Hive: Fast. Scalable. Powerful. The Blockchain for Web 3.0
Decentralized Hive Ecosystem
(Dated: September 28, 2020)
Hive is an innovative and forward-looking decentralized blockchain and ecosystem built on the
Delegated Proof of Stake (DPoS) protocol. Since its inception, Hive has steadily grown as an ecosys-
tem. Myriad dapps, APIs and front-ends contribute to a general and straightforward accessibility of
data, transactions and records, so that this existing diversity and utility ensure that the ecosystem
is welcoming to content creators, consumers, investors and builders. Hive is developed to store vast
amounts of content and to make it available for time-based monetization. The performance of the
blockchain is designed to scale with widespread adoption of the currency and platforms in mind. By
combining the lightning fast processing times and fee-less transactions, Hive is positioned to become
one of the leading blockchain technologies used by people around the world.
I. Introduction
II. Hive Assets
II.1. Assets
II.2. Resource Credits
II.3. Delegation
II.4. Allocation and Initial Supply, Inflation and End Supply
II.5. Decentralized Hive Fund
III. Block Production, Signing and Consensus
III.1. Delegated Proof of Stake
III.1.1. Addressing 51% Attacks
III.2. Protocol Changes
III.3. Production Ordering
III.4. Price Feed Consensus
III.5. Node Types
III.6. Keys
III.6.1. Key Hierarchy
III.6.2. Trustee System and Recovery
IV. Development and Integration with Hive
IV.1. Integration
IV.2. Performance
IV.3. Endusers and Consumers
V. Ecosystem Growth and Distribution
V.1. Onboarding and Accounts
V.2. Censorship Resilience by Design
V.3. Communities
V.4. Qualitative Content-based Inputs
V.5. Content Monetization
V.6. Distributing Rewards
VI. Conclusion
References
I. INTRODUCTION
Hive is an innovative and forward-looking decentralized blockchain and ecosystem built on the Delegated Proof of Stake (DPoS) protocol 1. It is the first highly-scalable DPoS blockchain independent of central authority that addresses the problems of mass adoption and versatility of use.
Hive allows the easy storage and retrieval of immutable strings of data and information. It sports three-second zero-fee transactions and is designed to store vast amounts of content and to make it available for time-based monetization.
Hive recognizes that transaction fees are often one of the largest challenges to facilitating development and flexibility of use on a blockchain. Instead of requiring potentially costly and inconvenient transaction fees, Hive uses a novel stake-based Resource Credit mechanism to create a fee-less model.
Hive also aims to overcome mainstream adoption shortcomings in blockchain technology and content publishing by improving on their accessibility. It leverages the coined Proof-of-Brain (PoB) concept by distributing a portion of the inflation to content creators and consumers. To earn without financial investment, individuals partake in a wide range of activities. Those include blogging, participating in discussions, curating others, building and engaging with dapps, playing games and more; their limits are only constrained by their own imagination to further the decentralization of the system. All content is always readily-available on the blockchain and retains its original integrity.
Since its inception, Hive has steadily grown as an ecosystem. Myriad dapps, APIs and front-ends contribute to a general and straightforward accessibility of data, transactions and records, so that this existing diversity and utility ensure that the ecosystem is welcoming to content creators, consumers, investors and builders.
Hive was created as an independent and decentralized fork of the Steem blockchain 2. As a community-driven fork, its intention is to continue the strong community values that have been established, while also freeing the ecosystem from the burden of Steemit Inc. and its disproportionate influence. While that influence had threatened Steem’s decentralization since its inception in 2016, it was kept in check by the means of a social contract. Following the sale of Steemit Inc to Sun Yuchen of the Tron Foundation In February 2020 3, the exploitation of this influence and loss of confidence in the continued viability of Steem ultimately led to the creation of the Hive blockchain
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