sure he knows all about us!

Indeed, after this speech by Vitalik, it is natural to think about HIVE. Excellent article!

Hive is still way ahead of its time.


Posted via proofofbrain.io

So here's the deal with Vitalik. Vitalik recognized what i've recognized from the very beginning that defi was just more nonsnese.. the latest gimmick in crypto investing we have a new hype cycle with this every year. So thats why Vitalik wants to move away from it. I always said defi products and nfts are all trash. We already had forms of them already. It was nothing new just another gimmic didn't work then doesn't work now.

So Vitalik understood that. Now as far as hive is concerned. He hates hive he feels hive is trash. He does mention ideas like hive in a way because he recognizes the importance of value and use. As in real value and real use".. Not ponzi schemes not pyramid schemes..Not these small low liquid markets but real true value.

Now let me tell you why he hates Hive. In fact i'll let him tell you himself. Now he doesn't mention hive by name but he mentions 20 witnesses and all the issues of them securing a network.. I'm pretty sure he does it in this short clip i'm going to leave but if not there is a link in tht video to the full interview and its in there. However i'm pretty sure its in this clip where he talks about where he doesn't look systems like that.

Now social media goes with cryptocurrency and moving value like an apple goes with apple pie. So i'm sure Vitalik is smart enough to see the value in some social media integration into his crappy ethereum. Let me be clear although i feel hive has its problems i feel like ethereum is trash.

When i look at ethereum you know what it reminds me of. It reminds me of like operating systems mostly for professional use.. However you're giving the professional operation system to normal people who just want to do normal stuff on their computers. So they don't need that.

To me thats what ethereum is like. It's like this complicated crap for not normal people but for a developers wetdream. Great for developers horrible for the rest of the populace. So not a fan of ethereum but Vitalik is correct in how he addressed these steem and hive like systems. They do need to change.. Not sure what to but this aint it. So i think this is the video but sure social media if its done right.. Hive not doing it right i dont know if they ever wil probably not maybe a dapp will it has'nt got here yet.. Nothing i see is close not even by a long shot well with the exception of btcmyk but btcmyk doesn't run on hive it just has a wrapped token. So i dont even count btcmyk.. on hive no such thing exist. here's the clip so you can judge for yourselves how Vitalik feels about hive:

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oops long show i got clips confused but i'm pretty sure its in this one

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people actually already have a Google Adsense account and live in fear of being demonetized for a stupid thing they did and didn't realize, yeah, Hive is better guys.

I think he should invest in Hive and not try to copy it. ETH works IMO only that good, because making wallets are no pain. But with a working sidechain for smart contracts, we have exactly the same + Social. 1000x hodl

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Yeah, Vitalik certainly seems to see the danger coming for Ethereum. I don't know if he followed Hive since the split, but he certainly seems to have learned a few lessons from that about the force of a community, unlike the lack of loyalty of investors for a yield.

Digital identities on Ethereum? Only if you don't pay to use them every time you need them. Otherwise who would use them?

Hive can have that. But that's the disadvantage of being below the radar. Few people will pick you up.

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This is great! I write post for updates following defi on the Polygon Network!
https://leofinance.io/@johnnycrypto1/new-this-past-week-s-successfully-launched-high-risk-farms-the-polygon-report-07-23-2021

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This is exactly why we need to go all out on marketing. It will be hard to find a better time than this. I made an article talking in depth about Dash and this comment I got below it is some of the best comments I have received when it comes to cryptocurrency: https://leofinance.io/@mykos/re-vimukthi-21cqqu

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We're ahead of the curve and as long as we don't relent, and just focus on building, we're going to be leaders in decentralised social media in the long run.

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I've gotta say, this is spot on. I've only been on Hive for a month or two, but it has this amazing, organic ecosystem of communities and believers. Monetisation is built into its bricks and mortar. No other blockchain has anything remotely like it. Hive is not a cascade of riches for me, but I believe in it.

I believe that soon "hive" will reach Vitalik. It's only a matter of time !


Posted via proofofbrain.io

So, he wants to build a social network but Ethereum is not the best blockchain for that. I think that Hive-Engine would find a way to connect both blockchains . Ethereum + Hive = Success