What Is Hive?

Dec 1, 2022
4 min read

This blog post will cover:

  • About Hive (HIVE)
  • Where did Hive (HIVE) come from?
  • What are the advantages of Hive (HIVE)?
  • What are the disadvantages of Hive (HIVE)?
  • How to buy Hive (HIVE) on SimpleSwap?

About Hive (HIVE)

Hive is an open source blockchain that emerged from a community driven hard fork of the Steem blockchain (STEEM). It was created to bring Web 3.0 to the world as a platform developed for decentralized applications (DApps) and social interaction. One of the main goals of Hive is to create a robust ecosystem that is fully decentralized, fast, feeless, and immutable.Hive (HIVE) is a cryptocurrency with core features to support content-oriented decentralized social blogging platforms, but also powers an incredible array of financial and social projects. The Hive blockchain can host long and short form posts and comments by users, which can be curated and rewarded by the community. Upvotes are used for curation of content which can provide returns on staked tokens for the voter, and monetization of content for the author in the form of Hive coins and Hive Dollars (HBD).Hive offers many advantages such as free transactions using a freemium lending model, fast lock confirmation in 3 seconds or less, a community controlled Decentralized Hive Fund, and delay protection in the form of guaranteed HIVE and savings.

Where did Hive (HIVE) come from?

Members of the Steem community announced their intention to create a new platform after a struggle for governance control with Tron CEO, Justin Sun and the majority holding company, Steemit Inc.As a result of a community hard fork on March 20, 2020, Hive was created with the historical community data transferred to this new blockchain, and a separate distribution and new set of decentralized goals moving forward. While some aspects of Hive function in the same way as Steem, there are also growing differences between the two DPoS (delegated proof of stake) blockchains.Hive network governance participation requires users to stake their assets, or “lock” them by powering them up as vested funds. Once these tokens are staked/powered up, they allow a user to make a number of actions and participate in different aspects of the Hive network. Unstaking tokens, or “unlocking” them by powering them back down into liquid Hive takes 13 weeks, with equal portions liquified each week. Staking HIVE does not consume any tokens, but is subject to this time delay. While Hive is staked it appreciates in value slightly alongside the currency’s inflation schedule, which allows users to protect their owned funds while also using them around the ecosystem for a number of benefits and services.

What are the advantages of Hive (HIVE)?

  • Speed
    Transactions take less than 3 seconds.
  • Scalability
    Future-proof system for bandwidth and resource storage.
  • Power
    Combat tests for 4 years with hundreds of apps, communities and projects around the world.

What are the disadvantages of Hive (HIVE)?

  • Difficulties with registrationFrom time to time, users face the difficulties of creating an account on the platform.

How to buy Hive (HIVE) on SimpleSwap?

Thank you for reading the HIVE coin review.If you are interested in this cryptocurrency and you see further prospects for its development, you can easily purchase it. We suggest you go to the SimpleSwap homepage and follow the instructions below:

  • For example, you want to swap BTC for HIVE. Select the currency you want to exchange (e.g. BTC) in the first drop-downlist. Then enter the amount you want to swap.
  • Select HIVE in the second drop-down list. You’ll see the estimated amount that you’ll get after the exchange.
  • Click the Exchange button.
  • Enter the Recipient's Address. HIVE will be sent. Be careful and make sure you use the correct address.
  • Create the exchange.
  • You will see the Bitcoin deposit address. You need to transfer the necessary amount of BTC to this address to start the BTC to HIVE exchange.

SimpleSwap reminds you that this article is provided for informational purposes only and does not provide investment advice. All purchases and cryptocurrency investments are your own responsibility.

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