Hive, launched on March 20, 2020, is a decentralized information sharing network with a blockchain-based financial ledger built on a proof-of-interest (DPoS) protocol. Hive supports many different types of information sharing applications. Countless DApps, apis, and front ends contribute to general and direct accessibility of data, transactions, and records, so this existing diversity and availability ensures that the ecosystem welcomes content creators, consumers, investors, and builders.
Hive is designed to store large amounts of content and make it available for time-based monetization. Examples include social media that monetize rewards for content producers, interactive games, identity management, voting systems, and microloans. Given the widespread adoption of currencies and platforms, blockchain performance is designed to scale. By combining lightning-fast processing times with free transactions, Hive is expected to become one of the leading blockchain technologies used by people around the world.
Hive's support for high transaction volumes, coupled with its fast 3-second block out time and free transactions, makes it an ideal platform for building highly interactive applications that would get bogged down on most blockchain networks. It also focuses specifically on a second layer architecture for distributing application loads across different side chains to scale beyond the limitations of traditional smart contract networks. In order to reduce the extension limits, supporters of the application can be in the second layer distribution according to need additional CPU resources to choice for its application, and don't have to worry about other applications in the network congestion, but can still benefit from the general main chain of the first layer of the block, in order to ensure the integrity of the distributed data. This ability to scale also provides a unique competitive landscape for application developers.
Hive governance and software development:
Hive was founded by a diverse group of community members, developers and investors who believe in the common goal of decentralization. There is no set team and no company behind it. Hive is not based in any particular jurisdiction and has nodes, stakeholders and contributors in many countries around the world. Hive relies on decentralized governance and is used for software development and protocol upgrade decisions. The Hive uses the DPOS consensus protocol. Equity weighted voting is used to elect block producers, known as witnesses, who must agree to enable changes to tier 1 protocols shared by all applications, providing a stable base layer while leaving tier 2 applications free to innovate quickly. All protocol changes are proposed, developed, prepared and implemented through a transparent and collaborative team work environment. They are fully open source from launch to final release.