Binance Smart chain ( BSC) with their Binanance Token is a huge success story.
THE first BNB was an exchange token. After buybacks the price increase and increases. With the BSC ( Etherium fork) with BNB as gas native token, BNB explodes in value.
3 seconds Block time + cheaper transactions. Much much better as ETH. ( i know BSC is pretty centralized).
Nobody wants to pay the 50$ fees on ETH.
That brings me to Hive. In the past, the idea pops up in multiple places to become a Hive smart chain.
And I would say, it's not a point anymore of yes or no. We need it or we will never come to the point to have some DEFI here.
Hive with DEFI (smart contracts) becomes a powerhouse. The most important would be to have also proof of stake there + Hive as gas and native token.
For everyone that doesn't know what I mean, simple ETH with Hive as a basic token as a side chain with all benefits of the Binance smart chain fork on Hive.
Why should someone use it?
First people go to the cheaper and faster product, simply the better one. In this case, it is BSC.
On the second point, people care about security ( decentralization). Hive would have it. So it would be a better version.
It's also the same with web 2.0 and 3.0. Hive needs to become better in any way as Twitter and co. At this point, people will value censorship resistance. IMO it will be social media + payment ( like with QR code scanning).
Why an ETH fork and not something else?
Simple because it is the biggest currency after BTC, many people know how to build and work with it.
We don't need to teach them to use Hive smart chain. Because they already know. ( and I think Keychain can be the Metamask for the sidechain too).
Developers and Entrepreneurs can use their dapps and bring them without a ton of work to hive. Besides this, most are open source and can be forked to hive.
Like Uniswap ( or panecakeswap on BSC). Beeswap or Honeyswap? you get the point.
Think about the Billions that can come to Hive. We have NFTs here for years. Nobody cares. Why? Because big money needs to come first.
Benefits for Hive
- Soft wallets
With an ETH (BSC) fork, we would become wallets for value transfers we can give around for free. So everyone can transfer out Tokens from exchange to an external wallet. Without have an Hive account.
Also perfect for Dapps that want to onboard a ton of users. Every transaction can be stored on Hive mainchain first and "payout" to the wallet at some point later.
It would be the best of both worlds.
Also if crypto becomes at some point a payment option, unlimited hive wallets would be a key. Think about a Hive payment app, you have funds on a Hive wallet with rcs. So you can send and receive funds over the app ( that uses a hive premium wallet). At some point you want to cash out, you can cash out to your Hive smart chain address and bam, you have 100% control.
- Smart contracts
The discussion over smart contracts is as old as hive is. In the early days of steem, people start to talk
"We need smart contracts". At this point, it was too expensive. Today we can do it for a price it would be 1000% worth to pay.
Why real smart contracts? Because everything that can be done on ETH would be also doable on Hive. And most are finance-related ( also for gaming good).
If someone says now " Hive engine can do the same". Simple no it can't. There are no customizable Smart contracts, so there can be no Innovation happen. Only premade ones.
- This brings me to DEFI
Biggest finance shit ever.
Simple we need it. There is the money and it would be the most retarded thing to miss out on. IMO we should skip some less important things and put money and manpower into the side chain.
Defi can bring Billions to hive. Look CUB ( LEOs defi project). It has around 20 Million USD total value locked. That's 4% of today's Hive market cap. Think about it, it's only 4 weeks old.
Hive token has since the start a lack of usecases. I know RCs are cool and voting too, but that can't be all. Nobody needs Rcs from a Million Hive locked up. No way to be a poweruser that can use it in a nonspammy way. With RC delegations + pools things change and will speed up. More synergy, but this is a different story.
A sidechain doesn't fix the problems on the mainchain, but it will bring a high-value use case to hive. use cases that are worth way more than all things we have today on the mainchain.
Besides the High $ value usecases that would be possible on hive at this point, existing apps on hive would massively benefit from it too. From wallets up to fork existing eth apps in their hive dapps.
Compare some Data:
240 000 000 $ Market cap of Hive. 90 156 839 658 $ Market cap of Binance --- 375x Bigger as Hive 252 366 854 991 $ Market cap of Etherium --- 1051x Bigger as Hive
A lot of ETH tokens are more worth as the entire MC of hive. Lets look at Uniswap
16 459 222 567$ Market cap of uniswap --- 69 x Bigger as hive
As we can see. Uniswap dapp on ETH is 69 times bigger in the Market cap than the entire Hive.
Why? Because smart contracts mean fintech.
Fintech means money.
Money = good.
IMO Hive can be without a problem a top 5 to top 10 Blockchain. But it must combine Social + finance. No other chain has the ability at the moment to combine it.
So we can sleep on that opportunity or we take action. There are enough funds there.
I know some idiot is now thinking
" if we spend the funds the token price will fall"
WRONG!!!! If investors see awesome shit happens, it will end up more in the direction FOMO buy. Buy as long it is cheap.
About the Manpower I'm not sure. But I think there must be a way to pay someone ( maybe from binance?) to get the first steps fast done. Sure not the entire work, because of many reasons.
Data shows it's worth doing. If done right ( it must feel like one chain, from a user perspective, keychain, and so on), I don't see a problem hive would benefit massively from it.
Sure this would be massive work to become it in a smart way, but 1000% worth.
BSC shows, ETH with proof of stake ( because centralized I know)
Hive can do the same. but decentralized. I don't say we can absorb ETH. But become some value from ETH to the hive, for sure.
And people are not on ETH because of decentralization, simple because of the money. The reason BSC increase so massive in Value.
and 300 x from today's value for Hive is also not bad, right?
About a price increase, can you imagine how many run into hive from web 2.0 at this point? it can end in an unstoppable wave. The tipping point, that makes hive better as web 2.0 because of smart contracts. And money is also a development magnet.
Binance Coin ready 15x up since the BSC fork. easy right?
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