Although I have been producing content for Hive for a long time, I find it difficult to briefly describe Hive. It is especially difficult to explain Hive to a person who is not knowledgeable about crypto.
I am researching the coins using sites such as CoinGecko, Coinmarketcap, and Messari. Let's pretend we know nothing about the Hive and try to make use of the information on these sites.
Hive is a cryptocurrency for an open-source social media blockchain. It was conceived through a hard fork of the original Steem blockchain...
According to this definition in Coinecko, Hive is a social media related blockchain. It is linked to a blockchain called Steem. I don't think Steem will mean anything to those who meet crypto in 2020 and beyond. Since more than two years have passed since the hard fork, it may be more appropriate to emphasize current issues.
Launched on March 20th, 2020, Hive is a decentralized information-sharing network with an accompanying blockchain-based financial ledger built on the Delegated Proof of Stake (DPoS) protocol.
This description on Coinmarketcap tells more about Hive. When the following explanations are read, it is understood what Hive is for those who have technical knowledge about crypto. The text of Coinmarket can be used to create a definition that can be understood by people with limited technical knowledge.
Finally, let's take a look at the Hive definitions on the crypto research company Messari's website.
Hive is a community-run content creation platform that forked from Steem... Hive is a platform for creating decentralized applications (dApps), specializing in content distribution apps, that originated from a contentious chain split with Steem.
I like the emphasis on "community-run" in the definition in Messari. It is emphasized that Hive is a content creation platform and it is mentioned that Hive is separated from Steem. I think there is no need to mention Steem in the sentences describing Hive. Messari categorized Hive with content creation and distribution and Web3 tags.
Speaking of the concept of ready Web3, let's take a look at how Hive defines itself.
On Hive's official site, the technical features of the blockchain rather than its intended use are mentioned. Moreover, it is a text that can be understood by those with limited knowledge about crypto. However, it still does not fully meet my expectations. As someone who has worked in marketing for many years, I am in search of a single sentence that will come to people's minds when Hive is mentioned. For example, when Ethereum is mentioned, the smart contract function comes to mind. Solana stands out with its speed. Terra specializes in algorithmic stable coins. When Cosmos is mentioned, blockchain interoperability comes to mind. People are more easily adopting blockchains that have a strong value proposition that can be expressed in a sentence.
Even when the Hive was first established 6 years ago, it was way ahead of its time. It included many innovative elements such as accounts consisting of readable names, near-zero transaction fees, the possibility of delegation, the witness system, and the rewards in cryptocurrencies. Creating and maintaining a system requires different kinds of skills. Unfortunately, the product of Dan Larimer's genius, Steem was not well managed and two years ago Hive was born.
Hive is one of the few blockchains today that is truly decentralized. A structure that can exist for a long time independently of individuals, thanks to strong community support. On the other hand, talented community members can showcase their creativity without any obstacle, and in some cases even with community support.
Having a Hive account gives people access to a world of opportunities. By using our Hive account, we can produce content and earn money. We can earn income by powering up the Hive and delegating them. If the price volatility of cryptocurrencies scares us, we can invest in HBD and earn 20 percent annual passive income with near-zero risk. We earn crypto by playing games, and by following blog posts, we are informed about investment opportunities before anyone else. We can invest in major cryptocurrencies such as BTC, Ethereum, BNB, Matic, and Hive ecosystem tokens on the Hive engine and benefit from the return opportunities of DEFI. Thanks to our Hive coins, we qualify for airdrops, and thanks to our Hive power, we can generate and accumulate account creation tokens.
It is not easy to put all these possibilities that Hive provides in one sentence. Moreover, project developers, content producers, game players, and investors have different expectations from Hive. A definition that appeals to one group may be meaningless to another.
Conclusion
People on the street have limited knowledge of the crypto world. Crypto occupies a small place among the things they have to deal with in their daily hustle and bustle. Few people will make an effort to learn the detailed features of a blockchain. Therefore, I think it would be beneficial to express Hive's value proposition in a way that is easy to remember. We can at least start by replacing Hive definitions in Coingecko and Messari.
I think that Hive's core value proposition can be expressed as "Hive empowers people by...". Decentralization removes barriers for individuals to express their creative powers. It helps them gain financial independence. Of course, many different alternatives like this statement can be considered. The aim is to find the most appropriate solutions.
Thank you for reading.
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