One of my goals for the new year was to learn more about the crypto space. Not just Hive, but the entire crypto space in general. Gain more knowledge and get more involved in the happenings on other blockchains as well. And though I didn't start the month like I thought I would, thanks to some group chats I have found myself in, I slowly started paying attention to some crypto projects, majorly on the Solana blockchain. And one of the things I noticed is that almost all the projects have a large user base. Even relatively new ones with little to no utility, heck I even saw this coin whose motto is that they plan on dumping the coin and riding it to Zero for the memories, but somehow it still has a decent number of investors. If that is not crazy I don't know what is. But then here I am on hive, and I realized that though we have a decent userbase when you compare the value it provides, the tech, the utilities and so on, to its market cap you realize it is largely undervalued. With the tech Hive has, and its integrations it should be at least a top 10 cryptocurrency.
I looked and thought, what is the difference between Hive and these other coins that have no utility, but a bigger market cap, and bigger userbase and are ranked higher? Though a lot of these cryptos are different and some of them have different use cases, the majority of them are centralized and VC-funded or Web 2.5. They somehow manage to build hype through things like airdrops and social media hype, and people find them interesting enough to invest. Some invest hoping for moons in the near future, and thanks to the hype built from some of these partnerships some of them end up thriving. A lot of them though end up being glorified rugs, but what is funny is that some of them still have more activity than hive.
Hive has been in existence for around 4 years now (8 if you want to include the legacy chain), and we still haven't gotten the attention we deserve. I'd say one of the reasons I think we aren't so popular is because of the decentralized nature. Hear me out, I'm all for decentralization and it is one of my favourite things about the Hive blockchain, but it seems like the outside world isn't well versed in that and is already accustomed to having a CEO or a group, or a face. So when they hear things like "Hive is run by the community" it seems alien to them. There's also some conspiracy theory that some of the whales on Hive don't want mass adoption because they'll be displaced, well I don't really follow with that but it is a possibility.
I believe though that sometime in the future people will eventually see the light and understand what decentralization is and then Hive will eventually get the recognition it deserves. But till then it's up to us the current Hivers to promote Hive and increase the userbase little by little. This is why I appreciate the work of the Inleo team with their Zealy marketing campaigns and the whole Hive Rally Car stuff. Hopefully, that put at least some eyes on Hive. Till mass adoption happens let's keep contributing to the growth of the chain.
THANKS FOR READING
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hive is indeed undervalued but I am sure soon we will have more people, the communities are growing very fast. lets hope for the best.
!giphy lets hope for the best
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I wouldn't say very fast, but we are growing so that's good. We can only hope.
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yes that is true indeed.
Hive is underrated. Because there are many HIVE and few users.
Nah, I don't agree with this. There's lots of tokens with a larger supply in comparison to userbase but still have a decent market cap.
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Hehe, interesting quote. Does this mean you're a believer of those theories?
Of course! };)